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 September 30, 2014
Available for sale securities at fair value:
U.S. government and agencies	$	16,937	$	—	$	(128	)	$	16,809
Government-sponsored entities	269,094		418		(540		)	268,972
Municipal bonds	229,508		3,228		(319		)	232,417
Mortgage-backed securities (1)	187,753		2,093		(3,630		)	186,216
Other	20,007		243		(26		)	20,224
Total	$	723,299	$	5,982	$	(4,643	)	$	724,638

Held to maturity securities at amortized cost:
Mortgage-backed securities (1)	$	132,467	$	745	$	(71	)	$	133,141
Total	$	132,467	$	745	$	(71	)	$	133,141

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 September 30, 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	$	57,204	$	57,664
After one, but within five years	363,433		364,199
After five, but within ten years	107,866		108,640
Greater than ten years	194,796		194,135
Total	$	723,299	$	724,638

The following table presents the maturities of investment securities held to maturity, based on contractual maturity, as of September 30, 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	132,467		133,141
Total	$	132,467	$	133,141

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 September 30,				Nine months ended September 30,
	2014		2013		2014		2013
	(In thousands)
Proceeds from sales	$	235	$	1,982	$	5,566	$	3,472
Realized gains	8		7		9		35
Realized losses	—		—		—		—

The following table presents information regarding securities as of September 30, 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	$	16,180	$	(77	)	$	629	$	(51	)	$	16,809	$	(128	)	4
Government-sponsored entities	101,895		(252		)	38,838		(287		)	140,733		(539		)	19
Municipal bonds	32,287		(90		)	17,192		(230		)	49,479		(320		)	26
Mortgage-backed securities	25,997		(141		)	96,402		(3,489		)	122,399		(3,630		)	35
Other	107		(16		)	16		(10		)	123		(26		)	13
Total	$	176,466	$	(576	)	$	153,077	$	(4,067	)	$	329,543	$	(4,643	)	97

Held to maturity securities
Mortgage-backed securities (1)	$	33,573	$	(71	)	$	—	$	—		$	33,573	$	(71	)	4
Total	$	33,573	$	(71	)	$	—	$	—		$	33,573	$	(71	)	4

The U.S. government and agencies securities, government-sponsored entities securities and mortgage-backed securities in the table above as of September 30, 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 Aa3. 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 September 30, 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 September 30, 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 September 30, 2014 or 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 $25.6 million and $26.2 million in cost method investments included in other assets as of September 30, 2014 and December 31, 2013, respectively.