Securities (Tables)

6 Months Ended

Jun. 30, 2012

Trading Securities amortized cost and fair values

The fair value and net unrealized gain (loss) included in trading securities is as follows (in thousands):



	June 30, 2012					December 31, 2011				June 30, 2011
	Fair Value		Net Unrealized Gain (Loss)			Fair Value		Net Unrealized Gain (Loss)		Fair Value		Net Unrealized Gain (Loss)
U.S. Government agency obligations	$	53,514	$	23		$	22,203	$	63	$	11,825	$	(37	)
U.S. agency residential mortgage-backed securities	46,502		222			12,379		59		22,739		9
Municipal and other tax-exempt securities	44,632		9			39,345		652		62,285		(249		)
Other trading securities	4,669		(14		)	2,873		9		2,997		(13		)
Total	$	149,317	$	240		$	76,800	$	783	$	99,846	$	(290	)

Amortized Cost and Fair Value of Investment Securities Categorized as Held-to-Maturity

The amortized cost and fair values of investment securities at June 30, 2012, by contractual maturity, are as shown in the following table (dollars in thousands):



	Less than One Year		One to Five Years		Six to Ten Years		Over Ten Years		Total		Weighted Average Maturity²
Municipal and other tax-exempt:
Carrying value	$	36,814	$	64,881	$	21,162	$	3,311	$	126,168	2.93
Fair value	37,171		67,131		22,456		3,550		130,308
Nominal yield¹	4.38		3.91		4.79		6.49		4.26
Other debt securities:
Carrying value	9,553		31,148		28,970		114,293		183,964		9.70
Fair value	9,612		32,223		31,160		131,800		204,795
Nominal yield	4.02		5.25		5.58		6.21		5.83
Total fixed maturity securities:
Carrying value	$	46,367	$	96,029	$	50,132	$	117,604	$	310,132	6.94
Fair value	46,783		99,354		53,616		135,350		335,103
Nominal yield	4.31		4.34		5.25		6.22		5.19
Residential mortgage-backed securities:
Carrying value									$	102,347	³
Fair value									105,535
Nominal yield⁴									2.71
Total investment securities:
Carrying value									$	412,479
Fair value									440,638
Nominal yield									4.58


^1.	Calculated on a taxable equivalent basis using a 39% effective tax rate.


^2.	Expected maturities may differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without penalty.


^3.	The average expected lives of residential mortgage-backed securities were 3.8 years based upon current prepayment assumptions.


^4.	The nominal yield on residential mortgage-backed securities is based upon prepayment assumptions at the purchase date. Actual yields earned may differ significantly based upon actual prepayments. See Quarterly Financial Summary - Unaudited for current yields on the investment securities portfolio.



	June 30, 2011
	Amortized		Fair		Gross Unrealized¹
	Cost		Value		Gain		Loss
U.S. agency residential mortgage-backed securities – Other	$	160,870	$	165,449	$	4,583	$	(4	)
Other debt securities	188,713		203,798		15,085		—
Total	$	349,583	$	369,247	$	19,668	$	(4	)


¹	Gross unrealized gains and losses are not recognized in AOCI in the Consolidated Balance Sheets.

The amortized cost and fair values of investment securities are as follows (in thousands):



	June 30, 2012
	Amortized		Carrying		Fair		Gross Unrealized²
	Cost		Value¹		Value		Gain		Loss
Municipal and other tax-exempt	$	126,168	$	126,168	$	130,308	$	4,165	$	(25	)
U.S. agency residential mortgage-backed securities – Other	94,126		102,347		105,535		3,188		—
Other debt securities	183,964		183,964		204,795		20,831		—
Total	$	404,258	$	412,479	$	440,638	$	28,184	$	(25	)


¹	Carrying value includes $7.5 million of net unrealized gain which remains in Accumulated other comprehensive income (“AOCI”) related to certain securities transferred from the Available for Sale securities portfolio to the Investment securities portfolio as discussed in greater detail following.


