Fair Value (Tables)

9 Months Ended

Sep. 30, 2012

Schedule Of Assets And Liabilities Measured At Fair Value By Class On A Recurring Basis



(In thousands)	September 30, 2012
	Level 1		Level 2		Level 3		Total
ASSETS
Investment securities:
Available-for-sale:
U.S. Treasury, agencies and corporations	$	3,101	$	1,759,720			$	1,762,821
Municipal securities			97,324		$	16,323	113,647
Asset-backed securities:
Trust preferred – banks and insurance			184		965,104		965,288
Trust preferred – real estate investment trusts					15,407		15,407
Auction rate					7,113		7,113
Other (including ABS CDOs)			5,221		40,154		45,375
Mutual funds and stock	211,725		5,816				217,541
	214,826		1,868,265		1,044,101		3,127,192
Trading account			13,963				13,963
Other noninterest-bearing investments:
Private equity			5,179		128,291		133,470
Other assets:
Derivatives:
Interest rate related and other			4,549				4,549
Interest rate swaps for customers			84,938				84,938
Foreign currency exchange contracts	2,525						2,525
	2,525		89,487				92,012
	$	217,351	$	1,976,894	$	1,172,392	$	3,366,637
LIABILITIES
Securities sold, not yet purchased	$	21,708					$	21,708
Other liabilities:
Derivatives:
Interest rate related and other			1,533				1,533
Interest rate swaps for customers			90,074				90,074
Foreign currency exchange contracts	1,637						1,637
Total return swap					$	5,048	5,048
	1,637		91,607		5,048		98,292
Other					128		128
	$	23,345	$	91,607	$	5,176	$	120,128



(In thousands)	December 31, 2011
	Level 1		Level 2		Level 3		Total
ASSETS
Investment securities:
Available-for-sale:
U.S. Treasury, agencies and corporations	$	3,103	$	1,874,010			$	1,877,113
Municipal securities			104,787		$	17,381	122,168
Asset-backed securities:
Trust preferred – banks and insurance			354		929,356		929,710
Trust preferred – real estate investment trusts					18,645		18,645
Auction rate					70,020		70,020
Other (including ABS CDOs)			6,826		43,546		50,372
Mutual funds and stock	156,829		5,938				162,767
	159,932		1,991,915		1,078,948		3,230,795
Trading account			40,273				40,273
Other noninterest-bearing investments:
Private equity			5,339		128,348		133,687
Other assets:
Derivatives:
Interest rate related and other			9,560				9,560
Interest rate swaps for customers			82,648				82,648
Foreign currency exchange contracts	6,498						6,498
	6,498		92,208				98,706
	$	166,430	$	2,129,735	$	1,207,296	$	3,503,461
LIABILITIES
Securities sold, not yet purchased	$	13,098	$	31,388			$	44,486
Other liabilities:
Derivatives:
Interest rate related and other			734				734
Interest rate swaps for customers			87,363				87,363
Foreign currency exchange contracts	6,046						6,046
Total return swap					$	5,422	5,422
	6,046		88,097		5,422		99,565
Other					86		86
	$	19,144	$	119,485	$	5,508	$	144,137

Schedule Of Key Model Inputs And Assumptions Used To Fair Value Certain Asset-Backed Securities



(Dollars in thousands)	Fair value at September 30, 2012			Valuation approach	Constant default rate (“CDR”)	Loss severity	Prepayment rate
Asset-backed securities:
Trust preferred – predominantly banks	$	811,713		Income	Pool specific ³	100%	Pool specific ⁷
Trust preferred – predominantly insurance	253,069			Income	Pool specific ⁴	100%	4.5% per year
Trust preferred – individual banks	19,058			Market
	1,083,840		¹
Trust preferred – real estate investment trusts	15,407			Income	Pool specific ⁵	60-100%	0% per year
Other (including ABS CDOs)	52,979		²	Income	Collateral specific ⁶	57-100%	Collateral weighted average life

¹Includes $965.1 million of AFS securities and $118.7 million of HTM securities.

²Includes $40.2 million of AFS securities and $12.8 million of HTM securities.

³CDR ranges: yr 1 – 0.30% to 8.53%; yrs 2-5 – 0.47% to 0.72%; yrs 6 to maturity – 0.58% to 0.70%.

⁴CDR ranges: yr 1 – 0.30% to 1.34%; yrs 2-5 – 0.47% to 0.48%; yrs 6 to maturity – 0.50% to 0.54%.

