Fair Value (Tables)

3 Months Ended

Mar. 31, 2012

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


(In thousands)	March 31, 2012
	Level 1		Level 2		Level 3		Total
ASSETS
Investment securities:
Available-for-sale:
U.S. Treasury, agencies and corporations	$	3,102	$	1,879,900			$	1,883,002
Municipal securities				102,431	$	17,109		119,540
Asset-backed securities:
Trust preferred – banks and insurance				359		935,870		936,229
Trust preferred – real estate investment trusts						16,000		16,000
Auction rate						40,873		40,873
Other (including ABS CDOs)				6,338		40,322		46,660
Mutual funds and stock		175,284		5,498				180,782

		178,386		1,994,526		1,050,174		3,223,086
Trading account				19,033				19,033
Other noninterest-bearing investments:
Private equity				5,348		134,746		140,094
Other assets:
Derivatives:
Interest rate related and other				7,075				7,075
Interest rate swaps for customers				74,419				74,419
Foreign currency exchange contracts		4,140						4,140

		4,140		81,494				85,634

	$	182,526	$	2,100,401	$	1,184,920	$	3,467,847

LIABILITIES
Securities sold, not yet purchased	$	41,743	$	5,661			$	47,404
Other liabilities:
Derivatives:
Interest rate related and other				–				–
Interest rate swaps for customers				77,576				77,576
Foreign currency exchange contracts		3,339						3,339
Total return swap					$	5,218		5,218

		3,339		77,576		5,218		86,133
Other						205		205

	$	45,082	$	83,237	$	5,423	$	133,742


(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
March 31,
2012

Valuation
approach

Constant

default

rate ("CDR")

Loss
severity

Prepayment rate

Asset-backed securities:

Trust preferred – predominantly banks

773,119

Income

Pool specific³

100

Pool specific⁷

Trust preferred – predominantly insurance

292,471

Income

Pool specific⁴

100

4.5% per year

Trust preferred – individual banks

17,737

Market

1,083,327

Trust preferred – real estate investment trusts

16,000

Income

Pool specific⁵

60-100

0% per year

Other (including ABS CDOs)

53,462

Income

Collateral specific⁶

70-100

Collateral weighted average life

¹	Includes $935.9 million of AFS securities and $147.4 million of HTM securities.

²	Includes $40.3 million of AFS securities and $13.2 million of HTM securities.

³	CDR ranges: yr 1 – 0.30% to 5.67%; yrs 2-5 – 0.45% to 0.65%; yrs 6 to maturity – 0.58% to 0.70%.

⁴	CDR ranges: yr 1 – 0.30% to 0.45%; yrs 2-5 – 0.47% to 0.49%; yrs 6 to maturity – 0.50% to 0.54%.

⁵	CDR ranges: yr 1 – 5.3% to 8.4%; yrs 2-3 – 3.9% to 5.0%; yrs 4-6 – 1.0%; yrs 6 to maturity – 0.50%.

⁶	These 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.

⁷	Constant Prepayment Rate ("CPR") ranges: 3.0% to 23.84% annually until 2016; 2016 to maturity – 3.0% annually.

Schedule Of Fair Value Of Predominantly Bank Trust Preferred CDOs


(Dollars in thousands)

Vintage year	Fair value at March 31,		Percentage of total fair value according to original rating									Percentage of total fair value
Vintage year	2012		AAA			A			BBB			by vintage

2001	$	55,426		6.0	%		1.1	%		0.1	%		7.2	%
2002		236,179		28.1			2.5			–			30.6
2003		272,312		25.5			9.7			–			35.2
2004		123,861		7.5			8.5			–			16.0
2005		11,793		0.9			0.6			–			1.5
2006		39,566		2.8			2.1			0.2			5.1
2007		33,982		4.4			–			–			4.4

	$	773,119		75.2	%		24.5	%		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 March 31, 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		43			2,553			40			1			80
Dividends and other investment income																	1,739
Equity securities gains, net																	9,461
Fixed income securities gains (losses), net					4,552						1,888			(5,773	)
Net impairment losses on investment securities					(10,209	)
Other noninterest expense																							(119	)
Other comprehensive income (loss)		(40	)		30,199			(2,685	)		789			5,314
Purchases																	2,982
Sales																	(5,654	)
Redemptions and paydowns		(275	)		(20,581	)					(31,825	)		(2,845	)		(2,130	)		204

Balance at March 31, 2012	$	17,109		$	935,870		$	16,000		$	40,873		$	40,322		$	134,746		$	(5,218	)	$	(205	)


	Level 3 Instruments
	Three Months Ended March 31, 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		169			1,477						8			39
Dividends and other investment income																	707
Equity securities gains, net																	897
Fixed income securities gains (losses), net		18			3,468			(3,605	)		7			7
Net impairment losses on investment securities					(1,820	)		(1,285	)
Other noninterest expense																							119
Other comprehensive income (loss)		(299	)		(51,041	)		5,977			(20	)		1,324
Purchases																	3,333
Sales		(895	)		(941	)		(538	)		(135	)					(3,277	)
Redemptions and paydowns		(2,225	)		(8,838	)					(225	)		(1,513	)		(803	)		5,414

Balance at March 31, 2011	$	19,057		$	1,183,999		$	19,714		$	109,244		$	69,487		$	142,547		$	(10,511	)	$	(442	)

Schedule Of Realized Gains (Losses) Using Level 3 Inputs


(In thousands)	Three Months Ended March 31,
	2012		2011
Dividends and other investment income	$	657	$	1,631
Fixed income securities gains (losses), net		667		(105	)

Schedule Of Assets With Fair Value Changes On Nonrecurring Basis


(In thousands)	Fair value at March 31, 2012								Fair value at December 31, 2011
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

ASSETS
HTM securities adjusted for OTTI					$	–	$	–					$	8,308	$	8,308
Impaired loans			$	17,176				17,176			$	3,615				3,615
Other real estate owned				34,842				34,842				55,957				55,957

	$	–	$	52,018	$	–	$	52,018	$	–	$	59,572	$	8,308	$	67,880


	Gains (losses) from fair value changes
(In thousands)	Three Months Ended
	March 31, 2012			March 31, 2011

ASSETS
Impaired loans	$	(2,401	)	$	(3,754	)
Other real estate owned		(7,332	)		(21,661	)

	$	(9,733	)	$	(25,415	)

Schedule Of Carrying Values And Estimated Fair Values Of Financial Instruments


	March 31, 2012				December 31, 2011
(In thousands)	Carrying value		Estimated fair value		Carrying value		Estimated fair value

Financial assets:
HTM investment securities	$	797,149	$	728,479	$	807,804	$	729,974
Loans and leases (including loans held for sale), net of allowance		35,765,121		35,440,241		36,296,284		36,006,619

Financial liabilities:
Time deposits		3,326,717		3,356,289		3,413,550		3,444,189
Foreign deposits		1,366,826		1,366,152		1,575,361		1,574,271
Other short-term borrowings		19,839		19,895		70,273		70,387
Long-term debt (less fair value hedges)		2,273,027		2,591,423		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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