000060 - Disclosure - Notes to Consolidated Financials
(dollars in thousands)
2007
2006
2005
Notes to Consolidated Financials [Abstract]



Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
Note 2. Investment Securities

The amortized cost, gross unrealized gains and losses, and estimated fair value of the Company's investment securities as of December 31, 2007, 2006, and 2005 were as follows:

(dollars in thousands)

Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses, Fair Value

December 31, 2007
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury and Government Agencies 3,295 30 - 3,325
Debt Securities Issued by States and Political Subdivisions 47,620 331 (41) 47,910
Debt Securities Issued by U.S. Government-Sponsored Enterprises 294,223 1,289 (48) 295,464
Mortgage-Backed Securities Issued by
U.S. Government-Sponsored Enterprises 1,678,828 12,414 (6,771) 1,684,471
Private Institutions 312,973 - (8,533) 304,440
Total Mortgage-Backed Securities 1,991,801 12,414 (15,304) 1,988,911

Other Debt Securities 228,421 172 (1,013) 227,580
Total 2,565,360 14,236 (16,406) 2,563,190

Held-to-Maturity:
Debt Securities Issued by States and Political Subdivisions 6 - - 6
Mortgage-Backed Securities Issued by
U.S. Government-Sponsored Enterprises 292,571 722 (5,655) 287,638
Total 292,577 722 (5,655) 287,644

December 31, 2006
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury and Government Agencies 19,036 7 (103) 18,940
Debt Securities Issued by States and Political Subdivisions 38,833 125 (178) 38,780
Debt Securities Issued by U.S. Government-Sponsored Enterprises 258,938 125 (1,167) 257,896
Mortgage-Backed Securities Issued by
U.S. Government-Sponsored Enterprises 1,626,206 2,982 (30,808) 1,598,380
Private Institutions 364,687 - (7,923) 356,764
Total Mortgage-Backed Securities 1,990,893 2,982 (38,731) 1,955,144

Other Debt Securities 333,131 101 (6,115) 327,117
Total 2,640,831 3,340 (46,294) 2,597,877

Held-to-Maturity:
Debt Securities Issued by States and Political Subdivisions 30 1 - 31
Mortgage-Backed Securities Issued by
U.S. Government-Sponsored Enterprises 371,314 779 (11,405) 360,688
Total 371,344 780 (11,405) 360,719

December 31, 2005
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury and Government Agencies 4,455 17 (37) 4,435
Debt Securities Issued by States and Political Subdivisions 33,240 54 (334) 32,960
Debt Securities Issued by U.S. Government-Sponsored Enterprises 96,103 142 (569) 95,676
Mortgage-Backed Securities Issued by
U.S. Government-Sponsored Enterprises 1,686,626 4,366 (30,028) 1,660,964
Private Institutions 427,019 - (8,131) 418,888
Total Mortgage-Backed Securities 2,113,645 4,366 (38,159) 2,079,852

Other Debt Securities 333,418 127 (8,253) 325,292
Total 2,580,861 4,706 (47,352) 2,538,215

Held-to-Maturity:
Debt Securities Issued by States and Political Subdivisions 70 2 - 72
Mortgage-Backed Securities Issued by
U.S. Government-Sponsored Enterprises 454,170 1,069 (12,322) 442,917
Total 454,240 1,071 (12,322) 442,989

As of December 31, 2007, available-for-sale and held-to-maturity investment securities with a carrying value of $1.5 billion and $0.2 billion, respectively, were pledged to secure deposits of governmental entities of $0.7 million and securities sold under agreements to repurchase of $1.0 billion. As of December 31, 2006, available-for-sale and held-to-maturity investment securities with a carrying value of $1.7 billion and $0.3 billion, respectively, were pledged to secure deposits of governmental entities of $4.4 million and securities sold under agreements to repurchase of $1.0 billion. Investment securities pledged where the secured party has the right to sell or repledge investment securities were $650.4 million and $751.1 million as of December 31, 2007 and 2006, respectively.

The table below presents an analysis of the contractual maturities of the Company's investment securities as of December 31, 2007. Mortgage-backed securities are disclosed separately in the table below as these investment securities may prepay prior to their scheduled contractual maturity dates.

(dollars in thousands)
Amortized Cost, Fair Value

Available-for-Sale:
Due in One Year or Less 157,319 156,912
Due After One Year Through Five Years 82,633 82,341
Due After Five Years Through Ten Years 217,192 218,091
Due After Ten Years 116,415 116,935
573,559 574,279

Mortgage-Backed Securities Issued by
U.S. Government-Sponsored Enterprises 1,678,828 1,684,471
Private Institutions 312,973 304,440
Total Mortgage-Backed Securities 1,991,801 1,988,911
Total 2,565,360 2,563,190

Held-to-Maturity:
Due In One Year or Less 6 6
Mortgage-Backed Securities Issued by U.S. Government-Sponsored Enterprises 292,571 287,638
Total 292,577 287,644

Gross gains and losses from the sales of investment securities for the years ended December 31, 2007, 2006, and 2005 were as follows:

