Securities (Tables)

6 Months Ended

Jun. 30, 2011

Schedule of Amortized Cost and Fair Value of Securities Available for Sale


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
June 30, 2011
U.S. Treasury and other U.S. government agencies and corporations	$	332,046	$	1,329	$	(91	)	$	333,284
Residential mortgage-backed securities:
Agency mortgage-backed securities		234,465		6,683		—			241,148
Agency collateralized mortgage obligations		184,665		2,320		—			186,985
Non-agency collateralized mortgage obligations		34		1		—			35
States of the U.S. and political subdivisions		43,910		1,048		(1	)		44,957
Collateralized debt obligations		19,288		—		(12,683	)		6,605
Other debt securities		6,859		—		(913	)		5,946

Total debt securities		821,267		11,381		(13,688	)		818,960
Equity securities		1,593		332		(38	)		1,887

	$	822,860	$	11,713	$	(13,726	)	$	820,847

December 31, 2010
U.S. Treasury and other U.S. government agencies and corporations	$	299,861	$	1,395	$	(688	)	$	300,568
Residential mortgage-backed securities:
Agency mortgage-backed securities		205,443		6,064		—			211,507
Agency collateralized mortgage obligations		146,977		1,081		(192	)		147,866
Non-agency collateralized mortgage obligations		37		1		—			38
States of the U.S. and political subdivisions		57,830		934		(26	)		58,738
Collateralized debt obligations		19,288		—		(13,314	)		5,974
Other debt securities		12,989		—		(1,744	)		11,245

Total debt securities		742,425		9,475		(15,964	)		735,936
Equity securities		1,867		381		(59	)		2,189

	$	744,292	$	9,856	$	(16,023	)	$	738,125

Schedule of Amortized Cost and Fair Value of Securities Held to Maturity


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
June 30, 2011
U.S. Treasury and other U.S. government agencies and corporations	$	4,666	$	229	$	—		$	4,895
Residential mortgage-backed securities:
Agency mortgage-backed securities		758,325		26,724		(1,556	)		783,493
Agency collateralized mortgage obligations		62,673		609		(164	)		63,118
Non-agency collateralized mortgage obligations		28,347		243		(908	)		27,682
States of the U.S. and political subdivisions		152,574		3,383		(311	)		155,646
Collateralized debt obligations		2,502		—		(508	)		1,994
Other debt securities		1,585		25		(4	)		1,606

	$	1,010,672	$	31,213	$	(3,451	)	$	1,038,434

December 31, 2010
U.S. Treasury and other U.S. government agencies and corporations	$	4,925	$	212	$	—		$	5,137
Residential mortgage-backed securities:
Agency mortgage-backed securities		688,575		23,878		(3,079	)		709,374
Agency collateralized mortgage obligations		71,102		511		(889	)		70,724
Non-agency collateralized mortgage obligations		33,950		328		(1,331	)		32,947
States of the U.S. and political subdivisions		137,210		1,735		(1,630	)		137,315
Collateralized debt obligations		3,132		—		(778	)		2,354
Other debt securities		1,587		18		(42	)		1,563

	$	940,481	$	26,682	$	(7,749	)	$	959,414

Gross Gains and Gross Losses were Realized on Sales of Securities


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011			2010
Gross gains	$	38	$	47	$	288		$	2,437
Gross losses		—		—		(196	)		—

	$	38	$	47	$	92		$	2,437

Amortized Cost and Fair Value of Securities, by Contractual Maturities


	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	40,243	$	40,720	$	6,339	$	6,438
Due from one to five years		289,370		290,091		16,728		17,443
Due from five to ten years		12,671		12,996		36,047		36,875
Due after ten years		59,819		46,985		102,213		103,385

		402,103		390,792		161,327		164,141
Residential mortgage-backed securities:
Agency mortgage-backed securities		234,465		241,148		758,325		783,493
Agency collateralized mortgage obligations		184,665		186,985		62,673		63,118
Non-agency collateralized mortgage obligations		34		35		28,347		27,682
Equity securities		1,593		1,887		—		—

	$	822,860	$	820,847	$	1,010,672	$	1,038,434

Summary of Fair Values and Unrealized Losses of Securities, Segregated by Length of Impairment