²	Gross unrealized gains and losses are not recognized in AOCI in the Consolidated Balance Sheets.



	December 31, 2011
	Amortized		Carrying		Fair		Gross Unrealized²
	Cost		Value		Value		Gain		Loss
Municipal and other tax-exempt	$	128,697	$	128,697	$	133,670	$	4,975	$	(2	)
U.S. agency residential mortgage-backed securities – Other	110,062		121,704		120,536		602		(1,770		)
Other debt securities	188,835		188,835		208,451		19,616		—
Total	$	427,594	$	439,236	$	462,657	$	25,193	$	(1,772	)


¹	Carrying value includes $12 million of net unrealized gain which remains in Accumulated other comprehensive income (“AOCI”) in the Consolidated Balance Sheets related to certain securities transferred from the Available for Sale securities portfolio to the Investment securities portfolio as discussed in greater detail following.


²	Gross unrealized gains and losses are not recognized in AOCI in the Consolidated Balance Sheets.

Available For Sale Securities

The amortized cost and fair value of available for sale securities are as follows (in thousands):



	June 30, 2012
	Amortized		Fair		Gross Unrealized¹
	Cost		Value		Gain		Loss			OTTI²
U.S. Treasury	$	1,001	$	1,003	$	3	$	—		$	—
Municipal and other tax-exempt	86,808		88,458		2,430		(187		)	(593		)
Residential mortgage-backed securities:
U. S. agencies:
FNMA	5,270,918		5,426,832		156,699		(785		)	—
FHLMC	3,527,123		3,607,060		81,679		(1,742		)	—
GNMA	645,103		674,006		28,973		(70		)	—
Other	188,831		195,634		6,803		—			—
Total U.S. agencies	9,631,975		9,903,532		274,154		(2,597		)	—
Private issue:
Alt-A loans	134,266		118,414		—		—			(15,852		)
Jumbo-A loans	219,917		199,347		618		(943		)	(20,245		)
Total private issue	354,183		317,761		618		(943		)	(36,097		)
Total residential mortgage-backed securities	9,986,158		10,221,293		274,772		(3,540		)	(36,097		)
Other debt securities	35,739		36,286		559		(12		)	—
Perpetual preferred stock	22,171		23,431		1,811		(552		)	—
Equity securities and mutual funds	21,285		24,944		3,989		(330		)	—
Total	$	10,153,162	$	10,395,415	$	283,564	$	(4,621	)	$	(36,690	)

¹ Gross unrealized gain/ loss recognized in AOCI in the consolidated balance sheet.

² Amounts represent unrealized loss that remains in AOCI after an other-than-temporary credit loss has been recognized in income.



	December 31, 2011
	Amortized		Fair		Gross Unrealized¹
	Cost		Value		Gain		Loss			OTTI²
U.S. Treasury	$	1,001	$	1,006	$	5	$	—		$	—
Municipal and other tax-exempt	66,435		68,837		2,543		(141		)	—
Residential mortgage-backed securities:
U. S. agencies:
FNMA	5,823,972		5,987,287		163,319		(4		)	—
FHLMC	2,756,180		2,846,215		90,035		—			—
GNMA	647,569		678,924		31,358		(3		)	—
Other	69,668		75,751		6,083		—			—
Total U.S. agencies	9,297,389		9,588,177		290,795		(7		)	—
Private issue:
Alt-A loans	168,461		132,242		—		—			(36,219		)
Jumbo-A loans	334,607		286,924		—		(11,096		)	(36,587		)
Total private issue	503,068		419,166		—		(11,096		)	(72,806		)
Total residential mortgage-backed securities	9,800,457		10,007,343		290,795		(11,103		)	(72,806		)
Other debt securities	36,298		36,495		197		—			—
Perpetual preferred stock	19,171		18,446		1,030		(1,755		)	—
Equity securities and mutual funds	33,843		47,238		13,727		(332		)	—
Total	$	9,957,205	$	10,179,365	$	308,297	$	(13,331	)	$	(72,806	)

¹ Gross unrealized gain/loss recognized in AOCI in the consolidated balance sheet

² Amounts represent unrealized loss that remains in AOCI after an other-than-temporary credit loss has been recognized in income.



