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Investment Securities
 3 Months Ended
Mar. 31, 2011
Investment Securities [Abstract]  
Investment Securities

Note 10 – 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, 2011 and 2010, there were no investment securities deemed to be other-than-temporarily impaired.

Investment securities at March 31, 2011, were as follows:
 
(in thousands)
                        
 
March 31, 2011
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
   $ 317,301     $ 1,870     $ 2,688     $ 316,483  
Obligations of states and political subdivisions
     8,977       111       -       9,088  
U.S. Government sponsored entities asset-backed securities
     1,022,215       23,550       10,160       1,035,605  
Other equity securities
     938       826       47       1,717  
Total
   $ 1,349,431     $ 26,357     $ 12,895     $ 1,362,893  
                                 
March 31, 2011
Securities Held-to-Maturity
  
Amortized
Cost
    
Gross
Unrecognized
Holding Gains
    
Gross
Unrecognized
Holding Losses
    
Estimated
Fair Value
  
Obligations of states and political subdivisions
   $ 2,867     $ 9     $ -     $ 2,876  
U.S. Government sponsored entities asset-backed securities
     611,197       15,452       4,191       622,458  
Total
   $ 614,064     $ 15,461     $ 4,191     $ 625,334  

Management does not believe any individual unrealized loss as of March 31, 2011 or December 31, 2010, represents 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, 2011, were as follows:

(in thousands)
  
Less than 12 months
    
12 months or longer
    
Total
  
March 31, 2011
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 sponsored entities
   $ 144,627     $ 2,688     $ -     $ -     $ 144,627     $ 2,688  
U.S. Government sponsored entities asset-backed securities
     409,981       10,160       -       -       409,981       10,160  
Other equity securities
     80       30       211       17       291       47  
Total
   $ 554,688     $ 12,878     $ 211     $ 17     $ 554,899     $ 12,895  
                                                 
March 31, 2011
Securities Held-to-Maturity
                                                
U.S. Government sponsored entities asset-backed securities
   $ 285,106     $ 4,191     $ -     $ -     $ 285,106     $ 4,191  

Investment securities at December 31, 2010, were as follows:

(in thousands)
                        
 
December 31, 2010
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
   $ 272,301     $ 2,968     $ 1,956     $ 273,313  
Obligations of states and political subdivisions
     10,815       281       52       11,044  
U.S. Government sponsored entities asset-backed securities
     990,204       30,633       9,425       1,011,412  
Other equity securities
     938       858       43       1,753  
Total
   $ 1,274,258     $ 34,740     $ 11,476     $ 1,297,522  
                                 
December 31, 2010
Securities Held-to-Maturity
  
Amortized cost
    
Gross
unrealized
holding gains
    
Gross
unrealized
holding losses
    
Estimated
fair value
  
Obligations of states and political subdivisions
   $ 3,167     $ 7     $ -     $ 3,174  
U.S. Government sponsored entities asset-backed securities
     670,403       17,157       4,620       682,940  
Total
   $ 673,570     $ 17,164     $ 4,620     $ 686,114  
 

Securities with unrealized losses at December 31, 2010, were as follows:

  (in thousands)
  
Less than 12 months
    
12 months or longer
    
Total
  
December 31, 2010
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 sponsored entities
   $ 74,379     $ 1,956     $ -     $ -     $ 74,379     $ 1,956  
Obligations of states and political   subdivisions
     1,459       52                       1,459       52  
U.S. Government sponsored entities asset-backed securities
     418,156       9,425       -       -       418,156       9,425  
Other equity securities
     74       29       221       14       295       43  
Total
   $ 494,068     $ 11,462     $ 221     $ 14     $ 494,289     $ 11,476  
                                                 
December 31, 2010
Securities Held-to-Maturity
                                                
U.S. Government sponsored entities asset-backed securities
   $ 297,584     $ 4,620     $ -     $ -     $ 297,584     $ 4,620  

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, 2011, 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
   $ 124,986     $ 126,762  
Due one through five years
     25,000       25,000  
Due five through ten years
     142,980       141,326  
Due over ten years
     24,335       23,395  
Total
   $ 317,301     $ 316,483  
                 
Obligations of states and political subdivisions:
          
Due within one year
   $ 7,674     $ 7,699  
Due one through five years
     1,303       1,389  
Total
   $ 8,977     $ 9,088  
                 
U.S. Government sponsored entities asset-backed securities:
                
Total
   $ 1,022,215     $ 1,035,605  
                 
(in thousands)
  
Amortized
cost
    
Fair value
  
Securities Held-to-Maturity
                
Obligations of state and political subdivisions:
          
Due within one year
   $ 2,867     $ 2,876  
Total
   $ 2,867     $ 2,876  
                 
U.S. Government sponsored entities asset-backed securities:
                
Total
   $ 611,197     $ 622,458  

All 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 8 to 12 years, but are shown in the table at their expected call date.