⁵CDR ranges: yr 1 – 5.1% to 8.4%; yrs 2-3 – 4.3% to 6.2%; yrs 4-6 – 1.0%; yrs 6 to maturity – 0.50%.

⁶These are predominantly ABS CDOs whose collateral is rated. CDR and loss severities are built up from the loan level and vary by collateral ratings, asset class, and vintage.

⁷Constant Prepayment Rate (“CPR”) ranges: 3.0% to 20.68% annually until 2016; 2016 to maturity – 3.0% annually.

Schedule Of Fair Value Of Predominantly Bank Trust Preferred CDOs



(Dollars in thousands)
	Fair value at September 30, 2012		Percentage of total fair value according to original rating						Percentage of total fair value by vintage
Vintage year			Percentage of total fair value according to original rating
Vintage year			AAA		A		BBB
2001	$	48,744	4.8	%	1.1	%	0.1	%		6.0	%
2002	253,291		29.3		1.9		—			31.2
2003	279,913		25.4		9.2		—			34.6
2004	134,004		8.4		8.1		—			16.5
2005	13,863		1.0		0.7		—			1.7
2006	42,531		2.9		2.1		0.2			5.2
2007	39,367		4.8		—		—			4.8
	$	811,713	76.6	%	23.1	%	0.3	%		100.0	%

Schedule Of Assets And Liabilities Measured At Fair Value By Class On A Recurring Basis Using Level 3 Inputs



	Level 3 Instruments
	Three Months Ended September 30, 2012
(In thousands)	Municipal securities			Trust preferred – banks and insurance			Trust preferred – REIT		Auction rate			Other asset-backed			Private equity investments			Derivatives			Other liabilities
Balance at June 30, 2012	$	16,360		$	926,450		$	14,431	$	7,166		$	40,666		$	121,488		$	(5,337	)	$	(121	)
Total net gains (losses) included in:
Statement of income:
Accretion of purchase discount on securities available-for-sale	18			1,239			61		1			53
Dividends and other investment income															5,382
Equity securities gains, net															12,254
Fixed income securities gains, net	9			3,004								11
Net impairment losses on investment securities				(2,079		)
Other noninterest expense																					(7		)
Other comprehensive income (loss)	136			55,962			915		(4		)	2,418
Purchases															5,659
Sales															(3,548		)
Redemptions and paydowns	(200		)	(19,472		)			(50		)	(2,994		)	(12,944		)	289
Balance at September 30, 2012	$	16,323		$	965,104		$	15,407	$	7,113		$	40,154		$	128,291		$	(5,048	)	$	(128	)



	Level 3 Instruments
	Nine Months Ended September 30, 2012
(In thousands)	Municipal securities			Trust preferred – banks and insurance			Trust preferred – REIT			Auction rate			Other asset-backed			Private equity investments			Derivatives			Other liabilities
Balance at December 31, 2011	$	17,381		$	929,356		$	18,645		$	70,020		$	43,546		$	128,348		$	(5,422	)	$	(86	)
Total net gains (losses) included in:
Statement of income:
Accretion of purchase discount on securities available-for-sale	82			6,267			162			3			213
Dividends and other investment income																13,941
Equity securities gains, net																11,629
Fixed income securities gains (losses), net	9			10,780						4,134			(5,762		)
Net impairment losses on investment securities				(19,255		)
Other noninterest expense																						(42		)
Other comprehensive income (loss)	(499		)	89,695			(3,400		)	1,331			8,301
Purchases																13,038
Sales																(18,266		)
Redemptions and paydowns	(650		)	(51,739		)				(68,375		)	(6,144		)	(20,399		)	374
Balance at September 30, 2012	$	16,323		$	965,104		$	15,407		$	7,113		$	40,154		$	128,291		$	(5,048	)	$	(128	)



