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Investments
3 Months Ended
Mar. 31, 2012
Investments [Abstract]  
Investments
Investments
The aggregate values of investment securities at March 31, 2012December 31, 2011, and March 31, 2011 along with unrealized gains and losses determined on an individual security basis are as follows:
 
 
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Investment securities available for sale
 
 
 
 
 
 
 
March 31, 2012
 
 
 
 
 
 
 
U. S. Treasury
$
1,065,035

 
$
306

 
$
305

 
$
1,065,036

Government agency
2,859,197

 
1,228

 
5,040

 
2,855,385

Corporate bonds
225,214

 
1,214

 

 
226,428

Residential mortgage-backed securities
282,706

 
8,393

 
191

 
290,908

Equity securities
894

 
18,049

 

 
18,943

State, county and municipal
1,026

 
14

 
1

 
1,039

Total investment securities available for sale
$
4,434,072

 
$
29,204

 
$
5,537

 
$
4,457,739

December 31, 2011
 
 
 
 
 
 
 
U. S. Treasury
$
887,041

 
$
808

 
$
30

 
$
887,819

Government agency
2,591,974

 
1,747

 
1,512

 
2,592,209

Corporate bonds
250,476

 
2,344

 

 
252,820

Residential mortgage-backed securities
298,402

 
9,165

 
346

 
307,221

Equity securities
939

 
14,374

 

 
15,313

State, county and municipal
1,026

 
16

 
1

 
1,041

Total investment securities available for sale
$
4,029,858

 
$
28,454

 
$
1,889

 
$
4,056,423

March 31, 2011
 
 
 
 
 
 
 
U. S. Treasury
$
1,464,513

 
$
2,691

 
$
234

 
$
1,466,970

Government agency
2,115,575

 
352

 
17,394

 
2,098,533

Corporate bonds
453,390

 
6,327

 

 
459,717

Residential mortgage-backed securities
152,483

 
3,971

 
532

 
155,922

Equity securities
965

 
18,656

 

 
19,621

State, county and municipal
1,238

 
19

 
4

 
1,253

Total investment securities available for sale
$
4,188,164

 
$
32,016

 
$
18,164

 
$
4,202,016

Investment securities held to maturity
 
 
 
 
 
 
 
March 31, 2012
 
 
 
 
 
 
 
Residential mortgage-backed securities
$
1,688

 
$
183

 
$
27

 
$
1,844

December 31, 2011
 
 
 
 
 
 
 
Residential mortgage-backed securities
$
1,822

 
$
184

 
$
26

 
$
1,980

March 31, 2011
 
 
 
 
 
 
 
Residential mortgage-backed securities
$
2,341

 
$
217

 
$
21

 
$
2,537

 
 
 
 
 
 
 
 

Investments in residential mortgage-backed securities primarily represent securities issued by the Government National Mortgage Association, Federal National Mortgage Association, and Federal Home Loan Mortgage Corporation.
Investments in corporate bonds represent debt securities issued by various financial institutions under the Temporary Liquidity Guarantee Program. These debt obligations were issued with the full faith and credit of the United States of America. The guarantee for these securities is triggered when an issuer defaults on a scheduled payment.
The following table provides maturity information for investment securities as of the dates indicated. Callable securities are assumed to mature on their earliest call date.

 
March 31, 2012
 
December 31, 2011
 
March 31, 2011
 
Cost
 
Fair
Value
 
Cost
 
Fair
Value
 
Cost
 
Fair
Value
Investment securities available for sale
 
 
 
 
 
 
 
 
 
 
 
Maturing in:
 
 
 
 
 
 
 
 
 
 
 
One year or less
$
2,750,247

 
$
2,748,710

 
$
3,238,657

 
$
3,241,415

 
$
2,966,749

 
$
2,958,654

One through five years
1,469,876

 
1,469,236

 
548,459

 
549,351

 
895,234

 
895,807

Five through 10 years
67,229

 
67,683

 
90,605

 
91,087

 
21,099

 
21,099

Over 10 years
145,826

 
153,167

 
151,198

 
159,257

 
304,117

 
306,835

Equity securities
894

 
18,943

 
939

 
15,313

 
965

 
19,621

Total investment securities available for sale
$
4,434,072

 
$
4,457,739

 
$
4,029,858

 
$
4,056,423

 
$
4,188,164

 
$
4,202,016

Investment securities held to maturity
 
 
 
 
 
 
 
 
 
 
 
Maturing in:
 
 
 
 
 
 
 
 
 
 
 
One through five years
$
379

 
$
393

 
$
12

 
$
11

 
$
5

 
$
3

Five through 10 years
1,201

 
1,306

 
1,699

 
1,820

 
2,214

 
2,368

Over 10 years
108

 
145

 
111

 
149

 
122

 
166

Total investment securities held to maturity
$
1,688

 
$
1,844

 
$
1,822

 
$
1,980

 
$
2,341

 
$
2,537


For each period presented, securities gains (losses) include the following:
 
 
Three months ended March 31,
 
2012
 
2011
Gross gains on sales of investment securities available for sale
$

 
$
156

Gross losses on sales of investment securities available for sale

 
(605
)
Other that temporary impairment loss on equity securities
(45
)
 

Total securities losses
$
(45
)
 
$
(449
)


The following table provides information regarding securities with unrealized losses as of March 31, 2012 and March 31, 2011:
 
 
Less than 12 months
 
12 months or more
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
March 31, 2012
 
 
 
 
 
 
 
 
 
 
 
Investment securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
U. S. Treasury
$
579,673

 
$
305

 
$

 
$

 
$
579,673

 
$
305

Government agency
2,143,742

 
5,040

 

 

 
2,143,742

 
5,040

Residential mortgage-backed securities
28,595

 
156

 
1,113

 
35

 
29,708

 
191

State, county and municipal
127

 
1

 
10

 

 
137

 
1

Total
$
2,752,137

 
$
5,502

 
$
1,123

 
$
35

 
$
2,753,260

 
$
5,537

Investment securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities
$

 
$

 
$
20

 
$
27

 
$
20

 
$
27

March 31, 2011
 
 
 
 
 
 
 
 
 
 
 
Investment securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
$
200,561

 
$
234

 
$

 
$

 
$
200,561

 
$
234

Government agency
1,937,968

 
17,394

 

 

 
1,937,968

 
17,394

Residential mortgage-backed securities
33,644

 
503

 
462

 
29

 
34,106

 
532

State, county and municipal
528

 
4

 
10

 

 
538

 
4

Total
$
2,172,701

 
$
18,135

 
$
472

 
$
29

 
$
2,173,173

 
$
18,164

Investment securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities
$

 
$

 
$
19

 
$
21

 
$
19

 
$
21


Investment securities with an aggregate fair value of $1,143 have had continuous unrealized losses for more than twelve months as of March 31, 2012 with an aggregate unrealized loss of $62. These 19 investments include residential mortgage-backed and state, county and municipal securities. None of the unrealized losses identified as of March 31, 2012 December 31, 2011, or March 31, 2011 relate to the marketability of the securities or the issuer’s ability to honor redemption obligations. For all periods presented, BancShares had the ability and intent to retain these securities for a period of time sufficient to recover all unrealized losses. Therefore, none of the securities were deemed to be other than temporarily impaired.
Investment securities having an aggregate carrying value of $2,540,463 at March 31, 2012, $2,588,704 at December 31, 2011 and $2,604,467 at March 31, 2011 were pledged as collateral to secure public funds on deposit, to secure certain short-term borrowings and for other purposes as required by law.