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INVESTMENT SECURITIES | 6 Months Ended
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Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract] |
INVESTMENT SECURITIES | INVESTMENT SECURITIES The following table presents the amortized cost and fair value of the investment securities portfolio as of the dates indicated:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
| (In thousands)
June 30, 2015 |  |  |  |  |  |  |
Held to maturity |  |  |  |  |  |  |
Corporate bonds | $ | 53,414 |  |  | $ | 82 |  |  | $ | (193 | ) |  | $ | 53,303 |
Total securities held to maturity | $ | 53,414 |  |  | $ | 82 |  |  | $ | (193 | ) |  | $ | 53,303 |
Available for sale |  |  |  |  |  |  |
SBA loan pool securities | $ | 1,600 |  |  | $ | 18 |  |  | $ | — |  |  | $ | 1,618 |
U.S. government-sponsored entities and agency securities | 1,946 |  |  | 54 |  |  | — |  |  | 2,000 |
Private label residential mortgage-backed securities | 2,135 |  |  | 13 |  |  | (2 | ) |  | 2,146 |
Agency mortgage-backed securities | 480,883 |  |  | 1,985 |  |  | (1,339 | ) |  | 481,529 |
Total securities available for sale | $ | 486,564 |  |  | $ | 2,070 |  |  | $ | (1,341 | ) |  | $ | 487,293 |
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 held to maturity and 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.
| June 30, 2015
Held To Maturity |  | Available For Sale
Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
| (In thousands)
Maturity: |  |  |  |  |  |  |
Within one year | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
One to five years | — |  |  | — |  |  | 1,946 |  |  | 2,000 |
Five to ten years | 15,414 |  |  | 15,231 |  |  | — |  |  | — |
Greater than ten years | 38,000 |  |  | 38,072 |  |  | — |  |  | — |
SBA loan pool, private label residential mortgage-backed and agency mortgage-backed securities | — |  |  | — |  |  | 484,618 |  |  | 485,293 |
Total | $ | 53,414 |  |  | $ | 53,303 |  |  | $ | 486,564 |  |  | $ | 487,293 |
At June 30, 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 June 30, |  | Six Months Ended June 30,
2015 |  | 2014 |  | 2015 |  | 2014
| (In thousands)
Gross realized gains on sales of securities available for sale | $ | — |  |  | $ | 15 |  |  | $ | — |  |  | $ | 560 |
Gross realized losses on sales of securities available for sale | — |  |  | — |  |  | (2 | ) |  | (38 | )
Net realized gains (losses) on sales of securities available for sale | $ | — |  |  | $ | 15 |  |  | $ | (2 | ) |  | $ | 522 |
Proceeds from sales of securities available for sale | $ | — |  |  | $ | 1,272 |  |  | $ | 174 |  |  | $ | 52,245 |
Tax benefit on sales of securities available for sale | $ | — |  |  | $ | — |  |  | $ | (1 | ) |  | $ | — |
Securities available for sale with carrying values of $32.7 million and $27.1 million as of June 30, 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)
June 30, 2015 |  |  |  |  |  |  |  |  |  |  |
Held to maturity |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 5,225 |  |  | $ | (193 | ) |  | $ | — |  |  | $ | — |  |  | $ | 5,225 |  |  | $ | (193 | )
Total securities held to maturity | $ | 5,225 |  |  | $ | (193 | ) |  | $ | — |  |  | $ | — |  |  | $ | 5,225 |  |  | $ | (193 | )
Available for sale |  |  |  |  |  |  |  |  |  |  |
Private label residential mortgage-backed securities | $ | 160 |  |  | $ | — |  |  | $ | 510 |  |  | $ | (2 | ) |  | $ | 670 |  |  | $ | (2 | )
Agency mortgage-backed securities | 141,497 |  |  | (1,211 | ) |  | 10,141 |  |  | (128 | ) |  | 151,638 |  |  | (1,339 | )
Total securities available for sale | $ | 141,657 |  |  | $ | (1,211 | ) |  | $ | 10,651 |  |  | $ | (130 | ) |  | $ | 152,308 |  |  | $ | (1,341 | )
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 six months ended June 30, 2015 and 2014. At June 30, 2015, the Company’s securities available for sale portfolio consisted of 100 securities, 39 of which were in an unrealized loss position and securities held to maturity consisted of 6 securities, 1 of which was 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 June 30, 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 $487.3 million securities available for sale portfolio, $486.2 million were rated AAA, AA or A and $1.1 million were rated BBB based on the most recent credit rating from the rating agencies as of June 30, 2015. All securities held to maturity were rated BBB as of June 30, 2015. The Company considers the lowest credit rating for identification of potential OTTI.

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