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FAIR VALUE (Tables) | 9 Months Ended
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Sep. 30, 2011
FAIR VALUE [Abstract] |
Assets (liabilities) measured at fair value on a recurring and nonrecurring Basis | The following tables present both financial and nonfinancial assets and liabilities that are measured at fair value on a recurring and nonrecurring basis. These assets and liabilities are reported on the condensed consolidated balance sheets at their fair values as of September 30, 2011 and December 31, 2010. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. There were no transfers in and out of Levels 1 and 2 during the first nine months of 2011. There were also no transfers in and out of Levels 1 and 3 or Levels 2 and 3 during the first nine months of 2011.
|  | Assets (Liabilities) Measured at Fair Value on a Recurring Basis |
|  | as of September 30, 2011 |
|  | Fair Value Measurements September 30, 2011 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
|  | (In thousands) |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 20,761 |  |  | $ | 20,761 |  |  | $ | - |  |  | $ | - |
U.S. Government agency and U.S. Government sponsored enterprise debt securities |  |  | 642,951 |  |  |  | - |  |  |  | 642,951 |  |  |  | - |
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  |  | 16,823 |  |  |  | - |  |  |  | 16,823 |  |  |  | - |
Residential mortgage-backed securities |  |  | 1,093,829 |  |  |  | - |  |  |  | 1,093,829 |  |  |  | - |
Municipal securities |  |  | 77,466 |  |  |  | - |  |  |  | 77,466 |  |  |  | - |
Other residential mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Non-investment grade |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Corporate debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  |  | 1,403,432 |  |  |  | - |  |  |  | 1,403,432 |  |  |  | - |
Non-investment grade |  |  | 14,195 |  |  |  | - |  |  |  | 11,840 |  |  |  | 2,355 |
Other securities |  |  | 10,135 |  |  |  | - |  |  |  | 10,135 |  |  |  | - |
Total investment securities available-for-sale |  | $ | 3,279,592 |  |  | $ | 20,761 |  |  | $ | 3,256,476 |  |  | $ | 2,355 |
Equity swap agreements |  | $ | 200 |  |  | $ | - |  |  | $ | 200 |  |  | $ | - |
Foreign exchange options |  |  | 4,392 |  |  |  | - |  |  |  | 4,392 |  |  |  | - |
Interest rate swaps |  |  | 17,791 |  |  |  | - |  |  |  | 17,791 |  |  |  | - |
Derivative liabilities |  |  | (20,206 | ) |  |  | - |  |  |  | (17,237 | ) |  |  | (2,969 | )
|  | Assets (Liabilities) Measured at Fair Value on a Recurring Basis |
|  | as of December 31, 2010 |
|  | Fair Value Measurements December 31, 2010 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
|  | (In thousands) |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 20,454 |  |  | $ | 20,454 |  |  | $ | - |  |  | $ | - |
U.S. Government agency and U.S. Government sponsored enterprise debt securities |  |  | 1,333,465 |  |  |  | - |  |  |  | 1,333,465 |  |  |  | - |
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  |  | 19,132 |  |  |  | - |  |  |  | 19,132 |  |  |  | - |
Residential mortgage-backed securities |  |  | 306,714 |  |  |  | - |  |  |  | 306,714 |  |  |  | - |
Municipal securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Other residential mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Non-investment grade |  |  | 6,254 |  |  |  | - |  |  |  | - |  |  |  | 6,254 |
Corporate debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  |  | 1,056,867 |  |  |  | - |  |  |  | 1,056,867 |  |  |  | - |
Non-investment grade |  |  | 38,730 |  |  |  | - |  |  |  | 35,957 |  |  |  | 2,773 |
Other securities |  |  | 94,325 |  |  |  | - |  |  |  | 94,325 |  |  |  | - |
