Securities Available for Sale and Held to Maturity (Tables)

3 Months Ended

Mar. 31, 2012

Securities Available for Sale and Held to Maturity [Abstract]

Amortized cost and estimated fair value of available for sale and held to maturity securities

The following table is a summary of the amortized cost and estimated fair value of securities available for sale and held to maturity ($ in thousands):

	Securities Available for Sale									Securities Held to Maturity
			Gross		Gross			Estimated				Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair		Amortized		Unrealized		Unrealized			Fair
March 31, 2012	Cost		Gains		(Losses)			Value		Cost		Gains		(Losses)			Value
U.S. Government agency obligations
Issued by U.S. Government agencies	$	31	$	-	$	-		$	31	$	-	$	-	$	-		$	-
Issued by U.S. Government sponsored agencies		102,489		140		(688	)		101,941		-		-		-			-
Obligations of states and political subdivisions		197,312		11,079		(157	)		208,234		40,393		4,133		(2	)		44,524
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA		19,108		956		-			20,064		4,089		295		-			4,384
Issued by FNMA and FHLMC		279,597		6,595		(23	)		286,169		586		29		-			615
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		1,576,899		43,021		-			1,619,920		4,743		83		-			4,826
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		321,687		10,013		(1,382	)		330,318		2,199		165		-			2,364
Asset-backed securities / structured financial products		23,670		23		-			23,693		-		-		-			-
Corporate debt securities		5,292		30		(28	)		5,294		-		-		-			-
Total	$	2,526,085	$	71,857	$	(2,278	)	$	2,595,664	$	52,010	$	4,705	$	(2	)	$	56,713

December 31, 2011
U.S. Government agency obligations
Issued by U.S. Government agencies	$	3	$	-	$	-		$	3	$	-	$	-	$	-		$	-
Issued by U.S. Government sponsored agencies		64,573		229		-			64,802		-		-		-			-
Obligations of states and political subdivisions		190,868		11,971		(12	)		202,827		42,619		4,131		(2	)		46,748
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA		11,500		945		-			12,445		4,538		336		-			4,874
Issued by FNMA and FHLMC		340,839		7,093		-			347,932		588		28		-			616
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		1,570,782		44,183		-			1,614,965		7,749		133		(1	)		7,881
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		216,698		9,497		(176	)		226,019		2,211		185		-			2,396
Total	$	2,395,263	$	73,918	$	(188	)	$	2,468,993	$	57,705	$	4,813	$	(3	)	$	62,515

Securities with gross unrealized losses, segregated by length of impairment

The table below includes securities with gross unrealized losses segregated by length of impairment ($ in thousands):

	Less than 12 Months					12 Months or More					Total
			Gross					Gross					Gross
	Estimated		Unrealized			Estimated		Unrealized			Estimated		Unrealized
March 31, 2012	Fair Value		(Losses)			Fair Value		(Losses)			Fair Value		(Losses)
U.S. Government agency obligations
Issued by U.S. Government sponsored agencies	$	71,545	$	(688	)	$	-	$	-		$	71,545	$	(688	)
Obligations of states and political subdivisions		10,871		(158	)		203		(1	)		11,074		(159	)
Mortgage-backed securities
Residential mortgage pass-through securities
Issued by FNMA and FHLMC		1,916		(23	)		-		-			1,916		(23	)
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		118,848		(1,382	)		-		-			118,848		(1,382	)
Corporate debt securities		2,491		(28	)		-		-			2,491		(28	)
Total	$	205,671	$	(2,279	)	$	203	$	(1	)	$	205,874	$	(2,280	)
December 31, 2011
Obligations of states and political subdivisions	$	3,368	$	(12	)	$	202	$	(2	)	$	3,570	$	(14	)
Mortgage-backed securities
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		1,069		(1	)		-		-			1,069		(1	)
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		46,890		(176	)		-		-			46,890		(176	)
Total	$	51,327	$	(189	)	$	202	$	(2	)	$	51,529	$	(191	)

Gains and losses as a result of calls and disposition of securities

Gains and losses as a result of calls and dispositions of securities were as follows ($ in thousands):

	Three Months Ended March 31,
Available for Sale	2012		2011
Proceeds from calls and sales of securities	$	-	$	-
Gross realized gains		1,050		-
Held to Maturity
Proceeds from calls of securities	$	-	$	1,290
Gross realized gains		-		7

Contractual maturities of available for sale and held to maturity securities

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Securities				Securities
	Available for Sale				Held to Maturity
			Estimated				Estimated
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
Due in one year or less	$	10,880	$	10,941	$	2,942	$	2,969
Due after one year through five years		63,795		66,501		17,725		19,290
Due after five years through ten years		216,903		224,063		18,230		20,679
Due after ten years		37,216		37,688		1,496		1,586
		328,794		339,193		40,393		44,524
Mortgage-backed securities		2,197,291		2,256,471		11,617		12,189
Total	$	2,526,085	$	2,595,664	$	52,010	$	56,713