2. SECURITIES

A summary of the amortized cost, gross unrealized gains and losses and fair value of securities is as follows:

December 31,	2014									2013
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for sale:

U.S. GSE securities	$	97,560	$	4	$	(2,139	)	$	95,425	$	164,278	$	15	$	(11,536	)	$	152,757
State and municipal obligations	63,583		318		(208		)	63,693		62,141		602		(1,087		)	61,656
U.S. GSE residential mortgage-backed securities	100,931		534		(40		)	101,425		14,609		36		(210		)	14,435
U.S. GSE residential collateralized mortgage obligations	261,256		310		(2,967		)	258,599		285,595		559		(6,963		)	279,191
U.S. GSE commercial mortgage-backed securities	3,016		—		(71		)	2,945		3,076		—		(242		)	2,834
U.S. GSE commercial collateralized mortgage obligations	24,179		44		(141		)	24,082		26,740		194		(24		)	26,910
Non Agency commercial mortgage-backed securities	—		—		—			—		3,658		—		(80		)	3,578
Other asset backed securities	24,190		—		(1,153		)	23,037		34,970		42		(1,194		)	33,818
Corporate Bonds	17,952		161		(135		)	17,978		—		—		—			—
Total available for sale	592,667		1,371		(6,854		)	587,184		595,067		1,448		(21,336		)	575,179

Held to maturity:

U.S. GSE securities	11,283		135		(41		)	11,377		11,254		—		(375		)	10,879
State and municipal obligations	64,864		1,658		(98		)	66,424		67,232		863		(179		)	67,916
U.S. GSE residential mortgage-backed securities	6,667		—		(97		)	6,570		8,001		—		(312		)	7,689
U.S. GSE residential collateralized mortgage obligations	59,539		507		(862		)	59,184		68,197		537		(3,655		)	65,079
U.S. GSE commercial mortgage-backed securities	13,213		233		(26		)	13,420		10,132		—		(356		)	9,776
U.S. GSE commercial collateralized mortgage obligations	36,413		267		(431		)	36,249		13,627		—		(706		)	12,921
Corporate Bonds	22,948		139		(22		)	23,065		22,885		203		(9		)	23,079
Total held to maturity	214,927		2,939		(1,577		)	216,289		201,328		1,603		(5,592		)	197,339
Total securities	$	807,594	$	4,310	$	(8,431	)	$	803,473	$	796,395	$	3,051	$	(26,928	)	$	772,518

Securities with unrealized losses at year-end 2014 and 2013, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position, are as follows:

December 31,	2014								2013
(In thousands)	Less than 12 months				Greater than 12 months				Less than 12 months				Greater than 12 months
	Fair Value		Unrealized losses		Fair Value		Unrealized losses		Fair Value		Unrealized losses		Fair Value		Unrealized losses
Available for sale:

U.S. GSE securities	$	4,991	$	8	$	90,233	$	2,131	$	128,468	$	8,915	$	23,966	$	2,621
State and municipal obligations	12,330		79		14,592		129		23,765		1,046		966		41
U.S. GSE residential mortgage-backed securities	—		—		1,554		40		10,410		210		—		—
U.S. GSE residential collateralized mortgage obligations	60,126		349		122,179		2,618		218,415		6,476		12,757		487
U.S. GSE commercial mortgage-backed securities	—		—		2,944		71		2,834		242		—		—
U.S. GSE commercial collateralized mortgage obligations	13,830		108		4,636		33		4,912		24		—		—
Non Agency commercial mortgage-backed securities	—		—		—		—		3,578		80		—		—
Other asset backed securities	23,038		1,153		—		—		21,144		1,103		2,906		91
Corporate Bonds	9,865		135		—		—		—		—		—		—
Total available for sale	124,180		1,832		236,138		5,022		413,526		18,096		40,595		3,240

Held to maturity:

U.S. GSE securities	—		—		7,414		41		10,879		375		—		—
State and municipal obligations	11,343		97		202		1		24,079		178		385		1
U.S. GSE residential mortgage-backed securities	—		—		6,569		97		7,689		312		—		—
U.S. GSE residential collateralized mortgage obligations	10,422		46		30,413		816		29,570		2,169		17,752		1,486
U.S. GSE commercial mortgage-backed securities	—		—		4,188		26		9,776		356		—		—
U.S. GSE commercial collateralized mortgage obligations	14,392		73		8,611		358		12,921		706		—		—
Corporate Bonds	3,978		22		—		—		1,993		7		999		2
Total held to maturity	$	40,135	$	238	$	57,397	$	1,339	$	96,907	$	4,103	$	19,136	$	1,489

Unrealized losses on securities have not been recognized into income, as the losses on these securities would be expected to dissipate as they approach their maturity dates. The Company evaluates securities for other-than-temporary impairment periodically and with increased frequency when economic or market concerns warrant such evaluation. Consideration is given to the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, whether the market decline was affected by macroeconomic conditions, and whether the Company has the intent to sell the security or more than likely than not will be required to sell the security before its anticipated recovery. In analyzing an issuer’s financial condition, the Company may consider whether the securities are issued by the federal government or its entities, whether downgrades by bond rating agencies have occurred, and the issuer’s financial condition.

