XML 21 R14.htm IDEA: XBRL DOCUMENT v2.3.0.15
Investment Securities
9 Months Ended
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.