Investment Securities (Tables)

3 Months Ended

Mar. 31, 2012




(In thousands)	Mar. 31, 2012		Dec. 31, 2011
Available for sale:
U.S. government and federal agency obligations	$	368,662	$	364,665
Government-sponsored enterprise obligations	277,924		315,698
State and municipal obligations	1,326,867		1,245,284
Agency mortgage-backed securities	3,866,456		4,106,059
Non-agency mortgage-backed securities	294,221		316,902
Asset-backed securities	2,817,492		2,693,143
Other debt securities	123,355		141,260
Equity securities	45,422		41,691
Total available for sale	9,120,399		9,224,702
Trading	34,178		17,853
Non-marketable	120,734		115,832
Total investment securities	$	9,275,311	$	9,358,387

Summary Of Available For Sale Investment Securities By Maturity Groupings




(Dollars in thousands)	Amortized Cost		Fair Value
U.S. government and federal agency obligations:
Within 1 year	$	7,856	$	8,011
After 1 but within 5 years	186,985		208,287
After 5 but within 10 years	133,940		152,364
Total U.S. government and federal agency obligations	328,781		368,662
Government-sponsored enterprise obligations:
Within 1 year	31,111		31,230
After 1 but within 5 years	108,983		112,296
After 5 but within 10 years	12,114		12,219
After 10 years	122,904		122,179
Total government-sponsored enterprise obligations	275,112		277,924
State and municipal obligations:
Within 1 year	82,630		83,542
After 1 but within 5 years	542,924		561,698
After 5 but within 10 years	471,973		484,430
After 10 years	210,317		197,197
Total state and municipal obligations	1,307,844		1,326,867
Mortgage and asset-backed securities:
Agency mortgage-backed securities	3,742,525		3,866,456
Non-agency mortgage-backed securities	287,375		294,221
Asset-backed securities	2,815,676		2,817,492
Total mortgage and asset-backed securities	6,845,576		6,978,169
Other debt securities:
Within 1 year	47,999		49,544
After 1 but within 5 years	63,858		67,837
After 5 but within 10 years	5,974		5,974
Total other debt securities	117,831		123,355
Equity securities	21,252		45,422
Total available for sale investment securities	$	8,896,396	$	9,120,399

Available For Sale Securities Unrealized Gains And Losses By Security Type




(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
March 31, 2012
U.S. government and federal agency obligations	$	328,781	$	39,881	$	—		$	368,662
Government-sponsored enterprise obligations	275,112		3,580		(768		)	277,924
State and municipal obligations	1,307,844		36,873		(17,850		)	1,326,867
Mortgage and asset-backed securities:
Agency mortgage-backed securities	3,742,525		124,282		(351		)	3,866,456
Non-agency mortgage-backed securities	287,375		10,288		(3,442		)	294,221
Asset-backed securities	2,815,676		8,409		(6,593		)	2,817,492
Total mortgage and asset-backed securities	6,845,576		142,979		(10,386		)	6,978,169
Other debt securities	117,831		5,524		—			123,355
Equity securities	21,252		24,170		—			45,422
Total	$	8,896,396	$	253,007	$	(29,004	)	$	9,120,399
December 31, 2011
U.S. government and federal agency obligations	$	328,530	$	36,135	$	—		$	364,665
Government-sponsored enterprise obligations	311,529		4,169		—			315,698
State and municipal obligations	1,220,840		35,663		(11,219		)	1,245,284
Mortgage and asset-backed securities:
Agency mortgage-backed securities	3,989,464		117,088		(493		)	4,106,059
Non-agency mortgage-backed securities	315,752		8,962		(7,812		)	316,902
Asset-backed securities	2,692,436		7,083		(6,376		)	2,693,143
Total mortgage and asset-backed securities	6,997,652		133,133		(14,681		)	7,116,104
Other debt securities	135,190		6,070		—			141,260
Equity securities	18,354		23,337		—			41,691
Total	$	9,012,095	$	238,507	$	(25,900	)	$	9,224,702

Cash Flow Model Inputs Used To Calculate Credit Losses




Significant Inputs	Range
Prepayment CPR	0% - 31%
Projected cumulative default	13% - 57%
Credit support	0% - 17%
Loss severity	33% - 57%

Changes In Recorded Credit Losses




	For the Three Months Ended March 31
(In thousands)	2012			2011
Balance at January 1	$	9,931		$	7,542
Credit losses on debt securities for which impairment was previously recognized	320			274
Increase in expected cash flows that are recognized over remaining life of security	(38		)	—
Balance at March 31	$	10,213		$	7,816

Securities With Unrealized Losses And Length Of Impairment Period




	Less than 12 months				12 months or longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
March 31, 2012
Government-sponsored enterprise obligations	$	82,149	$	768	$	—	$	—	$	82,149	$	768
State and municipal obligations	148,038		1,582		87,350		16,268		235,388		17,850
Mortgage and asset-backed securities:
Agency mortgage-backed securities	60,464		351		—		—		60,464		351
Non-agency mortgage-backed securities	4,602		115		72,198		3,327		76,800		3,442
Asset-backed securities	708,365		4,897		96,157		1,696		804,522		6,593
Total mortgage and asset-backed securities	773,431		5,363		168,355		5,023		941,786		10,386
Total	$	1,003,618	$	7,713	$	255,705	$	21,291	$	1,259,323	$	29,004
December 31, 2011
State and municipal obligations	$	65,962	$	712	$	110,807	$	10,507	$	176,769	$	11,219
Mortgage and asset-backed securities:
Agency mortgage-backed securities	72,019		493		—		—		72,019		493
Non-agency mortgage-backed securities	23,672		784		118,972		7,028		142,644		7,812
Asset-backed securities	1,236,526		4,982		87,224		1,394		1,323,750		6,376
Total mortgage and asset-backed securities	1,332,217		6,259		206,196		8,422		1,538,413		14,681
Total	$	1,398,179	$	6,971	$	317,003	$	18,929	$	1,715,182	$	25,900

State And Municipal Obligations, By State And Economic Sector




	% of Portfolio	Average Life (in years)	Average Rating (Moody's)
At March 31, 2012
Texas	10.1%	5.3	Aa1
Florida	9.1	4.7	Aa3
Washington	6.2	4.0	Aa2
Illinois	4.9	6.0	Aa3
Ohio	4.9	5.1	Aa2
General obligation	27.5%	4.5	Aa2
Housing	20.0	4.6	Aa1
Transportation	14.5	4.0	Aa3
Lease	13.9	3.7	Aa3
Limited Tax	6.4	5.1	Aa2

Proceeds From Sales Of Securities And Components Of Investment Securities Gains And Losses




	For the Three Months Ended March 31
(In thousands)	2012			2011
Proceeds from sales of available for sale securities	$	4,951		$	11,202
Proceeds from sales of non-marketable securities	2,035			—
Total proceeds	$	6,986		$	11,202
Available for sale:
Gains realized on sales	$	342		$	176
Other-than-temporary impairment recognized on debt securities	(320		)	(274		)
Non-marketable:
Gains realized on sales	93			—
Losses realized on sales	(200		)	—
Fair value adjustments, net	4,125			1,425
Investment securities gains, net	$	4,040		$	1,327

- Definition

The entire disclosure for investment holdings. This includes the long positions of investments for the entity. It contains investments in affiliated and unaffiliated issuers. The investments include securities and non securities (i.e. commodities and futures contracts).

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