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Securities (Tables)

3 Months Ended

Mar. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Estimated Fair Value of Securities, Excluding Trading Securities

A summary of the amortized cost and estimated fair value of securities, excluding trading securities, is presented below.



	March 31, 2014								December 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Held to Maturity
U.S. Treasury	$	248,693	$	18,475	$	—	$	267,168	$	248,592	$	20,139	$	—	$	268,731
Residential mortgage-backed securities	9,512		92		58		9,546		9,674		89		143		9,620
States and political subdivisions	2,822,877		11,989		67,121		2,767,745		2,880,482		7,691		137,861		2,750,312
Other	1,000		—		—		1,000		1,000		—		—		1,000
Total	$	3,082,082	$	30,556	$	67,179	$	3,045,459	$	3,139,748	$	27,919	$	138,004	$	3,029,663
Available for Sale
U.S. Treasury	$	1,825,033	$	15,178	$	1,453	$	1,838,758	$	2,522,159	$	18,395	$	—	$	2,540,554
U.S. Government agencies/corporations	—		—		—		—		54,024		—		44		53,980
Residential mortgage-backed securities	1,610,400		68,553		1,036		1,677,917		1,710,664		66,791		1,439		1,776,016
States and political subdivisions	1,893,310		38,680		2,190		1,929,800		1,476,316		20,090		7,492		1,488,914
Other	35,990		—		—		35,990		35,972		—		—		35,972
Total	$	5,364,733	$	122,411	$	4,679	$	5,482,465	$	5,799,135	$	105,276	$	8,975	$	5,895,436

Securities, with Unrealized Losses Segregated by Length of Impairment

As of March 31, 2014, securities, with unrealized losses segregated by length of impairment, were as follows:



	Less than 12 Months				More than 12 Months				Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
Held to Maturity
Residential mortgage-backed securities	$	6,967	$	58	$	—	$	—	$	6,967	$	58
States and political subdivisions	909,160		20,135		1,338,645		46,986		2,247,805		67,121
Total	$	916,127	$	20,193	$	1,338,645	$	46,986	$	2,254,772	$	67,179
Available for Sale
U.S. Treasury	$	300,984	$	1,453	$	—	$	—	$	300,984	$	1,453
Residential mortgage-backed securities	14,598		804		2,745		232		17,343		1,036
States and political subdivisions	332,824		2,190		—		—		332,824		2,190
Total	$	648,406	$	4,447	$	2,745	$	232	$	651,151	$	4,679

Amortized Cost and Estimated Fair Value of Securities, Excluding Trading Securities, Presented by Contractual Maturity

The amortized cost and estimated fair value of securities, excluding trading securities, at March 31, 2014 are presented below by contractual maturity. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential mortgage-backed securities and equity securities are shown separately since they are not due at a single maturity date.



	Held to Maturity				Available for Sale
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	136,041	$	140,005	$	798,320	$	806,678
Due after one year through five years	451,340		478,859		880,127		889,983
Due after five years through ten years	167,188		163,840		1,298,721		1,305,841
Due after ten years	2,318,001		2,253,209		741,175		766,056
Residential mortgage-backed securities	9,512		9,546		1,610,400		1,677,917
Equity securities	—		—		35,990		35,990
Total	$	3,082,082	$	3,045,459	$	5,364,733	$	5,482,465

Sales of Securities Available for Sale

Sales of securities available for sale were as follows:



	Three Months Ended March 31,
	2014		2013
Proceeds from sales	$	—	$	4,498,102
Gross realized gains	—		5
Gross realized losses	—		—
Tax (expense) benefit of securities gains/losses	—		(2		)

Trading Account Securities, at Estimated Fair Value

Trading account securities, at estimated fair value, were as follows:



	March 31, 2014		December 31, 2013
U.S. Treasury	$	15,489	$	15,389
States and political subdivisions	35		1,009
Total	$	15,524	$	16,398

Net Gains and Losses on Trading Account Securities

Net gains and losses on trading account securities were as follows:



	Three Months Ended March 31,
	2014			2013
Net gain on sales transactions	$	240		$	294
Net mark-to-market gains (losses)	(3		)	(3		)
Net gain on trading account securities	$	237		$	291

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

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- Definition

Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

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- Definition

Tabular disclosure of investments in trading securities.

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