4) Securities

The amortized cost and estimated fair value of securities at June 30, 2016 and December 31, 2015 were as follows:

June 30, 2016	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(Dollars in thousands)
Securities available-for-sale:
Agency mortgage-backed securities	$	366,690	$	6,770	$	—		$	373,460
Trust preferred securities		15,000		938		—			15,938
Corporate bonds		996		41		—			1,037

Total	$	382,686	$	7,749	$	—		$	390,435


Securities held-to-maturity:
Agency mortgage-backed securities	$	118,779	$	1,262	$	(9	)	$	120,032
Municipals—exempt from Federal tax		91,391		3,242		(41	)		94,592

Total	$	210,170	$	4,504	$	(50	)	$	214,624

December 31, 2015	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(Dollars in thousands)
Securities available-for-sale:
Agency mortgage-backed securities	$	324,077	$	2,457	$	(2,304	)	$	324,230
U.S. Treasury		30,047		—		(44	)		30,003
Trust preferred securities		15,000		132		—			15,132
U.S. Government sponsored entities		9,042		13		(14	)		9,041
Corporate bonds		6,412		261		—			6,673

Total	$	384,578	$	2,863	$	(2,362	)	$	385,079


Securities held-to-maturity:
Municipals—exempt from Federal tax	$	93,518	$	1,517	$	(863	)	$	94,172
Agency mortgage-backed securities		15,793		24		(168	)		15,649

Total	$	109,311	$	1,541	$	(1,031	)	$	109,821

Securities with unrealized losses at June 30, 2016 and December 31, 2015, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows:

	Less Than 12 Months					12 Months or More					Total
June 30, 2016	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Dollars in thousands)
Securities held-to-maturity:
Agency mortgage-backed securities	$	763	$	(1	)	$	2,137	$	(8	)	$	2,900	$	(9	)
Municipals—exempt from Federal tax		—		—			2,224		(41	)		2,224		(41	)

Total	$	763	$	(1	)	$	4,361	$	(49	)	$	5,124	$	(50	)

	Less Than 12 Months					12 Months or More					Total
December 31, 2015	Fair Value		Unrealized (Losses)			Fair Value		Unrealized (Losses)			Fair Value		Unrealized (Losses)
	(Dollars in thousands)
Securities available-for-sale:
Agency mortgage-backed securities	$	241,067	$	(2,258	)	$	2,165	$	(46	)	$	243,232	$	(2,304	)
U.S. Treasury		30,003		(44	)		—		—			30,003		(44	)
U.S. Government sponsored entities		4,980		(14	)		—		—			4,980		(14	)

Total	$	276,050	$	(2,316	)	$	2,165	$	(46	)	$	278,215	$	(2,362	)


Securities held-to-maturity:
Municipals—exempt from Federal tax	$	9,920	$	(78	)	$	24,412	$	(785	)	$	34,332	$	(863	)
Agency mortgage-backed securities		7,152		(89	)		4,409		(79	)		11,561		(168	)

Total	$	17,072	$	(167	)	$	28,821	$	(864	)	$	45,893	$	(1,031	)

There were no holdings of securities of any one issuer, other than the U.S. Government and its sponsored entities, in an amount greater than 10% of shareholders' equity. At June 30, 2016, the Company held 462 securities (184 available-for-sale and 278 held-to-maturity), of which 9 had fair values below amortized cost. At June 30, 2016, there were $2,224,000 of municipal bonds held-to-maturity, and $2,137,000 of agency mortgage-backed securities held-to-maturity carried with an unrealized loss for 12 months or more. The total unrealized loss for securities 12 months or more was $49,000 at June 30, 2016. The unrealized losses were due to higher interest rates. The issuers are of high credit quality and all principal amounts are expected to be paid when securities mature. The fair value is expected to recover as the securities approach their maturity date and/or market rates decline. The Company does not believe that it is more likely than not that the Company will be required to sell a security in an unrealized loss position prior to recovery in value. The Company does not consider these securities to be other than temporarily impaired at June 30, 2016.

At December 31, 2015, the Company held 460 securities (193 available-for-sale and 267 held-to-maturity), of which 193 had fair values below amortized cost. At December 31, 2015, there were $2,165,000 of agency mortgage-backed securities available-for-sale, $4,409,000 of agency mortgage-backed securities held-to-maturity and $24,412,000 of municipals bonds held-to-maturity carried with an unrealized loss for 12 months or greater. The total unrealized loss for securities 12 months or greater was $910,000 at December 31, 2015. The unrealized losses were due to higher interest rates. The issuers are of high credit quality and all principal amounts are expected to be paid when securities mature. The fair value is expected to recover as the securities approach their maturity date and/or market rates decline. The Company does not believe that it is more likely than not that the Company will be required to sell a security in an unrealized loss position prior to recovery in value. The Company does not consider these securities to be other-than-temporarily impaired at December 31, 2015.

The proceeds from sales of securities and the resulting gains and losses were as follows for the periods indicated:

	Three Months Ended June 30,					Six Months Ended June 30,
	2016			2015		2016			2015
	(Dollars in thousands)
Proceeds	$	43,573		$	—	$	49,171		$	—
Gross gains		364			—		544			—
Gross losses		(17	)		—		(17	)		—

The amortized cost and estimated fair values of securities as of June 30, 2016, are shown by contractual maturity below. The expected maturities will differ from contractual maturities if borrowers have the right to call or pre-pay obligations with or without call or pre-payment penalties. Securities not due at a single maturity date are shown separately.

	Available-for-sale
	Amortized Cost		Estimated Fair Value
	(Dollars in thousands)
Due after one through five years	$	996	$	1,037
Due after ten years		15,000		15,938
Agency mortgage-backed securities		366,690		373,460

Total	$	382,686	$	390,435

	Held-to-maturity
	Amortized Cost		Estimated Fair Value
	(Dollars in thousands)
Due 3 months or less	$	498	$	499
Due after 3 months through one year		503		506
Due after one through five years		4,721		4,815
Due after five through ten years		14,970		15,941
Due after ten years		70,699		72,831
Agency mortgage-backed securities		118,779		120,032

Total	$	210,170	$	214,624