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v2.3.0.11

Investments | 6 Months Ended
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Jun. 30, 2011
Investments |
Investments | Note C Investments The aggregate values of investment securities at June 30, 2011 December 31, 2010, and June 30, 2010 along with unrealized gains and losses determined on an individual security basis are as follows:
|  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Investment securities available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
June 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Treasury |  | $ | 1,286,978 |  |  | $ | 2,309 |  |  | $ | 5 |  |  | $ | 1,289,282 |
Government agency |  |  | 1,904,135 |  |  |  | 1,846 |  |  |  | 1,140 |  |  |  | 1,904,843 |
Corporate bonds |  |  | 461,756 |  |  |  | 5,258 |  |  |  | 43 |  |  |  | 466,971 |
Residential mortgage-backed securities |  |  | 327,531 |  |  |  | 6,403 |  |  |  | 451 |  |  |  | 333,483 |
Equity securities |  |  | 965 |  |  |  | 17,644 |  |  |  | — |  |  |  | 18,609 |
State, county and municipal |  |  | 1,037 |  |  |  | 19 |  |  |  | 3 |  |  |  | 1,053 |
Total investment securities available for sale |  | $ | 3,982,402 |  |  | $ | 33,481 |  |  | $ | 1,642 |  |  | $ | 4,014,241 |
December 31, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Treasury |  | $ | 1,935,666 |  |  | $ | 4,041 |  |  | $ | 307 |  |  | $ | 1,939,400 |
Government agency |  |  | 1,930,469 |  |  |  | 361 |  |  |  | 10,844 |  |  |  | 1,919,986 |
Corporate bonds |  |  | 479,160 |  |  |  | 7,498 |  |  |  | — |  |  |  | 486,658 |
Residential mortgage-backed securities |  |  | 139,291 |  |  |  | 4,522 |  |  |  | 268 |  |  |  | 143,545 |
Equity securities |  |  | 1,055 |  |  |  | 18,176 |  |  |  | — |  |  |  | 19,231 |
State, county and municipal |  |  | 1,240 |  |  |  | 20 |  |  |  | 4 |  |  |  | 1,256 |
Total investment securities available for sale |  | $ | 4,486,881 |  |  | $ | 34,618 |  |  | $ | 11,423 |  |  | $ | 4,510,076 |
June 30, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Treasury |  | $ | 2,173,759 |  |  | $ | 9,219 |  |  | $ | — |  |  | $ | 2,182,978 |
Government agency |  |  | 899,375 |  |  |  | 2,387 |  |  |  | 23 |  |  |  | 901,739 |
Corporate bonds |  |  | 480,738 |  |  |  | 8,845 |  |  |  | — |  |  |  | 489,583 |
Residential mortgage-backed securities |  |  | 168,307 |  |  |  | 6,313 |  |  |  | 104 |  |  |  | 174,516 |
Equity securities |  |  | 1,358 |  |  |  | 17,333 |  |  |  | — |  |  |  | 18,691 |
State, county and municipal |  |  | 1,242 |  |  |  | 30 |  |  |  | 2 |  |  |  | 1,270 |
Total investment securities available for sale |  | $ | 3,724,779 |  |  | $ | 44,127 |  |  | $ | 129 |  |  | $ | 3,768,777 |
Investment securities held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
June 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | $ | 2,098 |  |  | $ | 206 |  |  | $ | 26 |  |  | $ | 2,278 |
December 31, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | $ | 2,532 |  |  | $ | 235 |  |  | $ | 26 |  |  | $ | 2,741 |
June 30, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | $ | 2,933 |  |  | $ | 276 |  |  | $ | 26 |  |  | $ | 3,183 |
State, county and municipal |  |  | 151 |  |  |  | — |  |  |  | — |  |  |  | 151 |
Total investment securities held to maturity |  | $ | 3,084 |  |  | $ | 276 |  |  | $ | 26 |  |  | $ | 3,334 |
Investments in residential mortgage-backed securities represent primarily securities issued by the Government National Mortgage Association, Federal National Mortgage Association, and Federal Home Loan Mortgage Corporation. Investments in corporate bonds represent debt securities that were issued by various financial institutions under the Temporary Liquidity Guarantee Program. These debt obligations were issued with the full faith and credit of the United States of America. The guarantee for these securities is triggered when an issuer defaults on a scheduled payment. The following table provides maturity information for investment securities as of the dates indicated. Callable securities are assumed to mature on their earliest call date.
