(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
December 31, 2015
Federal agency	$	312,580	$	203	$	1,511	$	311,272
State & municipal		31,208		446		17		31,637
Mortgage-backed:
Government-sponsored enterprises		398,086		4,141		1,068		401,159
U.S. government agency securities		8,191		560		14		8,737
Collateralized mortgage obligations:
Government-sponsored enterprises		364,936		931		1,828		364,039
U.S. government agency securities		40,699		348		115		40,932
Other securities		13,637		3,249		118		16,768
Total securities available for sale	$	1,169,337	$	9,878	$	4,671	$	1,174,544
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 securities		17,367		863		66		18,164
Collateralized mortgage obligations:
Government-sponsored enterprises		199,837		1,828		234		201,431
U.S. government 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

The following table sets forth information with regard to sales transactions of securities available for sale:

	Years ended December 31
(In thousands)	2015			2014			2013
Proceeds from sales		$	15,091		$	189		$	27,593
Gross realized gains			3,034			49			1,283
Net securities gains		$	3,034		$	49		$	1,283

In addition to gains (losses) from sales transactions, the Company also recorded gains from calls on securities available for sale of approximately $0.1 million for the year ended December 31, 2015, $0.1 million for the year ended December 31, 2014, and $0.1 million for the year ended December 31, 2013.

At December 31, 2015 and 2014, securities available for sale and held to maturity with amortized costs totaling $1.4 billion and $1.4 billion, respectively, were pledged to secure public deposits and for other purposes required or permitted by law. Additionally, at December 31, 2015, securities available for sale and held to maturity with an amortized cost of $205.9 million were pledged as collateral for securities sold under the 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
December 31, 2015
Mortgage-backed
Government-sponsored enterprises	$	9,432		-	$	107	$	9,325
U.S. government agency securities		611		95		-		706
Collateralized mortgage obligations
Government-sponsored enterprises		272,550		1,411		1,560		272,401
State & municipal		188,438		2,288		18		190,708
Total securities held to maturity	$	471,031	$	3,794	$	1,685	$	473,140
December 31, 2014
Mortgage-backed
U.S. government agency securities	$	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

At December 31, 2015 and 2014, all of the mortgaged-backed securities held to maturity were comprised of U.S. government agency securities.

The following table sets forth information with regard to investment securities with unrealized losses at December 31, 2015 and 2014, segregated according to the length of time the securities had been in a continuous unrealized loss position:

	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

December 31, 2015
Investment securities available for sale:
Federal agency	$	186,685	$	(1,312	)		15	$	19,801	$	(199	)		2	$	206,486	$	(1,511	)		17
State & municipal		4,599		(14	)		7		502		(3	)		1		5,101		(17	)		8
Mortgage-backed		177,270		(1,068	)		33		1,066		(14	)		5		178,336		(1,082	)		38
Collateralized mortgage obligations		256,265		(1,889	)		24		5,218		(54	)		2		261,483		(1,943	)		26
Other securities		-		-			-		3,235		(118	)		2		3,235		(118	)		2
Total securities with unrealized losses	$	624,819	$	(4,283	)		79	$	29,822	$	(388	)		12	$	654,641	$	(4,671	)		91

December 31, 2015
Investment securities held to maturity:
Mortgage-backed	$	9,325	$	(107	)		1	$	-	$	-			-	$	9,325	$	(107	)		1
Collateralized mortgage obligations		105,604		(281	)		12		41,523		(1,279	)		4		147,127		(1,560	)		16
State & municipal		2,200		(18	)		3		-		-			-		2,200		(18	)		3
Total securities with unrealized losses	$	117,129	$	(406	)		16	$	41,523	$	(1,279	)		4	$	158,652	$	(1,685	)		20

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 December 31, 2015, management also had 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 December 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.

During 2014, the Company transferred approximately $340 million in securities from the available for sale portfolio to the held to maturity portfolio, which had unrealized losses at the time of transfer of approximately $8.3 million. This unrealized loss is amortized into interest income over the lives of the transferred securities.

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

(In thousands)	Amortized cost		Estimated fair value
Debt securities classified as available for sale
Within one year	$	3,462	$	3,502
From one to five years		348,921		348,512
From five to ten years		147,139		149,185
After ten years		656,178		656,577
	$	1,155,700	$	1,157,776
Debt securities classified as held to maturity
Within one year	$	43,624	$	43,641
From one to five years		14,179		14,226
From five to ten years		113,799		115,691
After ten years		299,429		299,582
	$	471,031	$	473,140

Maturities of mortgage-backed, CMOs and asset-backed securities 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 December 31, 2015 and December 31, 2014.