	June 30, 2011
	Amortized		Fair		Gross Unrealized¹
	Cost		Value		Gain		Loss			OTTI²
U.S. Treasury	$	1,001	$	1,003	$	2	$	—		$	—
Municipal and other tax-exempt	68,502		70,210		2,375		(146		)	(521		)
Residential mortgage-backed securities:
U. S. agencies:
FNMA	5,359,939		5,524,849		166,016		(1,106		)	—
FHLMC	2,447,830		2,544,684		97,575		(721		)	—
GNMA	704,168		742,411		38,243		—			—
Other	76,971		81,845		4,874		—			—
Total U.S. agencies	8,588,908		8,893,789		306,708		(1,827		)	—
Private issue:
Alt-A loans	195,932		166,757		46		(104		)	(29,117		)
Jumbo-A loans	385,371		346,465		513		(11,949		)	(27,470		)
Total private issue	581,303		513,222		559		(12,053		)	(56,587		)
Total residential mortgage-backed securities	9,170,211		9,407,011		307,267		(13,880		)	(56,587		)
Other debt securities	5,900		5,893		—		(7		)	—
Perpetual preferred stock	19,511		22,694		3,183		—			—
Equity securities and mutual funds	38,683		60,197		21,516		(2		)	—
Total	$	9,303,808	$	9,567,008	$	334,343	$	(14,035	)	$	(57,108	)


^1.	Gross unrealized gain/loss recognized in AOCI in the consolidated balance sheet


^2.	Amounts represent unrealized loss that remains in AOCI after an other-than-temporary credit loss has been recognized in income.

The amortized cost and fair values of available for sale securities at June 30, 2012, by contractual maturity, are as shown in the following table (dollars in thousands):



	Less than One Year		One to Five Years		Six to Ten Years		Over Ten Years⁶		Total		Weighted Average Maturity⁵
U.S. Treasuries:
Amortized cost	$	1,001							$	1,001	0.86
Fair value	1,003								1,003
Nominal yield¹	0.55								0.55
Municipal and other tax-exempt:
Amortized cost	587		25,541		15,146		45,534		86,808		15.20
Fair value	589		26,729		16,049		45,091		88,458
Nominal yield¹	0.09		0.71		1.23		2.78		1.88
Other debt securities:
Amortized cost			30,339				5,400		35,739		6.96
Fair value			30,898				5,388		36,286
Nominal yield¹			1.80				1.71		1.79
Total fixed maturity securities:
Amortized cost	$	1,588	$	55,880	$	15,146	$	50,934	$	123,548	12.63
Fair value	1,592		57,627		16,049		50,479		125,747
Nominal yield	0.38		1.30		1.23		2.67		1.85
Residential mortgage-backed securities:
Amortized cost									9,986,158		²
Fair value									10,221,293
Nominal yield⁴									2.72
Equity securities and mutual funds:
Amortized cost									43,456		³
Fair value									48,375
Nominal yield									1.20
Total available-for-sale securities:
Amortized cost									$	10,153,162
Fair value									10,395,415
Nominal yield									2.70


¹	Calculated on a taxable equivalent basis using a 39% effective tax rate.


²	The average expected lives of mortgage-backed securities were 2.0 years based upon current prepayment assumptions.


³	Primarily common stock and preferred stock of corporate issuers with no stated maturity.


⁴	The nominal yield on mortgage-backed securities is based upon prepayment assumptions at the purchase date. Actual yields earned may differ significantly based upon actual prepayments. See Quarterly Financial Summary –– Unaudited following for current yields on available for sale securities portfolio.


⁵	Expected maturities may differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without penalty.


