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Securities Available for Sale (Tables)
 12 Months Ended
Dec. 31, 2012
Analysis of Amortized Cost and Estimated Fair Values of Securities Available for Sale

Below is an analysis of the amortized cost and fair values of securities available for sale at December 31:

 

    2012     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

   $ 27,883      $ 3,781      $ 0      $ 31,664      $ 32,139      $ 4,061      $ (6 )    $ 36,194   

Obligations of U.S. Government-Sponsored Enterprises:

                

Mortgage-Backed Securities—Residential

     839,102        25,691        (392 )      864,401        771,196        29,835        0        801,031   

Mortgage-Backed Securities—Commercial

     148        1        0        149        193        1        (1 )      193   

Other Government—Sponsored Enterprises

     241,970        766        (72 )      242,664        267,807        973        (132 )      268,648   

Obligations of States and Political Subdivisions

     82        4        0        86        444        15        0        459   

Corporate Securities

     6,703        288        0        6,991        11,811        162        (562 )      11,411   

Pooled Trust Preferred Collateralized Debt Obligations

     51,866        3        (28,496 )      23,373        54,762        3        (31,785 )      22,980   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Debt Securities

     1,167,754        30,534        (28,960 )      1,169,328        1,138,352        35,050        (32,486 )      1,140,916   

Equities

     1,859        116        0        1,975        1,860        0        0        1,860   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Securities Available for Sale

   $ 1,169,613      $ 30,650      $ (28,960 )    $ 1,171,303      $ 1,140,212      $ 35,050      $ (32,486 )    $ 1,142,776   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Amortized Cost and Estimated Fair Value of Debt Securities Available for Sale

The amortized cost and fair value of debt securities at December 31, 2012, by contractual maturity, are shown below:

 

     Amortized
Cost		      Estimated
Fair Value		  
     (dollars in thousands)  

Due within 1 year

    $ 0       $ 0   

Due after 1 but within 5 years

      242,052         242,750   

Due after 5 but within 10 years

      0         0   

Due after 10 years

      58,569         30,364   
  

 

 

     

 

 

  
     300,621         273,114   

Mortgage-Backed Securities (a)

      867,133         896,214   
  

 

 

     

 

 

  

Total debt securities

    $ 1,167,754       $ 1,169,328   
  

 

 

     

 

 

  

 

(a) Mortgage Backed Securities include an amortized cost of $28 million and a fair value of $32 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 $839 million and a fair value of $864 million.
Proceeds from Sale, Gross Gains (Losses) Realized on Sales, Maturities and Other-Than-Temporary Impairment Charges Related to Securities Available for Sale

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 years ended December 31:

 

     2012      2011     2010  
     (dollars in thousands)  

Proceeds from sale

    $ 0       $ 76,914      $ 143,503   
  

 

 

     

 

 

    

 

 

  

Gross gains (losses) realized:

        

Sales Transactions:

        

Gross gains

    $ 0       $ 2,368      $ 2,892   

Gross losses

      0         (258 )      (790 ) 
  

 

 

     

 

 

    

 

 

  
     0         2,110        2,102   

Maturities, calls and impairment:

        

Gross gains

      192         75        270   

Gross losses

      0         0        0   

Other-than-temporary impairment

      0         0        (9,193 ) 
  

 

 

     

 

 

    

 

 

  
     192         75        (8,923 ) 
  

 

 

     

 

 

    

 

 

  

Net gains (losses) and impairment

    $ 192       $ 2,185      $ (6,821 )