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INVESTMENT SECURITIES | 3 Months Ended
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Mar. 31, 2012
INVESTMENT SECURITIES [Abstract] |
INVESTMENT SECURITIES | 4. INVESTMENT SECURITIES A summary of available for sale and held to maturity investment securities are as follows:
|  |  |  | Gross |  |  | Gross |  |  | Estimated
| Amortized |  |  | unrealized |  |  | unrealized |  |  | fair
| cost |  |  | gains |  |  | losses |  |  | value
| (Dollars in thousands)
March 31, 2012 |  |  |  |  |  |  |  |  |  |
Available for Sale |  |  |  |  |  |  |  |  |  |
U.S. Government sponsored entities debt securities | $ | 369,660 |  |  | $ | 2,730 |  |  | $ | - |  |  | $ | 372,390
States and political subdivisions debt securities |  | 39,382 |  |  |  | 1,083 |  |  |  | (257 | ) |  |  | 40,208
U.S. Government sponsored entities mortgage-backed securities |  | 1,201,277 |  |  |  | 18,370 |  |  |  | (1,813 | ) |  |  | 1,217,834
Corporate securities |  | 14,257 |  |  |  | 408 |  |  |  | (22 | ) |  |  | 14,643
Other |  | 845 |  |  |  | 32 |  |  |  | - |  |  |  | 877
Total | $ | 1,625,421 |  |  | $ | 22,623 |  |  | $ | (2,092 | ) |  | $ | 1,645,952
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government sponsored entities mortgage-backed securities | $ | 704 |  |  | $ | 14 |  |  | $ | - |  |  | $ | 718
December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government sponsored entities debt securities | $ | 370,184 |  |  | $ | 2,993 |  |  | $ | - |  |  | $ | 373,177
States and political subdivisions debt securities |  | 12,265 |  |  |  | 729 |  |  |  | - |  |  |  | 12,994
U.S. Government sponsored entities mortgage-backed securities |  | 1,077,146 |  |  |  | 20,981 |  |  |  | (825 | ) |  |  | 1,097,302
Corporate securities |  | 8,403 |  |  |  | 148 |  |  |  | - |  |  |  | 8,551
Other |  | 985 |  |  |  | - |  |  |  | (15 | ) |  |  | 970
Total | $ | 1,468,983 |  |  | $ | 24,851 |  |  | $ | (840 | ) |  | $ | 1,492,994
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government sponsored entities mortgage-backed securities | $ | 931 |  |  | $ | 45 |  |  | $ | - |  |  | $ | 976
The amortized cost and estimated fair value of investment securities 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 prepay obligations with or without call or prepayment penalties.
|  | March 31, 2012
|  | Amortized Cost |  |  | Estimated Fair Value
|  | (Dollars in thousands)
Available for Sale |  |  |  |  |
Due in one year or less |  | $ | 145,091 |  |  | $ | 145,668
Due after one year through five years |  |  | 226,590 |  |  |  | 229,511
Due after five years through ten years |  |  | 20,555 |  |  |  | 20,920
Due after ten years |  |  | 31,063 |  |  |  | 31,142
Mortage-backed securities |  |  | 1,201,277 |  |  |  | 1,217,834
Other |  |  | 845 |  |  |  | 877
Total |  | $ | 1,625,421 |  |  | $ | 1,645,952
Held to Maturity |  |  |  |  |  |  |
Mortage-backed securities |  | $ | 704 |  |  | $ | 718
We did not sell any available for sale securities during the first quarter of 2012 and 2011. Investment securities of $887.8 million and $938.0 million at March 31, 2012 and December 31, 2011, respectively, were pledged to secure public funds on deposit, securities sold under agreements to repurchase and other long-term and short-term borrowings. None of these securities were pledged to a secured party that has the right to sell or repledge the collateral as of the same periods. Provided below is a summary of the 19 and nine investment securities which were in an unrealized loss position at March 31, 2012 and December 31, 2011, respectively.
| Less than 12 months |  |  | 12 months or longer |  |  | Total |
| Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
Description of Securities | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
| (Dollars in thousands) |
At March 31, 2012: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions debt securities | $ | 18,639 |  |  | $ | (257 | ) |  | $ | - |  |  | $ | - |  |  | $ | 18,639 |  |  | $ | (257 | )
U.S. Government sponsored entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed securities |  | 241,612 |  |  |  | (1,813 | ) |  |  | - |  |  |  | - |  |  |  | 241,612 |  |  |  | (1,813 | )
Corporate securities |  | 1,810 |  |  |  | (22 | ) |  |  | - |  |  |  | - |  |  |  | 1,810 |  |  |  | (22 | )
Total temporarily impaired securities | $ | 262,061 |  |  | $ | (2,092 | ) |  | $ | - |  |  | $ | - |  |  | $ | 262,061 |  |  | $ | (2,092 | )
At December 31, 2011: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government sponsored entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed securities | $ | 144,520 |  |  | $ | (825 | ) |  | $ | - |  |  | $ | - |  |  | $ | 144,520 |  |  | $ | (825 | )
Other |  | 970 |  |  |  | (15 | ) |  |  | - |  |  |  | - |  |  |  | 970 |  |  |  | (15 | )
Total temporarily impaired securities | $ | 145,490 |  |  | $ | (840 | ) |  | $ | - |  |  | $ | - |  |  | $ | 145,490 |  |  | $ | (840 | )
Unrealized losses for all investment securities are reviewed to determine whether the losses are deemed "other-than-temporary impairment" ("OTTI"). Investment securities are evaluated for OTTI on at least a quarterly basis and more frequently when economic or market conditions warrant such an evaluation to determine whether a decline in their value below amortized cost is other-than-temporary. In conducting this assessment, we evaluate a number of factors including, but not limited to:
· | The length of time and the extent to which fair value has been less than the amortized cost basis;
· | Adverse conditions specifically related to the security, an industry, or a geographic area;
· | The historical and implied volatility of the fair value of the security;
· | The payment structure of the debt security and the likelihood of the issuer being able to make payments;
· | Failure of the issuer to make scheduled interest or principal payments;
· | Any rating changes by a rating agency; and
· | Recoveries or additional decline in fair value subsequent to the balance sheet date.
The term "other-than-temporary" is not intended to indicate that the decline is permanent, but indicates that the prospects for a near-term recovery of value are not necessarily favorable, or that there is a general lack of evidence to support a realizable value equal to or greater than the carrying value of the investment. Once a decline in value is determined to be other-than-temporary, the value of the security is reduced and a corresponding charge to earnings is recognized for anticipated credit losses. The declines in market value were primarily attributable to changes in interest rates and disruptions in the credit and financial markets. Because we have no intent to sell securities in an unrealized loss position and it is not more likely than not that we will be required to sell such securities before recovery of its amortized cost basis, we do not consider these investments to be other-than-temporarily impaired.

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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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