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Investment Securities | 3 Months Ended
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Mar. 31, 2012
Investment Securities [Abstract] |
Investment Securities | Note 11 – 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, 2012 and 2011, there were no investment securities deemed to be other-than-temporarily impaired. Investment securities at March 31, 2012, 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 | $ 599,125 | $ 478 | $ 2,128 | $ 597,475
Obligations of states and political subdivisions | 2,616 | 39 | - | 2,655
U.S. Government sponsored entities asset-backed securities | 388,444 | 16,734 | - | 405,178
Other equity securities | 1,188 | 1,014 | 29 | 2,173
Total | $ 991,373 | $ 18,265 | $ 2,157 | $ 1,007,481
Securities Held-to-Maturity | Amortized Cost | Gross Unrecognized Holding Gains | Gross Unrecognized Holding Losses | Estimated Fair Value
Obligations of states and political subdivisions | $ 1,427 | $ 3 | $ - | $ 1,430
U.S. Government sponsored entities asset-backed securities | 780,823 | 13,102 | 280 | 793,645
Total | $ 782,250 | $ 13,105 | $ 280 | $ 795,075
Management does not believe any of the unrealized losses at March 31, 2012 or December 31, 2011 represent 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, 2012, 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 agencies | $ 347,872 | $ 2,128 | $ - | $ - | $347,872 | $ 2,128
Other equity securities | - | - | 74 | 29 | 74 | 29
Total | $347,872 | $ 2,128 | $ 74 | $ 29 | $347,946 | $ 2,157
Securities Held-to-Maturity |  |  |  |  |  |
U.S. Government sponsored entities asset-backed securities | $ 62,420 | $ 280 | $ - | $ - | $62,420 | $ 280
# # Investment securities at December 31, 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 | $370,043 | $1,614 | $- | $371,657
Obligations of states and political subdivisions | 2,616 | 44 | - | 2,660
U.S. Government sponsored entities asset-backed securities | 427,300 | 16,995 | - | 444,295
Other equity securities | 1,188 | 877 | 32 | 2,033
Total | $801,147 | $19,530 | $32 | $820,645
Securities Held-to-Maturity | Amortized cost | Gross unrecognized holding gains | Gross unrecognized holding losses | Estimated fair value
Obligations of states and political subdivisions | $1,992 | $5 | $- | $1,997
U.S. Government sponsored entities asset-backed securities | 818,232 | 14,377 | 32 | 832,577
Total | $820,224 | $14,382 | $32 | $834,574
Securities with unrealized losses at December 31, 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 | $32 | $80 | $32
Securities Held-to-Maturity |  |  |  |  |  |
U.S. Government sponsored entities asset-backed securities | $- | $- | $38,775 | $32 | $38,775 | $32
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, 2012, 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 | $ 249,125 | $ 249,604
Due one through five years | 275,000 | 273,532
Due five through ten years | 75,000 | 74,339
Total | $ 599,125 | $ 597,475
Obligations of states and political subdivisions: |
Due within one year | $ 2,121 | $ 2,130
Due one through five years | 495 | 525
| $ 2,616 | $ 2,655
U.S. Government sponsored entities asset-backed securities: |
Total | $ 388,444 | $ 405,178
(in thousands) | Amortized cost | Fair value
Securities Held-to-Maturity |  |
Obligations of state and political subdivisions: |
Due within one year | $ 1,427 | $ 1,430
Total | $ 1,427 | $ 1,430
U.S. Government sponsored entities asset-backed securities: |
Total | $ 780,823 | $ 793,645
The $599.1 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 9 to 15 years, but are shown in the table at their expected call date.

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