content_image/12724.jpg content_image/12725.jpg content_image/12726.jpg content_image/12727.jpg
## 3. Investments 

The carrying values of investments, which approximate their fair values, consist of the following: 

<img src='content_image/12724.jpg'>

The carrying values and yields on investments at December 31, 2002, by contractual maturity, are shown below: 

<img src='content_image/12725.jpg'>

(1) Balance represents FRB and Federal Home Loan Bank (“FHLB”) stock, required regulatory investments. 

## 4. Securities Available for Sale 

Securities available for sale consist of the following: 

<img src='content_image/12726.jpg'>

Gross gains of $11.5 million and $863,000 were recognized on sales of securities available for sale during 2002 and 2001, respectively. 

There were no sales of securities available for sale in 2000. Mortgage-backed securities aggregating $867.7 million were pledged as collateral to secure certain deposits and borrowings at December 31, 2002. See Notes 12 and 13 for additional information regarding securities pledged as collateral to secure certain borrowings. 

## 5. Loans Held for Sale 

Loans held for sale consist of the following: 

<img src='content_image/12727.jpg'>

