Securities Available for Sale (Tables)

9 Months Ended

Sep. 30, 2014

Available-for-sale Securities [Abstract]

Summary of Securities Available for Sale

The following is a summary of securities available for sale as of the dates indicated:



	At September 30, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(In thousands)
Debt securities:
U.S. Government agency and U.S. Government sponsored enterprises
Collateralized mortgage obligations	$	277,954	$	1,230	$	(5,767	)	$	273,417
Mortgage-backed securities	407,902		5,024		(3,117		)	409,809
Trust preferred securities	4,527		—		(477		)	4,050
Municipal bonds	5,669		467		(18		)	6,118
Total debt securities	696,052		6,721		(9,379		)	693,394
Mutual funds	17,425		—		(194		)	17,231
	$	713,477	$	6,721	$	(9,573	)	$	710,625

	At December 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(In thousands)
Debt securities:
U.S. Government agency and U.S. Government sponsored enterprises
Collateralized mortgage obligations	$	286,608	$	1,104	$	(13,611	)	$	274,101
Mortgage-backed securities	409,165		3,620		(7,789		)	404,996
Trust preferred securities	4,516		—		(819		)	3,697
Municipal bonds	5,687		319		(70		)	5,936
Total debt securities	705,976		5,043		(22,289		)	688,730
Mutual funds	17,425		—		(404		)	17,021
	$	723,401	$	5,043	$	(22,693	)	$	705,751

Schedule of Realized Gain (Loss)

The proceeds from sales of securities and the associated gross gains and losses recorded in earnings are listed below:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(In thousands)
Proceeds	$	—	$	—	$	—	$	6,636
Gross gains	—		—		—		54
Gross losses	—		—		—		—

Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of debt securities at September 30, 2014, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.



	Amortized Cost		Estimated Fair Value
	(In thousands)
Available for sale:
Due within one year	$	340	$	346
Due after one year through five years	755		847
Due after five years through ten years	3,410		3,778
Due after ten years	5,691		5,197
U.S. Government agency and U.S. Government sponsored enterprises
Collateralized mortgage obligations	277,954		273,417
Mortgage-backed securities	407,902		409,809
Mutual funds	17,425		17,231
	$	713,477	$	710,625

Schedule of Unrealized Loss on Investments

The following table shows our investments’ gross unrealized losses and estimated fair value, aggregated by investment category and the length of time that the individual securities have been in a continuous unrealized loss position as of the dates indicated.



	As of September 30, 2014
	Less than 12 months						12 months or longer						Total
Description of Securities	Number of Securities	Fair Value		Gross Unrealized Losses			Number of Securities	Fair Value		Gross Unrealized Losses			Number of Securities	Fair Value		Gross Unrealized Losses
	(In thousands)
Collateralized mortgage obligations*	8	$	75,980	$	(876	)	13	$	135,497	$	(4,891	)	21	$	211,477	$	(5,767	)
Mortgage-backed securities*	20	87,021		(434		)	6	61,916		(2,683		)	26	148,937		(3,117		)
Trust preferred securities	—	—		—			1	4,050		(477		)	1	4,050		(477		)
Municipal bonds	—	—		—			1	1,146		(18		)	1	1,146		(18		)
Mutual funds	—	—		—			1	13,232		(194		)	1	13,232		(194		)
	28	$	163,001	$	(1,310	)	22	$	215,841	$	(8,263	)	50	$	378,842	$	(9,573	)

* Investments in U.S. Government agency and U.S. Government sponsored enterprises



	As of December 31, 2013
	Less than 12 months						12 months or longer						Total
Description of Securities	Number of Securities	Fair Value		Gross Unrealized Losses			Number of Securities	Fair Value		Gross Unrealized Losses			Number of Securities	Fair Value		Gross Unrealized Losses
	(In thousands)
Collateralized mortgage obligations*	21	$	198,713	$	(12,460	)	3	$	13,381	$	(1,151	)	24	$	212,094	$	(13,611	)
Mortgage-backed securities*	29	203,276		(7,293		)	7	14,793		(496		)	36	218,069		(7,789		)
Trust Preferred securities	—	—		—			1	3,697		(819		)	1	3,697		(819		)
Municipal bonds	1	1,112		(70		)	—	—		—			1	1,112		(70		)
Mutual funds	1	13,021		(404		)	—	—		—			1	13,021		(404		)
	52	$	416,122	$	(20,227	)	11	$	31,871	$	(2,466	)	63	$	447,993	$	(22,693	)

* Investments in U.S. Government agency and U.S. Government sponsored enterprises