INVESTMENT AND MORTGAGE-BACKED SECURITIES (Tables)

12 Months Ended

Dec. 31, 2013

INVESTMENT AND MORTGAGE-BACKED SECURITIES [Abstract]

Amortized Cost And Estimated Fair Value Of Available For Sale And Held To Maturity Securities

The following is a summary of major categories of securities owned by the Company excluding trading securities at December 31, 2013:

					Unrealized Gains or Losses Recognized in Accumulated Other Comprehensive Loss
	Purchase Amortized / Historical Cost		Recorded Amortized/ Historical Cost ⁽¹⁾		Non-Credit OTTI			Unrealized Gains		Unrealized Losses			Book Value		Other Unrecognized Gain			Fair Value
Investment securities held-to-maturity:
Pooled bank trust preferred securities ("TRUPS")	$	15,885	$	6,939	$	(601	)		-	$	(997	)⁽²⁾	$	5,341	$	(178	)	$	5,163
Available-for-sale securities:
Investment securities
Registered Mutual Funds		2,866		2,760		-			815		(17	)		3,558		-			3,558
Agency notes		15,070		15,070		-			21		-			15,091		-			15,091
Mortgage backed securities
Pass-through MBS issued by Government Sponsored Entities ("GSEs")		28,407		28,407		-			1,552		-			29,959		-			29,959
Collateralized mortgage obligations ("CMOs") issued by GSEs		319		319		-			2		-			321		-			321
Private issuer pass through MBS		662		662		-			18		-			680		-			680
Private issuer CMOs		574		574		-			9		-			583		-			583

(1) Amount represents the purchase amortized / historical cost less any credit-related OTTI charges recognized through earnings.

(2) Amount represents the unamortized portion of the unrealized loss that was recognized in accumulated other comprehensive loss on September 1, 2008 (the day on which these securities were transferred from available-for-sale to held-to-maturity).

The following is a summary of major categories of securities owned by the Company at December 31, 2012:

					Unrealized Gains or Losses Recognized in Accumulated Other Comprehensive Loss
	Purchase Amortized / Historical Cost		Recorded Amortized/ Historical Cost ⁽¹⁾		Non-Credit OTTI			Unrealized Gains		Unrealized Losses			Book Value		Other Unrecognized Gains		Fair Value
Investment securities held-to-maturity:
TRUPS	$	16,774	$	7,829	$	(634	)		-	$	(1,268	)⁽²⁾	$	5,927	$	340	$	6,267
Available-for-sale securities:
Investment securities
Registered Mutual Funds		2,904		2,556		-			449		-			3,005		-		3,005
Agency notes		29,820		29,820		-			125		-			29,945		-		29,945
Mortgage backed securities
Pass-through MBS issued by GSEs		43,142		43,142		-			1,561		(25	)		44,678		-		44,678
CMOs issued by GSEs		2,436		2,436		-			26		-			2,462		-		2,462
Private issuer pass through MBS		962		962		-			-		(7	)		955		-		955
Private issuer CMOs		908		908		-			18		-			926		-		926

(1) Amount represents the purchase amortized / historical cost less any credit-related OTTI charges recognized through earnings.

Investments Classified by Contractual Maturity Date

At December 31, 2013, the agency note investments in the table above had contractual maturities as follows:

	Amortized Cost		Estimated Fair Value
Due after one year through three years	$	15,000	$	15,021
Due after three years through five years		70		70
TOTAL	$	15,070	$	15,091

Activity Related to Transfer Loss

On September 1, 2008, the Bank transferred eight TRUPS (i.e., investment securities primarily secured by the preferred debt obligations of a pool of U.S. banks with a small portion secured by debt obligations of insurance companies) with an amortized cost of $19,922 from its available-for-sale portfolio to its held-to-maturity portfolio. Based upon the lack of an orderly market for these securities, management determined that a formal election to hold them to maturity was consistent with its initial investment decision. On the date of transfer, the unrealized loss of $8,420 on these securities continued to be recognized as a component of accumulated other comprehensive loss within the Company's consolidated stockholders' equity (net of income tax benefit), and was expected to be amortized over the remaining average life of the securities, which approximated 25.7 years on a weighted average basis. Activity related to this transfer loss was as follows:

	For the Year Ended December 31,
	2013				2012
Cumulative balance at the beginning of the period		$	1,268			$	1,470
Amortization			(271	)			(202	)
Cumulative balance at end of the period		$	997			$	1,268

