NOTE 5 – SECURITIES

A comparison of amortized cost and estimated fair values of available-for-sale securities as of September 30, 2017 and 2016, respectively, and December 31, 2016 follows:



		September 30, 2017
			Gross	Gross	Estimated
		Amortized	Unrealized	Unrealized	Fair
		Cost	Gains	Losses	Value
	(In thousands)
U.S. Government agencies		$ 1,693,102	$ 268	$ 6,184	$ 1,687,186
U.S. Government agency issued residential mortgage-backed securities		157,868	1,288	1,265	157,891
U.S. Government agency issued commercial mortgage-backed securities		153,157	1,400	1,048	153,509
Obligations of states and political subdivisions		316,374	14,032	2,092	328,314
FHLB and other securities		32,791	276	-	33,067
Total		$ 2,353,292	$ 17,264	$ 10,589	$ 2,359,967



		December 31, 2016
			Gross	Gross	Estimated
		Amortized	Unrealized	Unrealized	Fair
		Cost	Gains	Losses	Value
	(In thousands)
U.S. Government agencies		$ 1,794,231	$ 1,261	$ 6,065	$ 1,789,427
U.S. Government agency issued residential mortgage-backed securities		176,476	1,665	1,898	176,243
U.S. Government agency issued commercial mortgage-backed securities		171,840	1,648	1,209	172,279
Obligations of states and political subdivisions		346,609	15,547	2,151	360,005
FHLB and other securities		32,436	1,286	-	33,722
Total		$ 2,521,592	$ 21,407	$ 11,323	$ 2,531,676


	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
FHLB and other securities	27,388	1,028	-	28,416
Total	$ 2,436,449	$ 34,947	$ 3,197	$ 2,468,199

Gross gains of $1.1 million and no gross losses were recognized on available-for-sale securities during the first nine months of 2017. Gross gains of approximately $89,000 and no gross losses were recognized on available-for-sale securities during the first nine months of 2016.

At September 30, 2017, the Company’ available-for-sale securities included FHLB stock with a carrying value of $32.6 million compared to a required investment of $27.6 million. At September 30, 2016, the Company’ available-for-sale securities included FHLB stock with a carrying value of $27.2 million compared to a required investment of $27.2 million.

The amortized cost and estimated fair value of available-for-sale securities at September 30, 2017 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, 2017
		Estimated	Weighted
	Amortized	Fair	Average
	Cost	Value	Yield
	(Dollars in thousands)
Maturing in one year or less	$ 595,396	$ 595,218	1.21	%
Maturing after one year through five years	1,170,245	1,165,247	1.40
Maturing after five years through ten years	60,417	61,041	5.94
Maturing after ten years	216,209	227,061	5.13
Mortgage-backed securities	311,025	311,400	2.18
Total	$ 2,353,292	$ 2,359,967

The following tables summarize information pertaining to temporarily impaired available-for-sale securities with continuous unrealized loss positions at September 30, 2017 and December 31, 2016:



	September 30, 2017
	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	$ 1,013,354	$ 3,213	$ 335,579	$ 2,971	$ 1,348,933	$ 6,184
U.S. Government agency issued residential mortgage-backed securities	45,264	365	34,636	900	79,900	1,265
U.S. Government agency issued commercial mortgage-backed securities	89,351	684	34,176	364	123,527	1,048
Obligations of states and political subdivisions	8,048	21	7,828	2,071	15,876	2,092
Total	$ 1,156,017	$ 4,283	$ 412,219	$ 6,306	$ 1,568,236	$ 10,589



	December 31, 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	$ 1,082,573	$ 6,065	$ -	$ -	$ 1,082,573	$ 6,065
U.S. Government agency issued residential mortgage-backed securities	71,599	1,783	15,375	115	86,974	1,898
U.S. Government agency issued commercial mortgage-backed securities	129,940	1,084	14,385	125	144,325	1,209
Obligations of states and political subdivisions	46,798	2,151	-	-	46,798	2,151
Total	$ 1,330,910	$ 11,083	$ 29,760	$ 240	$ 1,360,670	$ 11,323

Based upon a review of the credit quality of these securities, management has no intent to sell these securities until the full recovery of unrealized losses, which may be until maturity. Also 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 2017 or 2016.