Note 9 - Securities Sold Under Agreements to Repurchase

3 Months Ended

Mar. 31, 2012

Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]

9. Securities Sold Under Agreements to Repurchase

Securities sold under agreements to repurchase were $1.4 billion with a weighted average rate of 4.14% at March 31, 2012, compared to $1.4 billion with a weighted average rate of 4.14% at December 31, 2011.  In May 2011, the Company prepaid a security sold under agreement to repurchase of $50 million with a rate of 4.83% and incurred a prepayment penalty of $1.7 million.  Fourteen floating-to-fixed rate agreements totaling $750.0 million have initial floating rates for a period of time ranging from six months to one year, with floating rates ranging from the three-month LIBOR minus 100 basis points to three-month LIBOR minus 340 basis points. Thereafter, the rates are fixed for the remainder of the term, with interest rates ranging from 4.29% to 5.07%.  After the initial floating rate term, the counter parties have the right to terminate the transaction at par at the fixed rate reset date and quarterly thereafter. Thirteen fixed-to-floating rate agreements totaling $650.0 million have initial fixed rates ranging from 1.00% to 3.50% with initial fixed rate terms ranging from six months to 18 months.  For the remainder of the seven year term, the rates float at 8% minus the three-month LIBOR rate with a maximum rate ranging from 3.25% to 3.75% and minimum rate of 0.0%.  After the initial fixed rate term, the counter parties have the right to terminate the transaction at par at the floating rate reset date and quarterly thereafter.The table below provides summary data for long-term securities sold under agreements to repurchase as of March 31, 2012:

(Dollars in millions)	Fixed-to-floating																		Floating-to-fixed							Total
Callable Rate type	All callable at March 31, 2012 Float Rate																			All callable at March 31, 2012
Rate index	8% minus 3 month LIBOR																			Fixed Rate
Maximum rate		3.75	%		3.53	%		3.50	%		3.50	%		3.53	%		3.25	%
Minimum rate		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
No. of agreements		3			1			4			3			1			1				10			4			27
Amount	$	150.0		$	50.0		$	200.0		$	150.0		$	50.0		$	50.0			$	550.0		$	200.0		$	1,400.0
Weighted average rate		3.75	%		3.53	%		3.50	%		3.50	%		3.53	%		3.25	%			4.54	%		5.00	%		4.14	%
Final maturity		2014			2014			2014			2015			2015			2015				2014			2017

These transactions are accounted for as collateralized financing transactions and recorded at the amounts at which the securities were sold. The Company may have to provide additional collateral for the repurchase agreements, as necessary.  The underlying collateral pledged for the repurchase agreements consists of U.S. Treasury securities, U.S. government agency security debt, and mortgage-backed securities with a fair value of $1.5 billion as of March 31, 2012, and $1.6 billion as of December 31, 2011.