NOTE 5 – SECURITIES

A comparison of amortized cost and estimated fair values of available-for-sale securities as of September 30, 2016 and 2015, respectively, and December 31, 2015 follows:



		September 30, 2016
			Gross	Gross	Estimated
		Amortized	Unrealized	Unrealized	Fair
		Cost	Gains	Losses	Value

	(In thousands)
U.S. Government agencies		$ 1,686,637	$ 5,330	$ 101	$ 1,691,866
U.S. Government agency issued residential
mortgage-backed securities		181,307	2,887	99	$ 184,095
U.S. Government agency issued commercial
mortgage-backed securities		175,078	3,831	82	$ 178,827
Obligations of states and political subdivisions		366,039	21,871	2,915	$ 384,995
Other		27,388	1,028	-	$ 28,416
Total		$ 2,436,449	$ 34,947	$ 3,197	$ 2,468,199



		December 31, 2015
			Gross	Gross	Estimated
		Amortized	Unrealized	Unrealized	Fair
		Cost	Gains	Losses	Value

	(In thousands)
U.S. Government agencies		$ 1,246,261	$ 826	$ 2,447	$ 1,244,640
U.S. Government agency issued residential
mortgage-backed securities		138,759	1,957	176	140,540
U.S. Government agency issued commercial
mortgage-backed securities		261,544	2,414	3,265	260,693
Obligations of states and political subdivisions		394,769	22,813	83	417,499
Other		18,112	845	-	18,957
Total		$ 2,059,445	$ 28,855	$ 5,971	$ 2,082,329


	September 30, 2015
		Gross	Gross	Estimated
	Amortized	Unrealized	Unrealized	Fair
	Cost	Gains	Losses	Value
	(In thousands)
U.S. Government agencies	$ 1,249,043	$ 6,674	$ -	$ 1,255,717
U.S. Government agency issued residential
mortgage-backed securities	203,852	3,301	275	206,878
U.S. Government agency issued commercial
mortgage-backed securities	226,285	3,661	24	229,922
Obligations of states and political subdivisions	426,911	24,730	41	451,600
Other	16,158	850	-	17,008
Total	$ 2,122,249	$ 39,216	$ 340	$ 2,161,125

Gross gains of approximately $89,000 and no gross losses were recognized on available-for-sale securities during the first nine months of 2016, while gross gains of approximately $88,000 and no gross losses were recognized during the first nine months of 2015.

The amortized cost and estimated fair value of available-for-sale securities at September 30, 2016 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, 2016
		Estimated	Weighted
	Amortized	Fair	Average
	Cost	Value	Yield

	(Dollars in thousands)
Maturing in one year or less	$ 446,304	$ 446,972	0.92	%
Maturing after one year through five years	1,334,168	1,339,338	1.26
Maturing after five years through ten years	53,464	54,345	5.64
Maturing after ten years	246,128	264,622	5.58
Mortgage-backed securities	356,385	362,922	2.12
Total	$ 2,436,449	$ 2,468,199

The following tables summarize information pertaining to temporarily impaired available-for-sale securities with continuous unrealized loss positions at September 30, 2016 and December 31, 2015:



	September 30, 2016
	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	$ 209,162	$ 101	$ -	$ -	$ 209,162	$ 101
U.S. Government agency issued residential
mortgage-backed securities	$ 11,480	$ 38	$ 16,211	$ 61	$ 27,691	$ 99
U.S. Government agency issued commercial
mortgage-backed securities	23,943	81	643	1	24,586	82
Obligations of states and
political subdivisions	9,171	2,915	-	-	9,171	2,915
Total	$ 253,756	$ 3,135	$ 16,854	$ 62	$ 270,610	$ 3,197



	December 31, 2015
	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	$ 762,568	$ 2,447	$ -	$ -	$ 762,568	$ 2,447
U.S. Government agency issued residential
mortgage-backed securities	34,238	176	-	-	34,238	176
U.S. Government agency issued commercial
mortgage-backed securities	193,621	2,710	31,166	555	224,787	3,265
Obligations of states and
political subdivisions	13,576	70	2,856	13	16,432	83
Total	$ 1,004,003	$ 5,403	$ 34,022	$ 568	$ 1,038,025	$ 5,971

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 has no intent to sell these securities until the full recovery of unrealized losses which may be until maturity, 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 2016 or 2015.