Securities (Tables)

6 Months Ended

Jun. 30, 2011

Trading Securities amortized cost and fair vaules

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

	June 30, 2011					December 31, 2010					June 30, 2010
	Fair Value		Net Unrealized Gain (Loss)			Fair Value		Net Unrealized Gain (Loss)			Fair Value		Net Unrealized Gain (Loss)
Obligations of the U.S. Government	$	11,825	$	(37	)	$	3,873	$	(17	)	$	12,786	$	(8	)
U.S. agency residential mortgage-backed securities		22,739		9			27,271		292			26,476		151
Municipal and other tax-exempt securities		62,285		(249	)		23,396		(214	)		18,866		(15	)
Other trading securities		2,997		(13	)		927		(2	)		4,031		3
Total	$	99,846	$	(290	)	$	55,467	$	59		$	62,159	$	131

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

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

	June 30,
	2011									2010
					Not Recognized in OCI1									Not Recognized in OCI1
	Amortized		Fair		Gross Unrealized					Amortized		Fair		Gross Unrealized
	Cost		Value		Gain		Loss			Cost		Value		Gain		Loss

Municipal and other tax-exempt	$	160,870	$	165,449	$	4,583	$	(4	)	$	221,702	$	227,301	$	5,640	$	(41	)
Other debt securities		188,713		203,798		15,085		–			131,575		136,585		5,245		(235	)
Total	$	349,583	$	369,247	$	19,668	$	(4	)	$	353,277	$	363,886	$	10,885	$	(276	)

	December 31, 2010
					Not Recognized in OCI1
	Amortized		Fair		Gross Unrealized
	Cost		Value		Gain		Loss

Municipal and other tax-exempt	$	184,898	$	188,577	$	3,912	$	(233	)
Other debt securities		154,655		157,528		4,505		(1,632	)
Total	$	339,553	$	346,105	$	8,417	$	(1,865	)

1 Other comprehensive income

The amortized cost and fair values of investment securities at June 30, 2011, by contractual maturity, are as shown in the following table (dollars in thousands):

											Weighted
	Less than		One to		Six to		Over				Average
	One Year		Five Years		Ten Years		Ten Years		Total		Maturity²

Municipal and other tax-exempt:
Amortized cost	$	49,599	$	81,448	$	24,506	$	5,317	$	160,870		2.82
Fair value		49,937		84,499		25,547		5,466		165,449
Nominal yield¹		4.64		4.66		5.58		6.22		4.84
Other debt securities:
Amortized cost		7,729		29,513		34,784		116,687		188,713		10.50
Fair value		7,764		30,203		36,286		129,545		203,798
Nominal yield		4.52		5.44		5.58		6.20		5.90
Total fixed maturity securities:
Amortized cost	$	57,328	$	110,961	$	59,290	$	122,004	$	349,583		6.97
Fair value		57,701		114,702		61,833		135,011		369,247
Nominal yield		4.62		4.87		5.58		6.20		5.41
Total investment securities:
Amortized cost									$	349,583
Fair value										369,247
Nominal yield										5.41

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.

Available For Sale Securities

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

	June 30, 2011
					Recognized in OCI1
	Amortized		Fair		Gross Unrealized
	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	Other comprehensive income

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

	December 31, 2010
					Recognized in OCI¹
	Amortized		Fair		Gross Unrealized
	Cost		Value		Gain		Loss			OTTI²

Municipal and other tax-exempt	$	72,190	$	72,942	$	1,172	$	(315	)	$	(105	)
Residential mortgage-backed securities:
U. S. agencies:
FNMA		4,791,438		4,925,693		147,024		(12,769	)		–
FHLMC		2,545,208		2,620,066		83,341		(8,483	)		–
GNMA		765,046		801,993		37,193		(246	)		–
Other		92,013		99,157		7,144		–			–
Total U.S. agencies		8,193,705		8,446,909		274,702		(21,498	)		–
Private issue:
Alt-A loans		220,332		186,674		–		(353	)		(33,305	)
Jumbo-A loans		494,098		457,535		923		(14,067	)		(23,419	)
Total private issue		714,430		644,209		923		(14,420	)		(56,724	)
Total residential mortgage-backed securities		8,908,135		9,091,118		275,625		(35,918	)		(56,724	)
Other debt securities		6,401		6,401		–		–			–
Perpetual preferred stock		19,511		22,114		2,603		–			–
Equity securities and mutual funds		29,181		43,046		14,192		(327	)		–
Total	$	9,035,418	$	9,235,621	$	293,592	$	(36,560	)	$	(56,829	)

