Securities

The following is a comparative summary of mortgage-backed securities and other securities available-for-sale at September 30, 2014, and December 31, 2013 (in thousands):



	September 30, 2014
			Gross		Gross		Estimated
	Amortized		unrealized		unrealized		fair
	cost		gains		losses		value
Mortgage-backed securities:
Pass-through certificates:
Government sponsored enterprises (GSE)	$	311,111	$	7,790	$	2,530	$	316,371
Real estate mortgage investment conduits (REMICs):
GSE	428,516		1,109		14,025		415,600
Non-GSE	1,128		—		37		1,091
	740,755		8,899		16,592		733,062
Other securities:
Equity investments-mutual funds	377		—		—		377
Corporate bonds	70,117		128		—		70,245
	70,494		128		—		70,622
Total securities available-for-sale	$	811,249	$	9,027	$	16,592	$	803,684



	December 31, 2013
			Gross		Gross		Estimated
	Amortized		unrealized		unrealized		fair
	cost		gains		losses		value
Mortgage-backed securities:
Pass-through certificates:
GSE	$	366,884	$	8,573	$	5,113	$	370,344
REMICs:
GSE	497,575		1,699		14,047		485,227
Non-GSE	4,474		126		48		4,552
	868,933		10,398		19,208		860,123
Other securities:
Equity investments-mutual funds	510		—		—		510
Corporate bonds	76,491		66		105		76,452
	77,001		66		105		76,962
Total securities available-for-sale	$	945,934	$	10,464	$	19,313	$	937,085

The following is a summary of the expected maturity distribution of debt securities available-for-sale, other than mortgage-backed securities, at September 30, 2014 (in thousands):



Available-for-sale	Amortized cost		Estimated fair value
Due in one year or less	$	31,836	$	31,895
Due after one year through five years	38,281		38,350
	$	70,117	$	70,245

Expected maturities on mortgage-backed securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties.

For the three and nine months ended September 30, 2014, the Company had gross proceeds of $1.9 million and $9.1 million, respectively, on sales of securities available-for-sale, with gross realized gains of approximately $30,000 and $229,000, respectively, and no gross realized losses for both the three and nine months ended September 30, 2014. For the three and nine months ended September 30, 2013, the Company had gross proceeds of $52.8 million and $199.3 million, respectively, on sales of securities available-for-sale, with gross realized gains of approximately $394,000 and $2,500,000, respectively, and gross realized losses of $42,000 and $219,000, respectively. The Company recognized $262,000 and $17,000 in losses on its trading securities portfolio during the three and nine months ended September 30, 2014, respectively. The Company recognized $390,000 and $696,000 in gains on its trading securities portfolio during the three and nine months ended September 30, 2013, respectively. The Company did not recognize any other-than-temporary impairment charges during the three and nine months ended September 30, 2014, and recognized $0 and $434,000 of other-than-temporary impairment charges during the three and nine months ended September 30, 2013, respectively.

Gross unrealized losses on mortgage-backed securities, equity investments, and corporate bonds available-for-sale, and the estimated fair value of the related securities, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2014, and December 31, 2013, were as follows (in thousands):



	September 30, 2014
	Less than 12 months				12 months or more				Total
	Unrealized		Estimated		Unrealized		Estimated		Unrealized		Estimated
	losses		fair value		losses		fair value		losses		fair value
Mortgage-backed securities:
Pass-through certificates:
GSE	$	174	$	49,095	$	2,356	$	62,799	$	2,530	$	111,894
REMICs:
GSE	109		12,538		13,916		285,128		14,025		297,666
Non-GSE	—		—		37		1,091		37		1,091
Total	$	283	$	61,633	$	16,309	$	349,018	$	16,592	$	410,651



	December 31, 2013
	Less than 12 months				12 months or more				Total
	Unrealized		Estimated		Unrealized		Estimated		Unrealized		Estimated
	losses		fair value		losses		fair value		losses		fair value
Mortgage-backed securities:
Pass-through certificates:
GSE	$	5,087	$	150,473	$	26	$	4,482	$	5,113	$	154,955
REMICs:
GSE	12,923		283,419		1,124		44,606		14,047		328,025
Non-GSE	23		1,092		25		442		48		1,534
Other Securities:
Corporate Bonds	$	105	$	44,763	$	—	$	—	$	105	$	44,763
Total	$	18,138	$	479,747	$	1,175	$	49,530	$	19,313	$	529,277

The Company held 14 pass-through mortgage-backed securities issued or guaranteed by GSEs, 19 REMIC mortgage-backed securities issued or guaranteed by GSEs, and two REMIC mortgage-backed securities not issued or guaranteed by GSEs that were in a continuous unrealized loss position of greater than twelve months at September 30, 2014. There were eight pass-through mortgage-backed securities issued or guaranteed by GSEs and four REMIC mortgage-backed securities issued or guaranteed by GSEs that were in an unrealized loss position of less than twelve months at September 30, 2014. All securities referred to above were rated investment grade at September 30, 2014. The declines in value relate to the general interest rate environment and are considered temporary. The securities cannot be prepaid in a manner that would result in the Company not receiving substantially all of its amortized cost. The Company neither has an intent to sell, nor is it more likely than not that the Company will be required to sell, the securities before the recovery of their amortized cost basis or, if necessary, maturity.

The fair values of our investment securities could decline in the future if the underlying performance of the collateral for the collateralized mortgage obligations or other securities deteriorates and our credit enhancement levels do not provide sufficient protections to our contractual principal and interest, which may result in other-than-temporary impairment in the future.