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INVESTMENT SECURITIES (Tables) | 3 Months Ended
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Mar. 31, 2012
INVESTMENT SECURITIES |
Investment securities available-for-sale portfolio |
|  |  |  | Gross |  | Gross |  | Estimated |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair |
|  | Cost |  | Gains |  | Losses |  | Value |
|  | (In thousands) |
As of March 31, 2012 |  |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 19,903 |  | $ | 715 |  | $ | — |  | $ | 20,618 |
U.S. Government agency and U.S. Government sponsored enterprise debt securities |  | 514,003 |  | 844 |  | (525 | ) | 514,322 |
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 46,248 |  | 3,135 |  | — |  | 49,383 |
Residential mortgage-backed securities |  | 893,214 |  | 31,786 |  | (369 | ) | 924,631 |
Municipal securities |  | 78,414 |  | 4,358 |  | — |  | 82,772 |
Corporate debt securities: |  |  |  |  |  |  |  |  |
Investment grade |  | 1,151,013 |  | 7,227 |  | (67,631 | ) | 1,090,609 |
Non-investment grade (1) |  | 24,616 |  | 13 |  | (10,707 | ) | 13,922 |
Other securities |  | 10,276 |  | 187 |  | — |  | 10,463 |
Total investment securities available-for-sale |  | $ | 2,737,687 |  | $ | 48,265 |  | $ | (79,232 | ) | $ | 2,706,720 |
As of December 31, 2011 |  |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 19,892 |  | $ | 833 |  | $ | — |  | $ | 20,725 |
U.S. Government agency and U.S. Government sponsored enterprise debt securities |  | 575,148 |  | 1,709 |  | (279 | ) | 576,578 |
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 46,008 |  | 3,307 |  | — |  | 49,315 |
Residential mortgage-backed securities |  | 963,688 |  | 30,854 |  | (772 | ) | 993,770 |
Municipal securities |  | 76,255 |  | 3,696 |  | (5 | ) | 79,946 |
Corporate debt securities: |  |  |  |  |  |  |  |  |
Investment grade |  | 1,411,409 |  | 6,762 |  | (95,610 | ) | 1,322,561 |
Non-investment grade (1) |  | 30,693 |  | — |  | (11,078 | ) | 19,615 |
Other securities |  | 9,875 |  | 195 |  | (2 | ) | 10,068 |
Total investment securities available-for-sale |  | $ | 3,132,968 |  | $ | 47,356 |  | $ | (107,746 | ) | $ | 3,072,578 |
(1) For the three months ended March 31, 2012, the Company recorded $99 thousand, on a pre-tax basis, of the credit portion of OTTI through earnings and $5.1 million of the non-credit portion of OTTI for pooled trust preferred securities in other comprehensive income. The Company recorded $633 thousand, on a pre-tax basis, of the credit portion of OTTI through earnings and $5.1 million of the non-credit portion of OTTI for pooled trust preferred securities and other mortgage-backed securities in other comprehensive income for the year ended December 31, 2011.
Schedule of other than temporary impairment, credit losses recognized in earnings |
|  | Three Months Ended |
|  | March 31, |
|  | 2012 |  | 2011 |
|  | (In thousands) |
Beginning balance |  | $ | 115,412 |  | $ | 124,340 |
Addition of other-than-temporary impairment that was not previously recognized |  | — |  | — |
Additional increases to the amount related to the credit loss for which an other-than-temporary impairment was previously recognized |  | 99 |  | 464 |
Reduction for securities sold |  | — |  | (9,561 | )
Ending balance |  | $ | 115,511 |  | $ | 115,243 |
Gross unrealized losses and related fair values of investment securities available-for-sale |
|  | Less Than 12 Months |  | 12 Months or More |  | Total |
|  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized |
|  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses |
|  | (In thousands) |
As of March 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
U.S. Government agency and U.S. Government sponsored enterprise debt securities |  | 141,223 |  | (525 | ) | — |  | — |  | 141,223 |  | (525 | )
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | — |  | — |  | — |  | — |  | — |  | — |
Residential mortgage-backed securities |  | 93,968 |  | (369 | ) | — |  | — |  | 93,968 |  | (369 | )
Municipal securities |  | — |  | — |  | — |  | — |  | — |  | — |
Corporate debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | 450,019 |  | (30,057 | ) | 357,426 |  | (37,574 | ) | 807,445 |  | (67,631 | )
Non-investment grade |  | 2,352 |  | (30 | ) | 9,389 |  | (10,677 | ) | 11,741 |  | (10,707 | )
Other securities |  | — |  | — |  | — |  | — |  | — |  | — |
Total investment securities available-for-sale |  | $ | 687,562 |  | $ | (30,981 | ) | $ | 366,815 |  | $ | (48,251 | ) | $ | 1,054,377 |  | $ | (79,232 | )
|  | Less Than 12 Months |  | 12 Months or More |  | Total |
|  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized |
|  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses |
|  | (In thousands) |
As of December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
U.S. Government agency and U.S. Government sponsored enterprise debt securities |  | 143,265 |  | (279 | ) | — |  | — |  | 143,265 |  | (279 | )
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | — |  | — |  | — |  | — |  | — |  | — |
Residential mortgage-backed securities |  | 195,393 |  | (772 | ) | — |  | — |  | 195,393 |  | (772 | )
Municipal securities |  | 1,158 |  | (5 | ) | — |  | — |  | 1,158 |  | (5 | )
Corporate debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | 754,055 |  | (61,935 | ) | 350,181 |  | (33,675 | ) | 1,104,236 |  | (95,610 | )
Non-investment grade |  | 9,973 |  | (565 | ) | 9,595 |  | (10,513 | ) | 19,568 |  | (11,078 | )
Other securities |  | 4,503 |  | (2 | ) | — |  | — |  | 4,503 |  | (2 | )
Total investment securities available-for-sale |  | $ | 1,108,347 |  | $ | (63,558 | ) | $ | 359,776 |  | $ | (44,188 | ) | $ | 1,468,123 |  | $ | (107,746 | )
Schedule maturities of investment securities |
|  | Amortized |  | Estimated |
|  | Cost |  | Fair Value |
|  | (In thousands) |
Due within one year |  | $ | 625,794 |  | $ | 621,332 |
Due after one year through five years |  | 252,183 |  | 248,610 |
Due after five years through ten years |  | 880,483 |  | 829,519 |
Due after ten years |  | 979,227 |  | 1,007,259 |
Total investment securities available-for-sale |  | $ | 2,737,687 |  | $ | 2,706,720 |

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- 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. + References Reference 1: 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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS115-1/124-1 -Paragraph 17 -Subparagraph a, b -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 3: 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 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 19, 20, 21 -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 5: 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 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 03-1 -Paragraph 21 -Subparagraph a, b -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 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27198-111563 Reference 9: 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 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563 + Details
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- 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Section 50 -Paragraph 8 -SubTopic 10 -Topic 320 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27340-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS115-1/124-1 -Paragraph 18B -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. + Details
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