4.	Investment Securities

Investment

Securities.

The following tables reflect the amortized cost, gross unrealized gains, gross unrealized losses

, and fair values of investment securities as of

December

31,

2016,

and

December

31,

2015:

	As of December 31, 2016
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In thousands)

Securities Available-for-Sale
U.S. treasury securities	$	489,839	$	35	$	857	$	489,017
U.S. government sponsored entities		400,000		-		9,669		390,331
Mortgage-backed securities		339,241		309		3,290		336,260
Collateralized mortgage obligations		48		-		20		28
Corporate debt securities		74,965		247		862		74,350
Mutual funds		6,500		-		270		6,230
Preferred stock of government sponsored entities		2,811		4,497		-		7,308
Other equity securities		3,608		7,213		-		10,821
Total securities available-for-sale	$	1,317,012	$	12,301	$	14,968	$	1,314,345

	As of 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 securities available-for-sale	$	1,595,723	$	6,552	$	15,923	$	1,586,352

The amortized cost and fair value of investment securities at

December

31,

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	$	339,879	$	339,823
Due after one year through five years		553,130		544,585
Due after five years through ten years		75,111		72,733
Due after ten years (1)		348,892		357,204
Total	$	1,317,012	$	1,314,345

(1)

Equity securities are reported in this category

Proceeds from sales of mortgage-backed securities were

$605.2

million and proceeds from repayments, maturities and calls of mortgage-backed securities were

$153.0

million during

2016

compared to proceeds from sales of

$648.0

million and proceeds of

$101.2

million from repayments, maturities, and calls during

2015.

Proceeds from sales of other investment securities were

$294,000

during

2016

compared to

$385.2

million during

2015.

Proceeds from maturities and calls of other investment securities were

$460.0

million during

2016

compared to

$165.0

million during

2015.

2016,

gains of

$5.1

million and

losses were realized on sales and calls of investment securities compared with gains of

$2.4

million and losses of

$1.9

million realized in

2015.

2016,

the Company recorded investment securities write-downs of

$206,000

compared to

$3.9

million in

2015.

The temporarily impaired securities represent

80.1%

of the fair value of investment securities as of

December

31,

2016.

Unrealized losses for securities with unrealized losses for less than

twelve

months represent

1.3%,

and securities with unrealized losses for

twelve

months or more represent

3.2%,

of the historical cost of these securities. Unrealized losses on these securities generally resulted from increases in interest rates or spreads subsequent to the date that these securities were purchased.

December

31,

2016,

issues of securities had unrealized losses for

months or longer and

issues of securities had unrealized losses of less than

months.

Total unrealized losses of

$15.0

million at

December

31,

2016,

were primarily caused by increases in interest rates subsequent to the date that these securities were purchased or caused by the widening of credit and liquidity spreads since the dates of acquisition. The contractual terms of those investments do not permit the issuers to settle the security at a price less than the amortized cost of the investment.

December

31,

2016,

management believed the impairment was temporary and, accordingly, no impairment loss on debt securities has been recognized in our Consolidated Statements of Operations. The Company expects to recover the amortized cost basis of its debt securities, and

has no intent to sell and believes it is more likely than not that it

will not be required to sell available-for-sale debt securities that have declined below their cost

before their anticipated recovery.

The tables below show the fair value and unrealized losses of the temporarily impaired securities in our investment securities portfolio as of

December

31,

2016,

and

December

31,

2015:

	As of December 31, 2016
	Temporarily Impaired Securities

	Less than 12 months						12 months or longer						Total
	Fair		Unrealized		No. of		Fair		Unrealized		No. of		Fair		Unrealized		No. of
	Value		Losses		Issuances		Value		Losses		Issuances		Value		Losses		Issuances
	(Dollars in thousands)

Securities Available-for-Sale
U.S. treasury securities	$	299,088	$	857		6	$	-	$	-		-	$	299,088	$	857		6
U.S. government sponsored entities		390,331		9,669		8		-		-		-		390,331		9,669		8
Mortgage-backed securities		328,236		3,288		16		62		2		3		328,298		3,290		19
Collateralized mortgage obligations		-		-		-		28		20		1		28		20		1
Corporate debt securities		-		-		-		29,138		862		2		29,138		862		2
Mutual funds		-		-		-		6,230		270		1		6,230		270		1
Total securities available-for-sale	$	1,017,655	$	13,814		30	$	35,458	$	1,154		7	$	1,053,113	$	14,968		37

	As of December 31, 2015
	Temporarily Impaired Securities

	Less than 12 months						12 months or longer						Total
	Fair		Unrealized		No. of		Fair		Unrealized		No. of		Fair		Unrealized		No. of
	Value		Losses		Issuances		Value		Losses		Issuances		Value		Losses		Issuances
	(Dollars in thousands)

Securities Available-for-Sale
U.S. treasury securities	$	224,289	$	395		5	$	-	$	-		-	$	224,289	$	395		5
U.S. government sponsored entities		148,160		1,840		3		-		-		-		148,160		1,840		3
Mortgage-backed securities		1,025,342		11,398		35		6		1		2		1,025,348		11,399		37
Collateralized mortgage obligations		-		-		-		36		27		1		36		27		1
Corporate debt securities		9,950		50		1		43,525		1,475		3		53,475		1,525		4
Mutual funds		-		-		-		5,833		167		1		5,833		167		1
Preferred stock of government sponsored entities		2,488		228		2		-		-		-		2,488		228		2
Other equity securities		158		342		1		-		-		-		158		342		1
Total securities available-for-sale	$	1,410,387	$	14,253		47	$	49,400	$	1,670		7	$	1,459,787	$	15,923		54

Investment securities having a carrying value of

$649.1

million at

December

31,

2016,

and

$449.6

million at

December

31,

2015,

were pledged to secure public deposits, other borrowings, treasury tax and loan, securities sold under agreements to repurchase, and foreign exchange transactions.