(3) Securities

The amortized cost, estimated fair value, and unrealized gains and losses of securities available for sale are as follows:

(In thousands)	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
December 31, 2014
U.S. Treasury	$	23,041	$	70	$	-	$	23,111
Federal agency		332,193		327		2,606		329,914
State & municipal		37,035		587		52		37,570
Mortgage-backed:
Government-sponsored enterprises		339,190		7,597		224		346,563
U.S. government agency securities		17,367		863		66		18,164
Collateralized mortgage obligations:
Government-sponsored enterprises		199,837		1,828		234		201,431
U.S. government agency securities		40,237		497		36		40,698
Other securities		12,818		3,054		152		15,720
Total securities available for sale	$	1,001,718	$	14,823	$	3,370	$	1,013,171
December 31, 2013
U.S. Treasury	$	43,279	$	337	$	-	$	43,616
Federal agency		285,880		343		7,308		278,915
State & municipal		113,435		1,842		1,612		113,665
Mortgage-backed:
Government-sponsored enterprises		337,666		5,788		2,131		341,323
U.S. government securities		21,924		1,002		85		22,841
Collateralized mortgage obligations:
Government-sponsored enterprises		521,257		1,777		18,141		504,893
U.S. government securities		43,943		794		102		44,635
Other securities		12,367		2,854		228		14,993
Total securities available for sale	$	1,379,751	$	14,737	$	29,607	$	1,364,881

The following table sets forth information with regard to sales transactions of securities available for sale:

	Years ended December 31
(In thousands)	2014		2013		2012
Proceeds from sales	$	189	$	27,593	$	1,790
Gross realized gains	$	49	$	1,283	$	442
Gross realized losses		-		-		-
Net securities gains	$	49	$	1,283	$	442

In addition to gains (losses) from sales transactions, the Company also recorded gains from calls on securities available for sale of approximately $0.1 million for the year ended December 31, 2014, $0.1 million for the year ended December 31, 2013, and $0.2 million for the year ended December 31, 2012.

At December 31, 2014 and 2013, securities available for sale and held to maturity with amortized costs totaling $1.4 billion and $1.4 billion, respectively, were pledged to secure public deposits and for other purposes required or permitted by law. Additionally, at December 31, 2014, securities available for sale and held to maturity with an amortized cost of $208.8 million were pledged as collateral for securities sold under the repurchase agreements.

The amortized cost, estimated fair value, and unrealized gains and losses of securities held to maturity are as follows:

(In thousands)	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
December 31, 2014
Mortgage-backed	$	755	$	113	$	-	$	868
Collateralized mortgage obligations		317,628		1,934		1,965		317,597
State & municipal		135,978		674		123		136,529
Total securities held to maturity	$	454,361	$	2,721	$	2,088	$	454,994
December 31, 2013
Mortgage-backed	$	953	$	128	$	-	$	1,081
Collateralized mortgage obligations		62,025		-		4,569		57,456
State & municipal		54,305		442		8		54,739
Total securities held to maturity	$	117,283	$	570	$	4,577	$	113,276

At December 31, 2014 and 2013, all of the mortgaged-backed securities held to maturity were comprised of U.S. government agency securities.

The following table sets forth information with regard to investment securities with unrealized losses at December 31, 2014 and 2013, segregated according to the length of time the securities had been in a continuous unrealized loss position:

	Less than 12 months							12 months or longer							Total
Security Type:	Fair Value		Unrealized losses			Number of Positions		Fair Value		Unrealized losses			Number of Positions		Fair Value		Unrealized losses			Number of Positions