	Level 3 Instruments
	Three Months Ended September 30, 2011
(In thousands)	Municipal securities			Trust preferred – banks and insurance			Trust preferred – REIT		Auction rate			Other asset-backed			Private equity investments			Derivatives			Other liabilities
Balance at June 30, 2011	$	18,862		$	1,097,917		$	19,131	$	91,104		$	45,376		$	136,079		$	(5,420	)	$	(442	)
Total net gains (losses) included in:
Statement of income:
Accretion of purchase discount on securities available-for-sale	21			1,127					1			66
Dividends and other investment income															1,735
Equity securities losses, net
Fixed income securities gains, net	19			11,771					1,018			10
Net impairment losses on investment securities				(10,647		)						(1,919		)
Other noninterest expense																					384
Other comprehensive income (loss)	(530		)	(123,705		)	355		(522		)	2,832
Purchases															3,127
Sales															(9,331		)
Redemptions and paydowns	(200		)	(48,836		)			(20,950		)	(2,170		)	(1,410		)	150
Balance at September 30, 2011	$	18,172		$	927,627		$	19,486	$	70,651		$	44,195		$	130,200		$	(5,270	)	$	(58	)



	Level 3 Instruments
	Nine Months Ended September 30, 2011
(In thousands)	Municipal securities			Trust preferred – banks and insurance			Trust preferred – REIT			Auction rate			Other asset-backed			Private equity investments			Derivatives			Other liabilities
Balance at December 31, 2010	$	22,289		$	1,241,694		$	19,165		$	109,609		$	69,630		$	141,690		$	(15,925	)	$	(561	)
Total net gains (losses) included in:
Statement of income:
Accretion of purchase discount on securities available-for-sale	211			4,017						10			139
Dividends and other investment income																7,300
Equity securities losses, net																(738		)
Fixed income securities gains (losses), net	37			18,834			(3,605		)	1,900			(6,918		)
Net impairment losses on investment securities				(15,513		)	(1,285		)				(4,031		)
Other noninterest expense																						503
Other comprehensive income (loss)	(1,045		)	(181,598		)	5,749			(583		)	9,232
Purchases																15,926
Sales	(895		)	(72,881		)	(538		)	(135		)	(19,310		)	(16,617		)
Redemptions and paydowns	(2,425		)	(66,926		)				(40,150		)	(4,547		)	(17,361		)	10,655
Balance at September 30, 2011	$	18,172		$	927,627		$	19,486		$	70,651		$	44,195		$	130,200		$	(5,270	)	$	(58	)

Schedule Of Realized Gains (Losses) Using Level 3 Inputs



(In thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Dividends and other investment income	$	2,125	$	2,245	$	6,641	$	5,495
Fixed income securities gains (losses), net	3,024		12,818		9,161		10,248

Schedule Of Assets With Fair Value Changes On Nonrecurring Basis



(In thousands)	Fair value at September 30, 2012								Fair value at December 31, 2011
(In thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
ASSETS
HTM securities adjusted for OTTI	$	—	$	—	$	19,912	$	19,912	$	—	$	—	$	8,308	$	8,308
Impaired loans	—		10,570		—		10,570		—		3,615		—		3,615
Other real estate owned	—		52,167		—		52,167		—		55,957		—		55,957
	$	—	$	62,737	$	19,912	$	82,649	$	—	$	59,572	$	8,308	$	67,880



	Gains (losses) from fair value changes
(In thousands)	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
ASSETS
HTM securities adjusted for OTTI	$	(657	)	$	(769	)	$	(998	)	$	(769	)
Impaired loans	(818		)	(371		)	(3,859		)	(5,844		)
Other real estate owned	(5,499		)	(19,950		)	(14,707		)	(46,095		)
	$	(6,974	)	$	(21,090	)	$	(19,564	)	$	(52,708	)

Schedule Of Carrying Values And Estimated Fair Values Of Financial Instruments



	September 30, 2012				December 31, 2011
(In thousands)	Carrying value		Estimated fair value		Carrying value		Estimated fair value
Financial assets:
HTM investment securities	$	740,738	$	655,768	$	807,804	$	729,974
Loans and leases (including loans held for sale), net of allowance	36,465,718		36,624,062		36,296,284		36,006,619
Financial liabilities:
Time deposits	3,107,815		3,137,538		3,413,550		3,444,189
Foreign deposits	1,398,749		1,398,296		1,575,361		1,574,271
Other short-term borrowings	6,608		6,636		70,273		70,387
Long-term debt (less fair value hedges)	2,318,092		2,652,991		1,943,618		2,225,078

- Definition

Tabular disclosure of assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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- Definition

Tabular disclosure of all information related to the key inputs and assumptions (including, at a minimum, but not limited to, and if applicable, quantitative information about discount rates, expected prepayments including the expected weighted-average life of prepayable financial assets, and anticipated credit losses) used in measuring the fair value of assets or liabilities that relate to the transferor's continuing involvement with transferred financial assets, as of the balance sheet date.

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