|
Fair Value (Tables)
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12 Months Ended |
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Dec. 31, 2012
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| Fair Value [Abstract] |
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| Fair Value, Measurement Inputs, Disclosure [Text Block] |
The following tables display the Company's assets and liabilities measured at fair value on a recurring basis. The Company often economically hedges the fair value change of its assets or liabilities with derivatives and other financial instruments. The tables below display the hedges separately from the hedged items, and therefore do not directly display the impact of the Company's risk management activities.
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Recurring Fair Value Measurements |
|
At December 31, 2012 |
(in thousands) |
Level 1 |
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Level 2 |
|
Level 3 |
|
Total |
Assets |
|
|
|
|
|
|
|
Available-for-sale securities |
$ |
— |
|
|
$ |
13,665,083 |
|
|
$ |
1,871 |
|
|
$ |
13,666,954 |
|
Trading securities |
1,002,062 |
|
|
— |
|
|
— |
|
|
1,002,062 |
|
Equity securities |
335,638 |
|
|
— |
|
|
— |
|
|
335,638 |
|
Mortgage loans held-for-sale |
— |
|
|
58,607 |
|
|
— |
|
|
58,607 |
|
Derivative assets |
1,917 |
|
|
460,163 |
|
|
— |
|
|
462,080 |
|
Total assets |
$ |
1,339,617 |
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|
$ |
14,183,853 |
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|
$ |
1,871 |
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|
$ |
15,525,341 |
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Liabilities |
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|
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|
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Derivative liabilities |
$ |
239 |
|
|
$ |
129,055 |
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|
$ |
— |
|
|
$ |
129,294 |
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Total liabilities |
$ |
239 |
|
|
$ |
129,055 |
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|
$ |
— |
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|
$ |
129,294 |
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Recurring Fair Value Measurements |
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At December 31, 2011 |
(in thousands) |
Level 1 |
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Level 2 |
|
Level 3 |
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Total |
Assets |
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|
|
|
|
|
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Available-for-sale securities |
$ |
— |
|
|
$ |
6,238,136 |
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|
$ |
11,116 |
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|
$ |
6,249,252 |
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Trading securities |
1,003,301 |
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|
— |
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|
— |
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|
1,003,301 |
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Mortgage loans held-for-sale |
— |
|
|
— |
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|
5,782 |
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|
5,782 |
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Derivative assets |
2,664 |
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|
249,192 |
|
|
— |
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|
251,856 |
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Total assets |
$ |
1,005,965 |
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|
$ |
6,487,328 |
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|
$ |
16,898 |
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|
$ |
7,510,191 |
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Liabilities |
|
|
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|
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Derivative liabilities |
$ |
5,652 |
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|
$ |
43,428 |
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|
$ |
— |
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|
$ |
49,080 |
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Total liabilities |
$ |
5,652 |
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$ |
43,428 |
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|
$ |
— |
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$ |
49,080 |
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| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
The table below presents the reconciliation for all of the Company's Level 3 assets and liabilities measured at fair value on a recurring basis. The Level 3 items presented below may be hedged by derivatives and other financial instruments that are classified as Level 1 or Level 2. Thus, the tables below do not fully reflect the impact of the Company's risk management activities.
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Level 3 Recurring Fair Value Measurements |
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Year Ended December 31, 2012 |
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Year Ended December 31, 2011 |
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Assets |
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Assets |
(in thousands) |
Available-For-Sale Securities |
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Mortgage Loans Held-For-Sale |
|
Available-For-Sale Securities |
|
Mortgage Loans Held-For-Sale |
Beginning of period level 3 fair value |
$ |
11,116 |
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|
$ |
5,782 |
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|
$ |
8,600 |
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|
$ |
— |
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Gains/(losses) included in net income: |
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Realized gains (losses) |
(517 |
) |
(1) |
— |
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|
(24 |
) |
(1) |
— |
|
Unrealized gains (losses) |
— |
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|
(45 |
) |
(2) |
— |
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|
— |
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Total net gains/(losses) included in net income |
(517 |
) |
|
(45 |
) |
|
(24 |
) |
|
— |
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Other comprehensive income
|
(559 |
) |
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— |
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(46 |
) |
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— |
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Purchases |
— |
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|
— |
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1,834 |
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|
5,782 |
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Sales |
— |
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— |
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— |
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— |
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Settlements |
— |
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|
(26 |
) |
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(18 |
) |
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— |
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Gross transfers into level 3 |
2,947 |
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— |
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|
770 |
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|
— |
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Gross transfers out of level 3 |
(11,116 |
) |
|
(5,711 |
) |
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— |
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|
— |
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End of period level 3 fair value |
$ |
1,871 |
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|
$ |
— |
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$ |
11,116 |
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$ |
5,782 |
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Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period |
$ |
— |
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|
$ |
— |
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|
$ |
— |
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|
$ |
— |
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___________________
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(1) |
For the years ended December 31, 2012 and 2011, the realized losses on available-for-sale securities represent net (premium amortization)/discount accretion recorded in interest income on the consolidated statements of comprehensive income.
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(2) |
For the year ended December 31, 2012, the change in unrealized losses on mortgage loans held-for-sale was recorded in gain on mortgage loans on the consolidated statements of comprehensive income.
