Investment Securities

3 Months Ended

Mar. 31, 2012

Investment Securities [Abstract]

Investment Securities

Note 11 – Investment Securities

The amortized cost and fair values of investment securities are shown in the following table. Management performs a quarterly evaluation of investment securities for any other-than-temporary impairment. For the three months ended March 31, 2012 and 2011, there were no investment securities deemed to be other-than-temporarily impaired.

Investment securities at March 31, 2012, were as follows:

(in thousands)
Securities Available-for-Sale	Amortized Cost	Gross Unrealized Holding Gains	Gross Unrealized Holding Losses	Estimated Fair Value
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$599,125	$478	$2,128	$597,475
Obligations of states and political subdivisions	2,616	39	-	2,655
U.S. Government sponsored entities asset-backed securities	388,444	16,734	-	405,178
Other equity securities	1,188	1,014	29	2,173
Total	$991,373	$18,265	$2,157	$1,007,481

Securities Held-to-Maturity	Amortized Cost	Gross Unrecognized Holding Gains	Gross Unrecognized Holding Losses	Estimated Fair Value
Obligations of states and political subdivisions	$1,427	$3	$-	$1,430
U.S. Government sponsored entities asset-backed securities	780,823	13,102	280	793,645
Total	$782,250	$13,105	$280	$795,075

Management does not believe any of the unrealized losses at March 31, 2012 or December 31, 2011 represent an other-than-temporary impairment.Should the impairment of any of these securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss recognized within net income in the period the other-than-temporary impairment is identified.

Securities with unrealized losses at March 31, 2012, were as follows:

(in thousands)	Less than 12 months		12 months or longer		Total
Securities Available-for-Sale	Fair value	Unrealized losses	Fair value	Unrealized losses	Fair value	Unrealized losses
Obligations of U.S. Treasury and other U.S. Government agencies	$ 347,872	$2,128	$-	$-	$347,872	$2,128
Other equity securities	-	-	74	29	74	29
Total	$347,872	$2,128	$74	$29	$347,946	$2,157
Securities Held-to-Maturity
U.S. Government sponsored entities asset-backed securities	$ 62,420	$280	$-	$-	$62,420	$280

Investment securities at December 31, 2011, were as follows:

(in thousands)
Securities Available-for-Sale	Amortized cost	Gross unrealized holding gains	Gross unrealized holding losses	Estimated fair value
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$370,043	$1,614	$-	$371,657
Obligations of states and political subdivisions	2,616	44	-	2,660
U.S. Government sponsored entities asset-backed securities	427,300	16,995	-	444,295
Other equity securities	1,188	877	32	2,033
Total	$801,147	$19,530	$32	$820,645
Securities Held-to-Maturity	Amortized cost	Gross unrecognized holding gains	Gross unrecognized holding losses	Estimated fair value
Obligations of states and political subdivisions	$1,992	$5	$-	$1,997
U.S. Government sponsored entities asset-backed securities	818,232	14,377	32	832,577
Total	$820,224	$14,382	$32	$834,574

Securities with unrealized losses at December 31, 2011, were as follows:

(in thousands)	Less than 12 months		12 months or longer		Total
Securities Available-for-Sale	Fair value	Unrealized losses	Fair value	Unrealized losses	Fair value	Unrealized losses
Other equity securities	$-	$-	$80	$32	$80	$32
Securities Held-to-Maturity
U.S. Government sponsored entities asset-backed securities	$-	$-	$38,775	$32	$38,775	$32

Park’s U.S. Government sponsored entities asset-backed securities consist primarily of 15-year residential mortgage-backed securities and collateralized mortgage obligations.

The amortized cost and estimated fair value of investments in debt securities at March 31, 2012, are shown in the following table by contractual maturity or the expected call date, except for asset-backed securities, which are shown as a single total, due to the unpredictability of the timing in principal repayments.

(in thousands)	Amortized cost	Fair value
Securities Available-for-Sale
U.S. Treasury and sponsored entities notes:
Due within one year	$249,125	$249,604
Due one through five years	275,000	273,532
Due five through ten years	75,000	74,339
Total	$599,125	$597,475
Obligations of states and political subdivisions:
Due within one year	$2,121	$2,130
Due one through five years	495	525
	$2,616	$2,655
U.S. Government sponsored entities asset-backed securities:
Total	$388,444	$405,178

(in thousands)	Amortized cost	Fair value
Securities Held-to-Maturity
Obligations of state and political subdivisions:
Due within one year	$1,427	$1,430
Total	$1,427	$1,430
U.S. Government sponsored entities asset-backed securities:
Total	$780,823	$793,645

The $599.1 million of Park’s securities shown in the above table as U.S. Treasury and sponsored entities notes are callable notes.These callable securities have a final maturity in 9 to 15 years, but are shown in the table at their expected call date.