⁶	Nominal yield on municipal and other tax-exempt securities and other debt securities with contractual maturity dates over ten years are based on variable rates which generally are reset within 35 days.

Sales of available for sale securities resulted in gains and losses as follows (in thousands):

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2012		2011			2012			2011
Proceeds	$	459,610	$	653,921		$	1,451,551		$	1,447,073
Gross realized gains	20,481		9,122			32,166			19,602
Gross realized losses	—		(3,654		)	(7,354		)	(9,232		)
Related federal and state income tax expense	7,967		2,127			9,652			4,034

Temporarily Impaired Securities as of June 30, 2012

(in thousands):



	Number of Securities	Less Than 12 Months				12 Months or Longer				Total
	Number of Securities	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Investment:
Municipal and other tax-exempt	6	$	9,321	$	25	$	—	$	—	$	9,321	$	25
U.S. Agency residential mortgage-backed securities – Other	—	$	—	$	—	$	—	$	—	$	—	$	—
Total investment	6	9,321		25		—		—		9,321		25

Available for sale:
Municipal and other tax-exempt¹	66	21,950		640		27,864		140		49,814		780
Residential mortgage-backed securities:
U. S. agencies:
FNMA	13	528,649		785		—		—		528,649		785
FHLMC	10	438,190		1,742		—		—		438,190		1,742
GNMA	2	74,789		70		—		—		74,789		70
Total U.S. agencies	25	1,041,628		2,597		—		—		1,041,628		2,597
Private issue¹:
Alt-A loans	16	—		—		118,414		15,852		118,414		15,852
Jumbo-A loans	27	—		—		174,234		21,188		174,234		21,188
Total private issue	43	—		—		292,648		37,040		292,648		37,040
Total residential mortgage-backed securities	68	1,041,628		2,597		292,648		37,040		1,334,276		39,637
Other debt securities	2	—		—		988		12		988		12
Perpetual preferred stocks	5	10,717		552		—		—		10,717		552
Equity securities and mutual funds	12	2,579		330		—		—		2,579		330
Total available for sale	153	1,076,874		4,119		321,500		37,192		1,398,374		41,311

¹Includes the following securities for which an unrealized loss remains in AOCI after an other-than-temporary credit loss has been recognized in income:



Municipal and other tax-exempt	21	$	12,804	$	593	$	—	$	—	$	12,804	$	593
Alt-A loans	16	—		—		118,414		15,852		118,414		15,852
Jumbo-A loans	27	—		—		162,754		20,245		162,754		20,245

Temporarily Impaired Securities as of December 31, 2011

(In thousands)



	Number of Securities	Less Than 12 Months				12 Months or Longer				Total
	Number of Securities	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Investment:
Municipal and other tax- exempt	1	$	479	$	2	$	—	$	—	$	479	$	2
U.S. Agency residential mortgage-backed securities – Other	5	92,571		1,770		—		—		92,571		1,770
Total investment	6	93,050		1,772		—		—		93,050		1,772

Available for sale:
Municipal and other tax-exempt¹	26	5,008		7		21,659		134		26,667		141
Residential mortgage-backed securities:
U. S. agencies:
FNMA	2	68,657		4		—		—		68,657		4
FHLMC	—	—		—		—		—		—		—
GNMA	1	2,072		3		—		—		2,072		3
Total U.S. agencies	3	70,729		7		—		—		70,729		7
Private issue¹:
Alt-A loans	19	—		—		132,242		36,219		132,242		36,219
Jumbo-A loans	48	8,142		842		278,781		46,841		286,923		47,683
Total private issue	67	8,142		842		411,023		83,060		419,165		83,902
Total residential mortgage-backed securities	70	78,871		849		411,023		83,060		489,894		83,909
Perpetual preferred stocks	6	11,147		1,755		—		—		11,147		1,755
Equity securities and mutual funds	7	221		5		2,551		327		2,772		332
Total available for sale	109	95,247		2,616		435,233		83,521		530,480		86,137


