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SECURITIES AVAILABLE FOR SALE
 3 Months Ended
Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]  
SECURITIES AVAILABLE FOR SALE
SECURITIES AVAILABLE FOR SALE

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)
March 31, 2015
 
 
 
 
 
 
 
Available for sale
 
 
 
 
 
 
 
SBA loan pool securities
$
1,600

 
$
35

 
$
—

 
$
1,635

U.S. government-sponsored entities and agency securities
1,943

 
58

 
—

 
2,001

Private label residential mortgage-backed securities
2,607

 
11

 
(3
)
 
2,615

Agency mortgage-backed securities
383,287

 
4,224

 
(176
)
 
387,335

Total securities available for sale
$
389,437

 
$
4,328

 
$
(179
)
 
$
393,586

December 31, 2014
 
 
 
 
 
 
 
Available for sale
 
 
 
 
 
 
 
SBA loan pool securities
$
1,697

 
$
18

 
$
—

 
$
1,715

U.S. government-sponsored entities and agency securities
1,940

 
42

 
—

 
1,982

Private label residential mortgage-backed securities
3,169

 
12

 
(13
)
 
3,168

Agency mortgage-backed securities
338,072

 
1,363

 
(605
)
 
338,830

Total securities available for sale
$
344,878

 
$
1,435

 
$
(618
)
 
$
345,695



The following table presents amortized cost and fair value of the available for sale investment securities portfolio by expected maturity. In the case of 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. 
 
March 31, 2015
Amortized
Cost
 
Fair
Value
 
(In thousands)
Maturity:
 
 
 
Within one year
$
—

 
$
—

One to five years
1,943

 
2,001

Five to ten years
—

 
—

Greater than ten years
—

 
—

SBA loan pool, private label residential mortgage-backed and agency mortgage-backed securities
387,494

 
391,585

Total
$
389,437

 
$
393,586



At March 31, 2015 and December 31, 2014, there were no holdings of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10 percent of stockholders’ equity.

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 
 March 31,
2015
 
2014
 
(In thousands)
Gross realized gains on sales of securities available for sale
$
—

 
$
545

Gross realized losses on sales of securities available for sale
(2
)
 
(38
)
Net realized gains (losses) on sales of securities available for sale
$
(2
)
 
$
507

Proceeds from sales of securities available for sale
$
174

 
$
50,973

Tax benefit on sales of securities available for sale
$
(1
)
 
$
—



Securities available for sale with carrying values of $32.2 million and $27.1 million as of March 31, 2015 and December 31, 2014, respectively, were pledged to secure FHLB advances, public deposits and for other purposes as required or permitted by law.

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)
March 31, 2015
 
 
 
 
 
 
 
 
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
 
 
Private label residential mortgage-backed securities
$
176

 
$
(1
)
 
$
850

 
$
(2
)
 
$
1,026

 
$
(3
)
Agency mortgage-backed securities
33,682

 
(111
)
 
11,336

 
(65
)
 
45,018

 
(176
)
Total securities available for sale
$
33,858

 
$
(112
)
 
$
12,186

 
$
(67
)
 
$
46,044

 
$
(179
)
December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
 
 
Private label residential mortgage-backed securities
$
372

 
$
(9
)
 
$
1,355

 
$
(4
)
 
$
1,727

 
$
(13
)
Agency mortgage-backed securities
68,200

 
(332
)
 
22,212

 
(273
)
 
90,412

 
(605
)
Total securities available for sale
$
68,572

 
$
(341
)
 
$
23,567

 
$
(277
)
 
$
92,139

 
$
(618
)


The Company did not record other-than-temporary impairment (OTTI) for securities available for sale for the three months ended March 31, 2015 or 2014.

At March 31, 2015, the Company’s securities available for sale portfolio consisted of 96 securities, 33 of which were in an unrealized loss position. The unrealized losses are related to an overall increase in interest rates and a decrease in prepayment speeds of the agency mortgage-backed securities.

The Company monitors to ensure it has adequate credit support and as of March 31, 2015, the Company did not have the intent to sell these securities and it is not likely that it will be required to sell the securities before their anticipated recoveries. Of the Company’s $393.6 million securities portfolio, $392.5 million were rated AAA, AA or A and $1.0 million were rated BBB based on the most recent credit rating from the rating agencies as of March 31, 2015. The Company considers the lowest credit rating for identification of potential OTTI.