SECURITIES AVAILABLE FOR SALE (Tables)

9 Months Ended

Sep. 30, 2014

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Fair Value of Available-for-Sale Investment Securities

The following table presents the amortized cost and fair value of the available-for-sale investment securities portfolio and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) as of the dates indicated:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In thousands)
September 30, 2014:
Available for sale
SBA loan pool securities	$	1,697	$	—	$	(4	)	$	1,693
U.S. government-sponsored entities and agency securities	1,937		43		—			1,980
Private label residential mortgage-backed securities	3,698		15		(15		)	3,698
Agency mortgage-backed securities	303,920		420		(1,326		)	303,014
Total securities available for sale	$	311,252	$	478	$	(1,345	)	$	310,385
December 31, 2013:
Available for sale
SBA loan pool securities	$	1,794	$	—	$	(58	)	$	1,736
U.S. government-sponsored entities and agency securities	1,928		—		(8		)	1,920
Private label residential mortgage-backed securities	14,653		135		(36		)	14,752
Agency mortgage-backed securities	153,134		299		(1,819		)	151,614
Total securities available for sale	$	171,509	$	434	$	(1,921	)	$	170,022

Summary of Amortized Cost and Fair Value of Available-for-Sale Investment Securities Portfolio

The following table presents amortized cost and fair value of the available-for-sale investment securities portfolio by expected maturity. In the case of residential mortgage-backed securities 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 and SBA loan pool securities are not included in the maturity categories.



	September 30, 2014
	Amortized Cost		Fair Value
	(In thousands)
Maturity:
Available for sale
Within one year	$	—	$	—
One to five years	1,937		1,980
Five to ten years	—		—
Greater than ten years	—		—
SBA loan pool, private label residential mortgage backed and agency mortgage-backed securities	309,315		308,405
Total	$	311,252	$	310,385

Proceeds from Sales and Calls of Securities and Associated Gross Gains and Losses

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



	Three Months Ended September 30,					Nine Months Ended September 30,
	2014		2013			2014			2013
	(In thousands)
Gross realized gains on sales of securities available for sale	$	—	$	117		$	560		$	426
Gross realized losses on sales of securities available for sale	—		(107		)	(38		)	(107		)
Net realized gains (losses) on sales of securities available for sale	$	—	$	10		$	522		$	319
Proceeds from sales of securities available for sale	$	—	$	118,747		$	52,245		$	127,286
Tax expense on sales of securities available for sale	$	—	$	—		$	—		$	—

Summary of Investment Securities with Unrealized Losses

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)
September 30, 2014:
Available for sale
SBA loan pool securities	$	1,693	$	(4	)	$	—	$	—		$	1,693	$	(4	)
U.S. government-sponsored entities and agency securities	—		—			—		—			—		—
Private label residential mortgage-backed securities	198		(10		)	1,700		(5		)	1,898		(15		)
Agency mortgage-backed securities	150,685		(851		)	20,843		(475		)	171,528		(1,326		)
Total securities available for sale	$	152,576	$	(865	)	$	22,543	$	(480	)	$	175,119	$	(1,345	)
December 31, 2013:
Available for sale
SBA loan pool securities	$	1,736	$	(58	)	$	—	$	—		$	1,736	$	(58	)
U.S. government-sponsored entities and agency securities	1,920		(8		)	—		—			1,920		(8		)
Private label residential mortgage-backed securities	2,064		(11		)	3,913		(25		)	5,977		(36		)
Agency mortgage-backed securities	114,104		(1,790		)	1,821		(29		)	115,925		(1,819		)
Total securities available for sale	$	119,824	$	(1,867	)	$	5,734	$	(54	)	$	125,558	$	(1,921	)