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Securities | 6 Months Ended
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Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract] |
Securities Available-for-Sale | Securities Available-for-Sale The following is a comparative summary of mortgage-backed securities and other securities available-for-sale at June 30, 2015, and December 31, 2014 (in thousands).
| June 30, 2015
|  |  | Gross |  | Gross |  | Estimated
| Amortized |  | unrealized |  | unrealized |  | fair
| cost |  | gains |  | losses |  | value
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Pass-through certificates: |  |  |  |  |  |  |  |  |  |  |
Government sponsored enterprises (GSE) | $ | 259,523 |  |  | $ | 6,710 |  |  | $ | 1,417 |  |  | $ | 264,816 |
Real estate mortgage investment conduits (REMICs): |  |  |  |  |  |  |  |  |  |  |
GSE | 348,813 |  |  | 1,081 |  |  | 8,378 |  |  | 341,516 |
Non-GSE | 844 |  |  | — |  |  | 33 |  |  | 811 |
| 609,180 |  |  | 7,791 |  |  | 9,828 |  |  | 607,143 |
Other securities: |  |  |  |  |  |  |
Equity investments-mutual funds | 329 |  |  | — |  |  | — |  |  | 329 |
Corporate bonds | 32,717 |  |  | 25 |  |  | 2 |  |  | 32,740 |
| 33,046 |  |  | 25 |  |  | 2 |  |  | 33,069 |
Total securities available-for-sale | $ | 642,226 |  |  | $ | 7,816 |  |  | $ | 9,830 |  |  | $ | 640,212 |
| December 31, 2014
|  |  | Gross |  | Gross |  | Estimated
| Amortized |  | unrealized |  | unrealized |  | fair
| cost |  | gains |  | losses |  | value
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Pass-through certificates: |  |  |  |  |  |  |  |  |  |  |
GSE | $ | 292,162 |  |  | $ | 8,309 |  |  | $ | 1,131 |  |  | $ | 299,340 |
REMICs: |  |  |  |  |  |  |  |  |  |  |
GSE | 408,328 |  |  | 1,314 |  |  | 9,192 |  |  | 400,450 |
Non-GSE | 1,060 |  |  | — |  |  | 34 |  |  | 1,026 |
| 701,550 |  |  | 9,623 |  |  | 10,357 |  |  | 700,816 |
Other securities: |  |  |  |  |  |  |
Equity investments-mutual funds | 410 |  |  | — |  |  | — |  |  | 410 |
Corporate bonds | 69,975 |  |  | 40 |  |  | 2 |  |  | 70,013 |
| 70,385 |  |  | 40 |  |  | 2 |  |  | 70,423 |
Total securities available-for-sale | $ | 771,935 |  |  | $ | 9,663 |  |  | $ | 10,359 |  |  | $ | 771,239 |
The following is a summary of the expected maturity distribution of debt securities available-for-sale, other than mortgage-backed securities, at June 30, 2015 (in thousands).
Available-for-sale | Amortized cost |  | Estimated fair value
Due in one year or less | $ | 27,627 |  |  | $ | 27,639 |
Due after one year through five years | 5,090 |  |  | 5,101 |
| $ | 32,717 |  |  | $ | 32,740 |
Contractual maturities for mortgage-backed securities are not included above, as expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. For the three and six months ended June 30, 2015, the Company had gross proceeds of $39.2 million on sales of securities available-for-sale, with gross realized gains of approximately $46,000 and gross realized losses of approximately $3,000. For the three and six months ended June 30, 2014, the Company had gross proceeds of $6.4 million and $7.3 million, respectively, on sales of securities available-for-sale, with gross realized gains of approximately $144,000 and $199,000, respectively, and no gross realized losses for the three and six months ended June 30, 2014. The Company recognized net losses of $50,000, and net gains of $11,000, on its trading securities portfolio during the three and six months ended June 30, 2015. The Company recognized $175,000 and $244,000, respectively, in net gains on its trading securities portfolio during the three and six months ended June 30, 2014. The Company did not recognize any other-than-temporary impairment charges during the three and six months ended June 30, 2015, or June 30, 2014. Gross unrealized losses on mortgage-backed securities and corporate bonds available-for-sale, and the estimated fair value of the related securities, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2015, and December 31, 2014, were as follows (in thousands).