(dollars in thousands)

2007, 2006, 2005
Gross Gains on Sales of Investment Securities 1,485 172 697
Gross Losses on Sales of Investment Securities - - (356)

Net Gains on Sales of Investment Securities 1,485 172 341

The Company's temporarily impaired investment securities as of December 31, 2007 and 2006 were as follows:

Temporarily Impaired Investment Securities (dollars in thousands)

Less Than 12 Months, 12 Months or Longer, Total
Fair Value Gross, Unrealized Losses, Fair Value, Gross Unrealized Losses, Fair Value, Gross Unrealized Losses

December 31, 2007
Debt Securities Issued by States and Political Subdivisions 328 (8) 9,857 (33) 10,185 (41)
Debt Securities Issued by U.S. Government-Sponsored Enterprises 1,384 (15) 2,081 (33) 3,465 (48)
Mortgage-Backed Securities Issued by
U.S. Government-Sponsored Enterprises 148,537 (593) 789,643 (11,834) 938,180 (12,427)
Private Institutions - - 304,440 (8,533) 304,440 (8,533)

Total Mortgage-Backed Securities 148,537 (593) 1,094,083 (20,367) 1,242,620 (20,960)

Other Debt Securities - - 218,981 (1,012) 218,981 (1,012)

Total Temporarily Impaired Investment Securities 150,249 (616) 1,325,002 (21,445) 1,475,251 (22,061)


December 31, 2006
Debt Securities Issued by the U.S. Treasury and Government Agencies 1,097 (4) 2,253 (36) 3,350 (40)
Debt Securities Issued by States and Political Subdivisions 8,738 (32) 14,887 (146) 23,625 (178)
Debt Securities Issued by U.S. Government-Sponsored Enterprises 155,494 (536) 67,310 (694) 222,804 (1,230)
Mortgage-Backed Securities Issued by
U.S. Government-Sponsored Enterprises 150,042 (1,276) 1,470,154 (40,937) 1,620,196 (42,213)
Private Institutions 41,643 (923) 315,121 (7,000) 356,764 (7,923)

Total Mortgage-Backed Securities 191,685 (2,199) 1,785,275 (47,937) 1,976,960 (50,136)

Other Debt Securities - - 318,836 (6,115) 318,836 (6,115)

Total Temporarily Impaired Investment Securities 357,014 (2,771) 2,188,561 (54,928) 2,545,575 (57,699)

The gross unrealized losses reported for mortgage-backed securities relate to investment securities issued by U.S. government-sponsored enterprises, such as the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation, and private institutions. The Company does not believe that the investment securities that were in an unrealized loss position as of December 31, 2007, which is comprised of 149 securities, represent an other-than-temporary impairment. Total gross unrealized losses were primarily attributable to changes in interest rates, relative to when the investment securities were purchased, and not due to the credit quality of the investment securities. The Company has both the intent and ability to hold the investment securities for a period of time necessary to recover the amortized cost.

Substantially all of the Company's interest income on investment securities for the years ended December 31, 2007, 2006, and 2005, was comprised of taxable interest income. Income tax expense related to the Company's net realized gains on the sales of investment securities was $0.6 million for the year ended December 31, 2007 and $0.1 million for the years ended December 31, 2006, and 2005. The accumulated other comprehensive loss from net unrealized gains and losses on investment securities, net of tax, was $1.4 million, $27.5 million, and $27.3 million as of December 31, 2007, 2006, and 2005, respectively.
Schedule of Available-for-sale Securities [Table]



Schedule of Available-for-sale Securities [Line Items]



Available-for-sale Securities, Debt Securities
2,563,190
2,597,877
2,538,215
Available-for-sale Securities, Basis for Valuation, Other than Equity Securities
Available-for-sale investment securities, comprised of debt and mortgage-backed securities, are those that may not be held-to-maturity and are reported at fair value, with unrealized gains and losses, net of taxes, reported as a component of other comprehensive income. The estimated fair value of a security is determined based on current market quotations. A decline in the fair value of investment securities that is considered other than temporary is recorded as a reduction in noninterest income.
Available-for-sale Securities, Amortized Cost
2,565,360
2,640,831
2,580,861
Available-for-sale Securities, Gross Unrealized Gains
14,236
3,340
4,706
Available-for-sale Securities, Gross Unrealized Losses (N)
(16,406)
(46,294)
(47,352)
Available-for-sale Securities, Debt Maturities [Abstract]



Available-for-sale Securities, Debt Maturities, Basis of Allocation
Mortgage-backed securities are disclosed separately in the table below as these investment securities may prepay prior to their scheduled contractual maturity dates.
Available-for-sale Securities, Debt Maturities, Amortized Cost [Abstract]



Available-for-sale Securities, Debt Maturities, Amortized Cost, Excluding Securities without Single Maturity Dates [Abstract]



