Investments

The amortized cost, gross unrealized gains and losses and fair value of the investment portfolio at June 30, 2017 and December 31, 2016 are shown below.



June 30, 2017
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses ⁽¹⁾			Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	64,043	$	364	$	(478	)	$	63,929
Obligations of U.S. states and political subdivisions	2,131,471		42,983		(9,165		)	2,165,289
Corporate debt securities	1,823,823		12,699		(8,897		)	1,827,625
ABS	21,988		10		(11		)	21,987
RMBS	209,874		78		(7,612		)	202,340
CMBS	310,997		1,548		(5,467		)	307,078
CLOs	112,769		332		(138		)	112,963
Total debt securities	4,674,965		58,014		(31,768		)	4,701,211
Equity securities	7,183		41		(15		)	7,209
Total investment portfolio	$	4,682,148	$	58,055	$	(31,783	)	$	4,708,420



December 31, 2016
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses ⁽¹⁾			Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	73,847	$	407	$	(724	)	$	73,530
Obligations of U.S. states and political subdivisions	2,147,458		20,983		(25,425		)	2,143,016
Corporate debt securities	1,756,461		6,059		(18,610		)	1,743,910
ABS	59,519		74		(28		)	59,565
RMBS	231,733		102		(7,626		)	224,209
CMBS	327,042		769		(7,994		)	319,817
CLOs	121,151		226		(202		)	121,175
Total debt securities	4,717,211		28,620		(60,609		)	4,685,222
Equity securities	7,144		8		(24		)	7,128
Total investment portfolio	$	4,724,355	$	28,628	$	(60,633	)	$	4,692,350


⁽¹⁾	At June 30, 2017 and December 31, 2016, there were no other-than-temporary impairment losses recorded in other comprehensive income.

The FHLB Advance is secured by eligible collateral whose fair value must be maintained at 102% of the outstanding principal balance. As of June 30, 2017 that collateral is included in our total investment portfolio amount shown above with a total fair value of $165.9 million.

The amortized cost and fair values of debt securities at June 30, 2017, by contractual maturity, are shown in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most asset-backed and mortgage-backed securities and collateralized loan obligations provide for periodic payments throughout their lives, they are listed in separate categories.



June 30, 2017
(In thousands)	Amortized Cost		Fair Value
Due in one year or less	$	341,831	$	342,028
Due after one year through five years	1,356,023		1,362,799
Due after five years through ten years	1,026,851		1,030,223
Due after ten years	1,294,632		1,321,793
	$	4,019,337	$	4,056,843

ABS	21,988		21,987
RMBS	209,874		202,340
CMBS	310,997		307,078
CLOs	112,769		112,963
Total as of June 30, 2017	$	4,674,965	$	4,701,211

At June 30, 2017 and December 31, 2016, the investment portfolio had gross unrealized losses of $31.8 million and $60.6 million, respectively. For those securities in an unrealized loss position, the length of time the securities were in such a position, as measured by their month-end fair values, is as follows:



June 30, 2017	Less Than 12 Months					12 Months or Greater					Total
(In thousands)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	52,769	$	(471	)	$	993	$	(7	)	$	53,762	$	(478	)
Obligations of U.S. states and political subdivisions	622,767		(8,595		)	17,400		(570		)	640,167		(9,165		)
Corporate debt securities	649,134		(7,664		)	27,241		(1,233		)	676,375		(8,897		)
ABS	3,362		(11		)	—		—			3,362		(11		)
RMBS	43,815		(885		)	155,030		(6,727		)	198,845		(7,612		)
CMBS	172,505		(5,439		)	7,237		(28		)	179,742		(5,467		)
CLOs	7,275		(138		)	—		—			7,275		(138		)
Equity securities	455		(7		)	139		(8		)	594		(15		)
Total	$	1,552,082	$	(23,210	)	$	208,040	$	(8,573	)	$	1,760,122	$	(31,783	)



December 31, 2016	Less Than 12 Months					12 Months or Greater					Total
(In thousands)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	48,642	$	(724	)	$	—	$	—		$	48,642	$	(724	)
Obligations of U.S. states and political subdivisions	1,136,676		(24,918		)	13,681		(507		)	1,150,357		(25,425		)
Corporate debt securities	915,777		(16,771		)	35,769		(1,839		)	951,546		(18,610		)
ABS	3,366		(28		)	656		—			4,022		(28		)
RMBS	46,493		(857		)	171,326		(6,769		)	217,819		(7,626		)
CMBS	205,545		(7,529		)	38,587		(465		)	244,132		(7,994		)
CLOs	13,278		(73		)	34,760		(129		)	48,038		(202		)
Equity securities	568		(15		)	137		(9		)	705		(24		)
Total	$	2,370,345	$	(50,915	)	$	294,916	$	(9,718	)	$	2,665,261	$	(60,633	)

The unrealized losses in all categories of our investments at June 30, 2017 and December 31, 2016 were primarily caused by the difference in interest rates at each respective period, compared to interest rates at the time of purchase. There were 404 and 607 securities in an unrealized loss position at June 30, 2017 and December 31, 2016, respectively.

During each of the three and six months ended June 30, 2017 and 2016 there were no other-than-temporary impairments (“OTTI”) recognized. The net realized investment gains (losses) on the investment portfolio are as follows:



	Three Months Ended June 30,					Six Months Ended June 30,
(In thousands)	2017			2016		2017			2016
Realized investment gains (losses) on investments:
Fixed maturities	$	(52	)	$	831	$	(177	)	$	3,886
Equity securities	10			5		13			6
Net realized investments (losses) gains	$	(42	)	$	836	$	(164	)	$	3,892



	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2017			2016			2017			2016
Realized investment gains (losses) on investments:
Gains on sales	$	644		$	1,404		$	829		$	5,509
Losses on sales	(686		)	(568		)	(993		)	(1,617		)
Net realized investments (losses) gains	$	(42	)	$	836		$	(164	)	$	3,892