¹	Other comprehensive income

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

	June 30, 2010
					Recognized in OCI1
	Amortized		Fair		Gross Unrealized
	Cost		Value		Gain		Loss			OTTI²

Municipal and other tax-exempt
Residential mortgage-backed securities:	$	66,053	$	66,439	$	1,460	$	(1,074	)	$	–
U. S. agencies:
FNMA		4,148,758		4,319,324		174,183		(3,617	)		–
FHLMC		2,680,437		2,776,620		96,183		–			–
GNMA		972,348		1,011,522		40,707		(1,533	)		–
Other		107,564		116,253		8,689		–			–
Total U.S. agencies		7,909,107		8,223,719		319,762		(5,150	)		–
Private issue:
Alt-A loans		230,058		176,489		–		(1,350	)		(52,219	)
Jumbo-A loans		619,415		559,027		1,536		(27,665	)		(34,259	)
Total private issue		849,473		735,516		1,536		(29,015	)		(86,478	)
Total residential mortgage-backed securities		8,758,580		8,959,235		321,298		(34,165	)		(86,478	)
Other debt securities		12,971		13,064		120		(27	)		–
Perpetual preferred stock		19,224		19,881		790		(133	)		–
Equity securities and mutual funds		33,561		47,209		14,170		(522	)		–
Total	$	8,890,389	$	9,105,828	$	337,838	$	(35,921	)	$	(86,478	)

¹	Other comprehensive income

²	Amounts represent unrealized loss that remains in OCI 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, 2011, by contractual maturity, are as shown in the following table (dollars in thousands):

											Weighted
	Less than		One to		Six to		Over				Average
	One Year		Five Years		Ten Years		Ten Years6		Total		Maturity5
U.S. Treasuries:
Amortized cost	$	1,001	$	–	$	–	$	–	$	1,001		1.84
Fair value		1,003		–		–		–		1,003
Nominal yield¹		0.55		–		–		–		0.55
Municipal and other tax-exempt:
Amortized cost		744		6,941		12,575		48,242		68,502		19.75
Fair value		752		8,077		13,678		47,703		70,210
Nominal yield¹		3.30		4.12		4.08		0.95		1.87
Other debt securities:
Amortized cost		–		–		–		5,900		5,900		32.46
Fair value		–		–		–		5,893		5,893
Nominal yield¹		–		–		–		1.71		1.71
Total fixed maturity securities:
Amortized cost	$	1,745	$	6,941	$	12,575	$	54,142	$	75,403		20.51
Fair value		1,755		8,077		13,678		53,596		77,106
Nominal yield		3.30		3.67		4.08		1.03		1.84
Mortgage-backed securities:
Amortized cost										9,170,211		²
Fair value										9,407,011
Nominal yield4										3.79
Equity securities and mutual funds:
Amortized cost										58,194		³
Fair value										82,891
Nominal yield										0.69
Total available-for-sale securities:
Amortized cost									$	9,303,808
Fair value										9,567,008
Nominal yield										3.76

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

²	The average expected lives of mortgage-backed securities were 2.92 years based upon current prepayment assumptions.

³	Primarily restricted common stock of U.S. government agencies 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.

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 June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Proceeds	$	771,536	$	594,990	$	1,411,220	$	915,138
Gross realized gains		6,205		8,469		17,172		13,826
Gross realized losses		3,654		–		7,809		–
Related federal and state income tax expense		904		2,778		3,454		4,576

Gains and losses on sales of available for sale securities are recognized in the Consolidated Statement of Earnings on trade date and presented as realized in the previous table on settlement date.