Available-for-sale Securities, Debt Maturities, within One Year, Amortized Cost
157,319
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Amortized Cost
82,633
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Amortized Cost
217,192
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost
116,415
Available-for-sale Securities, Debt Maturities, Amortized Cost, Excluding Securities without Single Maturity Dates, Total
573,559
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost
1,991,801
Available-for-sale Securities, Debt Maturities, Amortized Cost, Total
2,565,360
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]



Available-for-sale Securities, Debt Maturities, Fair Value, Excluding Securities without Single Maturity Dates [Abstract]



Available-for-sale Securities, Debt Maturities, within One Year, Fair Value
156,912
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Fair Value
82,341
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value
218,091
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value
116,935
Available-for-sale Securities, Debt Maturities, Fair Value, Excluding Securities without Single Maturity Dates, Total
574,279
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value
1,988,911
Available-for-sale Securities, Debt Maturities, Fair Value, Total
2,563,190
Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract]



Available-for-sale Securities, Gross Realized Gains (Losses), Cost Basis (Methodology) of Securities Sold
Realized gains and losses are recorded in noninterest income using the specific identification method.
Available-for-sale Securities, Gross Realized Gain (Loss), Net [Abstract]



Available-for-sale Securities, Gross Realized Gains
1,485
172
697
Available-for-sale Securities, Gross Realized Losses (N)
0
0
(356)
Available-for-sale Securities, Gross Realized Gain (Loss), Net, Total
1,485
172
341
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax
1,400
27,500
27,300
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]



Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value
150,249
357,014
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses (N)
(616)
(2,771)
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value
1,325,002
2,188,561
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses (N)
(21,445)
(54,928)
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total
1,475,251
2,545,575
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total (N)
(22,061)
(57,699)
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract]



Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Nature
The gross unrealized losses reported for mortgage-backed securities relate to investment securities issued by U.S. government-sponsored enterprises, such as the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation, and private institutions.The Company does not believe that the investment securities that were in an unrealized loss position as of December 31, 2007, which is comprised of 149 securities, represent an other-than-temporary impairment. Total gross unrealized losses were primarily attributable to changes in interest rates, relative to when the investment securities were purchased, and not due to the credit quality of the investment securities. The Company has both the intent and ability to hold the investment securities for a period of time necessary to recover the amortized cost.

Substantially all of the Company's interest income on investment securities for the years ended December 31, 2007, 2006, and 2005, was comprised of taxable interest income. Income tax expense related to the Company's net realized gains on the sales of investment securities was $0.6 million for the year ended December 31, 2007 and $0.1 million for the years ended December 31, 2006, and 2005. The accumulated other comprehensive loss from net unrealized gains and losses on investment securities, net of tax, was $1.4 million, $27.5 million, and $27.3 million as of December 31, 2007, 2006, and 2005, respectively.
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Cause
Total gross unrealized losses were primarily attributable to changes in interest rates, relative to when the investment securities were purchased, and not due to the credit quality of the investment securities.
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions
149.00
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Severity
The Company does not believe that the investment securities that were in an unrealized loss position as of December 31, 2007, which is comprised of 149 securities, represent an other-than-temporary impairment. The Company has both the intent and ability to hold the investment securities for a period of time necessary to recover the amortized cost.
Available-for-sale Securities, Restricted [Abstract]



Available-for-sale Securities, Restricted
1,500,000
1,700,000
Available-for-sale Securities, Restrictions, Additional Information
As of December 31, 2007, available-for-sale and held-to-maturity investment securities with a carrying value of $1.5 billion and $0.2 billion, respectively, were pledged to secure deposits of governmental entities of $0.7 million and securities sold under agreements to repurchase of $1.0 billion. Investment securities pledged where the secured party has the right to sell or repledge investment securities were $650.4 million as of December 31, 2007.
As of December 31, 2006, available-for-sale and held-to-maturity investment securities with a carrying value of $1.7 billion and $0.3 billion, respectively, were pledged to secure deposits of governmental entities of $4.4 million and securities sold under agreements to repurchase of $1.0 billion. Investment securities pledged where the secured party has the right to sell or repledge investment securities were $751.1 million as of December 31, 2006, respectively.
Schedule of Held-to-maturity Securities [Table]



Schedule of Held-to-maturity Securities [Line Items]



Held-to-maturity Securities
292,577
371,344
454,240
Held-to-maturity Securities, Fair Value
287,644
360,719
442,989
Held-to-maturity Securities, Unrecognized Holding Gains
722
780
1,071
Held-to-maturity Securities, Unrecognized Holding Losses
5,655
11,405
12,322
Held-to-maturity Securities, Debt Maturities [Abstract]



Held-to-maturity Securities, Debt Maturities, Basis of Allocation
Mortgage-backed securities are disclosed separately in the table below as these investment securities may prepay prior to their scheduled contractual maturity dates.
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract]



Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount
6
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Net Carrying Amount
292,571
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount, Total
292,577
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract]



Held-to-maturity Securities, Debt Maturities, within One Year, Fair Value
6
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Fair Value
287,638
Held-to-maturity Securities, Debt Maturities, Fair Value, Total
287,644
Held-to-maturity Securities, Restricted
2,000
300