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Investment Securities
9 Months Ended
Sep. 30, 2012
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
Investment Securities

The amortized cost and approximate fair values of investment securities are summarized as follows:
September 30, 2012
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
Available-for-Sale:
 
 
 
 
Obligations of U.S. government agencies
$
914,676

$
4,648

$
(39
)
$
919,285

U.S. agency residential mortgage-backed securities & collateralized mortgage obligations
1,030,703

29,824

(1,266
)
1,059,261

Private mortgage-backed securities
598

11

(1
)
608

Total
$
1,945,977

$
34,483

$
(1,306
)
$
1,979,154

September 30, 2012
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
Held-to Maturity:
 
 
 
 
State, county and municipal securities
$
181,792

$
11,489

$
(47
)
$
193,234

Corporate securities
5,658

63


5,721

Other securities
123



123

Total
$
187,573

$
11,552

$
(47
)
$
199,078


December 31, 2011
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
Available-for-Sale:
 
 
 
 
Obligations of U.S. government agencies
$
1,134,427

$
4,353

$
(662
)
$
1,138,118

U.S. agency residential mortgage-backed securities & collateralized mortgage obligations
848,444

29,567

(14
)
877,997

Private mortgage-backed securities
758

7

(16
)
749

Total
$
1,983,629

$
33,927

$
(692
)
$
2,016,864

December 31, 2011
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
Held-to Maturity:
 
 
 
 
State, county and municipal securities
$
152,619

$
9,113

$
(17
)
$
161,715

Other securities
162



162

Total
$
152,781

$
9,113

$
(17
)
$
161,877



Gross realized gains and losses from the disposition of investment securities are summarized in the following table:
    
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2012
2011
 
2012
2011
Gross realized gains
$
66

$
38

 
$
298

$
56

Gross realized losses


 
(3
)


 
The following tables show the gross unrealized losses and fair values of investment securities, aggregated by investment category, and the length of time individual investment securities have been in a continuous unrealized loss position, as of September 30, 2012 and December 31, 2011
 
Less than 12 Months
 
12 Months or More
 
Total
September 30, 2012
Fair
Value
Gross
Unrealized
Losses
 
Fair
Value
Gross
Unrealized
Losses
 
Fair
Value
Gross
Unrealized
Losses
Available-for-Sale:
 
 
 
 
 
 
 
 
Obligations of U.S. government agencies
$
31,855

$
(39
)
 
$

$

 
$
31,855

$
(39
)
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations
124,136

(1,266
)
 


 
124,136

(1,266
)
Private mortgage-backed securities


 
154

(1
)
 
154

(1
)
Total
$
155,991

$
(1,305
)
 
$
154

$
(1
)
 
$
156,145

$
(1,306
)
 
Less than 12 Months
 
12 Months or More
 
Total
September 30, 2012
Fair
Value
Gross
Unrealized
Losses
 
Fair
Value
Gross
Unrealized
Losses
 
Fair
Value
Gross
Unrealized
Losses
Held-to-Maturity:
 
 
 
 
 
 
 
 
State, county and municipal securities
$
4,961

$
(39
)
 
$
696

$
(8
)
 
$
5,657

$
(47
)

 
Less than 12 Months
 
12 Months or More
 
Total
December 31, 2011
Fair
Value
Gross
Unrealized
Losses
 
Fair
Value
Gross
Unrealized
Losses
 
Fair
Value
Gross
Unrealized
Losses
Available-for-Sale:
 
 
 
 
 
 
 
 
Obligations of U.S. government agencies
$
287,404

$
(662
)
 
$

$

 
$
287,404

$
(662
)
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations
45,694

(14
)
 


 
45,694

(14
)
Private mortgage-backed securities
246

(10
)
 
177

(6
)
 
423

(16
)
Total
$
333,344

$
(686
)
 
$
177

$
(6
)
 
$
333,521

$
(692
)
 
Less than 12 Months
 
12 Months or More
 
Total
December 31, 2011
Fair
Value
Gross
Unrealized
Losses
 
Fair
Value
Gross
Unrealized
Losses
 
Fair
Value
Gross
Unrealized
Losses
Held-to-Maturity:
 
 
 
 
 
 
 
 
State, county and municipal securities
$

$

 
$
773

$
(17
)
 
$
773

$
(17
)

    
The investment portfolio is evaluated quarterly for other-than-temporary declines in the market value of each individual investment security. The Company had 30 and 24 individual investment securities that were in an unrealized loss position as of September 30, 2012 and December 31, 2011, respectively. Unrealized losses as of September 30, 2012 and December 31, 2011 related primarily to fluctuations in the current interest rates. The Company does not have the intent to sell any of the available-for-sale securities in the above table and it is not likely that the Company will have to sell any such securities before a recovery in cost. No impairment losses were recorded during the three or nine months ended September 30, 2012 and 2011.

Maturities of investment securities at September 30, 2012 are shown below. Maturities of mortgage-backed securities have been adjusted to reflect shorter maturities based upon estimated prepayments of principal. All other investment securities maturities are shown at contractual maturity dates.
 
Available-for-Sale
 
Held-to-Maturity
September 30, 2012
Amortized
Cost
Estimated
Fair Value
 
Amortized
Cost
Estimated
Fair Value
Within one year
$
432,052

$
440,039

 
$
5,891

$
5,822

After one year but within five years
1,131,727

1,147,641

 
33,837

34,853

After five years but within ten years
227,503

232,493

 
79,891

84,811

After ten years
154,695

158,981

 
67,831

73,469

Total
1,945,977

1,979,154

 
187,450

198,955

Investments with no stated maturity


 
123

123

Total
$
1,945,977

$
1,979,154

 
$
187,573

$
199,078



As of September 30, 2012, the Company had investment securities callable within one year with amortized costs and estimated fair values of $490,246 and $491,469, respectively, including callable structured notes with amortized costs and estimated fair values of $120,273 and $120,519, respectively. These investment securities are primarily classified as available-for-sale and included in the after one year but within five years category in the table above.