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Investment Securities | 9 Months Ended
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Sep. 30, 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 and nine months ended September 30, 2011 and September 30, 2010, there were no investment securities deemed to be other-than-temporarily impaired. Investment securities at September 30, 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 |  | $ | 223,459 |  |  | $ | 1,358 |  |  | $ | - |  |  | $ | 224,817 |
Obligations of states and political subdivisions |  |  | 3,615 |  |  |  | 109 |  |  |  | - |  |  |  | 3,724 |
U.S. Government sponsored entities asset-backed securities |  |  | 544,648 |  |  |  | 22,100 |  |  |  | - |  |  |  | 566,748 |
Other equity securities |  |  | 1,188 |  |  |  | 717 |  |  |  | 31 |  |  |  | 1,874 |
Total |  | $ | 772,910 |  |  | $ | 24,284 |  |  | $ | 31 |  |  | $ | 797,163 |
Securities Held-to-Maturity |  | Amortized Cost |  |  | Gross Unrealized Holding Gains |  |  | Gross Unrealized Holding Losses |  |  | Estimated Fair Value |
Obligations of states and political subdivisions |  | $ | 1,992 |  |  | $ | 7 |  |  | $ | - |  |  | $ | 1,999 |
U.S. Government sponsored entities asset-backed securities |  |  | 841,584 |  |  |  | 17,971 |  |  |  | 185 |  |  |  | 859,370 |
Total |  | $ | 843,576 |  |  | $ | 17,978 |  |  | $ | 185 |  |  | $ | 861,369 |
Management does not believe any of the unrealized losses at September 30, 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 September 30, 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 |  |  | $ | 31 |  |  | $ | 80 |  |  | $ | 31 |
Securities Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government sponsored entities asset-backed securities |  | $ | 107,352 |  |  | $ | 185 |  |  | $ | - |  |  | $ | - |  |  | $ | 107,352 |  |  | $ | 185 |
Investment securities at December 31, 2010, 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 |  | $ | 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 |
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 |
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 |
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 September 30, 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 |  | $ | 223,459 |  |  | $ | 224,817 |
Total |  | $ | 223,459 |  |  | $ | 224,817 |
Obligations of states and political subdivisions: |  |  |  |  |  |  |  |
Due within one year |  | $ | 2,315 |  |  | $ | 2,327 |
Due one through five years |  |  | 1,300 |  |  |  | 1,397 |
|  | $ | 3,615 |  |  | $ | 3,724 |
U.S. Government sponsored entities asset-backed securities: |  |  |  |  |  |  |  |
Total |  | $ | 544,648 |  |  | $ | 566,748 |
(in thousands) |  | Amortized cost |  |  | Fair value |
Securities Held-to-Maturity |  |  |  |  |  |
Obligations of state and political subdivisions: |  |  |  |
Due within one year |  | $ | 1,992 |  |  | $ | 1,999 |
Total |  | $ | 1,992 |  |  | $ | 1,999 |
U.S. Government sponsored entities asset-backed securities: |  |  |  |  |  |  |  |
Total |  | $ | 841,584 |  |  | $ | 859,370 |
Approximately $193 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 7 to 11 years, but are shown in the table at their expected call date. The remaining $30 million of securities in this category are U.S. Government sponsored entities discount notes that mature within 30 days.

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- Definition Tabular disclosure of 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 Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 -Topic 320 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 -Topic 320 Reference 6: 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 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563 + Details
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