2.	INTEREST-BEARING TIME DEPOSITS IN BANKS AND SECURITIES:

Interest-bearing time deposits in banks totaled $17,002,000 and $31,917,000 at December 31, 2014 and 2013, respectively, and have original maturities generally ranging from one to two years. Of these amounts, $15,467,000 and $29,002,000, respectively, are time deposits with balances greater than $100,000 at December 31, 2014 and 2013.

A summary of the Company’s available-for-sale securities as of December 31, 2014 and 2013 are as follows (in thousands):


	December 31, 2014
	Amortized Cost Basis		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Estimated Fair Value
Securities available-for-sale:

U.S. Treasury securities	$	518	$	2	$	—		$	520

Obligations of U.S. government sponsored enterprises and agencies		128,919		864		(28	)		129,755

Obligations of state and political subdivisions		1,107,795		60,083		(250	)		1,167,628

Corporate bonds and other		95,864		2,894		—			98,758

Residential mortgage-backed securities		871,265		16,804		(2,858	)		885,211

Commercial mortgage-backed securities		134,322		555		(893	)		133,984


Total securities available-for-sale	$	2,338,683	$	81,202	$	(4,029	)	$	2,415,856


	December 31, 2013
	Amortized Cost Basis		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Estimated Fair Value
Securities available-for-sale:

Obligations of U.S. government sponsored enterprises and agencies	$	136,416	$	1,672	$	—		$	138,088

Obligations of state and political subdivisions		974,608		27,980		(11,319	)		991,269

Corporate bonds and other		105,490		3,550		—			109,040

Residential mortgage-backed securities		706,289		12,253		(7,922	)		710,620

Commercial mortgage-backed securities		112,323		—		(3,617	)		108,706


Total securities available-for-sale	$	2,035,126	$	45,455	$	(22,858	)	$	2,057,723

Disclosures related to the Company’s held-to-maturity securities, which totaled $441,000 and $684,000 at December 31, 2014 and 2013, respectively, have not been presented due to insignificance.

The Company invests in mortgage-backed securities that have expected maturities that differ from their contractual maturities. These differences arise because borrowers may have the right to call or prepay obligations with or without a prepayment penalty. These securities include collateralized mortgage obligations (CMOs) and other asset backed securities. The expected maturities of these securities at December 31, 2014, were computed by using scheduled amortization of balances and historical prepayment rates. At December 31, 2014 and 2013, the Company did not hold any CMOs that entail higher risks than standard mortgage-backed securities.

The amortized cost and estimated fair value of available-for-sale securities at December 31, 2014, by contractual and expected maturity, are shown below (in thousands):


	Amortized Cost Basis		Estimated Fair Value

Due within one year	$	81,336	$	82,078
Due after one year through five years		694,864		726,392
Due after five years through ten years		550,362		580,250
Due after ten years		6,534		7,941
Mortgage-backed securities		1,005,587		1,019,195

Total	$	2,338,683	$	2,415,856

The following table discloses, as of December 31, 2014 and 2013, the Company’s investment securities that have been in a continuous unrealized-loss position for less than 12 months and for 12 or more months (in thousands):


	Less than 12 Months				12 Months or Longer				Total
December 31, 2014	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Obligations of U.S. government sponsored enterprises and agencies	$	25,480	$	28	$	—	$	—	$	25,480	$	28
Obligations of state and political subdivisions		15,128		60		21,249		190		36,377		250
Residential mortgage-backed securities		76,350		148		128,368		2,710		204,718		2,858
Commercial mortgage-backed securities		48,399		273		55,065		620		103,464		893

Total	$	165,357	$	509	$	204,682	$	3,520	$	370,039	$	4,029


	Less than 12 Months				12 Months or Longer				Total
December 31, 2013	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Obligations of state and political subdivisions	$	316,394	$	10,973	$	4,153	$	346	$	320,547	$	11,319
Residential mortgage-backed securities		228,423		7,623		5,624		299		234,047		7,922
Commercial mortgage-backed securities		108,706		3,617		—		—		108,706		3,617

Total	$	653,523	$	22,213	$	9,777	$	645	$	663,300	$	22,858

The number of investments in an unrealized loss position totaled 86 at December 31, 2014. We do not believe these unrealized losses are “other-than-temporary” as (i) we do not have the intent to sell our securities prior to recovery and/or maturity and, (ii) it is more likely than not that we will not have to sell our securities prior to recovery and/or maturity. In making this determination, we also consider the length of time and extent to which fair value has been less than cost and the financial condition of the issuer. The unrealized losses noted are interest rate related due to the level of interest rates at December 31, 2014 compared to the time of purchase. We have reviewed the ratings of the issuers and have not identified any issues related to the ultimate repayment of principal as a result of credit concerns on these securities. Our mortgage related securities are backed by GNMA, FNMA and FHLMC or are collateralized by securities backed by these agencies.

Securities, carried at approximately $1,600,682,000 and $1,147,955,000 at December 31, 2014 and 2013, respectively, were pledged as collateral for public or trust fund deposits, repurchase agreements and for other purposes required or permitted by law.

During 2014, 2013, and 2012, sales of investment securities that were classified as available-for-sale totaled $1,619,000, $122,025,000 and $144,144,000, respectively. Gross realized gains from 2014, 2013, and 2012, securities sales were $2,000, $1,376,000 and $2,816,000, respectively. Gross realized losses from 2014, 2013 and 2012 securities sales were $6,000, $1,229,000 and $44,000, respectively. The specific identification method was used to determine cost in order to compute the realized gains and losses.