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INVESTMENT SECURITIES | 12 Months Ended
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Dec. 31, 2012
Investments [Abstract] |
Investment Securities | INVESTMENT SECURITIES The aggregate values of investment securities at December 31, 2012, and 2011, along with 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 |  |  |  |  |  |  |
2012 |  |  |  |  |  |  |  |  |
|  | U.S. Treasury | $ | 823,241 |  |  | $ | 403 |  |  | $ | 12 |  |  | $ | 823,632 |
|  | Government agency | 3,052,040 |  |  | 3,501 |  |  | 337 |  |  | 3,055,204 |
|  | Other | 838 |  |  | — |  |  | 18 |  |  | 820 |
|  | Residential mortgage-backed securities | 1,315,211 |  |  | 14,787 |  |  | 341 |  |  | 1,329,657 |
|  | Equity securities | 543 |  |  | 15,822 |  |  | — |  |  | 16,365 |
|  | State, county and municipal | 546 |  |  | 4 |  |  | — |  |  | 550 |
|  | Total investment securities available for sale | $ | 5,192,419 |  |  | $ | 34,517 |  |  | $ | 708 |  |  | $ | 5,226,228 |
2011 |  |  |  |  |  |  |  |  |
|  | U.S. Treasury | $ | 887,041 |  |  | $ | 808 |  |  | $ | 30 |  |  | $ | 887,819 |
|  | Government agency | 2,591,974 |  |  | 1,747 |  |  | 1,512 |  |  | 2,592,209 |
|  | Corporate bonds | 250,476 |  |  | 2,344 |  |  | — |  |  | 252,820 |
|  | Residential mortgage-backed securities | 298,402 |  |  | 9,165 |  |  | 346 |  |  | 307,221 |
|  | Equity securities | 939 |  |  | 14,374 |  |  | — |  |  | 15,313 |
|  | State, county and municipal | 1,026 |  |  | 16 |  |  | 1 |  |  | 1,041 |
|  | Total investment securities available for sale | $ | 4,029,858 |  |  | $ | 28,454 |  |  | $ | 1,889 |  |  | $ | 4,056,423 |
Investment securities held to maturity |  |  |  |  |  |  |
2012 |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed securities | $ | 1,342 |  |  | $ | 133 |  |  | 27 |  |  | $ | 1,448 |
2011 |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed securities | $ | 1,822 |  |  | $ | 184 |  |  | 26 |  |  | $ | 1,980 |
Investments in residential mortgage-backed securities primarily represent pass-through securities issued by the Government National Mortgage Association, Federal National Mortgage Association, and Federal Home Loan Mortgage Corporation. The following table provides maturity information for investment securities as of December 31, 2012, and 2011. Callable agency securities are assumed to mature on their earliest call date. Maturity information for residential mortgage-backed securities is adjusted to reflect estimated prepayments.
| 2012 |  | 2011
| Cost |  | Fair value |  | Cost |  | Fair value
Investment securities available for sale |  |  |  |  |  |  |
Maturing in: |  |  |  |  |  |  |
One year or less | $ | 2,288,556 |  |  | $ | 2,289,859 |  |  | $ | 3,238,657 |  |  | $ | 3,241,415 |
One through five years | 2,323,222 |  |  | 2,329,207 |  |  | 548,459 |  |  | 549,351 |
Five through 10 years | 194,398 |  |  | 196,371 |  |  | 90,605 |  |  | 91,087 |
Over 10 years | 385,700 |  |  | 394,426 |  |  | 151,198 |  |  | 159,257 |
Equity securities | 543 |  |  | 16,365 |  |  | 939 |  |  | 15,313 |
Total investment securities available for sale | $ | 5,192,419 |  |  | $ | 5,226,228 |  |  | $ | 4,029,858 |  |  | $ | 4,056,423 |
Investment securities held to maturity |  |  |  |  |  |  |
Maturing in: |  |  |  |  |  |  |
One through five years | $ | 1,242 |  |  | $ | 1,309 |  |  | $ | 12 |  |  | $ | 11 |
Five through 10 years | 18 |  |  | 11 |  |  | 1,699 |  |  | 1,820 |
Over 10 years | 82 |  |  | 128 |  |  | 111 |  |  | 149 |
Total investment securities held to maturity | $ | 1,342 |  |  | $ | 1,448 |  |  | $ | 1,822 |  |  | $ | 1,980 |
For each period presented, securities gains (losses) include the following:
