Securities (Tables)

3 Months Ended

Mar. 31, 2013

Amortized Cost and Estimated Fair Value of Securities Classified as Available for Sale and Held to Maturity

The amortized cost and estimated fair value of securities classified as available for sale and held to maturity at March 31, 2013 and December 31, 2012 are as follows:


	March 31, 2013

	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Fair Value

Securities Available for Sale:
Securities of U.S. Government agencies and corporations	$ 9,134,849	$ 94,195	$ (833)	$ 9,228,211
Mortgage-backed and related securities (1)	11,772,896	364,009	(2)	12,136,903
State and municipal securities	6,241,371	345,976	(13,596)	6,573,751

	$ 27,149,116	$ 804,180	$ (14,431)	$ 27,938,865


	December 31, 2012

	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Fair Value

Securities Available for Sale:
Securities of U.S. Government agencies and corporations	$ 13,233,968	$ 117,177	$ -	$ 13,351,145
Mortgage-backed and related securities (1)	12,605,316	371,395	(6 )	12,976,705
State and municipal securities	5,436,337	394,395	(8,474 )	5,822,258

	$ 31,275,621	$ 882,967	$ (8,480 )	$ 32,150,108

(1) Collateralized by residential mortgages and guaranteed by U.S. Government sponsored entities.

Amortized Cost and Estimated Market Value of Securities, by Contractual Maturity

The amortized cost and estimated market value of securities at March 31, 2013, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	March 31, 2013

	Securities Available for Sale

	Amortized		Fair
	Cost		Value

Due in one year or less	$ 3,662,442	$ 3,688,812
Due after one year through five years	5,434,865	5,526,705
Due five years to ten years	3,158,374	3,279,623
Due after ten years	3,120,539	3,306,822
Mortgage-backed securities	11,772,896	12,136,903

Total	$ 27,149,116	$ 27,938,865

Summary of Securities with Gross Unrealized Losses, Aggregated by Investment Category

Securities with gross unrealized losses at March 31, 2013 and December 31, 2012, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are as follows:


	March 31, 2013

	Less than 12 Months		12 Months or Greater		Total

	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses	Fair Value			Gross Unrealized Losses

	(dollars in thousands)
Securities Available for Sale:
Securities of U.S. Government agencies and corporations	$ 1,000	$ (1)	$ -	$ -		$ 1,000	$ (1)
State and municipal securities	443	(14)	-	-		443	(14)
Mortgage-backed and related securities	1	-	-	-		1	-

	$ 1,444	$ (15)	$ -	$ -		$ 1,444	$ (15)


	December 31, 2012

	Less than 12 Months		12 Months or Greater			Total

	Fair Value	Gross Unrealized Losses		Fair Value	Gross Unrealized Losses		Fair Value	Gross Unrealized Losses

	(dollars in thousands)
Securities Available for Sale:
State and municipal securities	436	$ (8 )		$ -	$ -		$ 436	$ (8 )
Mortgage-backed and related securities	1	-		-	-		1	-

	$ 437	$ (8 )		$ 0	$ -		$ 437	$ (8 )