Securities (Tables)

12 Months Ended

Dec. 31, 2012

Year End Securities Held To Maturity And Available For Sale

Year-end securities held to maturity and available for sale consisted of the following: 

	2012								2011
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Held to Maturity:
U.S. Treasury	$	248,188	$	29,859	$	-	$	278,047	$	247,797	$	31,715	$	-	$	279,512
Residential mortgage-backed securities		10,725		300		-		11,025		11,874		153		-		12,027
States and political subdivisions		2,696,468		15,397		4,993		2,706,872		105,325		6,597		-		111,922
Other		1,000		-		-		1,000		1,000		-		-		1,000
Total	$	2,956,381	$	45,556	$	4,993	$	2,996,944	$	365,996	$	38,465	$	-	$	404,461
Available for Sale:
U. S. Treasury	$	3,020,115	$	37,806	$	-	$	3,057,921	$	2,020,621	$	36,111	$	-	$	2,056,732
U.S. government agencies/ corporations		-		-		-		-		250,000		884		-		250,884
Residential mortgage-backed securities		2,382,514		135,514		25		2,518,003		3,135,064		154,386		180		3,289,270
States and political subdivisions		552,056		39,427		-		591,483		1,996,703		158,133		23		2,154,813
Other		35,892		-		-		35,892		38,001		-		-		38,001
Total	$	5,990,577	$	212,747	$	25	$	6,203,299	$	7,440,389	$	349,514	$	203	$	7,789,700

Year End Securities with Unrealized Losses, Segregated by Length of Impairment

Year-end securities with unrealized losses, segregated by length of impairment, were as follows: 

	Less than 12 Months				More than 12 Months				Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
2012
Held to Maturity
States and political subdivisions	$	353,626	$	4,993	$	-	$	-	$	353,626	$	4,993
Available for Sale
Residential mortgage-backed securities	$	3,007	$	24	$	59	$	1	$	3,066	$	25
2011
Available for Sale
Residential mortgage-backed securities	$	103,258	$	180	$	-	$	-	$	103,258	$	180
States and political subdivisions		-		-		1,164		23		1,164		23
Total	$	103,258	$	180	$	1,164	$	23	$	104,422	$	203

Amortized Cost and Estimated Fair Value of Securities, Excluding Trading Securities, Presented by Contractual Maturity

The amortized cost and estimated fair value of securities, excluding trading securities, at December 31, 2012 are presented below by contractual maturity. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential mortgage-backed securities and equity securities are shown separately since they are not due at a single maturity date. 

	Held to Maturity				Available for Sale
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	9,635	$	9,701	$	629,451	$	631,856
Due after one year through five years		348,103		382,359		2,574,842		2,613,865
Due after five years through ten years		162,466		162,209		73,658		80,067
Due after ten years		2,425,452		2,431,650		294,220		323,616
Residential mortgage-backed securities		10,725		11,025		2,382,514		2,518,003
Equity securities		-		-		35,892		35,892
Total	$	2,956,381	$	2,996,944	$	5,990,577	$	6,203,299

Sales of Securities Available for Sale

Sales of securities available for sale were as follows:

	2012			2011			2010
Proceeds from sales	$	16,587,482		$	5,587,391		$	9,997,994
Gross realized gains		6,943			6,418			8
Gross realized losses		(2,629	)		(4	)		(2	)
Tax (expense) benefit of securities gains/losses		(1,510	)		(2,245	)		(2	)

Year End Trading Account Securities, at Estimated Fair Value

Year-end trading account securities, at estimated fair value, were as follows:

	2012		2011
U.S. Treasury	$	14,038	$	13,609
States and political subdivisions		16,036		-
Total	$	30,074	$	13,609

Net Gains and Losses on Trading Account Securities

Net gains and losses on trading account securities were as follows:

	Year Ended December 31,
	2012			2011			2010
Net gain on sales transactions	$	1,219		$	1,607		$	1,688
Net mark-to-market gains (losses)		(161	)		(15	)		145
Net gain on trading account securities	$	1,058		$	1,592		$	1,833