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Borrowings (Tables)
 6 Months Ended
Jun. 30, 2011
Composition of Federal Funds Purchased and Assets Sold Under Agreements to Repurchase

The composition of federal funds purchased and assets sold under agreements to repurchase were as follows:

 

(In thousands)

    June 30,
2011		      December 31,
2010		      June 30,
2010		  

Federal funds purchased

      —           —         $ 9,900  

Assets sold under agreements to repurchase

    $ 2,570,322      $ 2,412,550        2,297,294  
  

 

 

     

 

 

     

 

 

  

Total federal funds purchased and assets sold under agreements to repurchase

    $ 2,570,322      $ 2,412,550      $ 2,307,194  
  

 

 

     

 

 

     

 

 

  
Other Short-Term Borrowings

Other short-term borrowings consisted of:

 

(In thousands)

    June 30,
2011		      December 31,
2010		      June 30,
2010		  

Advances with the FHLB paying interest at maturity, at fixed rates of 0.35%

    $ 150,000      $ 300,000      $ —     

Term funds purchased paying interest at maturity, at fixed rates of 0.65%

      102        52,500        —     

Securities sold not yet purchased

      —           10,459        —     

Others

      1,200        1,263        1,263  
  

 

 

     

 

 

     

 

 

  

Total other short-term borrowings

    $ 151,302      $ 364,222      $ 1,263  
  

 

 

     

 

 

     

 

 

  
Notes Payable

Notes payable consisted of:

 

(In thousands)

    June 30,
2011		      December 31,
2010		      June 30,
2010		  

Advances with the FHLB:

         

-with maturities ranging from 2011 through 2021 paying interest at monthly fixed rates ranging from 0.66% to 4.95% (June 30, 2010 - 1.48% to 5.10%)

    $ 704,500      $ 385,000      $ 1,032,873  

-maturing in 2010 paying interest quarterly at a fixed rate of 5.10%

      —           —           20,000  

Note issued to the FDIC, including unamortized premium of $1,202; paying interest monthly at an annual fixed rate of 2.50%; maturing on April 30, 2015 or such earlier date as such amount may become due and payable pursuant to the terms of the note

      1,517,843        2,492,928        5,728,954  

Term notes with maturities ranging from 2012 to 2016 paying interest semiannually at fixed rates ranging from 5.25% to 7.86% (June 30, 2010 - 5.25% to 13.00%)

      278,255        381,133        380,995  

Term notes with maturities ranging from 2011 to 2013 paying interest monthly at a floating rate of 3.00% over the 10-year U.S. Treasury note rate

      801        1,010        1,217  

Term notes maturing in 2011 paying interest quarterly at a floating rate of 9.75% over the 3-month LIBOR rate

      —           —           175,000  

Junior subordinated deferrable interest debentures (related to trust preferred securities) with maturities ranging from 2027 to 2034 with fixed interest rates ranging from 6.125% to 8.327% (Refer to Note 17)

      439,800        439,800        439,800  

Junior subordinated deferrable interest debentures (related to trust preferred securities) ($936,000 less discount of $478,995 as of June 30, 2011 and $502,113 at June 30, 2010) with no stated maturity and a fixed interest rate of 5.00% until, but excluding December 5, 2013 and 9.00% thereafter (Refer to Note 17)

      457,005        444,981        433,887  

Others

      25,082        25,331        25,551  
  

 

 

     

 

 

     

 

 

  

Total notes payable

    $ 3,423,286      $ 4,170,183      $ 8,238,277  
  

 

 

     

 

 

     

 

 

  

Note: Refer to the Corporation’s 2010 Annual Report, for rates and maturity information corresponding to the borrowings outstanding at December 31, 2010. Key index rates as of June 30, 2011 and June 30, 2010, respectively, were as follows: 3-month LIBOR rate = 0.25% and 0.53%; 10-year U.S. Treasury note = 3.16% and 2.93%.
Borrowings by Contractual Maturities

A breakdown of borrowings by contractual maturities at June 30, 2011 is included in the table below. Given its nature, the maturity of the note issued to the FDIC was based on expected repayment dates and not on its April 30, 2015 contractual maturity date. The expected repayments consider the timing of expected cash inflows on the loans, OREO and claims on the loss sharing agreements that will be applied to repay the note during the period that the note payable to the FDIC is outstanding.

 

(In thousands)

    Assets sold under
agreements
to repurchase		      Short-term
borrowings		      Notes payable      Total  

Year

            

2011

    $ 1,458,132      $ 151,302      $ 1,593,692      $ 3,203,126  

2012

      75,000        —           214,782        289,782  

2013

      49,000        —           98,744        147,744  

2014

      350,000        —           189,380        539,380  

2015

      174,135        —           35,991        210,126  

Later years

      464,055        —           833,692        1,297,747  

No stated maturity

      —           —           936,000        936,000  
  

 

 

     

 

 

     

 

 

     

 

 

  

Subtotal

      2,570,322        151,302        3,902,281        6,623,905  

Less: Discount

      —           —           478,995        478,995  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total borrowings

    $ 2,570,322      $ 151,302      $ 3,423,286      $ 6,144,910