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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2012

Investment securities available for sale

			Gross		Gross
	Amortized		unrealized		unrealized
	cost		gains		losses			Fair value
		($ in Thousands)
June 30, 2012:
U.S. Treasury securities	$	1,004	$	―	$	―	$	1,004
Federal agency securities		7		―		―		7
Obligations of state and political subdivisions		786,511		48,781		(156)		835,136
(municipal securities)
Residential mortgage-related securities		3,321,757		107,459		(243)		3,428,973
Commercial mortgage-related securities		18,774		2,633		―		21,407
Asset-backed securities⁽¹⁾		139,368		1		(205)		139,164
Other securities (debt and equity)		93,144		2,986		(385)		95,745
Total investment securities available for sale	$	4,360,565	$	161,860	$	(989)	$	4,521,436

			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		$	40,394	$	41,071
Due after one year through five years			210,779		217,093
Due after five years through ten years			553,326		591,006
Due after ten years			75,598		79,884
	Total debt securities		880,097		929,054
Residential mortgage-related securities			3,321,757		3,428,973
Commercial mortgage-related securities			18,774		21,407
Asset-backed securities			139,368		139,164
Equity securities			569		2,838
	Total investment securities available for sale	$	4,360,565	$	4,521,436

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
		Number of	Unrealized			Fair	Number of	Unrealized			Fair	Unrealized			Fair
		Securities		Losses		Value	Securities		Losses		Value		Losses		Value
				($ in Thousands)
June 30, 2012:
Obligations of state and political
	subdivisions (municipal securities)	42		(141)		16,808	1		(15)		348		(156)		17,156
Residential mortgage-related securities		9		(35)		69,050	11		(208)		2,421		(243)		71,471
Asset-backed securities		2		(2)		14,680	28		(203)		121,094		(205)		135,774
Other securities (debt and equity)		7		(308)		45,803	1		(77)		110		(385)		45,913
	Total		$	(486)	$	146,341		$	(503)	$	123,973	$	(989)	$	270,314

			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 June 30, 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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