(4) AVAILABLE-FOR-SALE SECURITIES

A comparison of amortized cost and estimated fair values of available-for-sale securities as of December 31, 2011 and 2010 follows:

	2011
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
U.S. Government agencies	$	1,471,920	$	29,347	$	24	$	1,501,243
Government agency issued residential mortgage-backed securities		394,894		9,786		70		404,610
Government agency issued commercial mortgage-backed securities		31,161		3,438		-		34,599
Obligations of states and political subdivisions		541,138		22,705		323		563,520
Other		8,938		608		-		9,546
Total	$	2,448,051	$	65,884	$	417	$	2,513,518

	2010
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
U.S. Government agencies	$	416,005	$	17,153	$	-	$	433,158
Government agency issued residential mortgage-backed securities		498,874		5,954		1,599		503,229
Government agency issued commercial mortgage-backed securities		29,582		676		264		29,994
Obligations of states and political subdivisions		110,946		965		1,746		110,165
Other		18,943		573		-		19,516
Total	$	1,074,350	$	25,321	$	3,609	$	1,096,062

At December 31, 2011, the Company's available-for-sale securities included FHLB stock with a carrying value of $8.7 million compared to a required investment of $8.3 million. FHLB stock is carried at amortized cost in the financial statements.

Gross gains of $12.4 million and gross losses of approximately $327,000 were recognized in 2011, gross gains of $4.5 million and gross losses of $2.1 million were recognized in 2010 and gross gains of approximately $84,000 and gross losses of approximately $250,000 were recognized in 2009 on available-for-sale securities. The gross losses of $2.1 million in 2010 and approximately $250,000 in 2009 were the result of the other-than-temporary impairment charge related to credit losses on the Company's investment in pooled trust preferred securities. The fair value of these securities was negatively impacted by market conditions. Subsequent to the other-than-temporary charges in 2010, the securities had no remaining book value. No other-than-temporary impairment was recorded in 2011.

Available-for-sale securities with a carrying value of $1.6 billion at December 31, 2011 were pledged to secure public and trust funds on deposit and for other purposes. Included in available-for-sale securities at December 31, 2011, were securities with a carrying value of $276.8 million issued by a political subdivision within the State of Mississippi and securities with a carrying value of $143.1 million issued by a political subdivision within the State of Arkansas.

The amortized cost and estimated fair value of available-for-sale securities at December 31, 2011 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Equity securities are considered as maturing after ten years.

			Estimated		Weighted
	Amortized		Fair		Average
	Cost		Value		Yield
	(Dollars in thousands)
Maturing in one year or less	$	295,485	$	300,106		3.67	%
Maturing after one year through five years		1,582,442		1,615,207		2.01
Maturing after five years through ten years		113,105		117,764		4.37
Maturing after ten years		457,019		480,441		5.70
Total	$	2,448,051	$	2,513,518

A summary of temporarily impaired available-for-sale investments with continuous unrealized loss positions at December 31, 2011 and 2010 follows:

	2011
	Less Than 12 Months				12 Months or Longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
	(In thousands)
U.S. Government agencies	$	34,850	$	24	$	-	$	-	$	34,850	$	24
Government agency issued residential
mortgage-backed securities		-		-		3,751		70		3,751		70
Government agency issued commercial
mortgage-backed securities		-		-		-		-		-		-
Obligations of states and
political subdivisions		20,820		144		9,214		179		30,034		323
Other		-		-		-		-		-		-
Total	$	55,670	$	168	$	12,965	$	249	$	68,635	$	417

	2010
	Less Than 12 Months				12 Months or Longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
	(In thousands)
U.S. Government agencies	$	-	$	-	$	-	$	-	$	-	$	-
Government agency issued residential
mortgage-backed securities		184,820		1,599		-		-		184,820		1,599
Government agency issued commercial
mortgage-backed securities		7,843		177		3,996		87		11,839		264
Obligations of states and
political subdivisions		36,884		1,601		841		145		37,725		1,746
Other		-		-		-		-		-		-
Total	$	229,547	$	3,377	$	4,837	$	232	$	234,384	$	3,609

Based upon a review of the credit quality of these securities, and considering that the issuers were in compliance with the terms of the securities, management had no intent to sell these securities, and it was more likely than not that the Company would not be required to sell the securities prior to recovery of costs. Therefore, the impairments related to these securities were determined to be temporary. No other-than-temporary impairment was recorded in 2011.