Investments

The following table presents a summary of investment securities:



	Amortized Cost		Unrealized					Fair Value
	Amortized Cost		Gains		Losses			Fair Value
	(In thousands)
As of March 31, 2014
Available for sale securities at fair value:
U.S. government and agencies	$	12,175	$	3	$	(149	)	$	12,029
Government-sponsored entities	234,325		308		(846		)	233,787
Municipal bonds	229,103		1,975		(1,265		)	229,813
Mortgage-backed securities (1)	212,615		2,284		(3,894		)	211,005
Other	13,606		297		(6		)	13,897
Total	$	701,824	$	4,867	$	(6,160	)	$	700,531

Held to maturity securities at amortized cost:
Mortgage-backed securities (1)	$	127,938	$	145	$	(364	)	$	127,719
Total	$	127,938	$	145	$	(364	)	$	127,719

As of December 31, 2013
Available for sale securities at fair value:
U.S. government and agencies	$	2,300	$	15	$	(27	)	$	2,288
Government-sponsored entities	228,670		301		(1,031		)	227,940
Municipal bonds	218,900		1,431		(1,898		)	218,433
Mortgage-backed securities (1)	229,609		2,513		(4,678		)	227,444
Other	15,353		275		(4		)	15,624
Total	$	694,832	$	4,535	$	(7,638	)	$	691,729

Held to maturity securities at amortized cost:
Mortgage-backed securities (1)	$	112,014	$	15	$	(1,112	)	$	110,917
Total	$	112,014	$	15	$	(1,112	)	$	110,917

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(1)	All mortgage-backed securities are guaranteed by U.S. government agencies or Government-sponsored entities.

The following table presents the maturities of investment securities available for sale, based on contractual maturity, as of March 31, 2014. Certain securities are callable before their final maturity. Additionally, certain securities (such as mortgage-backed securities) are shown within the table below based on their final (contractual) maturity, but, due to prepayments and amortization, are expected to have shorter lives.



	Available for Sale Securities
	Amortized cost		Fair value
	(In thousands)
Within one year	$	57,847	$	58,251
After one, but within five years	299,251		299,602
After five, but within ten years	124,607		124,508
Greater than ten years	220,119		218,170
Total	$	701,824	$	700,531

The following table presents the maturities of investment securities held to maturity, based on contractual maturity, as of March 31, 2014.



	Held to Maturity Securities
	Amortized cost		Fair value
	(In thousands)
Within one year	$	—	$	—
After one, but within five years	—		—
After five, but within ten years	—		—
Greater than ten years	127,938		127,719
Total	$	127,938	$	127,719

The following table presents the proceeds from sales, gross realized gains and gross realized losses for securities available for sale that were sold during the following periods:



	Three months ended March 31,
	2014		2013
	(In thousands)
Proceeds from sales	$	5,328	$	1,451
Realized gains	1		10
Realized losses	—		—

The following table presents information regarding securities as of March 31, 2014 having temporary impairment, due to the fair values having declined below the amortized cost of the individual securities, and the time period that the investments have been temporarily impaired.



	Less than 12 months					12 months or longer					Total
	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses			# of securities
Available for sale securities	(In thousands)
U.S. government and agencies	$	10,375	$	(90	)	$	634	$	(59	)	$	11,009	$	(149	)	2
Government-sponsored entities	145,826		(846		)	—		—			145,826		(846		)	15
Municipal bonds	71,930		(1,133		)	4,372		(132		)	76,302		(1,265		)	40
Mortgage-backed securities	75,879		(1,102		)	57,553		(2,792		)	133,432		(3,894		)	33
Other	21		(3		)	7		(3		)	28		(6		)	4
Total	$	304,031	$	(3,174	)	$	62,566	$	(2,986	)	$	366,597	$	(6,160	)	94

Held to maturity securities
Mortgage-backed securities (1)	$	77,631	$	(364	)	$	—	$	—		$	77,631	$	(364	)	8
Total	$	77,631	$	(364	)	$	—	$	—		$	77,631	$	(364	)	8

The U.S. government and agencies securities, government-sponsored entities securities and mortgage-backed securities in the table above as of March 31, 2014 had Standard and Poor’s credit ratings of AA+. The municipal bonds in the table above had Moody’s credit ratings of at least A3 or Standard and Poor’s credit ratings of AA+. One of the municipal bonds in the table above was not rated by Standard and Poor’s or Moody’s. The other securities consisted of equity securities.

As of March 31, 2014, the amount of investment securities in an unrealized loss position greater than 12 months, as well as in total, was primarily due to movements in interest rates. The Company has no intent to sell any securities in an unrealized loss position as of March 31, 2014 and it is not more likely than not that the Company would be forced to sell any of these securities prior to the full recovery of all unrealized loss amounts.

Cost method investments, which are included in other assets, can be temporarily impaired when the fair values decline below the amortized costs of the individual investments. There were no cost method investments with unrealized losses as of March 31, 2014. There were no cost method investments with unrealized losses at December 31, 2013. The Company’s cost method investments primarily include low income housing partnerships which generate tax credits. The Company also holds partnership interests in venture capital funds formed to provide financing to small businesses and to promote community development. The Company had $26.3 million and $26.2 million in cost method investments included in other assets as of March 31, 2014 and December 31, 2013, respectively.