NOTE 5 – SECURITIES

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



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

	(In thousands)
U.S. Government agencies		$ 1,236,827	$ 5,129	$ 3,868	$ 1,238,088
Government agency issued residential
mortgage-backed securities		214,804	4,675	731	218,748
Government agency issued commercial
mortgage-backed securities		240,702	1,788	5,165	237,325
Obligations of states and political subdivisions		484,691	24,794	181	509,304
Other		6,856	1,141	-	7,997
Total		$ 2,183,880	$ 37,527	$ 9,945	$ 2,211,462



		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


	September 30, 2013
		Gross	Gross	Estimated
	Amortized	Unrealized	Unrealized	Fair
	Cost	Gains	Losses	Value
	(In thousands)
U.S. Government agencies	$ 1,512,554	$ 11,921	$ 5,016	$ 1,519,459
Government agency issued residential
mortgage-backed securities	265,163	4,673	1,469	268,367
Government agency issued commercial
mortgage-backed securities	238,489	2,026	11,103	229,412
Obligations of states and political subdivisions	516,784	14,749	2,644	528,889
Other	6,935	1,094	-	8,029
Total	$ 2,539,925	$ 34,463	$ 20,232	$ 2,554,156

Gross gains of approximately $31,000 and gross losses of approximately $12,000 were recognized on available-for-sale securities during the first nine months of 2014, while gross gains of approximately $43,000 and gross losses of approximately $26,000 were recognized during the first nine months of 2013.

The amortized cost and estimated fair value of available-for-sale securities at September 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.



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

	(Dollars in thousands)
Maturing in one year or less	$ 343,214	$ 344,815	1.33	%
Maturing after one year through five years	1,032,773	1,034,949	1.33
Maturing after five years through ten years	54,434	55,968	4.75
Maturing after ten years	297,953	319,657	6.02
Mortgage-backed securities	455,506	456,073	2.07
Total	$ 2,183,880	$ 2,211,462

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



	September 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	$ 204,541	$ 435	$ 359,269	$ 3,433	$ 563,810	$ 3,868
Government agency issued residential
mortgage-backed securities	1,052	9	27,809	722	28,861	731
Government agency issued commercial
mortgage-backed securities	2,292	13	203,030	5,152	205,322	5,165
Obligations of states and
political subdivisions	9,868	22	13,958	159	23,826	181
Total	$ 217,753	$ 479	$ 604,066	$ 9,466	$ 821,819	$ 9,945



	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 nine months of 2014.