^1.	Includes the following securities for which an unrealized loss remains in AOCI after an other-than-temporary credit loss has been recognized in income:



Alt-A loans	19	$	—	$	—	$	132,242	$	36,219	$	132,242	$	36,219
Jumbo-A loans	36	3,809		256		202,874		36,331		206,683		36,587

Temporarily Impaired Securities as of June 30, 2011

(In thousands)



	Number of Securities	Less Than 12 Months				12 Months or Longer				Total
	Number of Securities	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Investment:
Municipal and other tax- exempt	2	$	619	$	4	$	—	$	—	$	619	$	4
Other debt securities	—	$	—	$	—	$	—	$	—	$	—	$	—
Total investment	2	619		4		—		—		619		4

Available for sale:
Municipal and other tax-exempt¹	51	24,065		301		19,593		366		43,658		667
Residential mortgage-backed securities:
U. S. agencies:
FNMA	7	230,949		1,106		—		—		230,949		1,106
FHLMC	2	98,169		721		—		—		98,169		721
GNMA	—	—		—		—		—		—		—
Total U.S. agencies	9	329,118		1,827		—		—		329,118		1,827
Private issue¹:
Alt-A loans	20	—		—		156,796		29,221		156,796		29,221
Jumbo-A loans	39	—		—		301,397		39,419		301,397		39,419
Total private issue	59	—		—		458,193		68,640		458,193		68,640
Total residential mortgage-backed securities	68	329,118		1,827		458,193		68,640		787,311		70,467
Other debt securities	2	—		—		993		7		993		7
Equity securities and mutual funds	1	213		2		—		—		213		2
Total available for sale	122	353,396		2,130		478,779		69,013		832,175		71,143


^1.	Includes the following securities for which an unrealized loss remains in AOCI after an other-than-temporary credit loss has been recognized in income:



Municipal and other tax-exempt	21	6,948	244	7,115	277	14,063	521
Alt-A loans	19	—	—	153,632	29,117	153,632	29,117
Jumbo-A loans	21	—	—	138,205	27,470	138,205	27,470

On a quarterly basis, the Company performs

At June 30, 2012, the composition of the Company’s investment and available for sale securities portfolios by the lowest current credit rating assigned by any of the three nationally-recognized rating agencies is as follows (in thousands):



	U.S. Govt / GSE ¹				AAA - AA				A - BBB				Below Investment Grade				Not Rated				Total
	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Investment:
Municipal and other tax-exempt	$	—	$	—	$	42,921	$	44,351	$	29,500	$	30,177	$	—	$	—	$	53,747	$	55,780	$	126,168	$	130,308
Mortgage-backed securities -- other	102,347		105,535		—		—		—		—		—		—		—		—		102,347		105,535
Other debt securities	—		—		174,573		195,264		600		600		—		—		8,791		8,931		183,964		204,795
Total investment securities	$	102,347	$	105,535	$	217,494	$	239,615	$	30,100	$	30,777	$	—	$	—	$	62,538	$	64,711	$	412,479	$	440,638

