Investment Securities

3 Months Ended

Mar. 31, 2012

Investment Securities [Abstract]

Investment Securities

Note 7 Investment Securities

Below is an analysis of the amortized cost and estimated fair values of securities available for sale at:

	March 31, 2012									December 31, 2011
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
								(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential	$	31,994	$	4,026	$	(12	)	$	36,008	$	32,139	$	4,061	$	(6	)	$	36,194
Obligations of U.S. Government – Sponsored Enterprises:
Mortgage-Backed Securities – Residential		834,125		29,678		(319	)		863,484		771,196		29,835		0			801,031
Mortgage-Backed Securities – Commercial		185		1		0			186		193		1		(1	)		193
Other Government – Sponsored Enterprises		267,904		732		(110	)		268,526		267,807		973		(132	)		268,648
Obligations of States and Political Subdivisions		443		11		0			454		444		15		0			459
Corporate Securities		11,803		174		(60	)		11,917		11,811		162		(562	)		11,411
Pooled Trust Preferred Collateralized Debt Obligations		54,471		112		(30,075	)		24,508		54,762		3		(31,785	)		22,980
Total Debt Securities		1,200,925		34,734		(30,576	)		1,205,083		1,138,352		35,050		(32,486	)		1,140,916
Equities		1,860		0		0			1,860		1,860		0		0			1,860
Total Securities Available for Sale	$	1,202,785	$	34,734	$	(30,576	)	$	1,206,943	$	1,140,212	$	35,050	$	(32,486	)	$	1,142,776

The amortized cost and estimated fair value of debt securities available for sale at March 31, 2012, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or repay obligations with or without call or prepayment penalties.

	Amortized Cost		Estimated Fair Value
	(dollars in thousands)
Due within 1 year	$	7,364	$	7,384
Due after 1 but within 5 years		260,983		261,596
Due after 5 but within 10 years		0		0
Due after 10 years		66,274		36,425
		334,621		305,405
Mortgage-Backed Securities (a)		866,304		899,678
Total Debt Securities	$	1,200,925	$	1,205,083

(a) Mortgage Backed Securities include an amortized cost of $32.0 million and a fair value of $36.0 million for Obligations of U.S. Government agencies issued by Ginnie Mae and Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac which had an amortized cost of $834.3 million and a fair value of $863.7 million.

Proceeds from sale, gross gains (losses) realized on sales, maturities and other-than-temporary impairment charges related to securities available for sale were as follows for the three-months ended March 31:

	2012		2011
	(dollars in thousands)
Proceeds from sale	$	0	$	54,965
Gross gains (losses) realized:
Sales Transactions:
Gross gains	$	0	$	832
Gross losses		0		(258	)
		0		574
Maturities and impairment
Gross gains		0		3
Gross losses		0		0
Other-than-temporary impairment		0		0
		0		3
Net gains and impairment	$	0	$	577

Securities available for sale with a fair value of $647.6 million and $668.8 million were pledged as of March 31, 2012 and December 31, 2011, respectively, to secure public deposits and for other purposes required or permitted by law.

There were no held-to-maturity debt securities as of March 31, 2012 and December 31, 2011. For the three months ended March 31, 2012 and 2011, there were no gains or losses for debt securities held-to-maturity.