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AmSouth
Bancorporation and Subsidiaries
Notes to Consolidated Financial Statements |
NOTE 6–HELD-TO-MATURITY
SECURITIES
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| The amounts at which held-to-maturity securities
are carried and their approximate fair market values at December 31 are
summarized as follows: |
|
 |
|
|
|
2000
|
1999
|
|
|
|
|
|
Gross
|
Gross
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|
|
Gross
|
Gross
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|
|
|
Carrying
|
Unrealized
|
Unrealized
|
Market
|
Carrying
|
Unrealized
|
Unrealized
|
Market
|
| (In thousands) |
Amount
|
Gains
|
Losses
|
Value
|
Amount
|
Gains
|
Losses
|
Value
|
|
| U.S. Treasury and |
|
|
|
|
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|
federal agency |
|
|
|
|
|
|
|
|
|
securities |
$ 551,894 |
$ 10,675 |
$ 8,071 |
$ 554,498 |
$ 562,696 |
$ -0- |
$ 18,432 |
$ 544,264 |
 |
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|
|
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|
|
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| State, county and |
|
|
|
|
|
|
|
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|
municipal securities |
386,832 |
19,682 |
4,229 |
402,285 |
376,891 |
621 |
13,443 |
364,069 |
|
|
|
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|
|
|
|
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| Mortgage-backed |
|
|
|
|
|
|
|
|
|
securities |
5,574,040 |
119,947 |
60,415 |
5,633,572 |
5,992,397 |
3,777 |
172,857 |
5,823,317 |
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|
|
|
|
|
|
|
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| Other securities |
137,673 |
2,068 |
216 |
139,525 |
118,578 |
183 |
1,067 |
117,694 |
|
|
|
|
|
$ 6,650,439 |
$ 152,372 |
$ 72,931 |
$ 6,729,880 |
$ 7,050,562 |
$ 4,581 |
$ 205,799 |
$ 6,849,344 |
|
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|
|
| The carrying amount and approximate market
value of held-to-maturity securities by maturity at December 31, 2000,
are as follows: |
|
|
|
|
Carrying
|
|
Market
|
| (In thousands) |
Amount
|
|
Value
|
|
| Due within 1 year |
|
$ 42,028 |
|
$ 38,505 |
| Due after 1 year through 5 years |
91,048 |
|
90,644 |
| Due after 5 years through 10 years |
470,533 |
|
479,531 |
| Due after 10 years |
472,790 |
|
487,628 |
| Mortgage-backed securities |
5,574,040 |
|
5,633,572 |
|
|
|
$ 6,650,439 |
|
$ 6,729,880 |
|
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| During 1999, certain held-to-maturity securities
with a total amortized cost of $516,759,000 were transferred to available-for-sale.
The unrealized loss at the date of transfer was $7,018,000. The transfer
resulted from portfolio restructurings in connection with the acquisition
of First American. There were no sales of held-to-maturity securities
during 2000, 1999 or 1998. |
Held-to-maturity and available-for-sale securities
with a carrying amount of $7,805,807,000 and $11,406,179,000 at December
31, 2000 and 1999, respectively, were pledged to secure short-term and
long-term borrowings, public deposits, trust funds and for other purposes
as required or permitted by law. |
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