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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
12 Months Ended
Dec. 31, 2011
DERIVATIVE FINANCIAL INSTRUMENTS  
Fair values of derivative instruments

 

 

 
  Fair Values of Derivative Instruments  
 
  December 31, 2011   December 31, 2010  
 
  Notional
Amount
  Derivative
Assets
(1)
  Derivative
Liabilities
(1)
  Notional
Amount
  Derivative
Assets
(1)
  Derivative
Liabilities
(1)
 
 
  (In thousands)
 

Derivatives designated as hedging instruments:

                                     

Interest rate swaps on certificates of deposit—fair value

  $ 200,000   $ 998   $ 639   $   $   $  
                           

Total derivatives designated as hedging instruments

  $ 200,000   $ 998   $ 639   $   $   $  
                           

Derivatives not designated as hedging instruments:

                                     

Equity swap agreements

  $ 22,709   $ 202   $ 204   $ 22,884   $ 206   $ 210  

Foreign exchange options

    85,614     3,899     2,430     85,614     5,084     3,239  

Interest rate swaps

    485,196     19,476     19,924     4,098     13     14  

Short-term foreign exchange contracts

    210,295     1,403     967     92,625     1,220     1,035  
                           

Total derivatives not designated as hedging instruments

  $ 803,814   $ 24,980   $ 23,525   $ 205,221   $ 6,523   $ 4,498  
                           

(1)
Derivative assets include the estimated gain to settle a derivative contract plus net interest receivable. Derivative liabilities include the estimated loss to settle a derivative contract.
Gains (losses) on derivative instruments

 

 

 
   
  Year Ended December 31,  
 
  Location in Consolidated
Statements of Operations
 
 
  2011   2010   2009  
 
   
  (In thousands)
 

Derivatives designated as hedging instruments

                       

Interest rate swaps on certificates of deposit—fair value

  Interest expense   $ 2,930   $   $  
                   

 

  Total net income   $ 2,930   $   $  
                   

Derivatives not designated as hedging instruments

                       

Equity swap agreements

  Noninterest expense   $ 2   $ (138 ) $ 312  

Foreign exchange options

  Noninterest income     (392 )        

Foreign exchange options

  Noninterest expense     16          

Interest rate swaps

  Noninterest income     (447 )        

Short-term foreign exchange contracts

  Noninterest income     251     180      
                   

 

  Total net (expense) income   $ (570 ) $ 42   $ 312