INVESTMENT SECURITIES

The following tables summarize the amortized cost, gross unrealized gains and losses, and fair value of investment securities available for sale and held to maturity by major classification.



	March 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities available for sale:
GSE obligations	$	14,922	$	113	$	—	$	15,035
SBA-guaranteed securities	58,566		101		322		58,345
Mortgage-backed securities issued by GSE	413,433		2,638		1,635		414,436
Corporate bonds	118,983		1,317		45		120,255
Non-agency RMBS	4,535		1		19		4,517
Non-agency CMBS	3,552		—		4		3,548
Municipal bonds	38,682		450		1		39,131
Other debt securities	245		—		—		245
Equity securities	2,819		11		19		2,811
Total securities available for sale	$	655,737	$	4,631	$	2,045	$	658,323

Securities held to maturity:
Municipal bonds	$	39,511	$	1,096	$	—	$	40,607



	December 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities available for sale:
GSE obligations	$	14,914	$	30	$	—	$	14,944
SBA-guaranteed securities	60,408		84		372		60,120
Mortgage-backed securities issued by GSE	428,076		1,086		3,879		425,283
Corporate bonds	118,799		1,261		148		119,912
Non-agency RMBS	4,961		3		1		4,963
Non-agency CMBS	3,576		2		—		3,578
Municipal bonds	39,907		355		4		40,258
Other debt securities	498		—		—		498
Equity securities	3,017		1		153		2,865
Total securities available for sale	$	674,156	$	2,822	$	4,557	$	672,421

Securities held to maturity:
Corporate bonds	$	39,620	$	966	$	—	$	40,586

The following tables summarize gross unrealized losses and fair values, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position.



	Less than 12 months				12 months or more				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
March 31, 2015
Securities available for sale:
SBA-guaranteed securities	$	93	$	1	$	35,738	$	321	$	35,831	$	322
Mortgage-backed securities issued by GSE	20,082		86		126,247		1,549		146,329		1,635
Corporate bonds	12,836		25		3,821		20		16,657		45
Non-agency RMBS	4,421		19		—		—		4,421		19
Non-agency CMBS	3,548		4		—		—		3,548		4
Municipal bonds	2,026		1		—		—		2,026		1
Equity securities	2,603		19		—		—		2,603		19
Total temporarily impaired AFS securities	$	45,609	$	155	$	165,806	$	1,890	$	211,415	$	2,045

December 31, 2014
Securities available for sale:
SBA-guaranteed securities	$	94	$	1	$	41,950	$	371	$	42,044	$	372
Mortgage-backed securities issued by GSE	152,186		1,117		149,746		2,762		301,932		3,879
Corporate bonds	18,123		64		3,767		84		21,890		148
Non-agency RMBS	1,318		1		—		—		1,318		1
Municipals bonds	1,953		4		—		—		1,953		4
Equity securities	2,711		153		—		—		2,711		153
Total temporarily impaired AFS securities	$	176,385	$	1,340	$	195,463	$	3,217	$	371,848	$	4,557

Unrealized losses on investment securities as of March 31, 2015 related to 47 mortgage-backed securities issued by U.S. government-sponsored enterprises ("GSEs"), 15 securities guaranteed by the U.S. Small Business Administration ("SBA"), 6 municipal bonds, 5 corporate bonds, 3 non-agency residential mortgage-backed securities, 1 non-agency commercial mortgage-backed securities and 2 marketable equity securities. Unrealized losses on investment securities as of December 31, 2014 related to 76 mortgage-backed securities issued by GSEs, 19 SBA-guaranteed securities, 6 municipal bonds, 5 corporate bonds, 4 marketable equity securities, 1 GSE obligation, and 1 non-agency residential mortgage-backed security.

As of March 31, 2015, 54 securities had been in an unrealized loss position for more than a twelve month period. The Company had $20 in gross unrealized losses on corporate bonds as of March 31, 2015 that had been in an unrealized loss position for more than twelve months, which were the only securities in this position that were not issued or guaranteed by a U.S. government agency or GSE. Based on a review of financial statements and other financial data for these corporate issuers, the Company does not believe the unrealized losses on these bonds were due to credit events.

The securities in an unrealized loss position as of March 31, 2015 continue to perform and are expected to perform through maturity, and the issuers have not experienced significant adverse events that would call into question their ability to repay these debt obligations according to contractual terms. Further, because the Company does not intend to sell these investments and does not believe that it will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, unrealized losses on such securities were not considered to represent other-than-temporary impairment as of March 31, 2015.

As of March 31, 2015 and December 31, 2014, the Company held no individual investment securities with an aggregate book value greater than 10 percent of total shareholders’ equity. As of March 31, 2015 and December 31, 2014, investment securities with carrying values of $307,553 and $314,184, respectively, were pledged to secure public deposits, borrowings and for other purposes required or permitted by law.

The amortized cost and fair values of securities available for sale, by contractual maturity, are shown below. 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.



	March 31, 2015				December 31, 2014
	Amortized cost		Fair value		Amortized cost		Fair value
Securities available for sale:
Due within one year	$	39,735	$	39,993	$	30,365	$	30,536
Due after one year through five years	304,549		307,311		294,557		295,252
Due after five years through ten years	275,617		275,031		313,733		311,313
Due after ten years	33,017		33,177		32,484		32,455
Equity securities	2,819		2,811		3,017		2,865
	$	655,737	$	658,323	$	674,156	$	672,421
Securities held to maturity:
Due after one year through five years	$	25,981	$	26,662	$	20,177	$	20,747
Due after five years through ten years	9,903		10,120		15,836		16,092
Due after ten years	3,627		3,825		3,607		3,747
	$	39,511	$	40,607	$	39,620	$	40,586

The following table summarizes securities gains for the periods presented.



	Three months ended March 31,
	2015		2014

Gross gains on sales of securities available for sale	$	1	$	—
Gross losses on sales of securities available for sale	—		—
Total securities gains	$	1	$	—