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
September 30, 2015
Federal Agency	$	342,140	$	1,245	$	(122	)	$	343,263
State & municipal		33,140		510		(3	)		33,647
Mortgage-backed:
Government-sponsored enterprises		313,840		7,118		(105	)		320,853
U.S. government agency securities		14,293		728		(64	)		14,957
Collateralized mortgage obligations:
Government-sponsored enterprises		296,005		2,638		(63	)		298,580
U.S. government agency securities		31,302		485		(21	)		31,766
Other securities		12,900		2,531		(100	)		15,331
Total securities available for sale	$	1,043,620	$	15,255	$	(478	)	$	1,058,397
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 $1.1 billion at September 30, 2015 and $1.0 billion at December 31, 2014 were pledged to secure public deposits and for other purposes required or permitted by law. At September 30, 2015 and December 31, 2014, securities with an amortized cost of $174.8 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
September 30, 2015
Mortgage-backed:
Government-sponsored enterprises	$	9,782	$	-	$	(25	)	$	9,757
U.S. government agency securities		665		107		-			772
Collateralized mortgage obligations:
Government-sponsored enterprises		282,966		4,081		(951	)		286,096
State & municipal		177,345		1,509		(43	)		178,811
Total securities held to maturity	$	470,758	$	5,697	$	(1,019	)	$	475,436
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

September 30, 2015
Investment securities available for sale:
Federal agency	$	19,962	$	(30	)		2	$	29,908	$	(92	)		3	$	49,870	$	(122	)		5
State & municipal		2,957		(3	)		4		-		-			-		2,957		(3	)		4
Mortgage-backed		11,656		(109	)		14		4,319		(60	)		16		15,975		(169	)		30
Collateralized mortgage obligations		29,608		(62	)		5		4,340		(22	)		3		33,948		(84	)		8
Other securities		-		-			-		3,931		(100	)		3		3,931		(100	)		3
Total securities with unrealized losses	$	64,183	$	(204	)		25	$	42,498	$	(274	)		25	$	106,681	$	(478	)		50

September 30, 2015
Investment securities held to maturity:
Mortgage-backed	$	9,757	$	(25	)		1	$	-	$	-			-	$	9,757	$	(25	)		1
Collateralized mortgage obligations		-		-			-		43,127		(951	)		4		43,127		(951	)		4
State & municipal		6,313		(43	)		11		-		-			-		6,313		(43	)		11
Total securities with unrealized losses	$	16,070	$	(68	)		12	$	43,127	$	(951	)		4	$	59,197	$	(1,019	)		16

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

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 September 30, 2015, management also has 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 September 30, 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 September 30, 2015:

(In thousands)	Amortized cost		Estimated fair value
Debt securities classified as available for sale
Within one year	$	4,031	$	4,058
From one to five years		369,188		371,294
From five to ten years		137,908		140,701
After ten years		519,593		527,013
	$	1,030,720	$	1,043,066
Debt securities classified as held to maturity
Within one year	$	42,420	$	42,427
From one to five years		15,186		15,260
From five to ten years		107,816		109,043
After ten years		305,336		308,706
	$	470,758	$	475,436

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 September 30, 2015.