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Investment Securities (Tables)

9 Months Ended

Sep. 30, 2012

Investment securities available for sale

						Gross		Gross
				Amortized		unrealized		unrealized
September 30, 2012:				cost		gains		losses			Fair value
					($ in Thousands)
Investment securities available for sale:
	U.S. Treasury securities			$	1,004	$	1	$	―	$	1,005
	Federal agency securities				6		―		―		6
	Obligations of state and political subdivisions
		(municipal securities)			779,328		47,948		(105)		827,171
	Residential mortgage-related securities				3,381,526		109,479		(485)		3,490,520
	Commercial mortgage-related securities				71,965		2,760		―		74,725
	Other securities (debt and equity)				101,525		1,323		(77)		102,771
			Total investment securities available for sale	$	4,335,354	$	161,511	$	(667)	$	4,496,198

						Gross		Gross
				Amortized		unrealized		unrealized
December 31, 2011:				cost		gains		losses			Fair value
					($ in Thousands)
Investment securities available for sale:
	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

HeldToMaturitySecuritiesTextBlock

Investment securities held to maturity:
	Obligations of state and political subdivisions
		(municipal securities)		$	21,852	$	36	$	(165)	$	21,723
			Total investment securities held to maturity	$	21,852	$	36	$	(165)	$	21,723

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

		Available for Sale				Held to Maturity
($ in Thousands)		Amortized Cost			Fair Value	Amortized Cost			Fair Value
Due in one year or less		$	45,629	$	46,380	$	-	$	-
Due after one year through five years			231,892		240,348		-		-
Due after five years through ten years			534,809		571,046		5,785		5,771
Due after ten years			69,513		73,133		16,067		15,952
	Total debt securities		881,843		930,907		21,852		21,723
Residential mortgage-related securities			3,381,526		3,490,520		-		-
Commercial mortgage-related securities			71,965		74,725		-		-
Equity securities			20		46		-		-
	Total investment securities	$	4,335,354	$	4,496,198	$	21,852	$	21,723

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
September 30, 2012:			Securities		Losses		Value	Securities		Losses		Value		Losses		Value
					($ in Thousands)
Investment securities available for sale:
	Obligations of state and political
		subdivisions (municipal securities)	31		(91)		11,699	2		(14)		457		(105)		12,156
	Residential mortgage-related securities		6		(421)		116,685	5		(64)		2,040		(485)		118,725
	Other debt securities		0		―		―	1		(77)		110		(77)		110
		Total		$	(512)	$	128,384		$	(155)	$	2,607	$	(667)	$	130,991

Investment securities held to maturity:
	Obligations of state and political
		subdivisions (municipal securities)	35		(165)		15,253	0		―		―		(165)		15,253
		Total		$	(165)	$	15,253		$	―	$	―	$	(165)	$	15,253

				Less than 12 months				12 months or more				Total
			Unrealized				Unrealized				Unrealized
December 31, 2011:			Losses		Fair Value		Losses		Fair Value		Losses		Fair Value
				($ in Thousands)
Investment securities available for sale:
	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		4,499		21,525
Balance of credit-related other-than-temporary
	impairment at September 30, 2012	$	(532)	$	(6,336)	$	(6,868)

- Definition

Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6435544&loc=d3e41834-113960

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=7512638&loc=d3e5086-111524

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 137

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 7

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27337-111563

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 320

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 320

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563

+ Details

- 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.

+ References+ Details