Note 3.

Securities

The amortized cost, estimated fair value, and unrealized gains and losses of securities available for sale are as follows:

(In thousands)	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
March 31, 2015
U.S. Treasury	$	13,019	$	37	$	-	$	13,056
Federal Agency		402,255		1,080		584		402,751
State & municipal		37,807		621		5		38,423
Mortgage-backed:
Government-sponsored enterprises		321,746		8,838		16		330,568
U.S. government agency securities		16,406		893		64		17,235
Collateralized mortgage obligations:
Government-sponsored enterprises		213,999		2,336		54		216,281
U.S. government agency securities		37,268		554		29		37,793
Other securities		12,872		2,799		124		15,547
Total securities available for sale	$	1,055,372	$	17,158	$	876	$	1,071,654
December 31, 2014
U.S. Treasury	$	23,041	$	70	$	-	$	23,111
Federal Agency		332,193		327		2,606		329,914
State & municipal		37,035		587		52		37,570
Mortgage-backed:
Government-sponsored enterprises		339,190		7,597		224		346,563
U.S. government agency securities		17,367		863		66		18,164
Collateralized mortgage obligations:
Government-sponsored enterprises		199,837		1,828		234		201,431
U.S. government agency securities		40,237		497		36		40,698
Other securities		12,818		3,054		152		15,720
Total securities available for sale	$	1,001,718	$	14,823	$	3,370	$	1,013,171

Other securities primarily represent marketable equity securities.

Securities with amortized costs totaling $1.4 billion at March 31, 2015 and $1.4 billion at December 31, 2014 were pledged to secure public deposits and for other purposes required or permitted by law. At March 31, 2015 and December 31, 2014, securities with an amortized cost of $183.0 million and $208.8 million, respectively, were pledged as collateral for securities sold under repurchase agreements.

The amortized cost, estimated fair value, and unrealized gains and losses of securities held to maturity are as follows:

(In thousands)	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
March 31, 2015
Mortgage-backed:
Government-sponsored enterprises	$	10,260	$	25	$	-	$	10,285
U.S. government agency securities		727		122		-		849
Collateralized mortgage obligations:
Government-sponsored enterprises		307,647		4,279		1,313		310,613
State & municipal		138,139		1,370		32		139,477
Total securities held to maturity	$	456,773	$	5,796	$	1,345	$	461,224
December 31, 2014
Mortgage-backed:
Government-sponsored enterprises	$	755	$	113	$	-	$	868
Collateralized mortgage obligations:
Government-sponsored enterprises		317,628		1,934		1,965		317,597
State & municipal		135,978		674		123		136,529
Total securities held to maturity	$	454,361	$	2,721	$	2,088	$	454,994

The following table sets forth information with regard to investment securities with unrealized losses for the periods presented:

	Less than 12 months							12 months or longer							Total
Security Type:	Fair Value		Unrealized losses			Number of Positions		Fair Value		Unrealized losses			Number of Positions		Fair Value		Unrealized losses			Number of Positions

March 31, 2015
Investment securities available for sale:
Federal agency	$	159,455	$	(331	)		13	$	39,721	$	(253	)		4	$	199,176	$	(584	)		17
State & municipal		1,939		(5	)		4		-		-			-		1,939		(5	)		4
Mortgage-backed		11,159		(20	)		16		4,759		(60	)		14		15,918		(80	)		30
Collateralized mortgage obligations		17,116		(60	)		12		5,169		(23	)		3		22,285		(83	)		15
Other securities		642		(8	)		1		3,237		(116	)		2		3,879		(124	)		3
Total securities with unrealized losses	$	190,311	$	(424	)		46	$	52,886	$	(452	)		23	$	243,197	$	(876	)		69

March 31, 2015
Investment securities held to maturity:
Collateralized mortgage obligations	$	13,031	$	(19	)		11	$	45,860	$	(1,294	)		4	$	58,891	$	(1,313	)		15
State & municipal		7,482		(32	)		102		-		-			-		7,482		(32	)		102
Total securities with unrealized losses	$	20,513	$	(51	)		113	$	45,860	$	(1,294	)		4		66,373	$	(1,345	)		117

December 31, 2014
Investment securities available for sale:
Federal agency	$	66,528	$	(226	)		8	$	198,151	$	(2,380	)		16	$	264,679	$	(2,606	)		24
State & municipal		8,818		(42	)		33		1,321		(10	)		5		10,139		(52	)		38
Mortgage-backed		10,400		(36	)		10		35,565		(254	)		31		45,965		(290	)		41
Collateralized mortgage obligations		57,682		(196	)		8		6,598		(74	)		4		64,280		(270	)		12
Other securities		-		-			-		3,201		(152	)		2		3,201		(152	)		2
Total securities with unrealized losses	$	143,428	$	(500	)		59	$	244,836	$	(2,870	)		58	$	388,264	$	(3,370	)		117

December 31, 2014
Investment securities held to maturity:
Collateralized mortgage obligations	$	26,052	$	(49	)		2	$	46,415	$	(1,916	)		4	$	72,467	$	(1,965	)		6
State & municipal		43,514		(116	)		110		1,619		(7	)		6		45,133		(123	)		116
Total securities with unrealized losses	$	69,566	$	(165	)		112	$	48,034	$	(1,923	)		10	$	117,600	$	(2,088	)		122

Declines in the fair value of held-to-maturity and available-for-sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses or in other comprehensive income, depending on whether the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss. If the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the other-than-temporary impairment shall be recognized in earnings equal to the entire difference between the investment's amortized cost basis and its fair value at the balance sheet date. If the Company does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the other-than-temporary impairment shall be separated into (a) the amount representing the credit loss and (b) the amount related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss shall be recognized in earnings. The amount of the total other-than-temporary impairment related to other factors shall be recognized in other comprehensive income, net of applicable taxes.

In estimating other-than-temporary impairment losses, management considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer, and (iii) the historical and implied volatility of the fair value of the security.

Management has the intent to hold the securities classified as held to maturity until they mature, at which time it is believed the Company will receive full value for the securities. Furthermore, as of March 31, 2015, management also had the intent to hold, and will not be required to sell, the securities classified as available for sale for a period of time sufficient for a recovery of cost, which may be until maturity. The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying securities were purchased. When necessary, the Company has performed a discounted cash flow analysis to determine whether or not it will receive the contractual principal and interest on certain securities. The fair value is expected to recover as the bonds approach their maturity date or repricing date or if market yields for such investments decline. As of March 31, 2015, management believes the impairments detailed in the table above are temporary and no other-than-temporary impairment losses have been realized in the Company's consolidated statements of income.

The following tables set forth information with regard to contractual maturities of debt securities at March 31, 2015:

(In thousands)	Amortized cost		Estimated fair value
Debt securities classified as available for sale
Within one year	$	19,250	$	19,312
From one to five years		414,712		416,598
From five to ten years		170,168		173,750
After ten years		438,370		446,447
	$	1,042,500	$	1,056,107
Debt securities classified as held to maturity
Within one year	$	24,182	$	24,260
From one to five years		16,047		16,137
From five to ten years		90,418		91,502
After ten years		326,126		329,325
	$	456,773	$	461,224

Maturities of mortgage-backed and collateralized mortgage obligations are stated based on their estimated average lives. Actual maturities may differ from estimated average lives or contractual maturities because, in certain cases, borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

Except for U.S. Government securities, there were no holdings, when taken in the aggregate, of any single issuer that exceeded 10% of consolidated stockholders' equity at March 31, 2015.