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 June 30, 2016
Available-for-sale securities at fair value:
U.S. government and agencies	$	40,822	$	920	$	(5	)	$	41,737
Government-sponsored entities	335,632		7,578		—			343,210
Municipal bonds	265,507		10,877		(68		)	276,316
Mortgage-backed securities (1)	503,993		7,145		(1,109		)	510,029
Other	19,952		288		(9		)	20,231
Total	$	1,165,906	$	26,808	$	(1,191	)	$	1,191,523

Held-to-maturity securities at amortized cost:
Mortgage-backed securities (1)	$	105,297	$	2,092	$	—		$	107,389
Total	$	105,297	$	2,092	$	—		$	107,389

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 June 30, 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	$	90,599	$	91,045
After one, but within five years	310,027		316,819
After five, but within ten years	243,664		250,725
Greater than ten years	521,616		532,934
Total	$	1,165,906	$	1,191,523

The following table presents the maturities of held-to-maturity investment securities, based on contractual maturity, as of June 30, 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	105,297		107,389
Total	$	105,297	$	107,389

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 June 30,				Six months ended June 30,
	2016		2015		2016			2015
	(In thousands)
Proceeds from sales	$	13,840	$	820	$	29,132		$	5,835
Realized gains	245		8		247			16
Realized losses	—		—		(1		)	—

The following table presents information regarding securities as of June 30, 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	$	—	$	—		$	728	$	(5	)	$	728	$	(5	)	2
Government-sponsored entities	—		—			—		—			—		—			—
Municipal bonds	—		—			2,762		(68		)	2,762		(68		)	2
Mortgage-backed securities (1)	14,228		(104		)	48,167		(1,005		)	62,395		(1,109		)	35
Other	54		(8		)	12		(1		)	66		(9		)	8
Total	$	14,282	$	(112	)	$	51,669	$	(1,079	)	$	65,951	$	(1,191	)	47

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 June 30, 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 June 30, 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 June 30, 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 June 30, 2016 and through the date of the filing of this Quarterly 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 June 30, 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 $32.5 million and $27.7 million in cost method investments included in other assets as of June 30, 2016 and December 31, 2015, respectively.