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, 2017,

and

December 31, 2016:

	As of December 31, 201 7
			Gros s		Gros s
	Amortize d		Unrealize d		Unrealize d
	Cos t		Gain s		Losse s		Fair Valu e
	(In thousands )

Securities Available-for-Sal e
U.S. treasury securities	$	249,877	$	-	$	357	$	249,520
U.S. government agency entities		9,047		11		70		8,988
U.S. government sponsored entities		400,000		-		9,664		390,336
State and municipal securities		1,944				30		1,914
Mortgage-backed securities		577,987		241		6,259		571,969
Collateralized mortgage obligations		1,533		-		17		1,516
Corporate debt securities		80,007		1,291		17		81,281
Mutual funds		6,500		-		270		6,230
Preferred stock of government sponsored entities		5,842		4,260		-		10,102
Other equity securities		3,608		8,162		-		11,770
Total securities available-for-sale	$	1,336,345	$	13,965	$	16,684	$	1,333,626

	As of December 31, 201 6
			Gros s		Gros s
	Amortize d		Unrealize d		Unrealize d
	Cos t		Gain s		Losse s		Fair Valu e
	(In thousands )

Securities Available-for-Sal e
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

The amortized cost and fair value of

investment securities at

December 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-Sal e
	Amortized Cos t		Fair Valu e
	(In thousands )
Due in one year or less	$	265,550	$	265,231
Due after one year through five years		465,195		456,804
Due after five years through ten years		8,056		7,962
Due after ten years (1)		597,544		603,629
Total	$	1,336,345	$	1,333,626

(

) Equity securities are reported in this categor

There were

sales of mortgage-backed securities during

2017.

Proceeds of

$71.6

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

2017

compared to proceeds from sales of

$605.2

million and proceeds of

$153.0

million from repayments, maturities, and calls during

2016.

Proceeds from sales of other investment securities were

$111.7

million during

2017

compared to

$294,000

during

2016.

Proceeds from maturities and calls of other investment securities were

$491.0

million during

2017

compared to

$460.0

million during

2016.

2017,

gains of

$1.7

million and losses of

$710,000

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

$5.1

million and

losses realized in

2016.

The temporarily

impaired securities represent

88.6%

of the fair value of investment securities as of

December 31, 2017.

Unrealized losses for securities with unrealized losses for less than

twelve

months represent

0.6%,

and securities with unrealized losses for

twelve

months or more represent

2.1%,

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, 2017,

issues of securities had unrealized losses for

months or longer and

issues of securities had unrealized losses of less than

months.

Tot

al unrealized losses of

$16.7

million at

December 31, 2017,

were primarily caused by increases in interest rates or 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, 2017,

management believed the impairment was temporary and, accordingly,

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

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, 2017,

and

December 31, 2016:

	As of December 31, 201 7
	Temporarily Impaired Securitie s

	Less than 12 month s						12 months or longe r						Tota l
	Fai r		Unrealized		No. of		Fai r		Unrealized		No. o f		Fai r		Unrealized		No. of
	Valu e		Losse s		Issuances		Valu e		Losse s		Issuance s		Valu e		Losse s		Issuances
	(Dollars in thousands )

Securities Available-for-Sal e
U.S. treasury securities	$	199,823	$	62		4	$	49,697	$	295		2	$	249,520	$	357		6
U.S. government agency entities		5,711		70		3		-		-		-		5,711		70		3
U.S. government sponsored entities		-		-		-		390,336		9,664		8		390,336		9,664		8
State and municipal securities		1,914		30		2		-		-		-		1,914		30		2
Mortgage-backed securities		342,436		3,147		48		178,617		3,112		13		521,053		6,259		61
Collateralized mortgage obligations		1,516		17		5		-		-		-		1,516		17		5
Corporate debt securities		5,015		17		1		-		-		-		5,015		17		1
Mutual funds		-		-		-		6,230		270		1		6,230		270		1
Total securities available-for-sale	$	556,415	$	3,343		63	$	624,880	$	13,341		24	$	1,181,295	$	16,684		87

	As of December 31, 201 6
	Temporarily Impaired Securitie s

	Less than 12 month s						12 months or longe r						Tota l
	Fai r		Unrealized		No. of		Fai r		Unrealized		No. o f		Fai r		Unrealized		No. of
	Valu e		Losse s		Issuances		Valu e		Losse s		Issuance s		Valu e		Losse s		Issuances
	(Dollars in thousands )

Securities Available-for-Sal e
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

Investment securities having a carrying value of

$272.2

million at

December 31, 2017,

and

$649.1

million at

December 31, 2016,

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