SECURITIES

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



	December 31, 2016
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Trading:
U.S. Government and agency obligations	$	1,230						$	1,326
Municipal bonds	331							335
Corporate bonds	26,959							21,143
Mortgage-backed or related securities	1,620							1,641
Equity securities	14							123
	$	30,154						$	24,568
Available-for-Sale:
U.S. Government and agency obligations	$	57,288	$	146	$	(456	)	$	56,978
Municipal bonds	110,487		455		(1,089		)	109,853
Corporate bonds	10,255		77		(49		)	10,283
Mortgage-backed or related securities	598,899		2,064		(6,251		)	594,712
Asset-backed securities	29,319		—		(326		)	28,993
Equity securities	88		10		—			98
	$	806,336	$	2,752	$	(8,171	)	$	800,917
Held-to-Maturity:
U.S. Government and agency obligations	$	1,065	$	—	$	(18	)	$	1,047
Municipal bonds:	196,989		4,173		(1,272		)	199,890
Corporate bonds	3,876		—		—			3,876
Mortgage-backed or related securities	65,943		309		(537		)	65,715
	$	267,873	$	4,482	$	(1,827	)	$	270,528



	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 December 31, 2016 and 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):



	December 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	$	39,043	$	(442	)	$	1,012	$	(14	)	$	40,055	$	(456	)
Municipal bonds	60,765		(1,087		)	556		(2		)	61,321		(1,089		)
Corporate bonds	5,206		(49		)	—		—			5,206		(49		)
Mortgage-backed or related securities	403,431		(5,604		)	47,467		(647		)	450,898		(6,251		)
Asset-backed securities	9,928		(101		)	19,064		(225		)	28,992		(326		)
	$	518,373	$	(7,283	)	$	68,099	$	(888	)	$	586,472	$	(8,171	)
Held-to-Maturity:
U.S. Government and agency obligations	$	1,047	$	(18	)	$	—	$	—		$	1,047	$	(18	)
Municipal bonds	$	64,802	$	(1,267	)	$	204	$	(5	)	$	65,006	$	(1,272	)
Mortgage-backed or related securities	42,245		(537		)	—		—			42,245		(537		)
	$	108,094	$	(1,822	)	$	204	$	(5	)	$	108,298	$	(1,827	)



	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	)
Mortgage-backed or related securities	34,493		(323		)	255		(2		)	34,748		(325		)
	$	63,038	$	(511	)	$	509	$	(5	)	$	63,547	$	(516	)

At December 31, 2016, there were 243 securities—available-for-sale with unrealized losses, compared to 242 at December 31, 2015 and 94 at December 31, 2014. At December 31, 2016, there were 73 securities—held-to-maturity with unrealized losses, compared to 32 at December 31, 2015 and 25 at December 31, 2014. Management does not believe that any individual unrealized loss as of December 31, 2016, 2015 or 2014 represented OTTI. The decline in fair market value of these securities was generally due to changes in interest rates.

Sales of securities—trading totaled $7.8 million with a resulting net gain of $530,000 for the year ended December 31, 2016 and totaled $4.4 million with a resulting net loss of $690,000 for the year ended December 31, 2015. Sales of securities—trading for the year ended December 31, 2014 totaled $2.4 million with a resulting net gain of $1,000. The Company did not recognize any OTTI charges or recoveries on securities—trading during the years ended December 31, 2016, 2015 or 2014. There were no securities—trading in a nonaccrual status at December 31, 2016 and 2015. Net unrealized holding losses of $376,000 were recognized in 2016 and $2.0 million in 2015.

Sales of securities—available-for-sale totaled $369.8 million with a resulting net gain of $311,000 for the year ended December 31, 2016. Sales of securities—available-for-sale totaled $232.6 million with a resulting net gain of $126,000 for the year ended December 31, 2015. Sales of securities—available-for-sale totaled $56.3 million with a resulting net gain of $41,000 for the year ended December 31, 2014. There were no securities—available-for-sale in a nonaccrual status at December 31, 2016 and 2015.

There were no sales of securities—held-to-maturity during the years ended December 31, 2016, 2015 or 2014. There were no securities—held-to-maturity in a nonaccrual status at December 31, 2016 and 2015.

The amortized cost and estimated fair value of securities at December 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.



	December 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	$	1,751	$	1,775	$	13,077	$	13,063	$	1,962	$	1,975
Maturing after one year through five years	230		231		120,405		120,126		18,988		19,000
Maturing after five years through ten years	1,200		1,296		176,010		173,720		113,587		114,336
Maturing after ten years through twenty years	—		—		188,557		187,940		88,546		91,098
Maturing after twenty years	26,959		21,143		308,199		305,970		44,790		44,119
	30,140		24,445		806,248		800,819		267,873		270,528
Equity securities	14		123		88		98		—		—
	$	30,154	$	24,568	$	806,336	$	800,917	$	267,873	$	270,528

The following table presents, as of December 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	$	203,510	$	203,474	$	207,013
Interest rate swap counterparties	24,393		24,447		24,287
Repurchase transaction accounts	114,949		115,650		114,864
Other	1,778		1,782		1,778
Total pledged securities	$	344,630	$	345,353	$	347,942