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, 2016
Federal Agency	$	275,258	$	1,070	$	(26	)	$	276,302
State & municipal		39,909		490		(23	)		40,376
Mortgage-backed:
Government-sponsored enterprises		401,525		8,279		(25	)		409,779
U.S. government agency securities		7,484		551		(14	)		8,021
Collateralized mortgage obligations:
Government-sponsored enterprises		446,887		4,479		(67	)		451,299
U.S. government agency securities		53,748		645		(17	)		54,376
Other securities		16,674		3,708		(661	)		19,721
Total securities available for sale	$	1,241,485	$	19,222	$	(833	)	$	1,259,874
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

Other securities primarily represent marketable equity securities.

Securities with amortized costs totaling $1.6 billion at March 31, 2016 and $1.4 billion at December 31, 2015 were pledged to secure public deposits and for other purposes required or permitted by law. At March 31, 2016 and December 31, 2015, securities with an amortized cost of $198.3 million and $205.9 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, 2016
Mortgage-backed:
Government-sponsored enterprises	$	9,112	$	99	$	-		$	9,211
U.S. government agency securities		588		104		-			692
Collateralized mortgage obligations:
Government-sponsored enterprises		262,741		5,022		(604	)		267,159
State & municipal		194,473		3,592		(17	)		198,048
Total securities held to maturity	$	466,914	$	8,817	$	(621	)	$	475,110
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

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, 2016
Investment securities available for sale:
Federal agency	$	34,920	$	(22	)		3	$	9,996	$	(4	)		1	$	44,916	$	(26	)		4
State & municipal		3,450		(21	)		5		498		(2	)		1		3,948		(23	)		6
Mortgage-backed		978		(1	)		3		10,146		(38	)		6		11,124		(39	)		9
Collateralized mortgage obligations		27,259		(71	)		4		5,785		(13	)		3		33,044		(84	)		7
Other securities		-		-			-		5,455		(661	)		3		5,455		(661	)		3
Total securities with unrealized losses	$	66,607	$	(115	)		15	$	31,880	$	(718	)		14	$	98,487	$	(833	)		29

March 31, 2016
Investment securities held to maturity:
Collateralized mortgage obligations	$	-	$	-			-	$	40,987	$	(604	)		4	$	40,987	$	(604	)		4
State & municipal		2,190		(17	)		4		-		-			-		2,190		(17	)		4
Total securities with unrealized losses	$	2,190	$	(17	)		4	$	40,987	$	(604	)		4		43,177	$	(621	)		8

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

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, 2016, 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, 2016, 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, 2016:

(In thousands)	Amortized cost		Estimated fair value
Debt securities classified as available for sale
Within one year	$	33,121	$	33,253
From one to five years		295,127		297,004
From five to ten years		158,231		162,243
After ten years		738,332		747,653
	$	1,224,811	$	1,240,153
Debt securities classified as held to maturity
Within one year	$	43,553	$	43,582
From one to five years		18,837		18,973
From five to ten years		131,744		134,917
After ten years		272,780		277,638
	$	466,914	$	475,110

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, 2016.