|  | June 30, 2011 |  |  | December 31, 2010 |  |  | June 30, 2010 |
|  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Investment securities available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Maturing in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One year or less |  | $ | 3,133,236 |  |  | $ | 3,140,002 |  |  | $ | 3,441,185 |  |  | $ | 3,436,818 |  |  | $ | 2,342,011 |  |  | $ | 2,351,171 |
One through five years |  |  | 549,912 |  |  |  | 551,647 |  |  |  | 916,101 |  |  |  | 921,536 |  |  |  | 1,220,914 |  |  |  | 1,232,535 |
Five through 10 years |  |  | 99,834 |  |  |  | 100,387 |  |  |  | 1,683 |  |  |  | 1,710 |  |  |  | 1,912 |  |  |  | 1,946 |
Over 10 years |  |  | 198,456 |  |  |  | 203,596 |  |  |  | 126,857 |  |  |  | 130,781 |  |  |  | 158,584 |  |  |  | 164,434 |
Equity securities |  |  | 965 |  |  |  | 18,609 |  |  |  | 1,055 |  |  |  | 19,231 |  |  |  | 1,358 |  |  |  | 18,691 |
Total investment securities available for sale |  | $ | 3,982,402 |  |  | $ | 4,014,241 |  |  | $ | 4,486,881 |  |  | $ | 4,510,076 |  |  | $ | 3,724,779 |  |  | $ | 3,768,777 |
Investment securities held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Maturing in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One through five years |  | $ | 8 |  |  | $ | 6 |  |  | $ | — |  |  | $ | — |  |  | $ | 151 |  |  | $ | 151 |
Five through 10 years |  |  | 1,973 |  |  |  | 2,110 |  |  |  | 2,404 |  |  |  | 2,570 |  |  |  | 2,797 |  |  |  | 3,005 |
Over 10 years |  |  | 117 |  |  |  | 162 |  |  |  | 128 |  |  |  | 171 |  |  |  | 136 |  |  |  | 178 |
Total investment securities held to maturity |  | $ | 2,098 |  |  | $ | 2,278 |  |  | $ | 2,532 |  |  | $ | 2,741 |  |  | $ | 3,084 |  |  | $ | 3,334 |
For each period presented, securities gains (losses) include the following:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |
Gross gains on sales of investment securities available for sale |  | $ | — |  |  | $ | — |  |  | $ | 156 |  |  | $ | 2,860 |
Gross losses on sales of investment securities available for sale |  |  | (96 | ) |  |  | — |  |  |  | (701 | ) |  |  | (1,729 | )
Other that temporary impairment loss on equity securities |  |  | — |  |  |  | (186 | ) |  |  | — |  |  |  | (186 | )
Total securities gains (losses) |  | $ | (96 | ) |  | $ | (186 | ) |  | $ | (545 | ) |  | $ | 945 |
The following table provides information regarding securities with unrealized losses as of June 30, 2011 and June 30, 2010:
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
June 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Treasury |  | $ | 50,307 |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | 50,307 |  |  | $ | 5 |
Government agency |  |  | 507,210 |  |  |  | 1,140 |  |  |  | — |  |  |  | — |  |  |  | 507,210 |  |  |  | 1,140 |
Corporate bonds |  |  | 9,957 |  |  |  | 43 |  |  |  | — |  |  |  | — |  |  |  | 9,957 |  |  |  | 43 |
Residential mortgage-backed securities |  |  | 80,866 |  |  |  | 401 |  |  |  | 2,016 |  |  |  | 50 |  |  |  | 82,882 |  |  |  | 451 |
State, county and municipal |  |  | 529 |  |  |  | 3 |  |  |  | 10 |  |  |  | — |  |  |  | 539 |  |  |  | 3 |
Total |  | $ | 648,869 |  |  | $ | 1,592 |  |  | $ | 2,026 |  |  | $ | 50 |  |  | $ | 650,895 |  |  | $ | 1,642 |
Investment securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | $ | — |  |  | $ | — |  |  | $ | 24 |  |  | $ | 26 |  |  | $ | 24 |  |  | $ | 26 |
June 30, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency |  | $ | 4,005 |  |  | $ | 23 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,005 |  |  | $ | 23 |
Residential mortgage-backed securities |  |  | 5,151 |  |  |  | 81 |  |  |  | 1,152 |  |  |  | 23 |  |  |  | 6,303 |  |  |  | 104 |
State, county and municipal |  |  | — |  |  |  | — |  |  |  | 439 |  |  |  | 2 |  |  |  | 439 |  |  |  | 2 |
Total |  | $ | 9,156 |  |  | $ | 104 |  |  | $ | 1,591 |  |  | $ | 25 |  |  | $ | 10,747 |  |  | $ | 129 |
Investment securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | $ | — |  |  | $ | — |  |  | $ | 29 |  |  | $ | 26 |  |  | $ | 29 |  |  | $ | 26 |
Investment securities with an aggregate fair value of $2,050 have had continuous unrealized losses for more than twelve months as of June 30, 2011 with an aggregate unrealized loss of $76. These 18 investments include residential mortgage-backed and state, county and municipal securities. None of the unrealized losses identified as of June 30, 2011 relate to the marketability of the securities or the issuer's ability to honor redemption obligations. For all periods presented, BancShares had the ability and intent to retain these securities for a period of time sufficient to recover all unrealized losses. Therefore, none of the securities were deemed to be other than temporarily impaired. Investment securities having an aggregate carrying value of $2,684,107 at June 30, 2011, $2,096,850 at December 31, 2010 and $1,694,084 at June 30, 2010 were pledged as collateral to secure public funds on deposit, to secure certain short-term borrowings and for other purposes as required by law.

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- Definition This item represents the entire disclosure related to Investments in Certain Debt and Equity Securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 3, 19, 20, 21, 22, 137 + Details
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