	Less than 12 Months					Greater than 12 Months					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
June 30, 2011
U.S. Treasury and other U.S. government agencies and corporations	$	57,646	$	(91	)	$	—	$	—		$	57,646	$	(91	)
States of the U.S. and political subdivisions		1,193		(1	)		—		—			1,193		(1	)
Collateralized debt obligations		—		—			6,605		(12,683	)		6,605		(12,683	)
Other debt securities		—		—			5,946		(913	)		5,946		(913	)
Equity securities		28		(1	)		636		(37	)		664		(38	)

	$	58,867	$	(93	)	$	13,187	$	(13,633	)	$	72,054	$	(13,726	)


December 31, 2010
U.S. Treasury and other U.S. government agencies and corporations	$	117,140	$	(688	)	$	—	$	—		$	117,140	$	(688	)
Residential mortgage-backed securities:
Agency collateralized mortgage obligations		22,616		(192	)		—		—			22,616		(192	)
States of the U.S. and political subdivisions		3,322		(26	)		—		—			3,322		(26	)
Collateralized debt obligations		—		—			5,974		(13,314	)		5,974		(13,314	)
Other debt securities		4,024		(62	)		7,221		(1,682	)		11,245		(1,744	)
Equity securities		—		—			648		(59	)		648		(59	)

	$	147,102	$	(968	)	$	13,843	$	(15,055	)	$	160,945	$	(16,023	)

Securities held to maturity:


	Less than 12 Months					Greater than 12 Months					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
June 30, 2011
Residential mortgage-backed securities:
Agency mortgage-backed securities	$	180,079	$	(1,556	)	$	—	$	—		$	180,079	$	(1,556	)
Agency collateralized mortgage obligations		27,885		(164	)		—		—			27,885		(164	)
Non-agency collateralized mortgage obligations		—		—			9,395		(908	)		9,395		(908	)
States of the U.S. and political subdivisions		16,519		(311	)		—		—			16,519		(311	)
Collateralized debt obligations		—		—			1,994		(508	)		1,994		(508	)
Other debt securities		—		—			1,324		(4	)		1,324		(4	)

	$	224,483	$	(2,031	)	$	12,713	$	(1,420	)	$	237,196	$	(3,451	)


December 31, 2010
Residential mortgage-backed securities:
Agency mortgage-backed securities	$	156,544	$	(3,079	)	$	—	$	—		$	156,544	$	(3,079	)
Agency collateralized mortgage obligations		39,074		(889	)		—		—			39,074		(889	)
Non-agency collateralized mortgage obligations		2,551		(12	)		10,739		(1,319	)		13,290		(1,331	)
States of the U.S. and political subdivisions		47,125		(1,415	)		2,319		(215	)		49,444		(1,630	)
Collateralized debt obligations		—		—			2,354		(778	)		2,354		(778	)
Other debt securities		—		—			1,288		(42	)		1,288		(42	)

	$	245,294	$	(5,395	)	$	16,700	$	(2,354	)	$	261,994	$	(7,749

Schedule of Cumulative Credit-Related OTTI Charges Recognized as Components of Earnings for Securities for which a portion of an OTTI is Recognized in Other Comprehensive Income


	June 30, 2011			December 31, 2010
Beginning balance of the amount related to credit loss for which a portion of OTTI was recognized in other comprehensive income	$	(18,332	)	$	(16,051	)
Additions related to credit loss for securities with previously recognized OTTI		—			(2,235	)
Additions related to credit loss for securities with initial OTTI		—			(46	)

Ending balance of the amount related to credit loss for which a portion of OTTI was recognized in other comprehensive income	$	(18,332	)	$	(18,332	)