| 2012 |  | 2011 |  | 2010
Gross gains on sales of investment securities available for sale | $ | 2,324 |  |  | $ | 531 |  |  | $ | 4,103 |
Gross losses on sales of investment securities available for sale | (2 | ) |  | (793 | ) |  | (1,730 | )
Other than temporary impairment losses on equity investments | (45 | ) |  | (26 | ) |  | (421 | )
Total securities gains (losses) | $ | 2,277 |  |  | $ | (288 | ) |  | $ | 1,952 |
All of the OTTI recognized during 2012, 2011 and 2010 was credit related. The following table provides information regarding securities with unrealized losses as of December 31, 2012, and 2011:
| Less than 12 months |  | 12 months or more |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
December 31, 2012 |  |  |  |  |  |  |  |  |  |  |
Investment securities available for sale: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 120,045 |  |  | $ | 12 |  |  | $ | — |  |  | $ | — |  |  | $ | 120,045 |  |  | $ | 12 |
Government agency | 407,498 |  |  | 337 |  |  | — |  |  | — |  |  | 407,498 |  |  | 337 |
Residential mortgage-backed securities | 135,880 |  |  | 214 |  |  | 9,433 |  |  | 127 |  |  | 145,313 |  |  | 341 |
Other | 820 |  |  | 18 |  |  | — |  |  | — |  |  | 820 |  |  | 18 |
Total | $ | 664,243 |  |  | $ | 581 |  |  | $ | 9,433 |  |  | $ | 127 |  |  | $ | 673,676 |  |  | $ | 708 |
Investment securities held to maturity: |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities | $ | — |  |  | $ | — |  |  | $ | 17 |  |  | $ | 27 |  |  | $ | 17 |  |  | $ | 27 |
Total | $ | — |  |  | $ | — |  |  | $ | 17 |  |  | $ | 27 |  |  | $ | 17 |  |  | $ | 27 |
December 31, 2011 |  |  |  |  |  |  |  |  |  |  |
Investment securities available for sale: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 151,269 |  |  | $ | 30 |  |  | $ | — |  |  | $ | — |  |  | $ | 151,269 |  |  | $ | 30 |
Government agency | 1,336,763 |  |  | 1,512 |  |  | — |  |  | — |  |  | 1,336,763 |  |  | 1,512 |
Residential mortgage-backed securities | 59,458 |  |  | 304 |  |  | 1,380 |  |  | 42 |  |  | 60,838 |  |  | 346 |
State, county and municipal | — |  |  | — |  |  | 10 |  |  | 1 |  |  | 10 |  |  | 1 |
Total | $ | 1,547,490 |  |  | $ | 1,846 |  |  | $ | 1,390 |  |  | $ | 43 |  |  | $ | 1,548,880 |  |  | $ | 1,889 |
Investment securities held to maturity: |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities | $ | — |  |  | $ | — |  |  | $ | 21 |  |  | $ | 26 |  |  | $ | 21 |  |  | $ | 26 |
Total | $ | — |  |  | $ | — |  |  | $ | 21 |  |  | $ | 26 |  |  | $ | 21 |  |  | $ | 26 |
Investment securities with an aggregate fair value of $9,450 have had continuous unrealized losses for more than twelve months as of December 31, 2012. The aggregate amount of the unrealized losses among those 23 residential mortgage-backed securities was $154 at December 31, 2012. Investment securities with an aggregate fair value of $1,411 had continuous unrealized losses for more than twelve months as of December 31, 2011. The aggregate amount of the unrealized losses among those 18 securities was $69 at December 31, 2011. These securities include residential mortgage-backed and state, county and municipal securities. None of the unrealized losses identified as of December 31, 2012, and 2011, relate to the marketability of the securities or the issuer’s ability to honor redemption obligations. At December 31, 2012, and 2011, 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 are deemed to be other than temporarily impaired. Investment securities having an aggregate carrying value of $2,351,072 at December 31, 2012, and $2,588,704 at December 31, 2011, 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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