Investment Securities

Investment securities were $

1.2

billion as of

March

31,

2017,

compared to

$1.3

billion as of

December

31,

2016.

The following tables reflect the amortized cost, gross unrealized gains, gross unrealized losses, and fair value of investment securities as of

March

31,

2017,

and

December

31,

2016:

	March 31, 2017
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In thousands)

Securities Available-for-Sale
U.S. treasury securities	$	419,881	$	-	$	411	$	419,470
U.S. government sponsored entities		400,000		-		8,014		391,986
Mortgage-backed securities		323,017		268		3,124		320,161
Corporate debt securities		74,968		378		335		75,011
Mutual funds		6,500		-		270		6,230
Preferred stock of government sponsored entities		2,811		3,167		-		5,978
Other equity securities		3,608		5,285		-		8,893
Total	$	1,230,785	$	9,098	$	12,154	$	1,227,729

	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	$	1,317,012	$	12,301	$	14,968	$	1,314,345

The amortized cost and fair value of investment securities a

s of

March

31,

2017,

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	$	370,028	$	369,892
Due after one year through five years		527,354		519,205
Due after five years through ten years		103		111
Due after ten years (1)		333,300		338,521
Total	$	1,230,785	$	1,227,729

(1)

Equity securities are reported in this category

There were no sales transactions of mortgage-backed securities during the

first

quarter

2017

and the

first

quarter of

2016.

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

$15.4

million and

$33.5

million for the

three

months ended

March

31,

2017

and

2016,

respectively. Proceeds of

$99.5

million were received from the sale of other investment securities during the

three

months ended

March

31,

2017.

There were no sales transactions of other investment securities during the

three

months ended

March

31,

2016.

Proceeds from maturities and calls of other investment securities were

$70.0

million during the

three

months ended

March

31,

2017

compared to

$110.0

million during the same period a year ago. During the

three

months ended

March

31,

2017,

$438,000

of losses were realized on sales of investment securities. Other than temporary impairment write-downs of

$28,000

and

$206,000

were recorded during the

first

quarter of

2017

and

2016,

respectively.

The table

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

March

31,

2017,

and

December

31,

2016:

	March 31, 2017
	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	$	419,470	$	411	$	-	$	-	$	419,470	$	411
U.S. government sponsored entities		391,986		8,014		-		-		391,986		8,014
Mortgage-backed securities		314,395		3,120		58		3		314,453		3,123
Corporate debt securities		4,993		7		29,671		329		34,664		336
Mutual funds		-		-		6,230		270		6,230		270
Total	$	1,130,844	$	11,552	$	35,959	$	602	$	1,166,803	$	12,154

	December 31, 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	$	299,088	$	857	$	-	$	-	$	299,088	$	857
U.S. government sponsored entities		390,331		9,669		-		-		390,331		9,669
Mortgage-backed securities		328,236		3,288		62		2		328,298		3,290
Collateralized mortgage obligations		-		-		28		20		28		20
Corporate debt securities		-		-		29,138		862		29,138		862
Mutual funds		-		-		6,230		270		6,230		270
Total	$	1,017,655	$	13,814	$	35,458	$	1,154	$	1,053,113	$	14,968

s of

March

31,

2017,

the Company had unrealized losses on available-for-sale securities of

$12.2

million. The unrealized losses on these securities were primarily attributed to yield curve movement, together with widened liquidity spreads and credit spreads. 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 $

285.0

million as of

March

31,

2017,

and

$649.1

million as of

December

31,

2016,

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