SECURITIES

The amortized cost, gross unrealized gains and losses and estimated fair value of securities at March 31, 2016 and December 31, 2015 are summarized as follows (in thousands):



	March 31, 2016
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Trading:
U.S. Government and agency obligations	$	1,230						$	1,381
Municipal bonds	332							339
Corporate bonds	26,828							20,543
Mortgage-backed or related securities	10,751							11,650
Equity securities	14							81
	$	39,155						$	33,994
Available-for-Sale:
U.S. Government and agency obligations	$	52,009	$	270	$	(51	)	$	52,228
Municipal bonds	148,358		2,884		(39		)	151,203
Corporate bonds	15,747		50		(804		)	14,993
Mortgage-backed or related securities	939,515		11,683		(1,235		)	949,963
Asset-backed securities	31,278		—		(484		)	30,794
Equity securities	88		10		—			98
	$	1,186,995	$	14,897	$	(2,613	)	$	1,199,279
Held-to-Maturity:
U.S. Government and agency obligations	$	1,096	$	25	$	—		$	1,121
Municipal bonds:	172,968		8,169		(41		)	181,096
Corporate bonds	4,236		—		—			4,236
Mortgage-backed or related securities	68,020		1,396		(46		)	69,370
	$	246,320	$	9,590	$	(87	)	$	255,823



	December 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Trading:
U.S. Government and agency obligations	$	1,230						$	1,368
Municipal bonds	332							341
Corporate bonds	25,063							18,699
Mortgage-backed or related securities	12,705							13,663
Equity securities	14							63
	$	39,344						$	34,134
Available-for-Sale:
U.S. Government and agency obligations	$	30,211	$	213	$	(193	)	$	30,231
Municipal bonds	142,898		853		(432		)	143,319
Corporate bonds	15,937		56		(12		)	15,981
Mortgage-backed or related securities	919,318		4,056		(5,115		)	918,259
Asset-backed securities	31,288		—		(603		)	30,685
Equity securities	88		10		—			98
	$	1,139,740	$	5,188	$	(6,355	)	$	1,138,573
Held-to-Maturity:
U.S. Government and agency obligations	$	1,106	$	5	$	—		$	1,111
Municipal bonds:	162,778		6,219		(191		)	168,806
Corporate bonds	4,273		—		—			4,273
Mortgage-backed or related securities	52,509		253		(325		)	52,437
	$	220,666	$	6,477	$	(516	)	$	226,627

At March 31, 2016 and December 31, 2015, the gross unrealized losses and the fair value for securities available-for-sale and held-to-maturity aggregated by the length of time that individual securities have been in a continuous unrealized loss position was as follows (in thousands):



	March 31, 2016
	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Available-for-Sale:
U.S. Government and agency obligations	$	10,792	$	(42	)	$	10,439	$	(9	)	$	21,231	$	(51	)
Municipal bonds	6,892		(35		)	906		(4		)	7,798		(39		)
Corporate bonds	9,943		(804		)	—		—			9,943		(804		)
Mortgage-backed or related securities	119,249		(925		)	46,833		(310		)	166,082		(1,235		)
Asset-backed securities	30,794		(484		)	—		—			30,794		(484		)
	$	177,670	$	(2,290	)	$	58,178	$	(323	)	$	235,848	$	(2,613	)
Held-to-Maturity
Municipal bonds	$	3,179	$	(30	)	$	1,229	$	(11	)	$	4,408	$	(41	)
Corporate bonds	—		—			—		—			—		—
Mortgage-backed or related securities	2,906		(46		)	229		—			3,135		(46		)
	$	6,085	$	(76	)	$	1,458	$	(11	)	$	7,543	$	(87	)

	December 31, 2015
	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Available-for-Sale:
U.S. Government and agency obligations	$	8,707	$	(97	)	$	10,489	$	(96	)	$	19,196	$	(193	)
Municipal bonds	69,848		(426		)	905		(6		)	70,753		(432		)
Corporate bonds	5,153		(12		)	—		—			5,153		(12		)
Mortgage-backed or related securities	533,143		(4,380		)	68,562		(735		)	601,705		(5,115		)
Asset-backed securities	20,893		(355		)	9,792		(248		)	30,685		(603		)
	$	637,744	$	(5,270	)	$	89,748	$	(1,085	)	$	727,492	$	(6,355	)
Held-to-Maturity
Municipal bonds	$	28,545	$	(188	)	$	254	$	(3	)	$	28,799	$	(191	)
Corporate bonds	—		—			—		—			—		—
Mortgage-backed or related securities	34,493		(323		)	255		(2		)	34,748		(325		)
	$	63,038	$	(511	)	$	509	$	(5	)	$	63,547	$	(516	)

At March 31, 2016, there were 85 securities—available-for-sale with unrealized losses, compared to 242 at December 31, 2015. At March 31, 2016, there were seven securities—held-to-maturity with unrealized losses, compared to 32 at December 31, 2015. Management does not believe that any individual unrealized loss as of March 31, 2016, or December 31, 2015 represented other-than-temporary impairment (OTTI). The decline in fair market value of these securities was generally due to changes in interest rates and changes in market-desired spreads subsequent to their purchase.

There were no sales of securities—trading for the three months ended March 31, 2016 compared to $2.3 million with a resulting net loss of $642,000 for the three months ended March 31, 2015. The Company did not recognize any OTTI charges or recoveries on securities—trading during the three months ended March 31, 2016, or the three months ended March 31, 2015. There were no securities—trading in a nonaccrual status at March 31, 2016, or December 31, 2015. Net unrealized holding gains of $49,000 were recognized during the three months ended March 31, 2016.

Sales of securities—available-for-sale totaled $30.6 million with a resulting net gain of $21,000 for the three months ended March 31, 2016. Sales of securities—available-for-sale totaled $22.3 million with a resulting net gain of $103,000 for the three months ended March 31, 2015. There were no securities—available-for-sale in a nonaccrual status at March 31, 2016 or December 31, 2015.

There were no sales of securities—held-to-maturity during the three months ended March 31, 2016, or the three months ended March 31, 2015. There were no securities—held-to-maturity in a nonaccrual status at March 31, 2016 or December 31, 2015.

The amortized cost and estimated fair value of securities at March 31, 2016, by contractual maturity, are shown below (in thousands). Expected maturities will differ from contractual maturities because some securities may be called or prepaid with or without call or prepayment penalties.



	March 31, 2016
	Trading				Available-for-Sale				Held-to-Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturing in one year or less	$	—	$	—	$	12,792	$	12,741	$	4,984	$	5,014
Maturing after one year through five years	7,004		7,476		241,156		241,714		14,600		14,846
Maturing after five years through ten years	3,401		3,786		242,007		243,516		98,569		101,401
Maturing after ten years through twenty years	1,908		2,109		327,867		333,014		106,288		112,487
Maturing after twenty years	26,828		20,542		363,085		368,196		21,879		22,075
	39,141		33,913		1,186,907		1,199,181		246,320		255,823
Equity securities	14		81		88		98		—		—
	$	39,155	$	33,994	$	1,186,995	$	1,199,279	$	246,320	$	255,823

The following table presents, as of March 31, 2016, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands):



	Carrying Value		Amortized Cost		Fair Value
Purpose or beneficiary:
State and local governments public deposits	$	183,462	$	182,730	$	191,364
Interest rate swap counterparties	29,303		28,980		29,736
Repurchase agreements	122,566		121,595		123,018
Other	1,865		1,786		1,865
Total pledged securities	$	337,196	$	335,091	$	345,983