Investment Securities (Tables)

6 Months Ended

Jun. 30, 2011

Investment securities available for sale


			Gross		Gross
			unrealized		unrealized
	Amortized cost		gains		losses			Fair value
			($ in Thousands)
June 30, 2011:
U.S. Treasury securities	$	1,099	$	7	$	—		$	1,106
Federal agency securities		27,156		36		—			27,192
Obligations of state and political subdivisions (municipal securities)		787,768		31,115		(671	)		818,212
Residential mortgage-related securities		4,441,048		138,350		(1,011	)		4,578,387
Commercial mortgage-related securities		12,499		551		—			13,050
Asset-backed securities ⁽¹⁾		243,387		193		(465	)		243,115
Other securities (debt and equity)		58,894		3,428		(1,350	)		60,972

Total investment securities available for sale	$	5,571,851	$	173,680	$	(3,497	)	$	5,742,034


			Gross		Gross
			unrealized		unrealized
	Amortized cost		gains		losses			Fair value
			($ in Thousands)
December 31, 2010:
U.S. Treasury securities	$	1,199	$	9	$	—		$	1,208
Federal agency securities		29,791		1		(25	)		29,767
Obligations of state and political subdivisions (municipal securities)		829,058		14,894		(5,350	)		838,602
Residential mortgage-related securities		4,831,481		117,530		(38,514	)		4,910,497
Commercial mortgage-related securities		7,604		149		—			7,753
Asset-backed securities ⁽¹⁾		299,459		3		(621	)		298,841
Other securities (debt and equity)		13,384		2,603		(1,314	)		14,673

Total investment securities available for sale	$	6,011,976	$	135,189	$	(45,824	)	$	6,101,341

Amortized cost and fair values of investment securities available for sale by contractual maturity


($ in Thousands)	Amortized Cost		Fair Value

Due in one year or less	$	49,808	$	50,444
Due after one year through five years		159,225		164,076
Due after five years through ten years		543,481		566,183
Due after ten years		115,260		116,887

Total debt securities		867,774		897,590
Residential mortgage-related securities		4,441,048		4,578,387
Commercial mortgage-related securities		12,499		13,050
Asset-backed securities		243,387		243,115
Equity securities		7,143		9,892

Total investment securities available for sale	$	5,571,851	$	5,742,034

Unrealized losses and fair value of available for sale securities, by investment category and time length


	Less than 12 months					12 months or more					Total
	Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value
June 30, 2011:						($ in Thousands)
Obligations of state and political subdivisions (municipal securities)	$	(308	)	$	22,384	$	(363	)	$	3,042	$	(671	)	$	25,426
Residential mortgage-related securities		(982	)		191,159		(29	)		2,505		(1,011	)		193,664
Asset-backed securities		(465	)		221,959		—			—		(465	)		221,959
Other securities (debt and equity)		(42	)		34,628		(1,308	)		819		(1,350	)		35,447

Total	$	(1,797	)	$	470,130	$	(1,700	)	$	6,366	$	(3,497	)	$	476,496


	Less than 12 months					12 months or more					Total
	Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value
December 31, 2010:						($ in Thousands)
Federal agency securities	$	(25	)	$	29,716	$	—		$	—	$	(25	)	$	29,716
Obligations of state and political subdivisions (municipal securities)		(4,983	)		237,902		(367	)		2,543		(5,350	)		240,445
Residential		(36,280	)		1,613,498		(2,234	)		43,306		(38,514	)		1,656,804
mortgage-related securities
Asset-backed securities		(621	)		293,568		—			—		(621	)		293,568
Other securities (debt and equity)		(1	)		100		(1,313	)		864		(1,314	)		964

Total	$	(41,910	)	$	2,174,784	$	(3,914	)	$	46,713	$	(45,824	)	$	2,221,497

Credit loss portion of other than temporary impairment


	Non-agency
	Mortgage-Related			Trust Preferred
$ in Thousands	Securities			Debt Securities			Total

Balance of credit-related other-than-temporary impairment at December 31, 2009	$	(17,472	)	$	(7,027	)	$	(24,499	)
Credit losses on newly identified impairment		(84	)		(2,992	)		(3,076	)

Balance of credit-related other-than-temporary impairment at December 31, 2010		(17,556	)		(10,019	)		(27,575	)
Adjustment for change in cash flows		—			—			—
Balance of credit-related other-than-temporary impairment at June 30, 2011	$	(17,556	)	$	(10,019	)	$	(27,575	)

- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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