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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2012

Dec. 31, 2011

Investment securities available for sale

			Gross		Gross
	Amortized		unrealized		unrealized
	cost		gains		losses			Fair value
		($ in Thousands)
March 31, 2012:
U.S. Treasury securities	$	1,005	$	―	$	(4)	$	1,001
Federal agency securities		7		1		―		8
Obligations of state and political subdivisions		792,854		43,068		(258)		835,664
(municipal securities)
Residential mortgage-related securities		3,440,370		114,939		(879)		3,554,430
Commercial mortgage-related securities		17,779		1,524		―		19,303
Asset-backed securities⁽¹⁾		163,466		1		(453)		163,014
Other securities (debt and equity)		93,490		2,427		(237)		95,680
Total investment securities available for sale	$	4,508,971	$	161,960	$	(1,831)	$	4,669,100

			Gross		Gross
	Amortized		unrealized		unrealized
	cost		gains		losses			Fair value
		($ in Thousands)
December 31, 2011:
U.S. Treasury securities	$	1,000	$	1	$	―	$	1,001
Federal agency securities		24,031		18		―		24,049
Obligations of state and political subdivisions
(municipal securities)		797,691		49,583		(28)		847,246
Residential mortgage-related securities		3,674,696		112,357		(1,463)		3,785,590
Commercial mortgage-related securities		16,647		1,896		―		18,543
Asset-backed securities⁽¹⁾		188,439		―		(707)		187,732
Other securities (debt and equity)		72,896		1,891		(1,465)		73,322
Total investment securities available for sale	$	4,775,400	$	165,746	$	(3,663)	$	4,937,483

Amortized cost and fair values of investment securities available for sale by contractual maturity

($ in Thousands)		Amortized Cost			Fair Value
Due in one year or less		$	44,685	$	45,223
Due after one year through five years			202,823		209,057
Due after five years through ten years			556,206		588,599
Due after ten years			76,516		80,355
	Total debt securities		880,230		923,234
Residential mortgage-related securities			3,440,370		3,554,430
Commercial mortgage-related securities			17,779		19,303
Asset-backed securities			163,466		163,014
Equity securities			7,126		9,119
	Total investment securities available for sale	$	4,508,971	$	4,669,100

Unrealized losses and fair value of available for sale securities, by investment category and time length

			Less than 12 months				12 months or more				Total
		Unrealized			Fair	Unrealized			Fair	Unrealized			Fair
			Losses		Value		Losses		Value		Losses		Value
			($ in Thousands)
March 31, 2012:
U.S. Treasury securities		$	(4)	$	1,001	$	―	$	―	$	(4)	$	1,001
Obligations of state and political
	subdivisions (municipal securities)		(241)		15,070		(17)		348		(258)		15,418
Residential mortgage-related securities			(673)		179,764		(206)		3,153		(879)		182,917
Asset-backed securities			(8)		3,769		(445)		137,982		(453)		141,751
Other securities (debt and equity)			(46)		15,824		(191)		322		(237)		16,146
	Total	$	(972)	$	215,428	$	(859)	$	141,805	$	(1,831)	$	357,233

			Less than 12 months				12 months or more				Total
		Unrealized				Unrealized				Unrealized
		Losses		Fair Value		Losses		Fair Value		Losses		Fair Value
			($ in Thousands)
December 31, 2011:
Obligations of state and political
	subdivisions (municipal securities)	$	(10)	$	971	$	(18)	$	348	$	(28)	$	1,319
Residential mortgage-related securities			(1,443)		186,954		(20)		1,469		(1,463)		188,423
Asset-backed securities			(9)		4,091		(698)		174,640		(707)		178,731
Other securities (debt and equity)			(671)		45,395		(794)		522		(1,465)		45,917
	Total	$	(2,133)	$	237,411	$	(1,530)	$	176,979	$	(3,663)	$	414,390

Credit loss portion of other than temporary impairment

		Non-agency
		Mortgage-Related		Trust Preferred
		Securities		Debt Securities			Total
		($ in Thousands)
Balance of credit-related other-than-temporary
	impairment at December 31, 2010	$	(17,556)	$	(10,019)	$	(27,575)
Credit losses on newly identified impairment			(2)		(816)		(818)
Balance of credit-related other-than-temporary							.
	impairment at December 31, 2011	$	(17,558)	$	(10,835)	$	(28,393)
Reduction due to credit impaired securities sold			17,026		4,157		21,183
Balance of credit-related other-than-temporary
	impairment at March 31, 2012	$	(532)	$	(6,678)	$	(7,210)

- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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