In addition to securities that have been reclassified as pledged to creditors, securities with an amortized cost of $3.6 billion at June 30, 2011, $5.3 billion at December 31, 2010 and $4.8 billion at June 30, 2010 have been pledged as collateral for repurchase agreements, public and trust funds on deposit and for other purposes, as required by law. The secured parties do not have the right to sell or re-pledge these securities.

Temporarily Impaired Securities as of June 30, 2011

(In thousands)

	Number		Less Than 12 Months				12 Months or Longer				Total
	of		Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Securities		Value		Loss		Value		Loss		Value		Loss
Investment:
Municipal and other tax exempt		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
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
Total		124	$	354,015	$	2,134	$	478,779	$	69,013	$	832,794	$	71,147

¹	Includes the following securities for which an unrealized loss remains in OCI 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

Temporarily Impaired Securities as of December 31, 2010

(In thousands)

	Number		Less Than 12 Months				12 Months or Longer				Total
	of		Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Securities		Value		Loss		Value		Loss		Value		Loss
Investment:
Municipal and other tax- exempt		37	$	12,482	$	211	$	786	$	22	$	13,268	$	233
Other		15		80,698		1,632		–		–		80,698		1,632
Total investment		52		93,180		1,843		786		22		93,966		1,865

Available for sale:
Municipal and other tax-exempt1		42		22,271		171		25,235		249		47,506		420
Residential mortgage-backed securities:
U. S. agencies:
FNMA		26		1,099,710		12,769		–		–		1,099,710		12,769
FHLMC		12		491,776		8,483		–		–		491,776		8,483
GNMA		3		5,681		246		–		–		5,681		246
Total U.S. agencies		41		1,597,167		21,498		–		–		1,597,167		21,498
Private issue1:
Alt-A loans		22		–		–		186,675		33,658		186,675		33,658
Jumbo-A loans		53		–		–		417,917		37,486		417,917		37,486
Total private issue		75		–		–		604,592		71,144		604,592		71,144
Total residential mortgage-backed securities		116		1,597,167		21,498		604,592		71,144		2,201,759		92,642
Equity securities and mutual funds		2		–		–		2,878		327		2,878		327
Total available for sale		160		1,619,438		21,669		632,705		71,720		2,252,143		93,389
Total		212	$	1,712,618	$	23,512	$	633,491	$	71,742	$	2,346,109	$	95,254

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

Municipal and other tax-exempt	11	$	10,713	$	105	$	–	$	–	$	10,713	$	105
Alt-A loans	19		–		–		172,153		33,305		172,153		33,305
Jumbo-A loans	25		–		–		166,401		23,419		166,401		23,419

Temporarily Impaired Securities as of June 30, 2010

(In thousands)

	Number		Less Than 12 Months				12 Months or Longer				Total
	of		Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Securities		Value		Loss		Value		Loss		Value		Loss
Investment:
Municipal and other tax exempt		13	$	5,606	$	31	$	1,437	$	10	$	7,043	$	41
Other debt securities		1		14,215		235		–		–		14,215		235

Available for sale:
Municipal and other tax-exempt		23		32,325		1,074		–		–		32,325		1,074
Residential mortgage-backed securities:
U. S. agencies:
FNMA		6		166,825		3,617		–		–		166,825		3,617
GNMA		2		45,693		1,533		–		–		45,693		1,533
Total U.S. agencies		8		212,518		5,150		–		–		212,518		5,150
Private issue1:
Alt-A loans		20		–		–		176,489		53,569		176,489		53,569
Jumbo-A loans		55		–		–		480,782		61,924		480,782		61,924
Total private issue		75		–		–		657,271		115,493		657,271		115,493
Total residential mortgage-backed securities		83		212,518		5,150		657,271		115,493		869,789		120,643
Other debt securities		7		4,965		27		29		–		4,994		27
Equity securities and mutual funds		3		2,681		523		3,606		132		6,287		655
Total available for sale		116		252,489		6,774		660,906		115,625		913,395		122,399
Total		130	$	272,310	$	7,040	$	662,343	$	115,635	$	934,653	$	122,675

