Derivative financial instruments (Tables)

9 Months Ended

Sep. 30, 2011

Derivative financial instruments [Abstract]

Information about interest rate swap agreements

	Notional amount		Average maturity		Weighted- average rate
					Fixed			Variable
	(in thousands)		(in years)
September 30, 2011
Fair value hedges:
Fixed rate long-term borrowings (a)	$	900,000		5.6		6.07	%		1.87	%
December 31, 2010
Fair value hedges:
Fixed rate long-term borrowings (a)	$	900,000		6.4		6.07	%		1.84	%

(a) Under the terms of these agreements, the Company receives settlement amounts at a fixed rate and pays at a variable rate.

Information about fair values of derivative instruments in consolidated balance sheet

Information about the fair values of derivative instruments in the Company’s consolidated balance sheet and consolidated statement of income follows:

	Asset derivatives				Liability derivatives
	Fair value				Fair value
	September 30, 2011		December 31, 2010		September 30, 2011		December 31, 2010
	(in thousands)
Derivatives designated and qualifying as hedging instruments
Fair value hedges:
Interest rate swap agreements (a)	$	148,764		96,637	$	—		—
Commitments to sell real estate loans (a)		104		4,880		1,703		1,062
		148,868		101,517		1,703		1,062
Derivatives not designated and qualifying as hedging instruments
Mortgage-related commitments to originate real estate loans for sale (a)		7,997		2,827		60		583
Commitments to sell real estate loans (a)		196		10,322		3,820		1,962
Trading:
Interest rate contracts (b)		460,533		345,632		434,844		321,461
Foreign exchange and other option and futures contracts (b)		25,855		11,267		23,376		11,761
		494,581		370,048		462,100		335,767
Total derivatives	$	643,449		471,565	$	463,803		336,829

(a) Asset derivatives are reported in other assets and liability derivatives are reported in other liabilities.

(b) Asset derivatives are reported in trading account assets and liability derivatives are reported in other liabilities.

		$42,587		$42,587			$42,587			$42,587
	Amount of unrealized gain (loss) recognized
	Three months ended September  30, 2011					Three months ended September  30, 2010
	Derivative		Hedged item			Derivative			Hedged item
	(in thousands)
Derivatives in fair value hedging relationships
Interest rate swap agreements:
Fixed rate long-term borrowings (a)	$	42,587		(40,355	)	$	28,281			(27,166	)
Derivatives not designated as hedging instruments
Trading:
Interest rate contracts (b)	$	2,425				$	813
Foreign exchange and other option and futures contracts (b)		1,764					(1,532	)
Total	$	4,189				$	(719	)
	Amount of unrealized gain (loss) recognized
	Nine months ended September  30, 2011					Nine months ended September  30, 2010
	Derivative		Hedged item			Derivative			Hedged item
	(in thousands)
Derivatives in fair value hedging relationships
Interest rate swap agreements:
Fixed rate time deposits (a)	$	—		—		$	(503	)		503
Fixed rate long-term borrowings (a)		52,127		(49,452	)		84,708			(80,827	)
Total	$	52,127		(49,452	)	$	84,205			(80,324	)
Derivatives not designated as hedging instruments
Trading:
Interest rate contracts (b)	$	3,901				$	(305	)
Foreign exchange and other option and futures contracts (b)		473					(575	)
Total	$	4,374				$	(880	)

(a) Reported as other revenues from operations.

(b) Reported as trading account and foreign exchange gains.