2007
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2006
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2005
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Notes to Consolidated Financials [Abstract] |
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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. |
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Schedule of Available-for-sale Securities [Table] |
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Schedule of Available-for-sale Securities [Line Items] |
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Available-for-sale Securities, Debt Securities |
2,563,190
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2,597,877
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2,538,215
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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.
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Available-for-sale Securities, Amortized Cost |
2,565,360
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2,640,831
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2,580,861
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Available-for-sale Securities, Gross Unrealized Gains |
14,236
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3,340
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4,706
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Available-for-sale Securities, Gross Unrealized Losses (N) |
(16,406)
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(46,294)
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(47,352)
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Available-for-sale Securities, Debt Maturities [Abstract] |
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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.
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Available-for-sale Securities, Debt Maturities, Amortized Cost [Abstract] |
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Available-for-sale Securities, Debt Maturities, Amortized Cost, Excluding Securities without Single Maturity Dates [Abstract] |
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Available-for-sale Securities, Debt Maturities, within One Year, Amortized Cost |
157,319
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Available-for-sale Securities, Debt Maturities, after One Through Five Years, Amortized Cost |
82,633
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Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Amortized Cost |
217,192
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Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost |
116,415
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Available-for-sale Securities, Debt Maturities, Amortized Cost, Excluding Securities without Single Maturity Dates, Total |
573,559
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Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost |
1,991,801
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Available-for-sale Securities, Debt Maturities, Amortized Cost, Total |
2,565,360
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Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] |
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Available-for-sale Securities, Debt Maturities, Fair Value, Excluding Securities without Single Maturity Dates [Abstract] |
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Available-for-sale Securities, Debt Maturities, within One Year, Fair Value |
156,912
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Available-for-sale Securities, Debt Maturities, after One Through Five Years, Fair Value |
82,341
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Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value |
218,091
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Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value |
116,935
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Available-for-sale Securities, Debt Maturities, Fair Value, Excluding Securities without Single Maturity Dates, Total |
574,279
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Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value |
1,988,911
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Available-for-sale Securities, Debt Maturities, Fair Value, Total |
2,563,190
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Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract] |
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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.
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Available-for-sale Securities, Gross Realized Gain (Loss), Net [Abstract] |
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Available-for-sale Securities, Gross Realized Gains |
1,485
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172
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697
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Available-for-sale Securities, Gross Realized Losses (N) |
0
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0
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(356)
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Available-for-sale Securities, Gross Realized Gain (Loss), Net, Total |
1,485
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172
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341
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Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax |
1,400
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27,500
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27,300
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Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] |
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Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value |
150,249
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357,014
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Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses (N) |
(616)
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(2,771)
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Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value |
1,325,002
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2,188,561
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Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses (N) |
(21,445)
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(54,928)
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Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total |
1,475,251
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2,545,575
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Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total (N) |
(22,061)
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(57,699)
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Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] |
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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. |
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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.
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Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions |
149.00
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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.
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Available-for-sale Securities, Restricted [Abstract] |
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Available-for-sale Securities, Restricted |
1,500,000
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1,700,000
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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.
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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.
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Schedule of Held-to-maturity Securities [Table] |
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Schedule of Held-to-maturity Securities [Line Items] |
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Held-to-maturity Securities |
292,577
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371,344
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454,240
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Held-to-maturity Securities, Fair Value |
287,644
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360,719
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442,989
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Held-to-maturity Securities, Unrecognized Holding Gains |
722
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780
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1,071
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Held-to-maturity Securities, Unrecognized Holding Losses |
5,655
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11,405
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12,322
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Held-to-maturity Securities, Debt Maturities [Abstract] |
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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.
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Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract] |
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Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount |
6
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Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Net Carrying Amount |
292,571
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Held-to-maturity Securities, Debt Maturities, Net Carrying Amount, Total |
292,577
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Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract] |
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Held-to-maturity Securities, Debt Maturities, within One Year, Fair Value |
6
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Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Fair Value |
287,638
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Held-to-maturity Securities, Debt Maturities, Fair Value, Total |
287,644
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Held-to-maturity Securities, Restricted |
2,000
|
300
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