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INVESTMENTS IN DEBT AND EQUITY SECURITIES
12 Months Ended
Dec. 31, 2011
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Note 3 – Investments in Debt and Equity Securities

Securities Available for Sale. The amortized cost, contractual maturity, gross unrealized gains and losses and fair value of investment securities available for sale at December 31, 2011 and 2010 were as follows:

Maturity Total Gross Weighted
1 Year 1-5 5-10 After Amortized Unrealized Fair Average
      or Less       Years       Years       10 Years       Cost       Gains       Losses       Value       Yield
(dollars expressed in thousands)
December 31, 2011:
Carrying value:
       U.S. Government
              sponsored agencies
$ 1,000 231,691 107,019 339,710 2,107 341,817 1.75 %
       Residential mortgage-
              backed
2,726 64,309 1,821,209 1,888,244 36,908 (232 ) 1,924,920 2.27
       Commercial mortgage-
              backed
818 818 92 910 4.86
       State and political
              subdivisions
310 4,088 786 5,184 226 5,410 4.00
       Corporate notes 122,941 65,088 5,000 193,029 (9,216 ) 183,813 3.28
       Equity investments 11,678 11,678 17 11,695 3.53
              Total $ 1,310 361,446 238,020 1,837,887 2,438,663 39,350 (9,448 ) 2,468,565 2.29
Fair value:
       Debt securities $ 1,314 357,194 236,824 1,861,538
       Equity securities 11,695
              Total $ 1,314 357,194 236,824 1,873,233
 
Weighted average yield 2.93 % 2.07 % 2.56 % 2.29 %
 
December 31, 2010:
Carrying value:
       U.S. Treasury $ 101,478 101,478 4 (280 ) 101,202 0.73 %
       U.S. Government
              sponsored agencies
20,220 20,220 199 (87 ) 20,332 1.70
       Residential mortgage-
              backed
262 5,646 15,152 1,320,364 1,341,424 9,447 (9,293 ) 1,341,578 2.48
       Commercial mortgage-
              backed
966 966 42 1,008 4.19
       State and political
              subdivisions
2,507 4,031 1,540 8,078 309 8,387 3.96
       Equity investments 10,678 10,678 10,678 3.41
              Total $ 2,769 131,375 17,658 1,331,042 1,482,844 10,001 (9,660 ) 1,483,185 2.37
Fair value:
       Debt securities $ 2,832 131,600 17,912 1,320,163
       Equity securities 10,678
              Total $ 2,832 131,600 17,912 1,330,841
  
Weighted average yield 4.01 % 1.12 % 2.09 % 2.49 %

Securities Held to Maturity. The amortized cost, contractual maturity, gross unrealized gains and losses and fair value of investment securities held to maturity at December 31, 2011 and 2010 were as follows:

Maturity Total Gross Weighted
1 Year 1-5 5-10 After Amortized Unrealized Fair Average
      or Less       Years       Years       10 Years       Cost       Gains       Losses       Value       Yield
(dollars expressed in thousands)
December 31, 2011:
Carrying value:
       Residential mortgage-
              backed
$ 728 615 1,343 116 1,459 5.06 %
       Commercial mortgage-
              backed
6,310 6,310 447 6,757 5.16
       State and political
              subdivisions
1,372 2,004 254 1,534 5,164 44 5,208 4.20
              Total $ 1,372 8,314 982 2,149 12,817 607 13,424 4.76
Fair value:
       Debt securities $ 1,387 8,768 1,056 2,213
 
Weighted average yield 2.55 % 4.67 % 4.60 % 6.61 %
 
December 31, 2010:
Carrying value:
       Residential mortgage-
              backed
$ 962 912 1,874 132 2,006 5.15 %
       Commercial mortgage-
              backed
6,437 6,437 440 6,877 5.16
       State and political
              subdivisions
733 574 1,534 2,841 266 3,107 5.66
              Total $ 7,170 1,536 2,446 11,152 838 11,990 5.29
Fair value:
       Debt securities $ 7,645 1,635 2,710
 
Weighted average yield % 4.99 % 4.71 % 6.51 %
 

Proceeds from sales of available-for-sale investment securities were $283.7 million, $249.2 million and $521.8 million for the years ended December 31, 2011, 2010 and 2009, respectively. Proceeds from calls of investment securities were $56.0 million, $2.4 million and $2.9 million for the years ended December 31, 2011, 2010 and 2009, respectively. Gross realized gains and gross realized losses on investment securities for the years ended December 31, 2011, 2010 and 2009 were as follows:

      2011       2010       2009
(dollars expressed in thousands)
Gross realized gains on sales of available-for-sale securities $ 5,286 8,350 9,541
Gross realized losses on sales of available-for-sale securities (1 ) (31 ) (653 )
Other-than-temporary impairment (3 ) (4 ) (1,206 )
Gross realized gains on calls 53 15
              Net realized gains $ 5,335 8,315 7,697
 

The impairment recorded during 2011, 2010 and 2009 represented the difference between the cost basis and fair value of the securities as of the respective impairment dates. The Company recorded other-than-temporary impairment of $1.2 million for the year ended December 31, 2009 on equity investments in the common stock of two companies in the financial services industry, which management considered to have been caused by economic events impacting the financial services industry as a whole. The Company sold these equity investments in 2010.

Investment securities with a carrying value of approximately $228.9 million and $234.9 million at December 31, 2011 and 2010, respectively, were pledged in connection with deposits of public and trust funds, securities sold under agreements to repurchase and for other purposes as required by law.

Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2011 and 2010, were as follows:

Less than 12 months 12 months or more Total
Unrealized Unrealized Unrealized
Fair Value Losses Fair Value Losses Fair Value Losses
(dollars expressed in thousands)
December 31, 2011:                                
Available for sale:
       Residential mortgage-backed $ 67,395 (126 ) 22,349 (106 ) 89,744 (232 )
       Corporate notes 173,813 (9,216 ) 173,813 (9,216 )
              Total $ 241,208 (9,342 ) 22,349 (106 ) 263,557 (9,448 )
  
December 31, 2010:
Available for sale:  
       U.S. Treasury $ 91,193 (280 ) 91,193   (280 )
       U.S. Government sponsored agencies   8,731 (87 )     8,731 (87 )
       Residential mortgage-backed 544,657   (9,218 ) 341 (75 )   544,998 (9,293 )
              Total       $      644,581       (9,585 )       341       (75 )       644,922       (9,660 )
 

The Company does not believe that the investment securities that were in an unrealized loss position at December 31, 2011 and 2010 are other-than-temporarily impaired. The unrealized losses on the investment securities were primarily attributable to fluctuations in interest rates. It is expected that the securities would not be settled at a price less than the amortized cost. Because the decline in fair value is attributable to changes in interest rates and not credit loss, and because the Company does not intend to sell these investments and it is more likely than not that First Bank will not be required to sell these securities before the anticipated recovery of the remaining amortized cost basis or maturity, these investments are not considered other-than-temporarily impaired. The unrealized losses for residential mortgage-backed securities for 12 months or more at December 31, 2011 and 2010 included 11 and nine securities, respectively.