XML 78 R40.htm IDEA: XBRL DOCUMENT v2.4.0.6
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