And Morgan's securities gains were $1.2 million, down from $6.3 million.

The company said latest first quarter net included net securities gains of $12,623,000, compared with $10,239,000 for year-ago period.

The difference mainly was $69 million in securities gains as the company took advantage of the surging bond market.

The latest first quarter included pretax net securities gains of $2,161,000, compared with $12,623,000 for the year-ago period.

First Bank also listed a $65 million state income tax refund and $400,000 in securities gains as pretax items.

The bank is still sitting on just under $1 billion in unrealized securities gains.

For the first three months of the year, Morgan said it realized $43.1 million in net securities gains.

A company with securities gains of a different sort is American Express.

These include items such as unrealized securities gains and losses.

The year-ago periods included securities gains of $2.9 million for the quarter and $18.8 million for the year.