Total investment securities available-for-sale |  | $ | 2,875,941 |  |  | $ | 20,454 |  |  | $ | 2,846,460 |  |  | $ | 9,027 |
Equity swap agreements |  | $ | 206 |  |  | $ | - |  |  | $ | 206 |  |  | $ | - |
Foreign exchange options |  |  | 5,084 |  |  |  | - |  |  |  | 5,084 |  |  |  | - |
Interest rate swaps |  |  | 13 |  |  |  | - |  |  |  | 13 |  |  |  | - |
Derivative liabilities |  |  | (3,463 | ) |  |  | - |  |  |  | (14 | ) |  |  | (3,449 | )
|  | Assets Measured at Fair Value on a Non-Recurring Basis |
|  | as of and for the Three Months Ended September 30, 2011 |
|  | Fair Value Measurements as of September 30, 2011 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total Gains (Losses) for the Three Months Ended September 30, 2011 |
|  | (In thousands) |
Non-covered impaired loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total residential |  | $ | 9,637 |  |  | $ | - |  |  | $ | - |  |  | $ | 9,637 |  |  | $ | (3,142 | )
Total commercial real estate |  |  | 40,997 |  |  |  | - |  |  |  | - |  |  |  | 40,997 |  |  |  | (16,645 | )
Total commercial and industrial |  |  | 4,405 |  |  |  | - |  |  |  | - |  |  |  | 4,405 |  |  |  | (6,328 | )
Total consumer |  |  | 315 |  |  |  | - |  |  |  | - |  |  |  | 315 |  |  |  | (265 | )
Total non-covered impaired loans |  | $ | 55,354 |  |  | $ | - |  |  | $ | - |  |  | $ | 55,354 |  |  | $ | (26,380 | )
Mortgage servicing assets (single-family, multifamily and commercial) |  | $ | 12,495 |  |  | $ | - |  |  | $ | - |  |  | $ | 12,495 |  |  | $ | (212 | )
Non-covered OREO |  | $ | 36 |  |  | $ | - |  |  | $ | 36 |  |  | $ | - |  |  | $ | (17 | )
Covered OREO (1) |  | $ | 18,068 |  |  | $ | - |  |  | $ | 18,068 |  |  | $ | - |  |  | $ | (3,252 | )
Loans held for sale |  | $ | 2,714 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,714 |  |  | $ | (260 | )
|  | Assets Measured at Fair Value on a Non-Recurring Basis |
|  | as of and for the Three Months Ended September 30, 2010 |
|  | Fair Value Measurements as of September 30, 2010 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total Gains (Losses) for the Three Months Ended September 30, 2010 |
|  | (In thousands) |
Non-covered impaired loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total residential |  | $ | 2,694 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,694 |  |  | $ | (772 | )
Total commercial real estate |  |  | 41,212 |  |  |  | - |  |  |  | - |  |  |  | 41,212 |  |  |  | (16,046 | )
Total commercial and industrial |  |  | 7,830 |  |  |  | - |  |  |  | - |  |  |  | 7,830 |  |  |  | (3,053 | )
Total consumer |  |  | 167 |  |  |  | - |  |  |  | - |  |  |  | 167 |  |  |  | 96 |
Total non-covered impaired loans |  | $ | 51,903 |  |  | $ | - |  |  | $ | - |  |  | $ | 51,903 |  |  | $ | (19,775 | )
Mortgage servicing assets (single-family, multifamily and commercial) |  | $ | 15,973 |  |  | $ | - |  |  | $ | - |  |  | $ | 15,973 |  |  | $ | (284 | )
Non-covered OREO |  | $ | 2,574 |  |  | $ | - |  |  | $ | 2,574 |  |  | $ | - |  |  | $ | (1,099 | )
Covered OREO (1) |  | $ | 27,205 |  |  | $ | - |  |  | $ | 27,205 |  |  | $ | - |  |  | $ | (6,569 | )
Loans held for sale |  | $ | 359 |  |  | $ | - |  |  | $ | - |  |  | $ | 359 |  |  | $ | (228 | )
_____________________
(1) | Covered OREO results from the WFIB and UCB FDIC-assisted acquisitions for which the Company entered into shared-loss agreements with the FDIC whereby the FDIC will reimburse the Company for 80% of eligible losses. As such, the Company's liability for losses is 20% of the $3.3 million in losses, or $650 thousand, and 20% of the $6.6 million in losses, or $1.3 million, for the three months ended September 30, 2011 and 2010, respectively.
