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Securities Available-for-Sale (Tables)

6 Months Ended

Jun. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Comparative Summary of Mortgage-Backed Securities and Other 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

Summary of Expected Maturity Distribution of Debt Securities Available-for-Sale, Other Than Mortgage-Backed Securities

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

Gross Unrealized Losses on Mortgage-Backed Securities

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

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

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- Definition

For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 320



-SubTopic 10



-Section 50



-Paragraph 6



-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563

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