| June 30, 2015
| Less than 12 months |  | 12 months or more |  | Total
| Unrealized |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized |  | Estimated
| losses |  | fair value |  | losses |  | fair value |  | losses |  | fair value
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Pass-through certificates: |  |  |  |  |  |  |  |  |  |  |
GSE | $ | 84 |  |  | $ | 15,157 |  |  | $ | 1,333 |  |  | $ | 56,575 |  |  | $ | 1,417 |  |  | $ | 71,732 |
REMICs: |  |  |  |  |  |  |  |  |  |  |
GSE | 18 |  |  | 16,860 |  |  | 8,360 |  |  | 187,705 |  |  | 8,378 |  |  | 204,565 |
Non-GSE | — |  |  | — |  |  | 33 |  |  | 811 |  |  | 33 |  |  | 811 |
Other securities: |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | 2 |  |  | 11,605 |  |  | — |  |  | — |  |  | 2 |  |  | 11,605 |
Total | $ | 104 |  |  | $ | 43,622 |  |  | $ | 9,726 |  |  | $ | 245,091 |  |  | $ | 9,830 |  |  | $ | 288,713 |
| December 31, 2014
| Less than 12 months |  | 12 months or more |  | Total
| Unrealized |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized |  | Estimated
| losses |  | fair value |  | losses |  | fair value |  | losses |  | fair value
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Pass-through certificates: |  |  |  |  |  |  |  |  |  |  |
GSE | $ | 1 |  |  | $ | 181 |  |  | $ | 1,130 |  |  | $ | 61,526 |  |  | $ | 1,131 |  |  | $ | 61,707 |
REMICs: |  |  |  |  |  |  |  |  |  |  |
GSE | 30 |  |  | 3,179 |  |  | 9,162 |  |  | 229,896 |  |  | 9,192 |  |  | 233,075 |
Non-GSE | — |  |  | — |  |  | 34 |  |  | 1,026 |  |  | 34 |  |  | 1,026 |
Other Securities: |  |  |  |  |  |  |  |  |  |  |
Corporate Bonds | 2 |  |  | 9,996 |  |  | — |  |  | — |  |  | 2 |  |  | 9,996 |
Total | $ | 33 |  |  | $ | 13,356 |  |  | $ | 10,326 |  |  | $ | 292,448 |  |  | $ | 10,359 |  |  | $ | 305,804 |
The Company held 11 pass-through mortgage-backed securities issued or guaranteed by GSEs, 12 REMIC mortgage-backed securities issued or guaranteed by GSEs, and two REMIC mortgage-backed securities not issued or guaranteed by GSEs that were in a continuous unrealized loss position of greater than twelve months at June 30, 2015. There were three pass-through mortgage-backed securities issued or guaranteed by GSEs, one REMIC mortgage-backed security issued or guaranteed by a GSE, three corporate bonds that were in an unrealized loss position of less than twelve months at June 30, 2015. All securities referred to above were rated investment grade at June 30, 2015. The declines in value relate to the general interest rate environment and are considered temporary. The securities cannot be prepaid in a manner that would result in the Company not receiving substantially all of its amortized cost. The Company neither has an intent to sell, nor is it more likely than not that the Company will be required to sell, the securities before the recovery of their amortized cost basis or, if necessary, maturity. The fair values of our investment securities could decline in the future if the underlying performance of the collateral for the collateralized mortgage obligations or other securities deteriorates and our credit enhancement levels do not provide sufficient protections to our contractual principal and interest, which may result in other-than-temporary impairment in the future.

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