. Investment Securities

Investment securities were $1.30 billion as of September 30, 2016, compared to $1.59 billion as of December 31, 2015. The following tables reflect the amortized cost, gross unrealized gains, gross unrealized losses, and fair value of investment securities as of September 30, 2016, and December 31, 2015:

	September 30, 2016
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In thousands)
Securities Available-for-Sale
U.S. treasury securities	$	389,921	$	112	$	24	$	390,009
U.S. government sponsored entities		250,000		79		69		250,010
Mortgage-backed securities		556,454		7,186		2		563,638
Collateralized mortgage obligations		52		-		22		30
Corporate debt securities		74,962		444		937		74,469
Mutual funds		6,000		-		74		5,926
Preferred stock of government sponsored entities		2,811		565		188		3,188
Other equity securities		3,608		7,591		-		11,199

Total	$	1,283,808	$	15,977	$	1,316	$	1,298,469

	December 31, 2015
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In thousands)
Securities Available-for-Sale
U.S. treasury securities	$	284,678	$	5	$	395	$	284,288
U.S. government sponsored entities		150,000		-		1,840		148,160
Mortgage-backed securities		1,073,108		560		11,399		1,062,269
Collateralized mortgage obligations		63		-		27		36
Corporate debt securities		74,955		425		1,525		73,855
Mutual funds		6,000		-		167		5,833
Preferred stock of government sponsored entities		2,811		633		228		3,216
Other equity securities		4,108		4,929		342		8,695
Total	$	1,595,723	$	6,552	$	15,923	$	1,586,352

The amortized cost and fair value of investment securities as of September 30, 2016, by contractual maturities, are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or repayment penalties.

	Securities Available-For-Sale
	Amortized cost		Fair value
	(In thousands)
Due in one year or less	$	289,859	$	289,923
Due after one year through five years		353,931		353,682
Due after five years through ten years		75,117		75,076
Due after ten years (1)		564,901		579,788
Total	$	1,283,808	$	1,298,469

(1)

Equity securities are reported in this category

Proceeds of $415.3 million were received from the sales transactions of mortgage-backed securities during the first nine months of 2016. Proceeds of $648.0 million were received from the sale of mortgage-backed securities during the first nine months of 2015. Proceeds from repayments, maturities and calls of mortgage-backed securities were $125.3 million and $67.3 million for the nine months ended September 30, 2016 and 2015, respectively. There were no sales transactions of other investment securities during the nine months ended September 30, 2016. Proceeds of $385.2 million were received from the sale of other investment securities during the nine months ended September 30, 2015. Proceeds from maturities and calls of other investment securities were $460.0 million during the nine months ended September 30, 2016 compared to $165.0 million during the same period a year ago. Gains of $3.3 million and zero losses were realized on sales of investment securities in addition to a permanent impairment write-down of $206,000 that was recorded during the nine months ended September 30, 2016 compared to gains of $2.4 million and losses of $1.9 million realized during the same period a year ago.

The tables below show the fair value and unrealized losses of the temporarily impaired securities in our investment securities portfolio as of September 30, 2016, and December 31, 2015:

	September 30, 2016
	Temporarily impaired securities

	Less than 12 months				12 months or longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
	(in thousands)

Securities Available-for-Sale
U.S. treasury securities	$	149,983	$	24	$	-	$	-	$	149,983	$	24
U.S. government sponsored entities		149,931		69		-		-		149,931		69
Mortgage-backed securities		44		1		265		1		309		2
Collateralized mortgage obligations		-		-		30		22		30		22
Corporate debt securities		-		-		54,063		937		54,063		937
Mutual funds		-		-		5,926		74		5,926		74
Preferred stock of government sponsored entities		2,528		188		-		-		2,528		188

Total	$	302,486	$	282	$	60,284	$	1,034	$	362,770	$	1,316

	December 31, 2015
	Temporarily impaired securities

	Less than 12 months				12 months or longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
	(in thousands)

Securities Available-for-Sale
U.S. treasury securities	$	224,289	$	395	$	-	$	-	$	224,289	$	395
U.S. government sponsored entities		148,160		1,840		-		-		148,160		1,840
Mortgage-backed securities		1,025,342		11,398		6		1		1,025,348		11,399
Collateralized mortgage obligations		-		-		36		27		36		27
Corporate debt securities		9,950		50		43,525		1,475		53,475		1,525
Mutual funds		-		-		5,833		167		5,833		167
Preferred stock of government sponsored entities		2,488		228		-		-		2,488		228
Other equity securities		158		342		-		-		158		342
Total	$	1,410,387	$	14,253	$	49,400	$	1,670	$	1,459,787	$	15,923

As of September 30, 2016, the Company had unrealized losses of $1.3 million. The unrealized losses on these securities were primarily attributed to yield curve movement, together with the widened liquidity spread and credit spread. The issuers have not, to the Company’s knowledge, established any cause for default on these securities. Management believes the impairment was temporary and, accordingly, no impairment loss on these securities has been recognized in our condensed consolidated statements of operations. The Company expects to recover the amortized cost basis of its debt securities, and has no intent to sell and will not be required to sell available-for-sale debt securities that have declined below their cost before their anticipated recovery.

Investment securities having a carrying value of $505.9 million as of September 30, 2016, and $449.6 million as of December 31, 2015, were pledged to secure public deposits, other borrowings, treasury tax and loan, and securities sold under agreements to repurchase.