|  | Assets Measured at Fair Value on a Non-Recurring Basis |
|  | as of and for the Nine Months Ended September 30, 2011 |
|  | Fair Value Measurements as of September 30, 2011 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total Gains (Losses) for the Nine Months Ended September 30, 2011 |
|  | (In thousands) |
Non-covered impaired loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total residential |  | $ | 12,533 |  |  | $ | - |  |  | $ | - |  |  | $ | 12,533 |  |  | $ | (3,727 | )
Total commercial real estate |  |  | 44,840 |  |  |  | - |  |  |  | - |  |  |  | 44,840 |  |  |  | (34,192 | )
Total commercial and industrial |  |  | 5,513 |  |  |  | - |  |  |  | - |  |  |  | 5,513 |  |  |  | (9,915 | )
Total consumer |  |  | 359 |  |  |  | - |  |  |  | - |  |  |  | 359 |  |  |  | (443 | )
Total non-covered impaired loans |  | $ | 63,245 |  |  | $ | - |  |  | $ | - |  |  | $ | 63,245 |  |  | $ | (48,277 | )
Mortgage servicing assets (single-family, multifamily and commercial) |  | $ | 12,495 |  |  | $ | - |  |  | $ | - |  |  | $ | 12,495 |  |  | $ | (675 | )
Non-covered OREO |  | $ | 13,692 |  |  | $ | - |  |  | $ | 13,692 |  |  | $ | - |  |  | $ | (1,529 | )
Covered OREO (1) |  | $ | 110,133 |  |  | $ | - |  |  | $ | 110,133 |  |  | $ | - |  |  | $ | (18,655 | )
Loans held for sale |  | $ | 2,714 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,714 |  |  | $ | (260 | )
|  | Assets Measured at Fair Value on a Non-Recurring Basis |
|  | as of and for the Nine Months Ended September 30, 2010 |
|  | Fair Value Measurements as of September 30, 2010 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total Gains (Losses) for the Nine Months Ended September 30, 2010 |
|  | (In thousands) |
Non-covered impaired loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total residential |  | $ | 5,953 |  |  | $ | - |  |  | $ | - |  |  | $ | 5,953 |  |  | $ | (2,234 | )
Total commercial real estate |  |  | 74,630 |  |  |  | - |  |  |  | - |  |  |  | 74,630 |  |  |  | (36,230 | )
Total commercial and industrial |  |  | 7,925 |  |  |  | - |  |  |  | - |  |  |  | 7,925 |  |  |  | (4,836 | )
Total consumer |  |  | 166 |  |  |  | - |  |  |  | - |  |  |  | 166 |  |  |  | (245 | )
Total non-covered impaired loans |  | $ | 88,674 |  |  | $ | - |  |  | $ | - |  |  | $ | 88,674 |  |  | $ | (43,545 | )
Mortgage servicing assets (single-family, multifamily and commercial) |  | $ | 15,973 |  |  | $ | - |  |  | $ | - |  |  | $ | 15,973 |  |  | $ | (348 | )
Non-covered OREO |  | $ | 4,101 |  |  | $ | - |  |  | $ | 4,101 |  |  | $ | - |  |  | $ | (4,012 | )
Covered OREO (1) |  | $ | 57,234 |  |  | $ | - |  |  | $ | 57,234 |  |  | $ | - |  |  | $ | (32,496 | )
Loans held for sale |  | $ | 3,737 |  |  | $ | - |  |  | $ | - |  |  | $ | 3,737 |  |  | $ | (2,059 | )
_____________________
(1) | Covered OREO results from the WFIB and UCB FDIC-assisted acquisitions for which the Company entered into shared-loss agreements with the FDIC whereby the FDIC will reimburse the Company for 80% of eligible losses. As such, the Company's liability for losses is 20% of the $18.7 million in losses, or $3.7 million, and 20% of the $32.5 million in losses, or $6.5 million, for the nine months ended September 30, 2011 and 2010, respectively.
