INVESTMENT SECURITIES (Tables)
|
12 Months Ended |
Dec. 31, 2012
|
INVESTMENT SECURITIES |
|
Investment securities available-for-sale portfolio |
|
|
|
|
Gross |
|
Gross |
|
Estimated |
|
|
|
Amortized |
|
Unrealized |
|
Unrealized |
|
Fair |
|
|
|
Cost |
|
Gains |
|
Losses |
|
Value |
|
|
|
(In thousands) |
|
As of December 31, 2012 |
|
|
|
|
|
|
|
|
|
Investment securities available-for-sale: |
|
|
|
|
|
|
|
|
|
U.S. Treasury securities |
|
$ |
459,613 |
|
$ |
1,135 |
|
$ |
(71) |
|
$ |
460,677 |
|
U.S. Government agency and U.S. Government sponsored enterprise debt securities |
|
197,264 |
|
673 |
|
(82) |
|
197,855 |
|
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities: |
|
|
|
|
|
|
|
|
|
Commercial mortgage-backed securities |
|
174,036 |
|
6,665 |
|
(36) |
|
180,665 |
|
Residential mortgage-backed securities |
|
1,123,880 |
|
20,883 |
|
(678) |
|
1,144,085 |
|
Municipal securities |
|
163,333 |
|
4,491 |
|
(731) |
|
167,093 |
|
Other commercial mortgage-backed securities: |
|
|
|
|
|
|
|
|
|
Investment grade |
|
16,999 |
|
85 |
|
— |
|
17,084 |
|
Non-investment grade |
|
— |
|
— |
|
— |
|
— |
|
Corporate debt securities: |
|
|
|
|
|
|
|
|
|
Investment grade |
|
429,318 |
|
237 |
|
(17,572) |
|
411,983 |
|
Non-investment grade (1) |
|
24,620 |
|
355 |
|
(7,558) |
|
17,417 |
|
Other securities |
|
9,955 |
|
215 |
|
— |
|
10,170 |
|
Total investment securities available-for-sale |
|
$ |
2,599,018 |
|
$ |
34,739 |
|
$ |
(26,728) |
|
$ |
2,607,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross |
|
Gross |
|
Estimated |
|
|
|
Amortized |
|
Unrealized |
|
Unrealized |
|
Fair |
|
|
|
Cost |
|
Gains |
|
Losses |
|
Value |
|
|
|
(In thousands) |
|
As of December 31, 2011 |
|
|
|
|
|
|
|
|
|
Investment securities available-for-sale: |
|
|
|
|
|
|
|
|
|
U.S. Treasury securities |
|
$ |
19,892 |
|
$ |
833 |
|
$ |
— |
|
$ |
20,725 |
|
U.S. Government agency and U.S. Government sponsored enterprise debt securities |
|
575,148 |
|
1,709 |
|
(279) |
|
576,578 |
|
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities: |
|
|
|
|
|
|
|
|
|
Commercial mortgage-backed securities |
|
46,008 |
|
3,307 |
|
— |
|
49,315 |
|
Residential mortgage-backed securities |
|
963,688 |
|
30,854 |
|
(772) |
|
993,770 |
|
Municipal securities |
|
76,255 |
|
3,696 |
|
(5) |
|
79,946 |
|
Other commercial mortgage-backed securities: |
|
|
|
|
|
|
|
|
|
Investment grade |
|
— |
|
— |
|
— |
|
— |
|
Non-investment grade |
|
— |
|
— |
|
— |
|
— |
|
Corporate debt securities: |
|
|
|
|
|
|
|
|
|
Investment grade |
|
1,411,409 |
|
6,762 |
|
(95,610) |
|
1,322,561 |
|
Non-investment grade (1) |
|
30,693 |
|
— |
|
(11,078) |
|
19,615 |
|
Other securities |
|
9,875 |
|
195 |
|
(2) |
|
10,068 |
|
Total investment securities available-for-sale |
|
$ |
3,132,968 |
|
$ |
47,356 |
|
$ |
(107,746) |
|
$ |
3,072,578 |
|
(1) For 2012, the Company recorded $99 thousand, on a pre-tax basis, of OTTI through earnings and $5.1 million of the non-credit portion of OTTI for pooled trust securities in other comprehensive income. For 2011, the Company recorded $633 thousand, on a pre-tax basis, of OTTI through earnings and $5.1 million of the non-credit portion of OTTI for pooled trust securities and other mortgage-backed securities in other comprehensive income.
