INVESTMENT SECURITIES

The following table presents the amortized cost and fair value of the investment securities portfolio as of the dates indicated:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In thousands)
September 30, 2016
Securities held-to-maturity:
Corporate bonds	$	239,883	$	16,116	$	—		$	255,999
Collateralized loan obligations	416,332		849		(1,488		)	415,693
Commercial mortgage-backed securities	306,100		18,563		(36		)	324,627
Total securities held-to-maturity	$	962,315	$	35,528	$	(1,524	)	$	996,319
Securities available-for-sale:
SBA loan pool securities	$	1,221	$	44	$	—		$	1,265
Private label residential mortgage-backed securities	116,574		656		(118		)	117,112
Corporate bonds	72,322		1,498		(224		)	73,596
Collateralized loan obligation	1,324,592		9,676		(266		)	1,334,002
Agency mortgage-backed securities	414,798		1,100		(285		)	415,613
Total securities available-for-sale	$	1,929,507	$	12,974	$	(893	)	$	1,941,588
December 31, 2015
Securities held-to-maturity:
Corporate bonds	$	239,274	$	255	$	(20,946	)	$	218,583
Collateralized loan obligations	416,284		—		(5,077		)	411,207
Commercial mortgage-backed securities	306,645		41		(4,191		)	302,495
Total securities held-to-maturity	$	962,203	$	296	$	(30,214	)	$	932,285
Securities available-for-sale:
SBA loan pool securities	$	1,485	$	19	$	—		$	1,504
Private label residential mortgage-backed securities	1,755		14		(1		)	1,768
Corporate bonds	26,657		—		(505		)	26,152
Collateralized loan obligations	111,719		31		(282		)	111,468
Agency mortgage-backed securities	697,152		134		(4,582		)	692,704
Total securities available-for-sale	$	838,768	$	198	$	(5,370	)	$	833,596

The following table presents amortized cost and fair value of the held-to-maturity and available-for-sale investment securities portfolio by expected maturity. In the case of mortgage-backed securities, collateralized loan obligations, and SBA loan pool securities, expected maturities may differ from contractual maturities because borrowers generally have the right to call or prepay obligations with or without call or prepayment penalties. For that reason, mortgage-backed securities, collateralized loan obligations, and SBA loan pool securities are not included in the maturity categories.



	September 30, 2016
	Securities Held-To-Maturity				Securities Available-For-Sale
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In thousands)
Maturity:
Within one year	$	—	$	—	$	—	$	—
One to five years	15,000		15,075		43,500		44,504
Five to ten years	224,884		240,924		28,822		29,093
Greater than ten years	—		—		—		—
Collateralized loan obligations, SBA loan pool, private label residential mortgage-backed, commercial mortgage-backed, and agency mortgage-backed securities	722,431		740,320		1,857,185		1,867,991
Total	$	962,315	$	996,319	$	1,929,507	$	1,941,588

At September 30, 2016 and December 31, 2015, there were no holdings of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10 percent of the Company's stockholders’ equity.

The following table presents proceeds from sales and calls of securities available-for-sale and the associated gross gains and losses realized through earnings upon the sales and calls of securities available-for-sale for the periods indicated:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016			2015
	(In thousands)
Gross realized gains on sales and calls of securities available-for-sale	$	487	$	1,750	$	30,105		$	1,750
Gross realized losses on sales and calls of securities available-for-sale	—		—		(5		)	(2		)
Net realized gains on sales and calls of securities available-for-sale	$	487	$	1,750	$	30,100		$	1,748
Proceeds from sales and calls of securities available-for-sale	$	232,512	$	403,032	$	3,783,965		$	403,206
Tax expense on sales and calls of securities available-for-sale	$	202	$	736	$	12,507		$	735

Investment securities with carrying values of $234.5 million and $47.9 million as of September 30, 2016 and December 31, 2015, respectively, were pledged to secure FHLB advances, public deposits, repurchase agreements, and for other purposes as required or permitted by law.

The following table summarizes the investment securities with unrealized losses by security type and length of time in a continuous unrealized loss position as of the dates indicated:



	Less Than 12 Months					12 Months or Longer					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
	(In thousands)
September 30, 2016
Securities held-to-maturity:
Collateralized loan obligation	$	10,001	$	(55	)	$	181,707	$	(1,433	)	$	191,708	$	(1,488	)
Commercial mortgage-backed securities	10,162		(36		)	—		—			10,162		(36		)
Total securities held-to-maturity	$	20,163	$	(91	)	$	181,707	$	(1,433	)	$	201,870	$	(1,524	)
Securities available-for-sale:
Private label residential mortgage-backed securities	$	14,938	$	(116	)	$	290	$	(2	)	$	15,228	$	(118	)
Corporate bonds	5,075		(97		)	5,075		(127		)	10,150		(224		)
Collateralized loan obligations	114,191		(266		)	—		—			114,191		(266		)
Agency mortgage-backed securities	137,037		(275		)	1,677		(10		)	138,714		(285		)
Total securities available-for-sale	$	271,241	$	(754	)	$	7,042	$	(139	)	$	278,283	$	(893	)
December 31, 2015
Securities held-to-maturity:
Corporate bonds	$	190,332	$	(20,946	)	$	—	$	—		$	190,332	$	(20,946	)
Collateralized loan obligation	411,207		(5,077		)	—		—			411,207		(5,077		)
Commercial mortgage-backed securities	277,351		(4,191		)	—		—			277,351		(4,191		)
Total securities held-to-maturity	$	878,890	$	(30,214	)	$	—	$	—		$	878,890	$	(30,214	)
Securities available-for-sale:
Private label residential mortgage-backed securities	$	—	$	—		$	403	$	(1	)	$	403	$	(1	)
Corporate bonds	26,152		(505		)	—		—			26,152		(505		)
Collateralized loan obligations	72,204		(282		)	—		—			72,204		(282		)
Agency mortgage-backed securities	599,814		(4,459		)	6,832		(123		)	606,646		(4,582		)
Total securities available-for-sale	$	698,170	$	(5,246	)	$	7,235	$	(124	)	$	705,405	$	(5,370	)

The Company did not record OTTI for investment securities for the three and nine months ended September 30, 2016 or 2015.

At September 30, 2016, the Company’s securities available-for-sale portfolio consisted of 176 securities, 30 of which were in an unrealized loss position and securities held-to-maturity consisted of 93 securities, 20 of which were in an unrealized loss position.

Overall improvement on both held-to-maturity and available-for-sale portfolios at September 30, 2016 were mainly due to tighter credit spreads at September 30, 2016 and improvement in the economic sectors for the bond issuers.

The Company monitors its securities portfolio to ensure it has adequate credit support. As of September 30, 2016, the Company believes there is no OTTI and did not have the intent to sell these securities and it is not likely that it will be required to sell the securities before their anticipated recovery. The Company considers the lowest credit rating for identification of potential OTTI. As of September 30, 2016, all of the Company's investment securities in an unrealized loss position received an investment grade credit rating.