SECURITIES (Tables)

3 Months Ended

Mar. 31, 2013

SECURITIES [Abstract]

Amortized Cost and Estimated Fair Values of Available-for-Sale Securities

A comparison of amortized cost and estimated fair values of available-for-sale securities as of March 31, 2013 and December 31, 2012 follows:

	March 31, 2013
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
U.S. Government agencies	$	1,498,886	$	18,841	$	2	$	1,517,725
Government agency issued residential
mortgage-backed securities		327,586		7,230		266		334,550
Government agency issued commercial
mortgage-backed securities		192,912		3,974		427		196,459
Obligations of states and political subdivisions		521,255		29,318		98		550,475
Other		7,058		915		6		7,967
Total	$	2,547,697	$	60,278	$	799	$	2,607,176

	December 31, 2012
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
U.S. Government agencies	$	1,380,979	$	21,081	$	64	$	1,401,996
Government agency issued residential
mortgage-backed securities		358,677		8,457		259		366,875
Government agency issued commercial
mortgage-backed securities		87,314		4,266		135		91,445
Obligations of states and political subdivisions		531,940		34,049		116		565,873
Other		7,052		791		-		7,843
Total	$	2,365,962	$	68,644	$	574	$	2,434,032

Amortized Cost and Estimated Fair Value of Available-for-Sale Securities by Contractual Maturity

The amortized cost and estimated fair value of available-for-sale securities at March 31, 2013 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.

	March 31, 2013
			Estimated		Weighted
	Amortized		Fair		Average
	Cost		Value		Yield
	(Dollars in thousands)
Maturing in one year or less	$	486,274	$	490,208		1.65	%
Maturing after one year through five years		1,151,485		1,170,308		1.42
Maturing after five years through ten years		403,630		417,612		3.59
Maturing after ten years		506,308		529,048		4.2
Total	$	2,547,697	$	2,607,176

Temporarily Impaired Available-for-Sale Securities with Continuous Unrealized Loss Positions

The following tables summarize information pertaining to temporarily impaired available-for-sale securities with continuous unrealized loss positions at March 31, 2013 and December 31, 2012:

	March 31, 2013
	Continuous Unrealized Loss Position
	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	$	47,457	$	2	$	-	$	-	$	47,457	$	2
Government agency issued residential
mortgage-backed securities		38,110		235		2,746		31		40,856		266
Government agency issued commercial
mortgage-backed securities		77,829		427		-		-		77,829		427
Obligations of states and
political subdivisions		10,319		84		569		14		10,888		98
Other		6,671		6		-		-		6,671		6
Total	$	180,386	$	754	$	3,315	$	45	$	183,701	$	799

	December 31, 2012
	Continuous Unrealized Loss Position
	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	$	47,395	$	64	$	-	$	-	$	47,395	$	64
Government agency issued residential
mortgage-backed securities		55,939		145		2,839		114		58,778		259
Government agency issued commercial
mortgage-backed securities		26,239		135		-		-		26,239		135
Obligations of states and
political subdivisions		9,247		73		313		43		9,560		116
Other		-		-		-		-		-		-
Total	$	138,820	$	417	$	3,152	$	157	$	141,972	$	574