Reconciliation of assets and liabilities measured at fair value using significant unobservable inputs | The following tables provide a reconciliation of the beginning and ending balances for major asset and liability categories measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2011 and 2010:
|  | Investment Securities Available-for-Sale |  |  |  |
|  |  |  |  | Other Residential Mortgage-Backed Securities, |  |  | Corporate Debt Securities |  |  |  |
|  | Total |  |  | Non-Investment Grade |  |  | Investment Grade |  |  | Non-Investment Grade |  |  | Derivatives Payable |
|  | (In thousands) |
Beginning balance, July 1, 2011 |  | $ | 2,453 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,453 |  |  | $ | (3,247 | )
Total gains or (losses): (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 278 |
Included in accumulated other comprehensive loss (unrealized) (2) |  |  | (90 | ) |  |  | - |  |  |  | - |  |  |  | (90 | ) |  |  | - |
Purchases, issuances, sales, settlements (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Issuances |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Sales |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Settlements |  |  | (8 | ) |  |  | - |  |  |  | - |  |  |  | (8 | ) |  |  | - |
Transfer from investment grade to non-investment grade |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Transfers in and/or out of Level 3 (4) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Ending balance, September 30, 2011 |  | $ | 2,355 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,355 |  |  | $ | (2,969 | )
Changes in unrealized losses included in earnings relating to assets and liabilities still held at September 30, 2011 |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (278 | )
|  | Investment Securities Available-for-Sale |  |  |  |
|  |  |  |  | Other Residential Mortgage-Backed Securities, |  |  | Corporate Debt Securities |  |  |  |
|  | Total |  |  | Non-Investment Grade |  |  | Investment Grade |  |  | Non-Investment Grade |  |  | Derivatives Payable |
|  | (In thousands) |
Beginning balance, July 1, 2010 |  | $ | 15,350 |  |  | $ | 12,506 |  |  | $ | - |  |  | $ | 2,844 |  |  | $ | (1,888 | )
Total gains or (losses): (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings |  |  | (864 | ) |  |  | - |  |  |  | - |  |  |  | (864 | ) |  |  | (459 | )
Included in accumulated other comprehensive loss (unrealized) (2) |  |  | 508 |  |  |  | 328 |  |  |  | - |  |  |  | 180 |  |  |  | - |
Purchases, issuances, sales, settlements (3) |  |  | (7 | ) |  |  | - |  |  |  | - |  |  |  | (7 | ) |  |  | (254 | )
Transfer from investment grade to non-investment grade |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Transfers in and/or out of Level 3 (4) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Ending balance, September 30, 2010 |  | $ | 14,987 |  |  | $ | 12,834 |  |  | $ | - |  |  | $ | 2,153 |  |  | $ | (2,601 | )
Changes in unrealized losses included in earnings relating to to assets and liabilities still held at September 30, 2010 |  | $ | 888 |  |  | $ | - |  |  | $ | - |  |  | $ | 888 |  |  | $ | 459 |
_______________________
(1) | Total gains or losses represent the total realized and unrealized gains and losses recorded for Level 3 assets and liabilities. Realized gains or losses are reported in the condensed consolidated statements of income.
(2) | Unrealized gains or losses on investment securities are reported in accumulated other comprehensive loss, net of tax, in the condensed consolidated statements of changes in stockholders' equity and comprehensive income.
(3) | Purchases, issuances, sales, and settlements represent Level 3 assets and liabilities that were either purchased, issued, sold, or settled during the period. The amounts are recorded at their end of period fair values.
