SECURITIES (Tables)

9 Months Ended

Sep. 30, 2011

SECURITIES [Abstract]

Amortized Cost and Estimated Fair Values of Held-to-Maturity Securities

Amortized cost and estimated fair values of held-to-maturity securities as of December 31, 2010 follow:

	December 31, 2010
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
U.S. Government agencies	$	1,246,649	$	27,082	$	4,320	$	1,269,411
Obligations of states and political subdivisions		366,370		4,286		7,376		363,280
Total	$	1,613,019	$	31,368	$	11,696	$	1,632,691

Amortized Cost and Estimated Fair Values of Available-for-sale Securities

A comparison of amortized cost and estimated fair values of available-for-sale securities as of September 30, 2011 and December 31, 2010 follows:

	September 30, 2011
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
U.S. Government agencies	$	1,461,622	$	35,834	$	-	$	1,497,456
Government agency issued residential mortgage-backed securities		412,826		8,100		237		420,689
Government agency issued commercial mortgage-backed securities		31,313		3,243		81		34,475
Obligations of states and political subdivisions		500,280		19,753		602		519,431
Other		8,930		574		-		9,504
Total	$	2,414,971	$	67,504	$	920	$	2,481,555

	December 31, 2010
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
U.S. Government agencies	$	416,005	$	17,153	$	-	$	433,158
Government agency issued residential mortgage-backed securities		498,874		5,954		1,599		503,229
Government agency issued commercial mortgage-backed securities		29,582		676		264		29,994
Obligations of states and political subdivisions		110,946		965		1,746		110,165
Other		18,943		573		-		19,516
Total	$	1,074,350	$	25,321	$	3,609	$	1,096,062

Amortized Cost and Estimated Fair Value of Investments by Contractual Maturity

	September 30, 2011
			Estimated		Weighted
	Amortized		Fair		Average
	Cost		Value		Yield
	(Dollars in thousands)
Maturing in one year or less	$	300,046	$	305,378		4.42	%
Maturing after one year through five years		1,583,632		1,620,065		2.13
Maturing after five years through ten years		108,732		113,051		4.48
Maturing after ten years		422,561		443,061		5.76
Total	$	2,414,971	$	2,481,555

Temporarily Impaired Securities with Continuous Unrealized Loss Positions

The following tables summarize information pertaining to temporarily impaired available-for-sale securities with continuous unrealized loss positions at September 30, 2011 and December 31, 2010:

	September 30, 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)
Available-for-sale securities:
U.S. Government agencies	$	-	$	-		$	-	$	-		$	-	$	-
Government agency issued residential mortgage-backed securities		54,343		(237	)		-		-			54,343		(237	)
Government agency issued commercial mortgage-backed securities		-		-			3,947		(81	)		3,947		(81	)
Obligations of states and political subdivisions		20,750		(453	)		3,563		(149	)		24,313		(602	)
Other		-		-			-		-			-		-
Total	$	75,093	$	(690	)	$	7,510	$	(230	)	$	82,603	$	(920	)

	December 31, 2010
	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)
Held-to-maturity securities:
U.S. Government agencies	$	-	$	-		$	-	$	-		$	-	$	-
Obligations of states and political subdivisions		20,322		(332	)		9,327		(338	)		29,649		(670	)
Total	$	20,322	$	(332	)	$	9,327	$	(338	)	$	29,649	$	(670	)
Available-for-sale securities:
U.S. Government agencies	$	48,881	$	(207	)	$	-	$	-		$	48,881	$	(207	)
Government agency issued residential mortgage-backed securities		6,320		(122	)		-		-			6,320		(122	)
Government agency issued commercial mortgage-backed securities		1,384		(19	)		2,598		(66	)		3,982		(85	)
Obligations of states and political subdivisions		36,704		(297	)		2,459		(205	)		39,163		(502	)
Collateralized debt obligations		-		-			5		(1	)		5		(1	)
Other		-		-			-		-			-		-
Total	$	93,289	$	(645	)	$	5,062	$	(272	)	$	98,351	$	(917	)