Regions Bank 2008 Annual Report Download - page 124
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The cost and estimated fair value of securities available for sale and securities held to maturity at
December 31, 2008, by contractual maturity, are shown below. Expected maturities will differ from contractual
maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment
penalties.
Cost
Estimated
Fair Value
(In thousands)
Securities available for sale:
Due in one year or less .................................. $ 218,140 $ 220,083
Due after one year through five years ....................... 370,445 392,840
Due after five years through ten years ...................... 2,250,671 2,491,922
Due after ten years ...................................... 260,156 251,948
Mortgage-backed securities .............................. 14,585,349 14,329,421
Equity securities ....................................... 1,177,450 1,163,268
$18,862,211 $18,849,482
Securities held to maturity:
Due in one year or less .................................. $ 8,281 $ 8,442
Due after one year through five years ....................... 14,128 14,060
Due after five years through ten years ...................... 4,976 5,431
Due after ten years ...................................... — —
Mortgage-backed securities .............................. 19,921 19,722
$ 47,306 $ 47,655
Proceeds from sales of securities available for sale in 2008 were $2.1 billion, with gross realized gains and
losses of $95.7 million and $3.2 million, respectively. Proceeds from sales of securities available for sale in 2007
were $2.0 billion, with gross realized gains and losses of $41.6 million and $50.2 million, respectively. Proceeds
from sales of securities available for sale in 2006 were $3.8 billion, with gross realized gains and losses of $8.2
million and $50,000, respectively.
Equity securities included $990.8 million and $738.0 million of amortized cost related to Federal Reserve
Bank stock and Federal Home Loan Bank (“FHLB”) stock as of December 31, 2008 and 2007, respectively,
whose estimated fair value approximates its carrying amount.
Securities with carrying values of $16.1 billion and $15.1 billion at December 31, 2008 and 2007,
respectively, were pledged to secure public funds, trust deposits and certain borrowing arrangements.
In January 2009, Regions sold approximately $656 million in available for sale U.S. Treasury securities and
recognized a gain of approximately $52.1 million. The proceeds will be reinvested in U.S. government agency
mortgage-backed securities classified as available for sale.
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