(4) | Transfers in and/or out represent existing assets and liabilities that were either previously categorized as a higher level and the inputs to the model became unobservable or assets and liabilities that were previously classified as Level 3 and the lowest significant input became observable during the period. These assets and liabilities are recorded at their end of period fair values.
|  | Investment Securities Available-for-Sale |  |  |  |
|  |  |  |  | Other Residential Mortgage-Backed Securities, |  |  | Corporate Debt Securities |  |  |  |
|  | Total |  |  | Non-Investment Grade |  |  | Investment Grade |  |  | Non-Investment Grade |  |  | Derivatives Payable |
|  | (In thousands) |
Beginning balance, January 1, 2011 |  | $ | 9,027 |  |  | $ | 6,254 |  |  | $ | - |  |  | $ | 2,773 |  |  | $ | (3,449 | )
Total gains or (losses): (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings |  |  | (6,124 | ) |  |  | (5,660 | ) |  |  | - |  |  |  | (464 | ) |  |  | 480 |
Included in accumulated other comprehensive loss (unrealized) (2) |  |  | 8,756 |  |  |  | 8,763 |  |  |  | - |  |  |  | (7 | ) |  |  | - |
Purchases, issuances, sales, settlements (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Issuances |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Sales |  |  | (9,357 | ) |  |  | (9,357 | ) |  |  | - |  |  |  | - |  |  |  | - |
Settlements |  |  | 53 |  |  |  | - |  |  |  | - |  |  |  | 53 |  |  |  | - |
Transfer from investment grade to non-investment grade |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Transfers in and/or out of Level 3 (4) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Ending balance, September 30, 2011 |  | $ | 2,355 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,355 |  |  | $ | (2,969 | )
Changes in unrealized losses included in earnings relating to assets and liabilities still held at September 30, 2011 |  | $ | 464 |  |  | $ | - |  |  | $ | - |  |  | $ | 464 |  |  | $ | (480 | )
|  | Investment Securities Available-for-Sale |  |  |  |
|  |  |  |  | Other Residential Mortgage-Backed Securities, |  |  | Corporate Debt Securities |  |  |  |
|  | Total |  |  | Non-Investment Grade |  |  | Investment Grade |  |  | Non-Investment Grade |  |  | Derivatives Payable |
|  | (In thousands) |
Beginning balance, January 1, 2010 |  | $ | 15,671 |  |  | $ | 12,738 |  |  | $ | 978 |  |  | $ | 1,955 |  |  | $ | (14,185 | )
Total gains or (losses): (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings |  |  | (7,589 | ) |  |  | 436 |  |  |  | 5 |  |  |  | (8,030 | ) |  |  | (625 | )
Included in accumulated other comprehensive loss (unrealized) (2) |  |  | 7,047 |  |  |  | 90 |  |  |  | 308 |  |  |  | 6,649 |  |  |  | - |
Purchases, issuances, sales, settlements (3) |  |  | (142 | ) |  |  | (430 | ) |  |  | (9 | ) |  |  | 297 |  |  |  | 12,209 |
Transfer from investment grade to non-investment grade |  |  | - |  |  |  | - |  |  |  | (1,282 | ) |  |  | 1,282 |  |  |  | - |
Transfers in and/or out of Level 3 (4) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Ending balance, September 30, 2010 |  | $ | 14,987 |  |  | $ | 12,834 |  |  | $ | - |  |  | $ | 2,153 |  |  | $ | (2,601 | )
Changes in unrealized losses included in earnings relating to to assets and liabilities still held at September 30, 2010 |  | $ | 8,107 |  |  | $ | - |  |  | $ | - |  |  | $ | 8,107 |  |  | $ | 625 |
_______________________
(1) | Total gains or losses represent the total realized and unrealized gains and losses recorded for Level 3 assets and liabilities. Realized gains or losses are reported in the condensed consolidated statements of income.
(2) | Unrealized gains or losses on investment securities are reported in accumulated other comprehensive loss, net of tax, in the condensed consolidated statements of changes in stockholders' equity and comprehensive income.
(3) | Purchases, issuances, sales, and settlements represent Level 3 assets and liabilities that were either purchased, issued, sold, or settled during the period. The amounts are recorded at their end of period fair values.
(4) | Transfers in and/or out represent existing assets and liabilities that were either previously categorized as a higher level and the inputs to the model became unobservable or assets and liabilities that were previously classified as Level 3 and the lowest significant input became observable during the period. These assets and liabilities are recorded at their end of period fair values.
