. Investment Securities

Investment securities were $

1.4

billion as of

June 30, 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

June 30, 2017,

and

December 31, 2016:

	June 30, 2017
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In thousands)
Securities Available-for-Sale
U.S. treasury securities	$	569,569	$	-	$	524	$	569,045
U.S. government sponsored entities		400,000		-		5,369		394,631
Mortgage-backed securities		309,166		221		2,480		306,907
Corporate debt securities		74,970		549		109		75,410
Mutual funds		6,500		-		235		6,265
Preferred stock of government sponsored entities		2,811		2,413		-		5,224
Other equity securities		3,608		7,261		-		10,869
Total	$	1,366,624	$	10,444	$	8,717	$	1,368,351

	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

June 30, 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	$	520,258	$	520,058
Due after one year through five years		526,194		521,010
Due after five years through ten years		95		102
Due after ten years (1)		320,077		327,181
Total	$	1,366,624	$	1,368,351

(

) Equity securities are reported in this category

There were

sales transactions of mortgage-backed securities during the

first

six

months of

2017.

Proceeds of

$241.8

million were received from the sales transactions of mortgage-backed securities during the

first

six

months of

2016.

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

$28.6

million and

$80.7

million for the

six

months ended

June 30, 2017

and

2016,

respectively. Proceeds of

$99.5

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

six

months ended

June 30, 2017.

There were

sales transactions of other investment securities during the

six

months ended

June 30, 2016.

Proceeds from maturities and calls of other investment securities were

$170.0

million during the

six

months ended

June 30, 2017

compared to

$335.0

million during the same period a year ago. During the

six

months ended

June 30, 2017,

$438,000

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

$25,000

and

$206,000

were recorded during the

first

six

months 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

June 30, 2017,

and

December 31, 2016:

	June 30, 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	$	569,044	$	524	$	-	$	-	$	569,044	$	524
U.S. government sponsored entities		394,631		5,369		-		-		394,631		5,369
Mortgage-backed securities		301,997		2,477		56		3		302,053		2,480
Corporate debt securities		-		-		29,891		109		29,891		109
Mutual funds		-		-		6,265		235		6,265		235

Total	$	1,265,672	$	8,370	$	36,212	$	347	$	1,301,884	$	8,717

	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

June 30, 2017,

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

$8.7

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,

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

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 $

225.6

million as of

June 30, 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.