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Investment Securities | 3 Months Ended
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Mar. 31, 2012
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:
|  | March 31, 2012 |  |  | December 31, 2011 |
|  | 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 |  | $ | 31,994 |  |  | $ | 4,026 |  |  | $ | (12 | ) |  | $ | 36,008 |  |  | $ | 32,139 |  |  | $ | 4,061 |  |  | $ | (6 | ) |  | $ | 36,194 |
Obligations of U.S. Government – Sponsored Enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-Backed Securities – Residential |  |  | 834,125 |  |  |  | 29,678 |  |  |  | (319 | ) |  |  | 863,484 |  |  |  | 771,196 |  |  |  | 29,835 |  |  |  | 0 |  |  |  | 801,031 |
Mortgage-Backed Securities – Commercial |  |  | 185 |  |  |  | 1 |  |  |  | 0 |  |  |  | 186 |  |  |  | 193 |  |  |  | 1 |  |  |  | (1 | ) |  |  | 193 |
Other Government – Sponsored Enterprises |  |  | 267,904 |  |  |  | 732 |  |  |  | (110 | ) |  |  | 268,526 |  |  |  | 267,807 |  |  |  | 973 |  |  |  | (132 | ) |  |  | 268,648 |
Obligations of States and Political Subdivisions |  |  | 443 |  |  |  | 11 |  |  |  | 0 |  |  |  | 454 |  |  |  | 444 |  |  |  | 15 |  |  |  | 0 |  |  |  | 459 |
Corporate Securities |  |  | 11,803 |  |  |  | 174 |  |  |  | (60 | ) |  |  | 11,917 |  |  |  | 11,811 |  |  |  | 162 |  |  |  | (562 | ) |  |  | 11,411 |
Pooled Trust Preferred Collateralized Debt Obligations |  |  | 54,471 |  |  |  | 112 |  |  |  | (30,075 | ) |  |  | 24,508 |  |  |  | 54,762 |  |  |  | 3 |  |  |  | (31,785 | ) |  |  | 22,980 |
Total Debt Securities |  |  | 1,200,925 |  |  |  | 34,734 |  |  |  | (30,576 | ) |  |  | 1,205,083 |  |  |  | 1,138,352 |  |  |  | 35,050 |  |  |  | (32,486 | ) |  |  | 1,140,916 |
Equities |  |  | 1,860 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,860 |  |  |  | 1,860 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,860 |
Total Securities Available for Sale |  | $ | 1,202,785 |  |  | $ | 34,734 |  |  | $ | (30,576 | ) |  | $ | 1,206,943 |  |  | $ | 1,140,212 |  |  | $ | 35,050 |  |  | $ | (32,486 | ) |  | $ | 1,142,776 |
The amortized cost and estimated fair value of debt securities available for sale at March 31, 2012, 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 1 year |  | $ | 7,364 |  |  | $ | 7,384 |
Due after 1 but within 5 years |  |  | 260,983 |  |  |  | 261,596 |
Due after 5 but within 10 years |  |  | 0 |  |  |  | 0 |
Due after 10 years |  |  | 66,274 |  |  |  | 36,425 |
|  |  | 334,621 |  |  |  | 305,405 |
Mortgage-Backed Securities (a) |  |  | 866,304 |  |  |  | 899,678 |
Total Debt Securities |  | $ | 1,200,925 |  |  | $ | 1,205,083 |
(a) | Mortgage Backed Securities include an amortized cost of $32.0 million and a fair value of $36.0 million for Obligations of U.S. Government agencies issued by Ginnie Mae and Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac which had an amortized cost of $834.3 million and a fair value of $863.7 million.
Proceeds from sale, gross gains (losses) realized on sales, maturities and other-than-temporary impairment charges related to securities available for sale were as follows for the three-months ended March 31:
|  | 2012 |  |  | 2011 |
|  | (dollars in thousands) |
Proceeds from sale |  | $ | 0 |  |  | $ | 54,965 |
Gross gains (losses) realized: |  |  |  |  |  |  |  |
Sales Transactions: |  |  |  |  |  |  |  |
Gross gains |  | $ | 0 |  |  | $ | 832 |
Gross losses |  |  | 0 |  |  |  | (258 | )
|  |  | 0 |  |  |  | 574 |
Maturities and impairment |  |  |  |  |  |  |  |
Gross gains |  |  | 0 |  |  |  | 3 |
Gross losses |  |  | 0 |  |  |  | 0 |
Other-than-temporary impairment |  |  | 0 |  |  |  | 0 |
|  |  | 0 |  |  |  | 3 |
Net gains and impairment |  | $ | 0 |  |  | $ | 577 |
Securities available for sale with a fair value of $647.6 million and $668.8 million were pledged as of March 31, 2012 and December 31, 2011, respectively, to secure public deposits and for other purposes required or permitted by law. There were no held-to-maturity debt securities as of March 31, 2012 and December 31, 2011. For the three months ended March 31, 2012 and 2011, there were no gains or 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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