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, 2016
Available-for-sale securities at fair value:
U.S. government and agencies	$	30,911	$	481	$	(4	)	$	31,388
Government-sponsored entities	344,945		5,585		—			350,530
Municipal bonds	264,375		7,334		(95		)	271,614
Mortgage-backed securities (1)	477,488		3,657		(1,595		)	479,550
Other	18,161		291		(5		)	18,447
Total	$	1,135,880	$	17,348	$	(1,699	)	$	1,151,529

Held-to-maturity securities at amortized cost:
Mortgage-backed securities (1)	$	111,337	$	1,524	$	—		$	112,861
Total	$	111,337	$	1,524	$	—		$	112,861

As of December 31, 2015
Available-for-sale securities at fair value:
U.S. government and agencies	$	21,214	$	64	$	(27	)	$	21,251
Government-sponsored entities	345,033		874		(1,345		)	344,562
Municipal bonds	263,661		5,099		(116		)	268,644
Mortgage-backed securities (1)	431,446		1,329		(5,734		)	427,041
Other	22,751		268		(7		)	23,012
Total	$	1,084,105	$	7,634	$	(7,229	)	$	1,084,510

Held-to-maturity securities at amortized cost:
Mortgage-backed securities (1)	$	116,352	$	294	$	(262	)	$	116,384
Total	$	116,352	$	294	$	(262	)	$	116,384

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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 available-for-sale investment securities, based on contractual maturity, as of March 31, 2016. 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	$	78,573	$	78,999
After one, but within five years	339,665		345,000
After five, but within ten years	199,337		203,373
Greater than ten years	518,305		524,157
Total	$	1,135,880	$	1,151,529

The following table presents the maturities of held-to-maturity investment securities, based on contractual maturity, as of March 31, 2016.



	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	111,337		112,861
Total	$	111,337	$	112,861

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



	Three months ended March 31,
	2016			2015
	(In thousands)
Proceeds from sales	$	15,292		$	5,015
Realized gains	2			8
Realized losses	(1		)	—

The following table presents information regarding securities as of March 31, 2016 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	$	—	$	—		$	729	$	(4	)	$	729	$	(4	)	2
Government-sponsored entities	—		—			—		—			—		—			—
Municipal bonds	10,635		(29		)	2,772		(66		)	13,407		(95		)	10
Mortgage-backed securities (1)	26,422		(150		)	101,846		(1,445		)	128,268		(1,595		)	38
Other	70		(3		)	12		(2		)	82		(5		)	9
Total	$	37,127	$	(182	)	$	105,359	$	(1,517	)	$	142,486	$	(1,699	)	59

Held-to-maturity securities
Mortgage-backed securities (1)	$	—	$	—		$	—	$	—		$	—	$	—		—
Total	$	—	$	—		$	—	$	—		$	—	$	—		—

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

The U.S. government and agencies securities, and mortgage-backed securities in the table above had current Standard and Poor’s credit ratings of AA+. The municipal bonds in the table above had current Standard and Poor’s credit ratings of at least AA. The other securities consisted of equity securities. At March 31, 2016, the Company does not consider these investments other-than-temporarily impaired because the decline in fair value on investments is primarily attributed to changes in interest rates and not credit quality.

At March 31, 2016 and 2015, the amount of investment securities in an unrealized loss position greater than 12 months, as well as in total, was primarily due to changes in interest rates. The Company has no intent to sell any securities in an unrealized loss position at March 31, 2016 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. Subsequent to March 31, 2016 and through the date of the filing of this Annual Report on Form 10-Q, no securities were downgraded to below investment grade, nor were any securities in an unrealized loss position sold.

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, 2016 or December 31, 2015. 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 $26.5 million and $27.7 million in cost method investments included in other assets as of March 31, 2016 and December 31, 2015, respectively.