December 31, 2014
Investment securities available for sale:
Federal agency	$	66,528	$	(226	)		8	$	198,151	$	(2,380	)		16	$	264,679	$	(2,606	)		24
State & municipal		8,818		(42	)		33		1,321		(10	)		5		10,139		(52	)		38
Mortgage-backed		10,400		(36	)		10		35,565		(254	)		31		45,965		(290	)		41
Collateralized mortgage obligations		57,682		(196	)		8		6,598		(74	)		4		64,280		(270	)		12
Other securities		-		-			-		3,201		(152	)		2		3,201		(152	)		2
Total securities with unrealized losses	$	143,428	$	(500	)		59	$	244,836	$	(2,870	)		58	$	388,264	$	(3,370	)		117

December 31, 2014
Investment securities held to maturity:
Collateralized mortgage obligations	$	26,052	$	(49	)		2	$	46,415	$	(1,916	)		4	$	72,467	$	(1,965	)		6
State & municipal		43,514		(116	)		110		1,619		(7	)		6		45,133		(123	)		116
Total securities with unrealized losses	$	69,566	$	(165	)		112	$	48,034	$	(1,923	)		10	$	117,600	$	(2,088	)		122

December 31, 2013
Investment securities available for sale:
Federal agency	$	233,935	$	(6,927	)		20	$	9,619	$	(381	)		1	$	243,554	$	(7,308	)		21
State & municipal		50,328		(1,612	)		177		-		-			-		50,328		(1,612	)		177
Mortgage-backed		143,080		(2,216	)		79		-		-			-		143,080		(2,216	)		79
Collateralized mortgage obligations		379,273		(18,243	)		36		-		-			-		379,273		(18,243	)		36
Other securities		5,490		(203	)		2		223		(25	)		1		5,713		(228	)		3
Total securities with unrealized losses	$	812,106	$	(29,201	)		314	$	9,842	$	(406	)		2	$	821,948	$	(29,607	)		316

December 31, 2013
Investment securities held to maturity:
Collateralized mortgage obligations	$	57,456	$	(4,569	)		5	$	-	$	-			-	$	57,456	$	(4,569	)		5
State & municipal		1,012		(8	)		1		-		-			-		1,012		(8	)		1
Total securities with unrealized losses	$	58,468	$	(4,577	)		6	$	-	$	-			-	$	58,468	$	(4,577	)		6

Management has the intent to hold the securities classified as held to maturity until they mature, at which time it is believed the Company will receive full value for the securities. Furthermore, as of December 31, 2014, management also had intent to hold, and will not be required to sell, the securities classified as available for sale for a period of time sufficient for a recovery of cost, which may be until maturity. The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying securities were purchased. When necessary, the Company has performed a discounted cash flow analysis to determine whether or not it will receive the contractual principal and interest on certain securities. The fair value is expected to recover as the bonds approach their maturity date or repricing date or if market yields for such investments decline. As of December 31, 2014, management believes the impairments detailed in the table above are temporary and no other-than-temporary impairment losses have been realized in the Company’s consolidated statements of income.

During 2014, the Company transferred approximately $340 million in securities from the available for sale portfolio to the held to maturity portfolio, which had unrealized losses at the time of transfer of approximately $8.3 million. This unrealized loss is amortized into interest income over the lives of the transferred securities.

The following tables set forth information with regard to contractual maturities of debt securities at December 31, 2014:

(In thousands)	Amortized cost		Estimated fair value
Debt securities classified as available for sale
Within one year	$	28,193	$	28,310
From one to five years		356,696		356,107
From five to ten years		160,816		163,924
After ten years		443,195		449,110
	$	988,900	$	997,451
Debt securities classified as held to maturity
Within one year	$	22,999	$	23,075
From one to five years		15,506		15,606
From five to ten years		87,326		87,640
After ten years		328,530		328,673
	$	454,361	$	454,994

Maturities of mortgage-backed, CMOs and asset-backed securities are stated based on their estimated average lives. Actual maturities may differ from estimated average lives or contractual maturities because, in certain cases, borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

Except for U.S. Government securities, there were no holdings, when taken in the aggregate, of any single issuer that exceeded 10% of consolidated stockholders’ equity at December 31, 2014 and December 31, 2013.