INVESTMENT AND MORTGAGE-BACKED SECURITIES (Tables)

9 Months Ended

Sep. 30, 2014

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 September 30, 2014:

	Purchase Amortized/ Historical Cost		Recorded Amortized/ Historical Cost ⁽¹⁾		Unrealized Gains		Unrealized Losses			Fair Value
Investment securities held-to-maturity:
Pooled bank trust preferred securities ("TRUPS")	$	15,823	$	5,352		1,148	$	(163	)	$	6,337
Available-for-sale securities:
Investment securities
Registered Mutual Funds		2,889		2,783		862		(8	)		3,637
Agency notes		70		70		1		-			71
MBS
Pass-through MBS issued by GSEs		25,297		25,297		1,543		(2	)		26,838
Private issuer pass through MBS		479		479		6		-			485
Private issuer collateralized mortgage obligations ("CMOs")		393		393		5		-			398

(1) Amount represents the purchase amortized / historical cost less any OTTI charges (credit or non-credit related) previously recognized. For the TRUPS, amount is also net the $946 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, 2013:

	Purchase Amortized/ Historical Cost		Recorded Amortized/ Historical Cost ⁽¹⁾		Unrealized Gains		Unrealized Losses			Fair Value
Investment securities held-to-maturity:
TRUPS	$	15,885	$	5,341		118	$	(296	)	$	5,163
Available-for-sale securities:
Investment securities
Registered Mutual Funds		2,866		2,760		815		(17	)		3,558
Agency notes		15,070		15,070		21		-			15,091
MBS
Pass-through MBS issued by GSEs		28,407		28,407		1,552		-			29,959
CMOs issued by GSEs		319		319		2		-			321
Private issuer pass through MBS		662		662		18		-			680
Private issuer CMOs		574		574		9		-			583

(1) Amount represents the purchase amortized / historical cost less any OTTI charges (credit or non-credit related) previously recognized. For the TRUPS, amount is also net of the $997 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).

Investments Classified by Contractual Maturity Date

At September 30, 2014, the agency note investments in the table above had contractual maturities as follows::

	Amortized Cost		Estimated Fair Value
Due after three years through five years		70		71
TOTAL	$	70	$	71

Other than Temporary Impairment, Credit Losses Recognized in Earnings

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 September 30, 2014						At or for the Three Months Ended September 30, 2013
		Credit Related OTTI Recognized in Earnings		Non-Credit OTTI Recognized in Accumulated Other Comprehensive Loss		Total OTTI		Credit Related OTTI Recognized in Earnings		Non-Credit OTTI Recognized in Accumulated Other Comprehensive Loss		Total OTTI
Cumulative balance at the beginning of the period	$	8,945	$	585	$	9,530	$	8,947	$	617	$	9,564
Amortization of previously recognized OTTI		-		(8)		(8)		-		(8)		(8)
Cumulative balance at end of the period	$	8,945	$	577	$	9,522	$	8,947	$	609	$	9,556

	At or for the Nine Months Ended September 30, 2014						At or for the Nine Months Ended September 30, 2013
		Credit Related OTTI Recognized in Earnings		Non-Credit OTTI Recognized in Accumulated Other Comprehensive Loss		Total OTTI		Credit Related OTTI Recognized in Earnings		Non-Credit OTTI Recognized in Accumulated Other Comprehensive Loss		Total OTTI
Cumulative balance at the beginning of the period	$	8,945	$	601	$	9,546	$	8,945	$	634	$	9,579
Amortization of previously recognized OTTI		-		(24)		(24)		2		(25)		(23)
Cumulative balance at end of the period	$	8,945	$	577	$	9,522	$	8,947	$	609	$	9,556

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 as of September 30, 2014, 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	$	-	$	-	$	2,560	$	163	$	2,560	$	163
Available for Sale Securities
Registered Mutual Funds		-		-		550		8		550		8
Pass-through MBS issued by GSEs		844		2		-		-		844		2

The following table summarizes the gross unrealized losses and fair value of investment securities and MBS as of December 31, 2013, 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	$	$-	$	$-	$	3,654	$	296	$	3,654	$	296
Available-for-Sale Securities:
Registered Mutual Funds	$	536	$	$17	$	-	$	-	$	536	$	17

- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

+ References+ Details