Securities

9 Months Ended

Sep. 30, 2011

Securities [Abstract]

Securities

6. Securities

The amortized cost and fair value of securities classified as available for sale follow (in thousands):

	September 30, 2011								December 31, 2010
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury	$	10,408	$	43	$	—	$	10,451	$	10,797	$	52	$	5		10,844
U.S. government agencies		248,921		1,218		—		250,139		106,054		971		434		106,591
Municipal obligations		301,076		13,323		95		314,304		181,747		4,107		5,411		180,443
Mortgage-backed securities		2,492,885		56,854		1,354		2,548,385		761,704		38,032		50		799,686
CMOs		1,434,160		25,424		916		1,458,668		367,662		6,880		2,491		372,051
Other debt securities		16,914		978		53		17,839		14,329		999		43		15,285
Other equity securities		4,443		677		71		5,049		3,428		660		103		3,985
	$	4,508,807	$	98,517	$	2,489	$	4,604,835	$	1,445,721	$	51,701	$	8,537	$	1,488,885

The amortized cost and fair value of securities classified as available for sale at September 30, 2011, by contractual maturity, (expected maturities will differ from contractual maturities because of rights to call or repay obligations with or without penalties (in thousands)):

	Amortized Cost		Fair Value
Securities Available for Sale
Due in one year or less	$	326,570	$	328,258
Due after one year through five years		1,106,386		1,126,051
Due after five years through ten years		702,020		722,834
Due after ten years		2,369,388		2,422,643
Equity securities		4,443		5,049
Total available for sale securities	$	4,508,807	$	4,604,835

The Company held no securities classified as held to maturity or trading at September 30, 2011 or December 31, 2010.

The details concerning securities classified as available for sale with unrealized losses as of September 30, 2011 follow (in thousands):

	Losses < 12 months				Losses 12 months or >				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury	$	—	$	—	$	—	$	—	$	—	$	—
U.S. government agencies		—		—		—		—		—		—
Municipal obligations		12,922		41		2,746		54		15,668		95
Mortgage-backed securities		335,117		1,294		1,202		60		336,319		1,354
CMOs		169,740		916		—		—		169,740		916
Other debt securities		464		24		307		29		771		53
Equity securities		181		49		13		22		194		71
	$	518,424	$	2,324	$	4,268	$	165	$	522,692	$	2,489

The details concerning securities classified as available for sale with unrealized losses as of December 31, 2010 follow (in thousands):

	Losses < 12 months				Losses 12 months or >				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury	$	9,980	$	5	$	—	$	—	$	9,980	$	5
U.S. government agencies		74,566		434		—		—		74,566		434
Municipal obligations		57,713		3,092		19,870		2,319		77,583		5,411
Mortgage-backed securities		122		1		1,340		49		1,462		50
CMOs		122,312		2,491		—		—		122,312		2,491
Other debt securities		379		6		459		37		838		43
Equity securities		2,552		87		11		16		2,563		103
	$	267,624	$	6,116	$	21,680	$	2,421	$	289,304	$	8,537

Substantially all of the unrealized losses relate to fixed-rate debt securities that have incurred fair value reductions due to higher market interest rates since the respective purchase date. The unrealized losses are not likely to reverse unless and until market interest rates decline to the levels that existed when the securities were purchased. Since none of the unrealized losses relate to the marketability of the securities or the issuer's ability to honor redemption obligations, none of the securities are deemed to be other than temporarily impaired.

As of September 30, 2011, the securities portfolio totaled $4.6 billion and as of December 31, 2010, the securities portfolio totaled $1.5 billion. The increase in the securities portfolio is related to the acquisition of Whitney. Of the total portfolio, $522.7 million of securities were in an unrealized loss position of $2.5 million. Management and the Asset/Liability Committee continually monitor the securities portfolio and the unrealized loss position on these securities. The Company has concluded they have adequate liquidity and, therefore, does not plan to sell and more likely than not will not be required to sell these securities before recovery. Accordingly, the unrealized loss of these securities has not been determined to be other than temporary.

Securities with a fair value of approximately $2.1 billion at September 30, 2011 and $1.3 billion at December 31, 2010 were pledged primarily to secure public deposits and securities sold under agreements to repurchase. The increase is due to the acquisition of Whitney.

Short-term Investments

The Company held no short-term investments at September 30, 2011 and $275.0 million at December 31, 2010 in U.S. government agency discount notes as securities available for sale at amortized cost. Short-term investments all mature in less than 1 year. As the amortized cost is a reasonable estimate for fair value of these short-term investments, there were no gross unrealized losses to evaluate for impairment at December 31, 2010.