Investment Securities (Tables)

9 Months Ended

Sep. 30, 2012

Analysis of Amortized Cost and Estimated Fair Value of Securities Available for Sale

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

	September 30, 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	$	29,214	$	4,141	$	0		$	33,355	$	32,139	$	4,061	$	(6	)	$	36,194
Obligations of U.S. Government- Sponsored Enterprises:
Mortgage-Backed Securities – Residential		786,945		31,333		0			818,278		771,196		29,835		0			801,031
Mortgage-Backed Securities – Commercial		164		2		0			166		193		1		(1	)		193
Other Government-Sponsored Enterprises		241,996		887		(2	)		242,881		267,807		973		(132	)		268,648
Obligations of States and Political Subdivisions		82		5		0			87		444		15		0			459
Corporate Securities		10,771		373		0			11,144		11,811		162		(562	)		11,411
Pooled Trust Preferred Collateralized Debt Obligations		52,696		2		(29,647	)		23,051		54,762		3		(31,785	)		22,980
Total Debt Securities		1,121,868		36,743		(29,649	)		1,128,962		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	$	1,123,728	$	36,743	$	(29,649	)	$	1,130,822	$	1,140,212	$	35,050	$	(32,486	)	$	1,142,776

Amortized Cost and Estimated Fair Value of Debt Securities Available for Sale

The amortized cost and estimated fair value of debt securities available for sale at September 30, 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	$	7,001	$	7,007
Due after 1 but within 5 years		235,077		235,961
Due after 5 but within 10 years		0		0
Due after 10 years		63,467		34,195
		305,545		277,163
Mortgage-Backed Securities (a)		816,323		851,799
Total Debt Securities	$	1,121,868	$	1,128,962

(a) Mortgage Backed Securities include an amortized cost of $29.2 million and a fair value of $33.4 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 $787.1 million and a fair value of $818.4 million.

Proceeds from Sale, Gross Gains (Losses) Realized on Sales, Maturities and Other-Than-Temporary Impairment Charges Related to Securities Available for Sale

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 nine-months ended September 30:

	2012		2011
	(dollars in thousands)
Proceeds from sale	$	0	$	75,074
Gross gains (losses) realized:
Sales Transactions:
Gross gains	$	0	$	2,368
Gross losses		0		(258	)
		0		2,110
Maturities and impairment
Gross gains		163		75
Gross losses		0		0
Other-than-temporary impairment		0		0
		163		75
Net gains and impairment	$	163	$	2,185