|
Schedule of other than temporary impairment, credit losses recognized in earnings |
|
|
2012 |
|
2011 |
|
|
|
(In thousands) |
|
Beginning balance |
|
$ |
115,412 |
|
$ |
124,340 |
|
|
|
|
|
|
|
Addition of other-than-temporary impairment that was not previously recognized |
|
— |
|
— |
|
Additional increases to the amount related to the credit loss for which an other-than-temporary impairment was previously recognized |
|
99 |
|
633 |
|
Reduction for securities sold |
|
— |
|
(9,561 |
) |
Ending balance |
|
$ |
115,511 |
|
$ |
115,412 |
|
|
Gross unrealized losses and related fair values of investment securities available-for-sale |
|
|
Less Than 12 Months |
|
12 Months or More |
|
Total |
|
|
Fair |
|
Unrealized |
|
Fair |
|
Unrealized |
|
Fair |
|
Unrealized |
|
|
Value |
|
Losses |
|
Value |
|
Losses |
|
Value |
|
Losses |
|
|
(In thousands) |
As of December 31, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities available-for-sale: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities |
|
$ |
95,232 |
|
$ |
(71) |
|
$ |
— |
|
$ |
— |
|
$ |
95,232 |
|
$ |
(71) |
U.S. Government agency and U.S. Government sponsored enterprise debt securities |
|
24,912 |
|
(82) |
|
— |
|
— |
|
24,912 |
|
(82) |
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial mortgage-backed securities |
|
10,013 |
|
(36) |
|
— |
|
— |
|
10,013 |
|
(36) |
Residential mortgage-backed securities |
|
215,826 |
|
(678) |
|
— |
|
— |
|
215,826 |
|
(678) |
Municipal securities |
|
48,363 |
|
(731) |
|
— |
|
— |
|
48,363 |
|
(731) |
Corporate debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Investment grade |
|
225,819 |
|
(5,391) |
|
182,697 |
|
(12,181) |
|
408,516 |
|
(17,572) |
Non-investment grade |
|
— |
|
— |
|
12,574 |
|
(7,558) |
|
12,574 |
|
(7,558) |
Other securities |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
Total investment securities available-for-sale |
|
$ |
620,165 |
|
$ |
(6,989) |
|
$ |
195,271 |
|
$ |
(19,739) |
|
$ |
815,436 |
|
$ |
(26,728) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Than 12 Months |
|
12 Months or More |
|
Total |
|
|
Fair |
|
Unrealized |
|
Fair |
|
Unrealized |
|
Fair |
|
Unrealized |
|
|
Value |
|
Losses |
|
Value |
|
Losses |
|
Value |
|
Losses |
|
|
(In thousands) |
As of December 31, 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities available-for-sale: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
U.S. Government agency and U.S. Government sponsored enterprise debt securities |
|
143,265 |
|
(279) |
|
— |
|
— |
|
143,265 |
|
(279) |
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial mortgage-backed securities |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
Residential mortgage-backed securities |
|
195,393 |
|
(772) |
|
— |
|
— |
|
195,393 |
|
(772) |
Municipal securities |
|
1,158 |
|
(5) |
|
— |
|
— |
|
1,158 |
|
(5) |
Corporate debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Investment grade |
|
754,055 |
|
(61,935) |
|
350,181 |
|
(33,675) |
|
1,104,236 |
|
(95,610) |
Non-investment grade |
|
9,973 |
|
(565) |
|
9,595 |
|
(10,513) |
|
19,568 |
|
(11,078) |
Other securities |
|
4,503 |
|
(2) |
|
— |
|
— |
|
4,503 |
|
(2) |
Total investment securities available-for-sale |
|
$ |
1,108,347 |
|
$ |
(63,558) |
|
$ |
359,776 |
|
$ |
(44,188) |
|
$ |
1,468,123 |
|
$ |
(107,746) |
|
Schedule maturities of investment securities |
|
|
Amortized |
|
Estimated |
|
|
Cost |
|
Fair Value |
|
|
(In thousands) |
|
|
|
|
|
Due within one year |
|
$ |
208,557 |
|
$ |
204,931 |
Due after one year through five years |
|
535,748 |
|
536,156 |
Due after five years through ten years |
|
623,366 |
|
615,309 |
Due after ten years |
|
1,231,347 |
|
1,250,633 |
Total investment securities available-for-sale |
|
$ |
2,599,018 |
|
$ |
2,607,029 |
|