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.



	December 31, 2016
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities available for sale:
GSE obligations	$	17,597	$	14	$	110	$	17,501
SBA-guaranteed securities	28,189		39		667		27,561
Mortgage-backed securities issued by GSE	608,320		486		11,796		597,010
Municipal bonds	128,931		201		3,585		125,547
Corporate bonds	153,744		740		1,269		153,215
Collateralized loan obligations	45,466		—		—		45,466
Non-agency CMBS	15,471		7		84		15,394
Other debt securities	245		—		—		245
Marketable equity securities	8,929		163		418		8,674
Total securities available for sale	$	1,006,892	$	1,650	$	17,929	$	990,613

Securities held to maturity:
Municipal bonds	$	38,735	$	725	$	—	$	39,460



	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 GSE	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
Other debt securities	245		—		—		245
Marketable 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
December 31, 2016
Securities available for sale:
GSE obligations	$	11,496	$	110	$	—	$	—	$	11,496	$	110
SBA-guaranteed securities	25,031		667		—		—		25,031		667
Mortgage-backed securities issued by GSE	465,664		10,609		34,331		1,187		499,995		11,796
Municipal bonds	96,591		3,535		980		50		97,571		3,585
Corporate bonds	30,405		248		22,468		1,021		52,873		1,269
Non-agency RMBS	10,674		84		—		—		10,674		84
Marketable equity securities	8,293		418		—		—		8,293		418
Total temporarily impaired AFS securities	$	648,154	$	15,671	$	57,779	$	2,258	$	705,933	$	17,929

December 31, 2015
Securities available for sale:
GSE obligations	$	999	$	1	$	—	$	—	$	999	$	1
SBA-guaranteed securities	5,043		12		—		—		5,043		12
Mortgage-backed securities issued by GSE	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
Non-agency RMBS	—		—		901		9		901		9
Collateralized loan obligations	45,471		55		—		—		45,471		55
Marketable 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

Unrealized losses on investment securities available for sale as of December 31, 2016 related to 133 mortgage-backed securities issued by U.S. government-sponsored enterprises ("GSEs"), six securities guaranteed by the U.S. Small Business Administration ("SBA"), 19 investment grade corporate bonds, five marketable equity securities, four GSE obligation, and 117 municipal bonds. Unrealized losses on investment securities as of December 31, 2015 related to 83 mortgage-backed securities issued by GSEs, one SBA-guaranteed securities, 15 investment grade corporate bonds, three marketable equity securities, 1 GSE obligation, 1 non-agency residential mortgage-backed security, and nine municipal bonds. As of December 31, 2016, 19 securities had been in an unrealized loss position for more than a twelve month period. The Company had $1,021 in gross unrealized losses on corporate bonds and $50 in gross unrealized losses on municipal bonds as of December 31, 2016 that had been in an unrealized loss position for more than twelve months. These were the only securities in this position 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 December 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 December 31, 2016.

As of December 31, 2016, the Company held no individual investment securities with an aggregate book value greater than 10 percent of total shareholders’ equity. As of December 31, 2016 and 2015, investment securities with carrying values of $389,075 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.



	December 31, 2016				December 31, 2015
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Securities available for sale:
Due within one year	$	29,054	$	29,122	$	66,591	$	67,163
Due after one year through five years	618,764		610,709		291,298		289,525
Due after five years through ten years	294,137		286,919		309,625		306,420
Due after ten years	56,008		55,189		24,616		24,398
Marketable equity securities	8,929		8,674		2,381		1,626
	$	1,006,892	$	990,613	$	694,511	$	689,132
Securities held to maturity:
Due after one year through five years	$	29,928	$	30,399	$	31,421	$	32,272
Due after five years through ten years	4,028		4,076		4,072		4,229
Due after ten years	3,774		3,978		3,689		3,999
	$	37,730	$	38,453	$	39,182	$	40,500

The following table summarizes securities gains (losses) for the periods presented.



	Year ended December 31,
	2016			2015			2014

Gross gains on sales of securities available for sale	$	285		$	3		$	453
Gross losses on sales of securities available for sale	(849		)	(3		)	(327		)
Total securities (losses) gains	$	(564	)	$	—		$	126