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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2011

Investment Securities

Amortized Cost, Unrealized Gains and Losses, and Fair Value of Investment Securities

June 30, 2011

(in thousands)


		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
AVAILABLE FOR SALE:
U.S. Treasury and agencies		$	117,392			$	1,561			$	-			$	118,953
Obligations of states and political subdivisions			213,053				10,072				(227)				222,898
Residential mortgage-backed securities and collateralized mortgage obligations			2,782,517				54,657				(3,745)				2,833,429
Other debt securities			152				-				(2)				150
Investments in mutual funds and other equity securities			1,959				71				-				2,030

		$	3,115,073			$	66,361			$	(3,974)			$	3,177,460

HELD TO MATURITY:
Obligations of states and political subdivisions		$	1,945			$	3			$	-			$	1,948
Residential mortgage-backed securities and collateralized mortgage obligations			3,608				202				(25)				3,785

		$	5,553			$	205			$	(25)			$	5,733

December 31, 2010

(in thousands)


		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
AVAILABLE FOR SALE:
U.S. Treasury and agencies		$	117,551			$	1,239			$	(1)			$	118,789
Obligations of states and political subdivisions			213,129				4,985				(1,388)				216,726
Residential mortgage-backed securities and collateralized mortgage obligations			2,543,974				57,506				(19,976)				2,581,504
Other debt securities			152				-				-				152
Investments in mutual funds and other equity securities			1,959				50								2,009

		$	2,876,765			$	63,780			$	(21,365)			$	2,919,180

HELD TO MATURITY:
Obligations of states and political subdivisions		$	2,370			$	5			$	-			$	2,375
Residential mortgage-backed securities and collateralized mortgage obligations			2,392				216				(209)				2,399

		$	4,762			$	221			$	(209)			$	4,774

Schedule of Fair Value and Unrealized Losses of Securities


		Less than 12 Months								12 Months or Longer								Total
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
AVAILABLE FOR SALE:
Obligations of states and political subdivisions			10,716				210				1,831				17				12,547				227
Residential mortgage-backed securities and collateralized mortgage obligations			709,167				3,727				4,476				18				713,643				3,745
Other debt securities			-				-				150				2				150				2

Total temporarily impaired securities		$	719,883			$	3,937			$	6,457			$	37			$	726,340			$	3,974

HELD TO MATURITY:
Residential mortgage-backed securities and collateralized mortgage obligations		$	-			$	-			$	345			$	25			$	345			$	25

Total temporarily impaired securities		$	-			$	-			$	345			$	25			$	345			$	25

December 31, 2010

(in thousands)


		Less than 12 Months								12 Months or Longer								Total
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
AVAILABLE FOR SALE:
U.S. Treasury and agencies		$	-			$	-			$	110			$	1			$	110			$	1
Obligations of states and political subdivisions			60,110				1,366				1,003				22				61,113				1,388
Residential mortgage-backed securities and collateralized mortgage obligations			1,238,483				19,968				1,539				8				1,240,022				19,976

Total temporarily impaired securities		$	1,298,593			$	21,334			$	2,652			$	31			$	1,301,245			$	21,365


HELD TO MATURITY:
Residential mortgage-backed securities and collateralized mortgage obligations		$	-			$	-			$	658			$	209			$	658			$	209

Total temporarily impaired securities		$	-			$	-			$	658			$	209			$	658			$	209

Other-than-Temporary Impairment Losses, Investment Securities


		Three months ended June 30,
		2011				2010
Total other-than-temporary impairment losses		$	110			$	-
Portion of other-than-temporary impairment losses recognized in other comprehensive income ⁽¹⁾			(63)				-

Net impairment losses recognized in earnings ⁽²⁾		$	47			$	-


			Six months ended June 30,
		2011				2010
Total other-than-temporary impairment losses		$	110			$	5
Portion of other-than-temporary impairment losses (recognized in) transferred from other comprehensive income ⁽¹⁾			(38)				284

Net impairment losses recognized in earnings ⁽²⁾		$	72			$	289

(1)	Represents other-than-temporary impairment losses related to all other factors.

(2)	Represents other-than-temporary impairment losses related to credit losses.

Summary of Significant Inputs Used to Estimate Credit Loss on Non-Agency Collateralized Mortgage Obligations


		2011						2010
		Range				Weighted		Range				Weighted
		Minimum		Maximum		Average		Minimum		Maximum		Average
Constant prepayment rate		5.0%		20.0%		14.4%		4.0%		25.0%		14.9%
Collateral default rate		5.0%		30.0%		13.2%		8.0%		45.0%		16.8%
Loss severity		30.0%		65.0%		39.0%		20.0%		50.0%		34.6%

Roll Forward of Credit Losses of Held-to-Maturity Securities Written Down as Other-than-Temporary Impairment Recognized in Earnings and Other Comprehensive Income


		Three months ended June 30,
		2011				2010
Balance, beginning of period		$	12,803			$	12,653
Subsequent OTTI credit losses			47				-

Balance, end of period		$	12,850			$	12,653

(in thousands)


		Six months ended June 30,
		2011				2010
Balance, beginning of period		$	12,778			$	12,364
Subsequent OTTI credit losses			72				289

Balance, end of period		$	12,850			$	12,653

Schedule of Maturities of Investment Securities


		Available For Sale								Held To Maturity
		Amortized Cost				Fair Value				Amortized Cost				Fair Value
AMOUNTS MATURING IN:
Three months or less		$	17,296			$	17,379			$	590			$	591
Over three months through twelve months			287,207				294,045				85				85
After one year through five years			1,992,369				2,037,495				613				618
After five years through ten years			750,874				761,393				49				50
After ten years			65,368				65,118				4,216				4,389
Other investment securities			1,959				2,030				-				-

		$	3,115,073			$	3,177,460			$	5,553			$	5,733

Gross Realized Gains and Losses on Sales of Available-for-Sale Securities Table


		Three months ended June 30, 2011								Three months ended June 30, 2010
		Gains				Losses				Gains				Losses
Obligations of states and political subdivisions		$	7			$	-			$	-			$	-
Residential mortgage-backed securities and collateralized mortgage obligations			6,475				804				-				-

		$	6,482			$	804			$	-			$	-


		Six months ended June 30, 2011								Six months ended June 30, 2010
		Gains				Losses				Gains				Losses
Obligations of states and political subdivisions		$	7			$	-			$	2			$	1
Residential mortgage-backed securities and collateralized mortgage obligations			6,475				804				-				-

		$	6,482			$	804			$	2			$	1

Investment Securities Pledged to Secure Borrowings and Public Deposits


		Amortized Cost				Fair Value
To Federal Home Loan Bank to secure borrowings		$	226,584			$	237,852
To state and local governments to secure public deposits			599,429				622,425
Other securities pledged			163,987				165,943

Total pledged securities		$	990,000			$	1,026,220