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.



	June 30, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities available for sale:
GSE obligations	$	19,930	$	101	$	—	$	20,031
SBA-guaranteed securities	55,417		156		260		55,313
Mortgage-backed securities issued by GSE	398,769		1,089		5,679		394,179
Corporate bonds	129,775		963		358		130,380
Non-agency RMBS	4,240		77		10		4,307
Non-agency CMBS	3,528		—		9		3,519
Municipal bonds	38,746		289		7		39,028
Other debt securities	245		—		—		245
Equity securities	2,381		12		380		2,013
Total securities available for sale	$	653,031	$	2,687	$	6,703	$	649,015

Securities held to maturity:
Municipal bonds	$	39,402	$	602	$	27	$	39,977



	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:
Municipal 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
June 30, 2015
Securities available for sale:
SBA-guaranteed securities	$	3,471	$	5	$	32,214	$	255	$	35,685	$	260
Mortgage-backed securities issued by GSE	132,048		1,891		119,173		3,788		251,221		5,679
Corporate bonds	31,008		250		3,721		108		34,729		358
Non-agency RMBS	1,081		10		—		—		1,081		10
Non-agency CMBS	3,519		9		—		—		3,519		9
Municipal bonds	5,153		7		—		—		5,153		7
Equity securities	1,800		380		—		—		1,800		380
Total temporarily impaired AFS securities	$	178,080	$	2,552	$	155,108	$	4,151	$	333,188	$	6,703

Securities held to maturity:
Municipal bonds	$	3,635	$	27	$	—	$	—	$	3,635	$	27

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
Municipal 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

The table below summarizes the number of investment securities in an unrealized loss position.



	June 30, 2015	December 31, 2014

Securities available for sale:
SBA-guaranteed securities	16	19
Mortgage-backed securities issued by GSE	69	76
Corporate bonds	9	5
Non-agency RMBS	2	1
Non-agency CMBS	1	—
Municipal bonds	9	6
Equity securities	2	4
Total number of AFS securities in an unrealized loss position	108	111
Securities held to maturity:
Municipal bonds	2	—
Total number of investment securities in an unrealized loss position	110	111

As of June 30, 2015, 54 securities had been in an unrealized loss position for more than a twelve month period. The Company had $108 thousand in gross unrealized losses on one corporate bond that had been in an unrealized loss position for more than twelve months as of June 30, 2015. This was the only security in a loss position for this period of time that was not issued or guaranteed by a U.S. government agency or GSE. Based on a review of financial statements and other financial data for this corporate issuer, the Company does not believe the unrealized loss on this bond was due to credit events.

The securities in an unrealized loss position as of June 30, 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 June 30, 2015.

As of June 30, 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 June 30, 2015 and December 31, 2014, investment securities with carrying values of $291,308 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.



	June 30, 2015				December 31, 2014
	Amortized cost		Fair value		Amortized cost		Fair value
Securities available for sale:
Due within one year	$	72,634	$	73,131	$	30,365	$	30,536
Due after one year through five years	335,941		334,806		294,557		295,252
Due after five years through ten years	200,386		197,749		313,733		311,313
Due after ten years	41,689		41,316		32,484		32,455
Equity securities	2,381		2,013		3,017		2,865
	$	653,031	$	649,015	$	674,156	$	672,421
Securities held to maturity:
Due after one year through five years	$	27,215	$	27,617	$	20,177	$	20,747
Due after five years through ten years	8,540		8,638		15,836		16,092
Due after ten years	3,647		3,722		3,607		3,747
	$	39,402	$	39,977	$	39,620	$	40,586

The following table summarizes securities gains for the periods presented.



	Three months ended June 30,				Six months ended June 30,
	2015		2014		2015		2014

Gross gains on sales of securities available for sale	$	84	$	218	$	85	$	218
Gross losses on sales of securities available for sale	—		—		—		—
Total securities gains	$	84	$	218	$	85	$	218