NOTE 5 – SECURITIES

A comparison of amortized cost and estimated fair values of available-for-sale securities as of March 31, 2012 and December 31, 2011 follows:

	March 31, 2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In thousands)
U.S. Government agencies	$	1,552,991	$	25,975	$	525	$	1,578,441
Government agency issued residential mortgage-backed securities		377,767		7,910		531		385,146
Government agency issued commercial mortgage-backed securities		28,876		2,780		9		31,647
Obligations of states and political subdivisions		544,267		24,699		324		568,642
Other		8,946		713		-		9,659
Total	$	2,512,847	$	62,077	$	1,389	$	2,573,535

	December 31, 2011
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
U.S. Government agencies	$	1,471,920	$	29,347	$	24	$	1,501,243
Government agency issued residential mortgage-backed securities		394,894		9,786		70		404,610
Government agency issued commercial mortgage-backed securities		31,161		3,438		-		34,599
Obligations of states and political subdivisions		541,138		22,705		323		563,520
Other		8,938		608		-		9,546
Total	$	2,448,051	$	65,884	$	417	$	2,513,518

Gross gains of approximately $94,000 and gross losses of approximately $20,000 were recognized on available-for-sale securities during the first three months of 2012, while gross gains of approximately $1,000 and no gross losses were recognized during the first three months of 2011.

The amortized cost and estimated fair value of available-for-sale securities at March 31, 2012 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Equity securities are considered as maturing after ten years.

	March 31, 2012
	Amortized Cost		Estimated Fair Value		Weighted Average Yield
	(Dollars in thousands)
Maturing in one year or less	$	342,145	$	346,944		3.11	%
Maturing after one year through five years		1,631,097		1,658,411		1.86
Maturing after five years through ten years		85,957		89,456		4.55
Maturing after ten years		453,648		478,724		5.68
Total	$	2,512,847	$	2,573,535

The following tables summarize information pertaining to temporarily impaired available-for-sale securities with continuous unrealized loss positions at March 31, 2012 and December 31, 2011:

	March 31, 2012
	Continuous Unrealized Loss Position
	Less Than 12 Months				12 Months or Longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
	(In thousands)
U.S. Government agencies	$	120,223	$	525	$	-	$	-	$	120,223	$	525
Government agency issued residential mortgage-backed securities		45,471		445		3,599		86		49,070		531
Government agency issued commercial mortgage-backed securities		1,023		9		-		-		1,023		9
Obligations of states and political subdivisions		21,732		252		317		72		22,049		324
Other		-		-		-		-		-		-
Total	$	188,449	$	1,231	$	3,916	$	158	$	192,365	$	1,389

	December 31, 2011
	Continuous Unrealized Loss Position
	Less Than 12 Months				12 Months or Longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
	(In thousands)
U.S. Government agencies	$	34,850	$	24	$	-	$	-	$	34,850	$	24
Government agency issued residential mortgage-backed securities		-		-		3,751		70		3,751		70
Government agency issued commercial mortgage-backed securities		-		-		-		-		0		0
Obligations of states and political subdivisions		20,820		144		9,214		179		30,034		323
Other		-		-		-		-		-		-
Total	$	55,670	$	168	$	12,965	$	249	$	68,635	$	417

Based upon a review of the credit quality of these securities, and considering that the issuers were in compliance with the terms of the securities, management had no intent to sell these securities, and it was more likely than not that the Company would not be required to sell the securities prior to recovery of costs. Therefore, the impairments related to these securities were determined to be temporary. No other-than-temporary impairment was recorded during the first three months of 2012.