	U.S. Govt / GSE ¹				AAA - AA				A - BBB				Below Investment Grade				Not Rated				Total
	Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value
Available for Sale:
U.S. Treasury	$	1,001	$	1,003	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1,001	$	1,003
Municipal and other tax-exempt	—		—		60,374		62,365		11,618		11,730		13,396		12,804		1,420		1,559		86,808		88,458
Residential mortgage-backed securities:
U. S. agencies:
FNMA	5,270,918		5,426,832		—		—		—		—		—		—		—		—		5,270,918		5,426,832
FHLMC	3,527,123		3,607,060		—		—		—		—		—		—		—		—		3,527,123		3,607,060
GNMA	645,103		674,006		—		—		—		—		—		—		—		—		645,103		674,006
Other	188,831		195,634		—		—		—		—		—		—		—		—		188,831		195,634
Total U.S. agencies	9,631,975		9,903,532		—		—		—		—		—		—		—		—		9,631,975		9,903,532
Private issue:
Alt-A loans	—		—		—		—		—		—		134,266		118,414		—		—		134,266		118,414
Jumbo-A loans	—		—		—		—		—		—		219,917		199,347		—		—		219,917		199,347
Total private issue	—		—		—		—		—		—		354,183		317,761		—		—		354,183		317,761
Total residential mortgage-backed securities	9,631,975		9,903,532		—		—		—		—		354,183		317,761		—		—		9,986,158		10,221,293
Other debt securities	—		—		5,400		5,388		30,339		30,898		—		—		—		—		35,739		36,286
Perpetual preferred stock	—		—		—		—		22,171		23,431		—		—		—		—		22,171		23,431
Equity securities and mutual funds	—		—		—		—		—		—		—		—		21,285		24,944		21,285		24,944
Total available for sale securities	$	9,632,976	$	9,904,535	$	65,774	$	67,753	$	64,128	$	66,059	$	367,579	$	330,565	$	22,705	$	26,503	$	10,153,162	$	10,395,415


¹	U.S. government and government sponsored enterprises are not rated by the nationally-recognized rating agencies as these securities are guaranteed by agencies of the U.S. government or government-sponsored enterprises.

Distribution of Amortized Cost And Fair Value

A distribution of the amortized cost (after recognition of the other-than-temporary impairment), fair value and credit loss impairments recognized on our privately issued residential mortgage-backed securities is as follows (in thousands, except for number of securities):

						Credit Losses Recognized
						Three months ended
						June 30, 2012			Life-to-date
Current LTV Ratio	Number of Securities	Amortized Cost		Fair Value		Number of Securities	Amount		Number of Securities	Amount
Alt-A	16	$	134,266	$	118,414	3	$	739	16	$	47,417
Jumbo-A	33	219,917		199,347		2	119		31	22,921
Total	49	$	354,183	$	317,761	5	$	858	47	$	70,338

Roll Forward of Amount of Credit-Related Other-than-temporary Impairment Recognized in Earnings

The following is a tabular roll forward of the amount of credit-related OTTI recognized on available for sale debt securities in earnings (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2012		2011		2012			2011
Balance of credit-related OTTI recognized on available for sale debt, beginning of period	$	72,057	$	57,223	$	76,131		$	52,624
Additions for credit-related OTTI not previously recognized	135		37		248			37
Additions for increases in credit-related OTTI previously recognized when there is no intent to sell and no requirement to sell before recovery of amortized cost	723		4,787		4,332			9,386
Sales	—		—		(7,796		)	—
Balance of credit-related OTTI recognized on available for sale debt securities, end of period	$	72,915	$	62,047	$	72,915		$	62,047

Fair Value Option Securities [Table Text Block]

The fair value and net unrealized gain (loss) included in Fair value option securities is as follows (in thousands):



	June 30, 2012				December 31, 2011				June 30, 2011
	Fair Value		Net Unrealized Gain		Fair Value		Net Unrealized Gain		Fair Value		Net Unrealized Gain
U.S. agency residential mortgage-backed securities	$	299,467	$	8,373	$	626,109	$	19,233	$	553,231	$	5,731
Corporate debt securities	25,710		621		25,117		18		—		—
Total	$	325,177	$	8,994	$	651,226	$	19,251	$	553,231	$	5,731

- Definition

Tabular disclosure of available-for-sale securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt.

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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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Tabular disclosure of trading securities (and certain trading assets) which consist of all investments in certain debt and equity securities (and other assets) that are bought and held principally for the purpose of selling them in the near term (thus held for only a short period of time) or for which an entity has elected the fair value option. Trading generally reflects active and frequent buying and selling, and trading securities are generally used with the objective of generating profits on short-term differences in price, but this category of investments may also include items which are not intended to be sold in the near term or for which the fair value option has been elected.

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