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INVESTMENTS IN DEBT AND EQUITY SECURITIES
 3 Months Ended
Mar. 31, 2012
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 March 31, 2012 and December 31, 2011 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)
March 31, 2012:                                        
Carrying value:
       U.S. Government                                        
              sponsored agencies   $      —   205,524   130,337   63,603   399,464   1,647   (435 ) 400,676   1.78 %
       Residential mortgage-
              backed — 25,287 90,447 1,882,927 1,998,661 42,034 (450 ) 2,040,245 2.28
       Commercial mortgage-                                        
              backed     —   —   815   —   815   90   —   905   4.69  
       State and political
              subdivisions 170 3,915 786 — 4,871 225 — 5,096 4.03
       Corporate notes     —   134,168   54,099   5,000   193,267   1,132   (4,539 ) 189,860   3.29  
       Equity investments — — — 1,000 1,000 13 — 1,013 2.67
              Total   $ 170   368,894   276,484   1,952,530   2,598,078   45,141   (5,424 ) 2,637,795   2.28  
Fair value:
       Debt securities   $ 174   370,172   275,107   1,991,329                      
       Equity securities — — — 1,013
              Total   $ 174   370,172   275,107   1,992,342                      
 
Weighted average yield     3.72 % 2.14 % 2.34 % 2.30 %                    
 
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 — — — 1,000 1,000 17 — 1,017 2.83
              Total   $ 1,310   361,446   238,020   1,827,209   2,427,985   39,350   (9,448 ) 2,457,887   2.28  
Fair value:
       Debt securities   $ 1,314   357,194   236,824   1,861,538                      
       Equity securities — — — 1,017
              Total   $ 1,314   357,194   236,824   1,862,555                      
 
Weighted average yield     2.93 % 2.07 % 2.56 % 2.28 %                    
 
Securities Held to Maturity. The amortized cost, contractual maturity, gross unrealized gains and losses and fair value of investment securities held to maturity at March 31, 2012 and December 31, 2011 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)
March 31, 2012:
Carrying value:
       Residential mortgage-
              backed $      — — 692 610 1,302 118 — 1,420 5.09 %
       Commercial mortgage-
              backed — 6,277 — — 6,277 407 — 6,684 4.99
       State and political  
              subdivisions 1,371 2,003 254 1,535 5,163 52 (63 ) 5,152 4.19
              Total $ 1,371 8,280 946 2,145 12,742 577 (63 ) 13,256 4.68
Fair value:  
       Debt securities $ 1,381 8,711 1,017 2,147
 
Weighted average yield 2.54 % 4.54 % 4.60 % 6.62 %
 
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 %
 

Proceeds from sales of available-for-sale investment securities were $54.4 million and $25.6 million for the three months ended March 31, 2012 and 2011, respectively. Gross realized gains and gross realized losses on investment securities for the three months ended March 31, 2012 and 2011 were as follows:

Three Months Ended
March 31,
      2012       2011
  (dollars expressed in thousands)
Gross realized gains on sales of available-for-sale securities $ 522 529
Gross realized losses on sales of available-for-sale securities   — (1 )
Other-than-temporary impairment —   (1 )
       Net realized gains $ 522 527
 

Investment securities with a carrying value of $224.2 million and $228.9 million at March 31, 2012 and December 31, 2011, 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 March 31, 2012 and December 31, 2011 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)
March 31, 2012:
Available for sale:
       U.S. Government sponsored agencies $ 74,399 (435 ) — — 74,399 (435 )
       Residential mortgage-backed 179,991 (343 ) 21,718 (107 ) 201,709 (450 )
       Corporate notes 101,644 (3,711 ) 4,172 (828 ) 105,816 (4,539 )
              Total $ 356,034 (4,489 ) 25,890 (935 ) 381,924 (5,424 )
Held to maturity:
       State and political subdivisions $ 2,242 (63 ) — — 2,242 (63 )
              Total $ 2,242 (63 ) — — 2,242 (63 )
 
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 )

The Company does not believe that the investment securities that were in an unrealized loss position at March 31, 2012 and December 31, 2011 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 March 31, 2012 and December 31, 2011 included 11 securities. The unrealized losses for corporate notes for 12 months or more at March 31, 2012 included one security.