Trust Preferred Securities


Deal Name	Class	Current Par Value		Amortized Cost		Fair Value		Unrealized Loss			Lowest Credit Ratings	Number of Issuers Currently Performing		Actual Defaults (as a percent of original collateral)		Actual Deferrals (as a percent of original collateral)		Projected Recovery Rates on Current Deferrals (1)		Expected Defaults (%) (2)
Pooled TPS:
P1	C1	$	5,500	$	2,266	$	1,044	$	(1,222	)	C		42		20		19		37		10
P2	C1		4,889		2,746		780		(1,966	)	C		41		14		20		31		12
P3	C1		5,561		4,218		1,494		(2,724	)	C		51		12		6		18		14
P4	C1		3,994		2,852		860		(1,992	)	C		51		15		9		34		13
P5	MEZ		483		358		197		(161	)	C		16		19		13		63		11
P6	MEZ		1,909		1,087		589		(498	)	C		21		17		19		35		9
P7	B3		2,000		726		302		(424	)	C		21		29		9		34		9
P8	B1		3,028		2,386		816		(1,570	)	C		50		14		22		38		13
P9	C		5,048		756		154		(602	)	C		33		14		32		41		14
P10	C		507		461		84		(377	)	C		50		13		14		29		11
P11	C		2,010		787		114		(673	)	C		41		15		16		29		12
P12	A4L		2,000		645		171		(474	)	C		25		16		23		51		13

Total OTTI			36,929		19,288		6,605		(12,683	)			442		16		16		36		12


P13 (3)	SNR		2,384		2,502		1,994		(508	)	BBB		18		13		16		37		9

Total Not OTTI			2,384		2,502		1,994		(508	)			18		13		16		37		9

Total Pooled TPS		$	39,313	$	21,790	$	8,599	$	(13,191	)			460		16		16		36		12


Single Issuer TPS:
S1		$	2,000	$	1,948	$	1,612	$	(336	)	BB+		1
S2			2,000		1,912		1,641		(271	)	BBB+		1
S3			2,000		2,000		1,917		(83	)	B+		1
S4			1,000		999		777		(222	)	BB+		1
S5			1,300		1,328		1,324		(4	)	BB+		1

Total Single Issuer TPS		$	8,300	$	8,187	$	7,271	$	(916	)			5

Total TPS		$	47,613	$	29,977	$	15,870	$	(14,107	)			465

(1)	Some current deferrals will cure at rates varying from 10% to 90% after five years.

(2)	Expected future defaults as a percent of remaining performing collateral.

(3)	Excess subordination represents the additional defaults in excess of both current and projected defaults that the CDO can absorb before the bond experiences any credit impairment. The P13 security had excess subordination as a percent of current collateral of 60.77% as of June 30, 2011.

Non-Agency Collateralized Mortgage Obligations


													Subordination Data
					Credit Rating				Credit Support %				Delinquency %
Security	Original Year		Book Value		S&P		Moody's		Original		Current		. 30 Day		60 Day		90 Day		% Foreclosure		% OREO		% Bankruptcy		% Total Delinquency		% LTV		Credit Score
1		2003	$	3,247		AAA		n/a		2.5		5.8		1.4		0.1		0.6		0.8		0.0		0.5		3.4		52.1		738
2		2003		2,265		AAA		n/a		4.3		16.3		2.0		1.2		5.0		2.6		0.3		1.2		12.2		56.0		710
3		2003		1,519		AAA		n/a		2.0		6.5		0.6		0.5		1.5		1.3		0.2		1.1		5.1		47.3		742
4		2003		1,522		AAA		n/a		2.7		18.2		0.8		0.0		1.6		2.2		0.0		1.1		5.7		50.4		n/a
5		2004		3,720		AAA		Baa2		7.0		20.1		0.9		1.2		2.0		7.0		1.2		0.8		13.0		55.8		689
6		2004		2,631		AA+		n/a		5.3		10.4		0.6		0.0		2.4		3.1		0.0		1.9		8.0		46.5		734
7		2004		1,260		n/a		A1-		2.5		8.5		0.0		1.1		0.0		4.8		0.0		0.0		5.9		56.0		736
8		2004		1,881		AAA		Baa2		4.4		9.3		1.3		0.5		0.5		2.6		0.5		1.1		6.5		55.1		733
9		2005		6,518		CCC		Caa1		5.1		5.0		3.6		2.1		12.2		5.4		0.5		2.5		26.2		65.5		706
10		2005		3,784		CCC		B3		4.7		3.2		3.5		2.2		3.8		9.1		1.2		1.6		21.4		65.8		726

			$	28,347						4.1		9.5																57.3		719

- Definition

This item represents the entire disclosure related to Available-for-sale Securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities which are categorized as Available-for-sale.

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