NOTE 5 – SECURITIES

A comparison of amortized cost and estimated fair values of available-for-sale securities as of June 30, 2014 and 2013, respectively and December 31, 2013 follows:



		June 30, 2014
			Gross	Gross	Estimated
		Amortized	Unrealized	Unrealized	Fair
		Cost	Gains	Losses	Value

	(In thousands)
U.S. Government agencies		$ 1,328,852	$ 6,995	$ 2,479	$ 1,333,368
Government agency issued residential
mortgage-backed securities		225,960	4,157	703	229,414
Government agency issued commercial
mortgage-backed securities		240,693	2,225	5,597	237,321
Obligations of states and political subdivisions		497,547	23,656	306	520,897
Other		10,056	1,136	-	11,192
Total		$ 2,303,108	$ 38,169	$ 9,085	$ 2,332,192



		December 31, 2013
			Gross	Gross	Estimated
		Amortized	Unrealized	Unrealized	Fair
		Cost	Gains	Losses	Value

	(In thousands)
U.S. Government agencies		$ 1,455,417	$ 9,065	$ 6,133	$ 1,458,349
Government agency issued residential
mortgage-backed securities		249,682	3,118	2,566	250,234
Government agency issued commercial
mortgage-backed securities		239,313	1,773	10,174	230,912
Obligations of states and political subdivisions		509,255	12,883	2,733	519,405
Other		6,941	1,148	-	8,089
Total		$ 2,460,608	$ 27,987	$ 21,606	$ 2,466,989


	June 30, 2013
		Gross	Gross	Estimated
	Amortized	Unrealized	Unrealized	Fair
	Cost	Gains	Losses	Value
	(In thousands)
U.S. Government agencies	$ 1,575,837	$ 13,082	$ 7,349	$ 1,581,570
Government agency issued residential
mortgage-backed securities	288,345	5,584	1,342	292,586
Government agency issued commercial
mortgage-backed securities	237,961	2,153	12,733	227,381
Obligations of states and political subdivisions	520,067	17,245	1,975	535,337
Other	7,064	1,001	-	8,065
Total	$ 2,629,274	$ 39,065	$ 23,399	$ 2,644,939

Gross gains of approximately $9,000 and gross losses of approximately $8,000 were recognized on available-for-sale securities during the first six months of 2014, while gross gains of approximately $36,000 and gross losses of approximately $14,000 were recognized during the first six months of 2013.

The amortized cost and estimated fair value of available-for-sale securities at June 30, 2014 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.



	June 30, 2014
		Estimated	Weighted
	Amortized	Fair	Average
	Cost	Value	Yield

	(Dollars in thousands)
Maturing in one year or less	$ 366,237	$ 368,148	1.43	%
Maturing after one year through five years	1,101,734	1,107,122	1.26
Maturing after five years through ten years	183,070	191,868	5.67
Maturing after ten years	185,414	198,319	5.89
Mortgage-backed securities	466,653	466,735	2.10
Total	$ 2,303,108	$ 2,332,192

The following tables summarize information pertaining to temporarily impaired available-for-sale securities with continuous unrealized loss positions at June 30, 2014 and December 31, 2013:



	June 30, 2014
	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	$ 79,262	$ 88	$ 360,808	$ 2,391	$ 440,070	$ 2,479
Government agency issued residential
mortgage-backed securities	23,574	89	28,750	614	52,324	703
Government agency issued commercial
mortgage-backed securities	978	1	203,253	5,596	204,231	5,597
Obligations of states and
political subdivisions	10,671	42	18,523	264	29,194	306
Total	$ 114,485	$ 220	$ 611,334	$ 8,865	$ 725,819	$ 9,085



	December 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	$ 533,326	$ 6,133	$ -	$ -	$ 533,326	$ 6,133
Government agency issued residential
mortgage-backed securities	106,179	2,418	4,407	148	110,586	2,566
Government agency issued commercial
mortgage-backed securities	176,253	8,578	27,225	1,596	203,478	10,174
Obligations of states and
political subdivisions	97,543	2,555	3,663	178	101,206	2,733
Total	$ 913,301	$ 19,684	$ 35,295	$ 1,922	$ 948,596	$ 21,606

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 during the first six months of 2014.