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Investment Securities | 9 Months Ended
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Sep. 30, 2011
Investment Securities [Abstract] |
Investment Securities | Note 7 Investment Securities Below is an analysis of the amortized cost and estimated fair values of securities available for sale at:
|  | September 30, 2011 |  |  | December 31, 2010 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
|  |  |  |  |  |  |  |  |  |  | (dollars in thousands) |  |  |  |  |  |  |  |  |  |
Obligations of U.S. Government Agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage Backed Securities – Residential |  | $ | 32,366 |  |  | $ | 4,152 |  |  | $ | 0 |  |  | $ | 36,518 |  |  | $ | 36,719 |  |  | $ | 3,874 |  |  | $ | 0 |  |  | $ | 40,593 |
Obligations of U.S. Government – Sponsored Enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage Backed Securities – Residential |  |  | 683,653 |  |  |  | 32,747 |  |  |  | (70 | ) |  |  | 716,330 |  |  |  | 618,454 |  |  |  | 26,513 |  |  |  | (2,986 | ) |  |  | 641,981 |
Mortgage Backed Securities – Commercial |  |  | 202 |  |  |  | 1 |  |  |  | (1 | ) |  |  | 202 |  |  |  | 233 |  |  |  | 1 |  |  |  | (1 | ) |  |  | 233 |
Other Government- Sponsored Enterprises |  |  | 242,811 |  |  |  | 967 |  |  |  | (206 | ) |  |  | 243,572 |  |  |  | 184,531 |  |  |  | 225 |  |  |  | (869 | ) |  |  | 183,887 |
Obligations of States and Political Subdivisions |  |  | 445 |  |  |  | 20 |  |  |  | 0 |  |  |  | 465 |  |  |  | 47,175 |  |  |  | 644 |  |  |  | 0 |  |  |  | 47,819 |
Corporate Securities |  |  | 11,818 |  |  |  | 248 |  |  |  | (699 | ) |  |  | 11,367 |  |  |  | 21,226 |  |  |  | 494 |  |  |  | (344 | ) |  |  | 21,376 |
Pooled Trust Preferred Collateralized Debt Obligations |  |  | 56,606 |  |  |  | 1 |  |  |  | (31,909 | ) |  |  | 24,698 |  |  |  | 58,780 |  |  |  | 16 |  |  |  | (32,444 | ) |  |  | 26,352 |
Total Debt Securities |  |  | 1,027,901 |  |  |  | 38,136 |  |  |  | (32,885 | ) |  |  | 1,033,152 |  |  |  | 967,118 |  |  |  | 31,767 |  |  |  | (36,644 | ) |  |  | 962,241 |
Equity Securities |  |  | 2,048 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,048 |  |  |  | 5,137 |  |  |  | 337 |  |  |  | 0 |  |  |  | 5,474 |
Total Securities Available for Sale |  | $ | 1,029,949 |  |  | $ | 38,136 |  |  | $ | (32,885 | ) |  | $ | 1,035,200 |  |  | $ | 972,255 |  |  | $ | 32,104 |  |  | $ | (36,644 | ) |  | $ | 967,715 |
The amortized cost and estimated fair value of debt securities available for sale at September 30, 2011, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or repay obligations with or without call or prepayment penalties.
|  | Amortized Cost |  |  | Estimated Fair Value |
|  | (dollars in thousands) |
Due within one year |  | $ | 4,805 |  |  | $ | 4,813 |
Due after one but within five years |  |  | 238,090 |  |  |  | 238,852 |
Due after five but within ten years |  |  | 361 |  |  |  | 372 |
Due after ten years |  |  | 68,424 |  |  |  | 36,065 |
|  |  | 311,680 |  |  |  | 280,102 |
Mortgage Backed Securities (a) |  |  | 716,221 |  |  |  | 753,050 |
Total Debt Securities |  | $ | 1,027,901 |  |  | $ | 1,033,152 |
(a) | Mortgage Backed Securities include an amortized cost of $32 million and a fair value of $37 million for Obligations of U.S. Government Agencies issued by Ginnie Mae. Obligations of U.S. Government-Sponsored Enterprises includes obligations issued by Fannie Mae and Freddie Mac which had an amortized cost of $684 million and a fair value of $716 million.
For the nine months ended September 30, 2011, the Company realized proceeds of $75.1 million from the sale of available for sale securities which included $2.4 million in gross gains and $0.2 million in gross losses. For the nine months ended September 30, 2010, the Company realized proceeds of $141.6 million from the sale of available for sale securities which included $3.2 million in gross gains and $0.8 million in gross losses. During the first quarter of 2011, $5.2 million in single issue trust preferred securities and $1.2 million in corporate debentures owned by a non-bank subsidiary of the Company were sold in order to reinvest the proceeds in more liquid assets for that subsidiary. The amounts sold represent the subsidiaries entire portfolio of these investments and resulted in a net gain of $0.3 million. During the first half of 2011, $3.0 million in single issue trust preferred securities held by another subsidiary were called, resulting in a gain of $0.1 million. Additionally, during 2011 the Company continued its strategy to liquidate its obligations of states and political subdivisions in order to mitigate future credit risk and improve its tax position. Investments in obligations of states and political subdivisions totaled $0.5 million and $47.8 million as of September 30, 2011 and December 31, 2010, respectively. This decline is a result of $3.6 million in maturities and $42.5 million in sales which provided $0.3 million in recognized gains. As of September 30, 2011, all of the remaining investments in obligations of states and political subdivisions were classified as available for sale and none were in an unrealized loss position. Securities available for sale with a fair value of $648 million and $660 million were pledged as of September 30, 2011 and December 31, 2010, respectively, to secure public deposits and for other purposes required or permitted by law. As of September 30, 2011 and December 31, 2010, there were no securities classified as held to maturity. For the nine months ended September 30, 2010, net securities gains included $50 thousand in gains and no losses for debt securities held to maturity.

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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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