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The Company transferred three Level 3 assets in the amount of $16.8 million into Level 2 during the year ended December 31, 2012. The assets were deemed to be Level 2 based on the availability of third-party pricing and corroborating market data. The Company did not incur transfers between Level 1 and Level 2 for the year ended December 31, 2012. The Company transferred two Level 2 assets in the amount of $2.9 million into Level 3 during the year ended December 31, 2012. The assets were deemed to be Level 3 based on the limited availability of third-party pricing. Transfers between Levels are deemed to take place on the first day of the reporting period in which the transfer has taken place.
The Company transferred one Level 2 asset in the amount of $0.8 million into Level 3 during the year ended December 31, 2011. The asset was deemed to be Level 3 based on the limited availability of third-party pricing.
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| Fair Value, Measurement Inputs, Disclosure [Text Block] |
The following tables display the Company's assets and liabilities measured at fair value on a recurring basis. The Company often economically hedges the fair value change of its assets or liabilities with derivatives and other financial instruments. The tables below display the hedges separately from the hedged items, and therefore do not directly display the impact of the Company's risk management activities.
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Recurring Fair Value Measurements |
|
At December 31, 2012 |
(in thousands) |
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
Assets |
|
|
|
|
|
|
|
Available-for-sale securities |
$ |
— |
|
|
$ |
13,665,083 |
|
|
$ |
1,871 |
|
|
$ |
13,666,954 |
|
Trading securities |
1,002,062 |
|
|
— |
|
|
— |
|
|
1,002,062 |
|
Equity securities |
335,638 |
|
|
— |
|
|
— |
|
|
335,638 |
|
Mortgage loans held-for-sale |
— |
|
|
58,607 |
|
|
— |
|
|
58,607 |
|
Derivative assets |
1,917 |
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|
460,163 |
|
|
— |
|
|
462,080 |
|
Total assets |
$ |
1,339,617 |
|
|
$ |
14,183,853 |
|
|
$ |
1,871 |
|
|
$ |
15,525,341 |
|
Liabilities |
|
|
|
|
|
|
|
Derivative liabilities |
$ |
239 |
|
|
$ |
129,055 |
|
|
$ |
— |
|
|
$ |
129,294 |
|
Total liabilities |
$ |
239 |
|
|
$ |
129,055 |
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|
$ |
— |
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|
$ |
129,294 |
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|
Recurring Fair Value Measurements |
|
At December 31, 2011 |
(in thousands) |
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
Assets |
|
|
|
|
|
|
|
Available-for-sale securities |
$ |
— |
|
|
$ |
6,238,136 |
|
|
$ |
11,116 |
|
|
$ |
6,249,252 |
|
Trading securities |
1,003,301 |
|
|
— |
|
|
— |
|
|
1,003,301 |
|
Mortgage loans held-for-sale |
— |
|
|
— |
|
|
5,782 |
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|
5,782 |
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Derivative assets |
2,664 |
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|
249,192 |
|
|
— |
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|
251,856 |
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Total assets |
$ |
1,005,965 |
|
|
$ |
6,487,328 |
|
|
$ |
16,898 |
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|
$ |
7,510,191 |
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Liabilities |
|
|
|
|
|
|
|
Derivative liabilities |
$ |
5,652 |
|
|
$ |
43,428 |
|
|
$ |
— |
|
|
$ |
49,080 |
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Total liabilities |
$ |
5,652 |
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|
$ |
43,428 |
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|
$ |
— |
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|
$ |
49,080 |
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| Fair Value, Option, Quantitative Disclosures [Table Text Block] |
The following table summarizes the fair value option elections and information regarding the amounts recognized in earnings for each fair value option-elected item.
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Changes included in the Consolidated Statements of Comprehensive Income |
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Year Ended December 31, |
|
2012 |
|
2011 |
|
2010 |
(in thousands) |
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|
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Interest income on mortgage loans(1)
|
$ |
609 |
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$ |
2 |
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|
$ |
— |
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Realized loss on mortgage loans (2)
|
(126 |
) |
|
— |
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|
— |
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Unrealized gain on mortgage loans (2)
|
26 |
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|
— |
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|
— |
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Unrealized gain on equity securities (3)
|
5,822 |
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|
— |
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|
— |
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Total included in net income |
$ |
6,331 |
|
|
$ |
2 |
|
|
$ |
— |
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Change in fair value due to credit risk |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
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____________________
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(1) |
Interest income on mortgage loans held-for-sale is measured by multiplying the unpaid principal balance on the loans by the coupon rate and the number of days of interest due. |
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(2) |
Realized loss and unrealized gain on mortgage loans is recorded in gain on mortgage loans on the consolidated statements of comprehensive income. |
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(3) |
Unrealized gain on equity securities is recorded in gain on investment securities, net on the consolidated statements of comprehensive income. |
The table below provides the fair value and the unpaid principal balance for the Company's fair value option-elected loans.
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December 31, 2012 |
|
December 31, 2011 |
(in thousands) |
Unpaid Principal Balance |
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Fair Value (1)
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|
Unpaid Principal Balance |
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Fair Value (1)
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Mortgage loans held-for-sale |
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Total loans |
$ |
56,976 |
|
|
$ |
58,607 |
|
|
$ |
5,655 |
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|
$ |
5,782 |
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Nonaccrual loans |
$ |
— |
|
|
$ |
— |
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|
$ |
— |
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|
$ |
— |
|
Loans 90+ days past due |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
____________________
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|
(1) |
Excludes accrued interest receivable. |
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