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

Alt-A loans			16			$	–			$	–			$	153,012			$	52,219			$	153,012			$	52,219
Jumbo-A loans			25				–				–				160,872				34,259				160,872				34,259

At June 30, 2011, 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
	Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value
Investment:
Municipal and other tax-exempt	$	–	$	–	$	58,023	$	59,743	$	29,898	$	30,679	$	–	$	–	$	72,949	$	75,027	$	160,870	$	165,449
Other debt securities		–		–		180,334		195,332		1,350		1,350		–		–		7,029		7,116		188,713		203,798
Total	$	–	$	–	$	238,357	$	255,075	$	31,248	$	32,029	$	–	$	–	$	79,978	$	82,143	$	349,583	$	369,247

Available for Sale:
U.S. Treasury	$	1,001	$	1,003	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	1,001	$	1,003
Municipal and other tax-exempt		–		–		39,996		42,024		11,941		11,986		14,584		14,063		1,981		2,137		68,502		70,210
Residential mortgage-backed securities:
U. S. agencies:
FNMA		5,359,939		5,524,849		–		–		–		–		–		–		–		–		5,359,939		5,524,849
FHLMC		2,447,830		2,544,684		–		–		–		–		–		–		–		–		2,447,830		2,544,684
GNMA		704,168		742,411		–		–		–		–		–		–		–		–		704,168		742,411
Other		76,971		81,845		–		–		–		–		–		–		–		–		76,971		81,845
Total U.S. agencies		8,588,908		8,893,789		–		–		–		–		–		–		–		–		8,588,908		8,893,789
Private issue:
Alt-A loans		–		–		3,269		3,164		9,914		9,961		182,749		153,632		–		–		195,932		166,757
Jumbo-A loans		–		–		32,106		31,379		66,618		61,397		286,647		253,689		–		–		385,371		346,465
Total private issue		–		–		35,375		34,543		76,532		71,358		469,396		407,321		–		–		581,303		513,222
Total residential mortgage-backed securities		8,588,908		8,893,789		35,375		34,543		76,532		71,358		469,396		407,321		–		–		9,170,211		9,407,011
Other debt securities		–		–		5,900		5,893		–		–		–		–		–		–		5,900		5,893
Perpetual preferred stock		–		–		–		–		19,511		22,694		–		–		–		–		19,511		22,694
Equity securities and mutual funds		–		–		–		–		–		–		–		–		38,683		60,197		38,683		60,197
Total	$	8,589,909	$	8,894,792	$	81,271	$	82,460	$	107,984	$	106,038	$	483,980	$	421,384	$	40,664	$	62,334	$	9,303,808	$	9,567,008

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) and fair value by current loan to value ratio for our below investment grade private label residential mortgage-backed securities is as follows (in thousands):

							Credit Losses Recognized
							Three months ended June 30, 2011				Life-to-date
Current LTV Ratio	Number of Securities		Amortized Cost		Fair Value		Number of Securities		Amount		Number of Securities		Amount
< 70 %		5	$	28,550	$	26,598		–	$	–		–	$	–
70 < 75		–		–		–		–		–		–		–
75 < 80		3		38,159		35,453		–		–		–		–
80 < 85		2		29,636		26,927		1		255		1		3,603
>= 85		50		373,051		318,343		33		4,048		43		56,904
Total		60	$	469,396	$	407,321		34	$	4,303		44	$	60,507

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 June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Balance of credit-related OTTI recognized on available for sale debt, beginning of period	$	57,223	$	29,367	$	52,624	$	25,142
Additions for credit-related OTTI not previously recognized		37		791		37		1,789
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		4,787		1,855		9,386		5,082
Balance of credit-related OTTI recognized on available for sale debt securities, end of period	$	62,047	$	32,013	$	62,047	$	32,013

- 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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+ Details

- 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.

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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.

+ References+ Details

- Definition

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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