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, 2016
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities available for sale:
GSE obligations	$	71,882	$	33	$	3	$	71,912
SBA-guaranteed securities	12,452		119		2		12,569
Mortgage-backed securities issued by GSEs	571,851		3,534		1,698		573,687
Municipal bonds	110,458		1,199		32		111,625
Corporate bonds	244,781		570		881		244,470
Collateralized loan obligations	50,516		—		436		50,080
Non-agency CMBS	26,382		37		—		26,419
Certificates of deposit	1,242		—		—		1,242
Equity securities	12,114		125		799		11,440
Total securities available for sale	$	1,101,678	$	5,617	$	3,851	$	1,103,444

Securities held to maturity:
Municipal bonds	$	39,071	$	1,611	$	—	$	40,682



	December 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities available for sale:
GSE obligations	$	5,980	$	3	$	1	$	5,982
SBA-guaranteed securities	12,114		74		12		12,176
Mortgage-backed securities issued by GSEs	440,654		887		5,916		435,625
Municipal bonds	55,402		504		106		55,800
Corporate bonds	123,669		551		688		123,532
Collateralized loan obligations	50,538		—		55		50,483
Non-agency RMBS	3,528		144		9		3,663
Certificates of deposit	245		—		—		245
Equity securities	2,381		33		788		1,626
Total securities available for sale	$	694,511	$	2,196	$	7,575	$	689,132

Securities held to maturity:
Municipal bonds	$	39,182	$	1,318	$	—	$	40,500

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, 2016
Securities available for sale:
GSE obligations	$	60,834	$	3	$	—	$	—	$	60,834	$	3
SBA-guaranteed securities	1,503		2		—		—		1,503		2
Mortgage-backed securities issued by GSEs	108,506		620		101,252		1,078		209,758		1,698
Municipal bonds	2,158		32		—		—		2,158		32
Corporate bonds	81,744		681		8,583		200		90,327		881
Collateralized loan obligations	50,080		436		—		—		50,080		436
Equity securities	1,399		799		—		—		1,399		799
Total temporarily impaired AFS securities	$	306,224	$	2,573	$	109,835	$	1,278	$	416,059	$	3,851

December 31, 2015
Securities available for sale:
GSE obligations	$	999	$	1	$	—	$	—	$	999	$	1
SBA-guaranteed securities	5,043		12		0		0		5,043		12
Mortgage-backed securities issued by GSEs	208,620		2,453		117,144		3,463		325,764		5,916
Municipal bonds	8,995		106		—		—		8,995		106
Corporate bonds	43,110		577		3,697		111		46,807		688
Collateralized loan obligations	45,471		55		—		—		45,471		55
Non-agency RMBS	—		—		901		9		901		9
Equity securities	1,411		788		—		—		1,411		788
Total temporarily impaired AFS securities	$	313,649	$	3,992	$	121,742	$	3,583	$	435,391	$	7,575

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



	March 31, 2016	December 31, 2015

Securities available for sale:
SBA-guaranteed securities	1	1
GSE obligations	17	1
Mortgage-backed securities issued by GSEs	54	83
Municipal bonds	3	9
Corporate bonds	24	15
Collateralized loan obligations	9	8
Non-agency RMBS	—	1
Equity securities	3	3
Total number of investment securities in an unrealized loss position	111	121

As of March 31, 2016, 36 securities had been in an unrealized loss position for more than a twelve month period. The Company had $200 thousand in gross unrealized losses on two corporate bonds that had been in unrealized loss positions for more than twelve months as of March 31, 2016. These were the only securities in loss positions for this period of time 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, 2016 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, 2016.

As of March 31, 2016 and December 31, 2015, the Company held no individual investment securities with an aggregate book value greater than 10 percent of total shareholders’ equity. As of March 31, 2016 and December 31, 2015, investment securities with carrying values of $395,756 and $279,953, 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, 2016				December 31, 2015
	Amortized cost		Fair value		Amortized cost		Fair value
Securities available for sale:
Due within one year	$	90,454	$	90,748	$	66,591	$	67,163
Due after one year through five years	461,701		462,820		291,298		289,525
Due after five years through ten years	474,654		474,742		309,625		306,420
Due after ten years	62,755		63,694		24,616		24,398
Equity securities	12,114		11,440		2,381		1,626
	$	1,101,678	$	1,103,444	$	694,511	$	689,132
Securities held to maturity:
Due after one year through five years	$	31,300	$	32,334	$	31,421	$	32,272
Due after five years through ten years	4,061		4,265		4,072		4,229
Due after ten years	3,710		4,083		3,689		3,999
	$	39,071	$	40,682	$	39,182	$	40,500

The following table summarizes securities gains for the periods presented.



	Three months ended March 31,
	2016			2015

Gross gains on sales of securities available for sale	$	194		$	1
Gross losses on sales of securities available for sale	(64		)	—
Total securities gains	$	130		$	1