Reconciliation of Pre-Tax OTTI Charges Recognized on Investment Securities Held-to-Maturity and Available-for-Sale

The following table provides a reconciliation of the pre-tax OTTI charges recognized on the Company's TRUPS:

	At or for the Three Months Ended December 31, 2013
	Credit Related OTTI Recognized in Earnings		Non-Credit OTTI Recognized in Accumulated Other Comprehensive Loss			Total OTTI Charge
Cumulative pre-tax balance at the beginning of the period	$	8,945	$	634		$	9,579
OTTI recognized during the period		-		-			-
Reductions and transfers to credit-related OTTI		-		-			-
Amortization of previously recognized OTTI		-		(33	)		(33	)
Cumulative pre-tax balance at end of the period	$	8,945	$	601		$	9,546

	At or for the Year Ended December 31, 2012									At or for the Year Ended December 31, 2011
	Credit Related OTTI Recognized in Earnings			Non-Credit OTTI Recognized in Accumulated Other Comprehensive Loss			Total OTTI Charge			Credit Related OTTI Recognized in Earnings		Non-Credit OTTI Recognized in Accumulated Other Comprehensive Loss			Total OTTI Charge
Cumulative pre-tax balance at the beginning of the period	$	8,974		$	930		$	9,904		$	8,247	$	2,203		$	10,450
OTTI recognized during the period		181			6			187			727		25			752
Reductions and transfers to credit-related OTTI		-			(181	)		(181	)		-		(1,271	)		(1,271	)
Amortization of previously recognized OTTI		(210	)		(121	)		(331	)		-		(27	)		(27	)
Cumulative pre-tax balance at end of the period	$	8,945		$	634		$	9,579		$	8,974	$	930		$	9,904

The following table provides a reconciliation of the pre-tax OTTI charges recognized on the Company's registered mutual funds:

	At or For the Year Ended December 31,
	2013				2012				2011
Cumulative balance at the beginning of the period		$	348			$	1,425			$	1,425
Reduction of OTTI for securities sold during the period			(242	)			(1,077	)			-
Cumulative balance at end of the period		$	106			$	348			$	1,425

Gross Unrealized Losses and Fair Value of Investment Securities Available-For-Sale

The following table summarizes the gross unrealized losses and fair value of investment securities as of December 31, 2013, aggregated by investment category and the length of time the securities were in a continuous unrealized loss position:

	Less than 12 Months Consecutive Unrealized Losses				12 Months or More Consecutive Unrealized Losses				Total
	Fair Value		Gross Unrecognized/ Unrealized Losses		Fair Value		Gross Unrecognized/ Unrealized Losses		Fair Value		Gross Unrecognized/ Unrealized Losses
Held-to-Maturity Securities:
TRUPS ⁽¹⁾	$	-	$	-	$	5,163	$	1,775	$	5,163	$	1,775
Available-for-Sale Securities:
Registered Mutual Funds		536		17		-		-		536		17

(1) At December 31, 2013, the recorded balance of these securities was $3,551. This balance reflected the remaining unrealized loss of $997 that was recognized in accumulated other comprehensive loss on September 1, 2008 (the day these securities were transferred from available-for-sale to held-to-maturity). In accordance with both ASC 320-10-35-17 and 320-10-65, this unrealized loss is currently being amortized over the remaining estimated life of these securities.

Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position Fair Value

The following table summarizes the gross unrealized losses and fair value of investment securities and MBS as of December 31, 2012, aggregated by investment category and the length of time that the securities were in a continuous unrealized loss position:

	Less than 12 Months Consecutive Unrealized Losses						12 Months or More Consecutive Unrealized Losses						Total
	Fair Value			Gross Unrecognized/ Unrealized Losses			Fair Value			Gross Unrecognized/ Unrealized Losses			Fair Value			Gross Unrecognized/ Unrealized Losses
Held-to-Maturity Securities:
TRUPS ⁽¹⁾		$	-		$	-		$	3,705		$	1,732		$	3,705		$	1,732
Available-for-Sale Securities:
Federal Home Loan Mortgage Corporation pass-through certificates			5,867			25			-			-			5,867			25
Private label MBS			-			-			955			7			955			7

(1) At December 31, 2012, the recorded balance of these securities was $4,170. This balance reflected the remaining unrealized loss of $1,268 that was recognized in accumulated other comprehensive loss on September 1, 2008 (the day these securities were transferred from available-for-sale to held-to-maturity). In accordance with both ASC 320-10-35-17 and 320-10-65, this unrealized loss is currently being amortized over the remaining estimated life of these securities.