Investment Securities

The following tables reflect the amortized cost, gross unrealized gains, gross unrealized losses, and fair value of securities available-for-sale as of

March 31, 2019,

and

December 31, 2018:

	March 31, 2019
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In thousands)
Securities Available-for-Sale
U.S. treasury securities	$	149,231	$	20	$	11	$	149,240
U.S. government agency entities		5,694		3		166		5,531
U.S. government sponsored entities		400,000		—		6,726		393,274
Mortgage-backed securities		701,761		2,391		8,191		695,961
Collateralized mortgage obligations		905		—		24		881
Corporate debt securities		64,988		211		233		64,966
Total	$	1,322,579	$	2,625	$	15,351	$	1,309,853

	December 31, 2018
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In thousands)
Securities Available-for-Sale
U.S. treasury securities	$	124,801	$	—	$	51	$	124,750
U.S. government agency entities		6,066		—		195		5,871
U.S. government sponsored entities		400,000		—		11,637		388,363
Mortgage-backed securities		670,874		960		15,089		656,745
Collateralized mortgage obligations		1,005		—		28		977
Corporate debt securities		64,985		818		—		65,803
Total	$	1,267,731	$	1,778	$	27,000	$	1,242,509

The amortized cost and fair value of securities available-for-sale as of

March 31, 2019,

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	$	149,234	$	149,243
Due after one year through five years		465,744		459,017
Due after five years through ten years		5,820		5,662
Due after ten years		701,781		695,931
Total	$	1,322,579	$	1,309,853

Equity Securities

- The adoption of ASU

2016

resulted in approximately

$8.6

million being reclassified from accumulated other comprehensive income to retained earnings, representing an increase to retained earnings as of

January 1, 2018.

The Company recognized a net gain of

$4.2

million as of

March 31, 2019,

due to the increase in fair value of equity investments with readily determinable fair values compared to a net loss of

$3.8

million as of

March 31, 2018.

Equity securities were

$29.3

million and

$25.1

million as of

March 31, 2019

and

December 31, 2018,

respectively.

The following tables present the gross unrealized losses and related fair value of the Company’s investment portfolio, aggregated by investment category and the length of time that individual security has been in a continuous unrealized loss position, as of

March

31,

2019

and

December

31,

2018:

	March 31, 2019
	Less than 12 Months				12 Months or Longer				Total
			Gross								Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
	(In thousands)

Securities Available-for-Sale
U.S. treasury securities	$	99,779	$	11	$	—	$	—	$	99,779	$	11
U.S. government agency entities		—		—		4,577		166		4,577		166
U.S. government sponsored entities		—		—		393,274		6,726		393,274		6,726
Mortgage-backed securities		3,437		18		511,556		8,173		514,993		8,191
Collateralized mortgage obligations		—		—		881		24		881		24
Corporate debt securities		39,767		233		—		—		39,767		233
Total	$	142,983	$	262	$	910,288	$	15,089	$	1,053,271	$	15,351

	December 31, 2018
	Less than 12 Months				12 Months or Longer				Total
			Gross								Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
	(In thousands)

Securities Available-for-Sale
U.S. treasury securities	$	124,751	$	51	$	—	$	—	$	124,751	$	51
U.S. government agency entities		3,388		77		2,483		118		5,871		195
U.S. government sponsored entities		—		—		388,362		11,637		388,362		11,637
Mortgage-backed securities		48,528		502		507,701		14,587		556,229		15,089
Collateralized mortgage obligations		—		—		977		28		977		28
Total	$	176,667	$	630	$	899,523	$	26,370	$	1,076,190	$	27,000

To the Company’s knowledge, the unrealized losses 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 gross unrealized losses detailed in the table above are temporary. The Company expects to recover the amortized cost basis of its securities and has

intent to sell, and will

not

be required to sell available-for-sale securities that have declined below their cost before their anticipated recovery. Accordingly,

other than temporary impairment write-downs were recorded on the Company’s Condensed Consolidated Statement of Operations and Comprehensive Income in the

three

months ended

March 31, 2019

and

2018.

Securities available-for-sale having a carrying value of

$87.8

million and

$28.5

million as of

March 31, 2019

and

December 31, 2018,

respectively, were pledged to secure public deposits, other borrowings and treasury tax and loan.