INVESTMENT AND MORTGAGE-BACKED SECURITIES (Tables)

12 Months Ended

Dec. 31, 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 December 31, 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")	$	15,815	$	5,367	$	1,119	$	(171	)	$	6,315
Available-for-sale securities:
Investment securities
Registered Mutual Funds		3,860		3,860		-		(124	)		3,736
Agency notes		70		70		-		-			70
MBS
Pass-through MBS issued by Government Sponsored Entities ("GSEs")		24,154		24,154		1,453		-			25,607
Private issuer pass through MBS		449		449		6		-			455
Private issuer collateralized mortgage obligations ("CMOs")		343		343		4		-			347

(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 $932 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 (excluding trading securities) 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 December 31, 2014, 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	$70	$70
TOTAL	$70	$70

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 21.1 years on a weighted average basis. Activity related to this transfer loss was as follows:

	For the Year Ended December 31,
	2014	2013
Cumulative balance at the beginning of the period	$997	$1,268
Amortization	(65)	(271)
Cumulative balance at end of the period	$932	$997

Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block]

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

	At or for the Year Ended December 31, 2014
	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	$601	$9,546
Amortization of previously recognized OTTI	-	(32)	(32)
Cumulative pre-tax balance at end of the period	$8,945	$569	$9,514

	At or for the Year Ended December 31, 2013			At or for the Year Ended December 31, 2012
	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	$8,945	$634	$9,579	$8,974	$930	$9,904
OTTI recognized during the period	-	-	-	181	6	187
Reductions and transfers to credit-related OTTI	-	-	-	-	(181)	(181)
Amortization of previously recognized OTTI	-	(33)	(33)	(210)	(121)	(331)
Cumulative pre-tax balance at end of the period	$8,945	$601	$9,546	$8,945	$634	$9,579

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,
	2014	2013	2012
Cumulative balance at the beginning of the period	$106	$348	$1,425
Reduction of OTTI for securities sold during the period	(106)	(242)	(1,077)
Cumulative balance at end of the period	$-	$106	$348

Schedule of Temporary Impairment Losses, Investments [Table Text Block]

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

	At or for the Year Ended December 31, 2014
	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	$601	$9,546
Amortization of previously recognized OTTI	-	(32)	(32)
Cumulative pre-tax balance at end of the period	$8,945	$569	$9,514

	At or for the Year Ended December 31, 2013			At or for the Year Ended December 31, 2012
	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	$8,945	$634	$9,579	$8,974	$930	$9,904
OTTI recognized during the period	-	-	-	181	6	187
Reductions and transfers to credit-related OTTI	-	-	-	-	(181)	(181)
Amortization of previously recognized OTTI	-	(33)	(33)	(210)	(121)	(331)
Cumulative pre-tax balance at end of the period	$8,945	$601	$9,546	$8,945	$634	$9,579

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,
	2014	2013	2012
Cumulative balance at the beginning of the period	$106	$348	$1,425
Reduction of OTTI for securities sold during the period	(106)	(242)	(1,077)
Cumulative balance at end of the period	$-	$106	$348

The following table summarizes the gross unrealized losses and fair value of investment securities as of December 31, 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	$-	$-	$2,571	$163	$2,571	$163
Available-for-Sale Securities:
Registered Mutual Funds	3,736	124	-	-	3,736	124

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	$-	$-	$5,163	$1,775	$5,163	$1,775
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.

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