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The fair value, yield and amortized cost of securities available for sale at December 31, 2011, by
<br />contractual maturity, are shown below. Expected maturities may differ from contractual maturities because
<br />debt issuers may have the right to call or prepay obligations.
<br />Remaining Contractual Principal Maturity
<br />After Five
<br />After One Years But
<br />Weighted But Within Within
<br />Total Average Within One Year Five Years Ten Years After Ten Years
<br />(dollars in thousands) Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield
<br />U.S. Treasury and other
<br />U.S. Government
<br />agencies and
<br />corporations $1,027,583 0.90% $ -% $ 840,632 0.87% $186,848 1.03% $ 103 2.44%
<br />Government sponsored
<br />agencies 119,761 0.91 18,772 2.03 100,989 0.70
<br />Mortgage and asset -backed
<br />securities:
<br />Government agencies 4,172,897 3.17 12 4.25 905 4.43 2,609 5.22 4,169,371 3.17
<br />Government sponsored
<br />agencies 1,475,702 2.46 54 4.35 5,750 5.32 324,000 2.42 1,145,898 2.46
<br />Collateralized debt
<br />obligations 45,133 1.21 - 45,133 1.21
<br />Collateralized loan
<br />obligations 128,655 1.18 128,655 1.18
<br />Other asset -backed
<br />securities 1,825 5.49 8 8.26 198 2.70 1,619 5.82
<br />Collateralized mortgage
<br />obligations:
<br />Government agencies 9,722 1.08 - 9,722 1.08
<br />Government sponsored
<br />agencies 59,693 1.70 59,693 1.70
<br />State and political
<br />subdivisions° 670,588 6.19 12,017 5.92 105,236 5.99 69,797 5.86 483,538 6.29
<br />Estimated fair value of
<br />debt securities'' $7,711,559 2.90% $30,855 3.55% $1,053,520 1,43% $771,800 2.13% $5,855,384 3.27%
<br />Total amortized cost of
<br />debt securities 7,574,267 30,453 1,034,479 798,357 5,710,978
<br />(I) The weighted average yields were calculated on a taxable equivalent basis.
<br />(2) The weighted average yields, except for yields of state and political subdivisions, were calculated on the basis of the cost and
<br />effective yields weighted for the scheduled maturity of each security.
<br />Securities with an aggregate carrying value of $4.4 billion and $4.6 billion were pledged to secure
<br />public deposits, repurchase agreements and derivative liability positions at December 31, 2011 and 2010,
<br />respectively. At December 31, 2011 and 2010, there were no secured parties that had the right to repledge
<br />or resell these securities.
<br />We held no securities of any single issuer (other than the U.S. Government and government sponsored
<br />agencies) which were in excess of 10% of consolidated stockholder's equity at December 31, 2011 and
<br />2010.
<br />3. Loans Held for Sale and Servicing Activity
<br />Loans held for sale include mortgage loans that we originate for sale to Fannie Mae ("FNMA") and
<br />certain commercial loans which we no longer intend to hold to maturity. Mortgage loans are sold to FNMA
<br />on a non -recourse basis for which we also retain the rights to service the sold loans. In addition, during
<br />2011, we designated certain commercial loans for sale to non-affiliated parties on a non -recourse basis, of
<br />which approximately 90% were nonperforming. We do not have any continuing involvement in these
<br />nonperforming commercial loans after their sale.
<br />-20-
<br />2011 Bank of the West Annual Report
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