NOTE 5 – SECURITIES

A comparison of amortized cost and estimated fair values of available-for-sale securities as of September 30, 2013 and December 31, 2012 follows:



		September 30, 2013
			Gross	Gross	Estimated
		Amortized	Unrealized	Unrealized	Fair
		Cost	Gains	Losses	Value

	(In thousands)
U.S. Government agencies		$ 1,512,554	$ 11,921	$ 5,016	$ 1,519,459
Government agency issued residential
mortgage-backed securities		265,163	4,673	1,469	268,367
Government agency issued commercial
mortgage-backed securities		238,489	2,026	11,103	229,412
Obligations of states and political subdivisions		516,784	14,749	2,644	528,889
Other		6,935	1,094	-	8,029
Total		$ 2,539,925	$ 34,463	$ 20,232	$ 2,554,156



		December 31, 2012
			Gross	Gross	Estimated
		Amortized	Unrealized	Unrealized	Fair
		Cost	Gains	Losses	Value

	(In thousands)
U.S. Government agencies		$ 1,380,979	$ 21,081	$ 64	$ 1,401,996
Government agency issued residential
mortgage-backed securities		358,677	8,457	259	366,875
Government agency issued commercial
mortgage-backed securities		87,314	4,266	135	91,445
Obligations of states and political subdivisions		531,940	34,049	116	565,873
Other		7,052	791	-	7,843
Total		$ 2,365,962	$ 68,644	$ 574	$ 2,434,032

Gross gains of approximately $43,000 and gross losses of approximately $26,000 were recognized on available-for-sale securities during the first nine months of 2013, while gross gains of approximately $329,000 and gross losses of approximately $39,000 were recognized during the first nine months of 2012.

The amortized cost and estimated fair value of available-for-sale securities at September 30, 2013 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.



	September 30, 2013
		Estimated	Weighted
	Amortized	Fair	Average
	Cost	Value	Yield

	(Dollars in thousands)
Maturing in one year or less	$ 518,661	$ 521,825	1.62	%
Maturing after one year through five years	1,132,003	1,138,516	1.33
Maturing after five years through ten years	161,230	165,642	5.74
Maturing after ten years	224,379	230,394	5.92
Mortgage-backed securities	503,652	497,779	2.04
Total	$ 2,539,925	$ 2,554,156

The following tables summarize information pertaining to temporarily impaired available-for-sale securities with continuous unrealized loss positions at September 30, 2013 and December 31, 2012:



	September 30, 2013
	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	$ 396,667	$ 5,016	$ -	$ -	$ 396,667	$ 5,016
Government agency issued residential
mortgage-backed securities	74,939	1,319	4,749	150	79,688	1,469
Government agency issued commercial
mortgage-backed securities	190,975	10,900	10,606	203	201,581	11,103
Obligations of states and
political subdivisions	102,323	2,597	773	47	103,096	2,644
Other	-	-	-	-	-	-
Total	$ 764,904	$ 19,832	$ 16,128	$ 400	$ 781,032	$ 20,232



	December 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	$ 47,395	$ 64	$ -	$ -	$ 47,395	$ 64
Government agency issued residential
mortgage-backed securities	55,939	145	2,839	114	58,778	259
Government agency issued commercial
mortgage-backed securities	26,239	135	-	-	26,239	135
Obligations of states and
political subdivisions	9,247	73	313	43	9,560	116
Other	-	-	-	-	-	-
Total	$ 138,820	$ 417	$ 3,152	$ 157	$ 141,972	$ 574

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 has no intent to sell these securities, and it is 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 nine months of 2013.