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INVESTMENT SECURITIES | 9 Months Ended
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Sep. 30, 2013
INVESTMENT SECURITIES |
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) |
September 30, 2013 |  |  |  |  |  |  |  |  |
Available for Sale |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |
U.S. Government sponsored entities |  | $ | 127,124 |  | $ | 1,268 |  | $ | — |  | $ | 128,392 |
States and political subdivisions |  | 190,715 |  | 383 |  | (11,074 | ) | 180,024 |
Corporations |  | 140,119 |  | 1,586 |  | (1,702 | ) | 140,003 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
U.S. Government sponsored entities |  | 974,008 |  | 11,221 |  | (11,884 | ) | 973,345 |
Non-agency collateralized mortgage obligations |  | 83,449 |  | 273 |  | (4,376 | ) | 79,346 |
Other |  | 742 |  | 96 |  | — |  | 838 |
Total |  | $ | 1,516,157 |  | $ | 14,827 |  | $ | (29,036 | ) | $ | 1,501,948 |
Held to Maturity |  |  |  |  |  |  |  |  |
Mortgage-backed securities - U.S. Government sponsored entities |  | $ | 255,663 |  | $ | 19 |  | $ | (10,163 | ) | $ | 245,519 |
December 31, 2012 |  |  |  |  |  |  |  |  |
Available for Sale |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |
U.S. Government sponsored entities |  | $ | 278,198 |  | $ | 2,741 |  | $ | — |  | $ | 280,939 |
States and political subdivisions |  | 184,274 |  | 2,831 |  | (1,194 | ) | 185,911 |
Corporations |  | 125,649 |  | 2,360 |  | (63 | ) | 127,946 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
U.S. Government sponsored entities |  | 925,018 |  | 17,548 |  | (1,523 | ) | 941,043 |
Other |  | 866 |  | 40 |  | — |  | 906 |
Total |  | $ | 1,514,005 |  | $ | 25,520 |  | $ | (2,780 | ) | $ | 1,536,745 |
Held to Maturity |  |  |  |  |  |  |  |  |
Mortgage-backed securities - U.S. Government sponsored entities |  | $ | 161,848 |  | $ | 695 |  | $ | (15 | ) | $ | 162,528 |
The amortized cost and estimated fair value of investment securities at September 30, 2013 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.
|  | September 30, 2013 |
|  | Amortized Cost |  | Estimated Fair Value |
|  | (Dollars in thousands) |
Available for Sale |  |  |  |  |
Due in one year or less |  | $ | 70,174 |  | $ | 70,587 |
Due after one year through five years |  | 136,515 |  | 138,509 |
Due after five years through ten years |  | 119,674 |  | 116,767 |
Due after ten years |  | 131,595 |  | 122,556 |
Mortage-backed securities |  | 1,057,457 |  | 1,052,691 |
Other |  | 742 |  | 838 |
Total |  | $ | 1,516,157 |  | $ | 1,501,948 |
Held to Maturity |  |  |  |  |
Mortage-backed securities |  | $ | 255,663 |  | $ | 245,519 |
We did not sell any available for sale securities during the first nine months of 2013. During the three and nine months ended September 30, 2012, we sold certain available for sale investment securities for gross proceeds of $127.4 million and $130.1 million, respectively. Gross realized gains and losses on the sales of the available for sale investment securities were $1.7 million and $0.9 million, respectively, during the three and nine months ended September 30, 2012. The specific identification method was also used as the basis for determining the cost of all securities sold. Investment securities of $901.3 million and $905.5 million at September 30, 2013 and December 31, 2012, 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 280 and 118 investment securities which were in an unrealized loss position at September 30, 2013 and December 31, 2012, respectively.
|  | Less than 12 months |  | 12 months or longer |  | Total |
|  |  |  | Unrealized |  |  |  | Unrealized |  |  |  | Unrealized |
Description of Securities |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses |
|  | (Dollars in thousands) |
At September 30, 2013: |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 171,260 |  | $ | (11,074 | ) | $ | — |  | $ | — |  | $ | 171,260 |  | $ | (11,074 | )
Corporations |  | 68,445 |  | (1,702 | ) | — |  | — |  | 68,445 |  | (1,702 | )
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government sponsored entities |  | 697,996 |  | (22,047 | ) | — |  | — |  | 697,996 |  | (22,047 | )
Non-agency collateralized mortgage obligations |  | 59,187 |  | (4,376 | ) | — |  | — |  | 59,187 |  | (4,376 | )
Total temporarily impaired securities |  | $ | 996,888 |  | $ | (39,199 | ) | $ | — |  | $ | — |  | $ | 996,888 |  | $ | (39,199 | )
At December 31, 2012: |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 73,128 |  | $ | (1,194 | ) | $ | — |  | $ | — |  | $ | 73,128 |  | $ | (1,194 | )
Corporations |  | 23,205 |  | (63 | ) | — |  | — |  | 23,205 |  | (63 | )
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government sponsored entities |  | 206,981 |  | (1,538 | ) | — |  | — |  | 206,981 |  | (1,538 | )
Total temporarily impaired securities |  | $ | 303,314 |  | $ | (2,795 | ) | $ | — |  | $ | — |  | $ | 303,314 |  | $ | (2,795 | )
Other-Than-Temporary Impairment (“OTTI”) Unrealized losses for all investment securities are reviewed to determine whether the losses are deemed “other-than-temporary.” 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, and not due to the credit quality of the investment securities. 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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