Securities Available for Sale and Held to Maturity (Tables)

9 Months Ended

Sep. 30, 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
September 30, 2012	Cost		Gains		(Losses)			Value		Cost		Gains		(Losses)			Value
U.S. Government agency obligations
Issued by U.S. Government agencies	$	18	$	-	$	-		$	18	$	-	$	-	$	-		$	-
Issued by U.S. Government sponsored agencies		60,290		381		-			60,671		-		-		-			-
Obligations of states and political subdivisions		202,133		13,772		(5	)		215,900		37,669		4,226		(3	)		41,892
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA		20,306		1,046		-			21,352		3,435		257		-			3,692
Issued by FNMA and FHLMC		229,195		8,691		-			237,886		580		48		-			628
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		1,535,208		30,101		(19	)		1,565,290		1,624		8		-			1,632
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		361,843		19,528		(164	)		381,207		2,176		252		-			2,428
Asset-backed securities / structured financial products		239,793		2,352		(23	)		242,122		-		-		-			-
Total	$	2,648,786	$	75,871	$	(211	)	$	2,724,446	$	45,484	$	4,791	$	(3	)	$	50,272

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
September 30, 2012	Fair Value		(Losses)			Fair Value		(Losses)			Fair Value		(Losses)
Obligations of states and political subdivisions	$	1,886	$	(5	)	$	957	$	(3	)	$	2,843	$	(8	)
Mortgage-backed securities
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		19,971		(19	)		-		-			19,971		(19	)
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		16,404		(164	)		-		-			16,404		(164	)
Asset-backed securities / structured financial products		6,598		(23	)		-		-			6,598		(23	)
Total	$	44,859	$	(211	)	$	957	$	(3	)	$	45,816	$	(214	)

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 September 30,					Nine Months Ended September 30,
Available for Sale	2012			2011		2012		2011
Proceeds from calls and sales of securities	$	2,710		$	1,175	$	37,536	$	24,171
Gross realized (losses) gains		(1	)		5		1,038		57
Held to Maturity
Proceeds from calls of securities	$	-		$	2,355	$	175	$	3,645
Gross realized gains		-			28		3		34

Contractual maturities of available for sale and held to maturity securities

The amortized cost and estimated fair value of securities available for sale and held to maturity at September 30, 2012, by contractual maturity, are shown below ($ in thousands).  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	$	12,642	$	12,717	$	2,002	$	2,022
Due after one year through five years		74,924		78,933		17,347		18,878
Due after five years through ten years		381,607		393,544		17,566		20,188
Due after ten years		33,061		33,517		754		804
		502,234		518,711		37,669		41,892
Mortgage-backed securities		2,146,552		2,205,735		7,815		8,380
Total	$	2,648,786	$	2,724,446	$	45,484	$	50,272