Carrying amounts and fair values of financial instruments | The carrying amounts and fair values of the Company's financial instruments as of September 30, 2011 and December 31, 2010 were as follows:
|  | September 30, 2011 |  |  | December 31, 2010 |
|  | Carrying |  |  |  |  |  | Carrying |  |  |  |
|  | Amount or |  |  |  |  |  | Amount or |  |  |  |
|  | Notional |  |  | Estimated |  |  | Notional |  |  | Estimated |
|  | Amount |  |  | Fair Value |  |  | Amount |  |  | Fair Value |
|  | (In thousands) |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,105,888 |  |  | $ | 1,105,888 |  |  | $ | 1,333,949 |  |  | $ | 1,333,949 |
Short-term investments |  |  | 66,009 |  |  |  | 66,009 |  |  |  | 143,560 |  |  |  | 143,560 |
Federal funds sold |  |  | 30,000 |  |  |  | 30,000 |  |  |  | - |  |  |  | - |
Securities purchased under resale agreements |  |  | 951,824 |  |  |  | 982,118 |  |  |  | 500,000 |  |  |  | 505,826 |
Investment securities available-for-sale |  |  | 3,279,592 |  |  |  | 3,279,592 |  |  |  | 2,875,941 |  |  |  | 2,875,941 |
Loans held for sale |  |  | 251,920 |  |  |  | 257,631 |  |  |  | 220,055 |  |  |  | 225,221 |
Loans receivable, net |  |  | 13,718,668 |  |  |  | 13,284,682 |  |  |  | 13,231,075 |  |  |  | 13,043,932 |
Investment in Federal Home Loan Bank stock |  |  | 143,381 |  |  |  | 143,381 |  |  |  | 162,805 |  |  |  | 162,805 |
Investment in Federal Reserve Bank stock |  |  | 47,384 |  |  |  | 47,384 |  |  |  | 47,285 |  |  |  | 47,285 |
Accrued interest receivable |  |  | 93,042 |  |  |  | 93,042 |  |  |  | 82,090 |  |  |  | 82,090 |
Equity swap agreements |  |  | 22,709 |  |  |  | 200 |  |  |  | 22,884 |  |  |  | 206 |
Foreign exchange options |  |  | 85,614 |  |  |  | 4,392 |  |  |  | 85,614 |  |  |  | 5,084 |
Interest rate swaps |  |  | 510,898 |  |  |  | 17,791 |  |  |  | 4,098 |  |  |  | 13 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer deposit accounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand, savings and money market deposits |  |  | 9,824,307 |  |  |  | 9,119,064 |  |  |  | 8,875,806 |  |  |  | 7,896,736 |
Time deposits |  |  | 7,484,393 |  |  |  | 7,519,569 |  |  |  | 6,765,453 |  |  |  | 6,762,892 |
Federal funds purchased |  |  | - |  |  |  | - |  |  |  | 22 |  |  |  | 22 |
Federal Home Loan Bank advances |  |  | 457,075 |  |  |  | 489,680 |  |  |  | 1,214,148 |  |  |  | 1,199,151 |
Securities sold under repurchase agreements |  |  | 1,024,949 |  |  |  | 1,077,835 |  |  |  | 1,083,545 |  |  |  | 1,296,522 |
Notes payable |  |  | 85,014 |  |  |  | 85,014 |  |  |  | 49,690 |  |  |  | 49,690 |
Accrued interest payable |  |  | 16,352 |  |  |  | 16,352 |  |  |  | 13,797 |  |  |  | 13,797 |
Long-term debt |  |  | 214,178 |  |  |  | 139,143 |  |  |  | 235,570 |  |  |  | 125,633 |
Derivative liabilities |  |  | 486,235 |  |  |  | 20,206 |  |  |  | 79,640 |  |  |  | 3,463 |

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- Definition This element represents the disclosure related to assets and liabilities by class that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition. The disclosures may include: (a) the fair value measurements recorded during the period and (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall. + Details
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