INVESTMENT SECURITIES (Tables)

6 Months Ended

Jun. 30, 2015

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 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

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

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

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 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	)	$	—

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)
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	)