INVESTMENT SECURITIES

The following table presents the amortized cost and fair value of the investment securities portfolio as of the dates indicated:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In thousands)
June 30, 2016
Securities held-to-maturity:
Corporate bonds	$	239,675	$	10,101	$	(572	)	$	249,204
Collateralized loan obligations	416,322		—		(6,692		)	409,630
Commercial mortgage-backed securities	306,285		16,026		(274		)	322,037
Total securities held-to-maturity	$	962,282	$	26,127	$	(7,538	)	$	980,871
Securities available-for-sale:
SBA loan pool securities	$	1,363	$	53	$	—		$	1,416
Private label residential mortgage-backed securities	1,452		4		(3		)	1,453
Corporate bonds	60,167		285		(339		)	60,113
Collateralized loan obligation	939,215		4,430		(939		)	942,706
Commercial mortgage-backed securities	11,186		212		—			11,398
Agency mortgage-backed securities	284,813		1,081		(195		)	285,699
Total securities available-for-sale	$	1,298,196	$	6,065	$	(1,476	)	$	1,302,785
December 31, 2015
Securities held-to-maturity:
Corporate bonds	$	239,274	$	255	$	(20,946	)	$	218,583
Collateralized loan obligations	416,284		—		(5,077		)	411,207
Commercial mortgage-backed securities	306,645		41		(4,191		)	302,495
Total securities held-to-maturity	$	962,203	$	296	$	(30,214	)	$	932,285
Securities available-for-sale:
SBA loan pool securities	$	1,485	$	19	$	—		$	1,504
Private label residential mortgage-backed securities	1,755		14		(1		)	1,768
Corporate bonds	26,657		—		(505		)	26,152
Collateralized loan obligations	111,719		31		(282		)	111,468
Agency mortgage-backed securities	697,152		134		(4,582		)	692,704
Total securities available-for-sale	$	838,768	$	198	$	(5,370	)	$	833,596

The following table presents amortized cost and fair value of the held-to-maturity and available-for-sale investment securities portfolio by expected maturity. In the case of mortgage-backed securities, collateralized loan obligations, and SBA loan pool securities, expected maturities may differ from contractual maturities because borrowers generally have the right to call or prepay obligations with or without call or prepayment penalties. For that reason, mortgage-backed securities, collateralized loan obligations, and SBA loan pool securities are not included in the maturity categories.



	June 30, 2016
	Securities Held-To-Maturity				Securities Available-For-Sale
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In thousands)
Maturity:
Within one year	$	—	$	—	$	—	$	—
One to five years	15,000		14,850		23,000		23,088
Five to ten years	224,675		234,354		32,166		31,913
Greater than ten years	—		—		5,000		5,113
Collateralized loan obligations, SBA loan pool, private label residential mortgage-backed, commercial mortgage-backed, and agency mortgage-backed securities	722,607		731,667		1,238,030		1,242,671
Total	$	962,282	$	980,871	$	1,298,196	$	1,302,785

At June 30, 2016 and December 31, 2015, there were no holdings of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10 percent of the Company's stockholders’ equity.

The following table presents proceeds from sales and calls of securities available-for-sale and the associated gross gains and losses realized through earnings upon the sales and calls of securities available-for-sale for the periods indicated:



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2016		2015		2016			2015
	(In thousands)
Gross realized gains on sales and calls of securities available-for-sale	$	12,825	$	—	$	29,618		$	—
Gross realized losses on sales and calls of securities available-for-sale	—		—		(5		)	(2		)
Net realized gains (losses) on sales and calls of securities available-for-sale	$	12,825	$	—	$	29,613		$	(2	)
Proceeds from sales and calls of securities available-for-sale	$	1,304,032	$	—	$	3,551,453		$	174
Tax expense (benefit) on sales and calls of securities available-for-sale	$	5,231	$	—	$	12,011		$	(1	)

Investment securities with carrying values of $191.3 million and $47.9 million as of June 30, 2016 and December 31, 2015, respectively, were pledged to secure FHLB advances, public deposits, repurchase agreement, and for other purposes as required or permitted by law.

The following table summarizes the investment securities with unrealized losses by security type and length of time in a continuous unrealized loss position as of the dates indicated:



	Less Than 12 Months					12 Months or Longer					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
	(In thousands)
June 30, 2016
Securities held-to-maturity:
Corporate bonds	$	49,682	$	(490	)	$	5,300	$	(82	)	$	54,982	$	(572	)
Collateralized loan obligation	409,630		(6,692		)	—		—			409,630		(6,692		)
Commercial mortgage-backed securities	19,771		(274		)	—		—			19,771		(274		)
Total securities held-to-maturity	$	479,083	$	(7,456	)	$	5,300	$	(82	)	$	484,383	$	(7,538	)
Securities available-for-sale:
Private label residential mortgage-backed securities	$	125	$	—		$	317	$	(3	)	$	442	$	(3	)
Corporate bonds	13,828		(339		)	—		—			13,828		(339		)
Collateralized loan obligations	229,478		(939		)	—		—			229,478		(939		)
Agency mortgage-backed securities	121,499		(175		)	2,407		(20		)	123,906		(195		)
Total securities available-for-sale	$	364,930	$	(1,453	)	$	2,724	$	(23	)	$	367,654	$	(1,476	)
December 31, 2015
Securities held-to-maturity:
Corporate bonds	$	190,332	$	(20,946	)	$	—	$	—		$	190,332	$	(20,946	)
Collateralized loan obligation	411,207		(5,077		)	—		—			411,207		(5,077		)
Commercial mortgage-backed securities	277,351		(4,191		)	—		—			277,351		(4,191		)
Total securities held-to-maturity	$	878,890	$	(30,214	)	$	—	$	—		$	878,890	$	(30,214	)
Securities available-for-sale:
Private label residential mortgage-backed securities	$	—	$	—		$	403	$	(1	)	$	403	$	(1	)
Corporate bonds	26,152		(505		)	—		—			26,152		(505		)
Collateralized loan obligations	72,204		(282		)	—		—			72,204		(282		)
Agency mortgage-backed securities	599,814		(4,459		)	6,832		(123		)	606,646		(4,582		)
Total securities available-for-sale	$	698,170	$	(5,246	)	$	7,235	$	(124	)	$	705,405	$	(5,370	)

The Company did not record OTTI for investment securities for the three and six months ended June 30, 2016 or 2015.

At June 30, 2016, the Company’s securities available-for-sale portfolio consisted of 140 securities, 37 of which were in an unrealized loss position and securities held-to-maturity consisted of 93 securities, 40 of which were in an unrealized loss position.

For corporate bonds held-to-maturity, unrealized losses at June 30, 2016 were lower than unrealized losses at December 31, 2015 due to lower market interest rates and tighter credit spreads at June 30, 2016 and improvement in the economic sectors for the bond issuers. For collateralized loan obligations, unrealized losses at June 30, 2016 were higher than unrealized losses at December 31, 2015 due to wider pricing spreads. For agency mortgage-backed securities available-for-sale, unrealized losses at June 30, 2016 were lower than unrealized losses at December 31, 2015 due to lower market interest rates at June 30, 2016.

The Company monitors its securities portfolio to ensure it has adequate credit support. As of June 30, 2016, the Company believes there is no OTTI and did not have the intent to sell these securities and it is not likely that it will be required to sell the securities before their anticipated recovery. The Company considers the lowest credit rating for identification of potential OTTI. As of June 30, 2016, all of the Company's investment securities in an unrealized loss position received an investment grade credit rating.