At December 31, 2014, the majority of unrealized losses on available for sale securities are related to the Company’s U.S. GSE residential collateralized mortgage obligations and U.S. GSE securities. The majority of unrealized losses on held to maturity securities are related to U.S. GSE residential collateralized mortgage obligations. The decrease in fair value of the U.S. GSE residential collateralized mortgage obligations, and the U.S. GSE securities portfolio is attributable to changes in interest rates and not credit quality. The Company does not have the intent to sell these securities and it is more likely than not that it will not be required to sell the securities before their anticipated recovery. Therefore, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2014.

The following table sets forth the fair value, amortized cost and maturities of the securities at December 31, 2014. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

December 31, 2014	Within One Year				After One But Within Five Years				After Five But Within Ten Years				After Ten Years				Total
(In thousands)	Fair Value Amount		Amortized Cost Amount		Fair Value Amount		Amortized Cost Amount		Fair Value Amount		Amortized Cost Amount		Fair Value Amount		Amortized Cost Amount		Fair Value Amount		Amortized Cost Amount
Available for sale:

U.S. GSE securities	$	201	$	197	$	8,805	$	9,000	$	86,419	$	88,363	$	—	$	—	$	95,425	$	97,560
State and municipal obligations	15,654		15,574		27,712		27,707		9,518		9,470		10,809		10,832		63,693		63,583
U.S. GSE residential mortgage-backed securities	—		—		—		—		4,594		4,566		96,831		96,365		101,425		100,931
U.S. GSE residential collateralized mortgage obligations	—		—		—		—		—		—		258,599		261,256		258,599		261,256
U.S. GSE commercial mortgage-backed securities	—		—		—		—		2,945		3,016		—		—		2,945		3,016
U.S. GSE commercial collateralized mortgage obligations	—		—		—		—		—		—		24,082		24,179		24,082		24,179
Other Asset backed securities	—		—		—		—		—		—		23,037		24,190		23,037		24,190
Corporate Bonds	—		—		1,001		1,000		16,977		16,952		—		—		17,978		17,952
Total available for sale	15,855		15,771		37,518		37,707		120,453		122,367		413,358		416,822		587,184		592,667

Held to maturity:

U. S. GSE securities	—		—		7,414		7,455		3,963		3,828		—		—		11,377		11,283
State and municipal obligations	5,149		5,139		11,596		11,507		43,309		42,101		6,370		6,117		66,424		64,864
U.S. GSE residential mortgage-backed securities	—		—		—		—		—		—		6,570		6,667		6,570		6,667
U.S. GSE residential collateralized mortgage obligations	—		—		—		—		1,041		1,009		58,143		58,530		59,184		59,539
U.S. GSE commercial mortgage-backed securities	—		—		—		—		10,073		9,935		3,347		3,278		13,420		13,213
U.S. GSE commercial collateralized mortgage obligations	—		—		—		—		—		—		36,249		36,413		36,249		36,413
Corporate Bonds	11,990		11,948		11,075		11,000		—		—		—		—		23,065		22,948
Total held to maturity	17,139		17,087		30,085		29,962		58,386		56,873		110,679		111,005		216,289		214,927
Total securities	$	32,994	$	32,858	$	67,603	$	67,669	$	178,839	$	179,240	$	524,037	$	527,827	$	803,473	$	807,594

There were $361.0 million of proceeds on sales of available for sale securities with gross gains of approximately $1.2 million and gross losses of approximately $2.3 million realized in 2014. There were $129.4 million of proceeds on sales of available for sale securities with gross gains of approximately $1.5 million and gross losses of approximately $0.8 million realized in 2013. There were $152.0 million of proceeds on sales of available for sale securities with gross gains of approximately $3.2 million and gross losses of approximately $0.6 million realized in 2012.

Securities having a fair value of approximately $451.1 million and $397.5 million at December 31, 2014 and 2013, respectively, were pledged to secure public deposits and Federal Home Loan Bank and Federal Reserve Bank overnight borrowings. The Company did not hold any trading securities during the years ended December 31, 2014 and 2013.

As of December 31, 2014 and 2013, there was one issuer, other than U.S. Government and its Sponsored Entities, where the Bank had invested holdings that exceeded 10% of consolidated stockholder’s equity and represented 13% and 14% of consolidated stockholder’s equity, respectively. These assets are more than 95% backed by a U.S. Government guarantee.