Securities (Tables)

3 Months Ended

Mar. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Schedule of Available for Sale and Held to Maturity Securities Reconciliation

The amortized cost and fair value of securities are summarized in the following tables:

	March 31, 2014
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for Sale:
U.S. Government agency securities	$	33,995	$	—	$	(3,107	)	$	30,888
Residential mortgage-backed securities	64,662		—		(2,262		)	62,400
Agency collateralized mortgage obligations	470,134		1,587		(12,237		)	459,484
Municipal securities	27,953		12		(946		)	27,019
Total	$	596,744	$	1,599	$	(18,552	)	$	579,791
Held to Maturity:
U.S. Government agency securities	$	149,100	$	—	$	(12,317	)	$	136,783
Residential mortgage-backed securities	7,619		258		—			7,877
Agency collateralized mortgage obligations	115,401		207		(2,930		)	112,678
Corporate debt securities	5,000		130		—			5,130
Municipal securities	2,976		10		(80		)	2,906
Total	$	280,096	$	605	$	(15,327	)	$	265,374

	December 31, 2013
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for Sale:
U.S. Government agency securities	$	33,995	$	—	$	(4,069	)	$	29,926
Residential mortgage-backed securities	65,795		—		(3,295		)	62,500
Agency collateralized mortgage obligations	483,591		1,141		(17,668		)	467,064
Municipal securities	27,950		—		(1,517		)	26,433
Total	$	611,331	$	1,141	$	(26,549	)	$	585,923
Held to Maturity:
U.S. Government agency securities	$	149,096	$	—	$	(16,082	)	$	133,014
Residential mortgage-backed securities	7,849		197		—			8,046
Agency collateralized mortgage obligations	118,893		251		(4,465		)	114,679
Corporate debt securities	5,000		149		—			5,149
Municipal securities	2,976		—		(167		)	2,809
Total	$	283,814	$	597	$	(20,714	)	$	263,697

Amortized cost and fair value of debt securities by contractual maturity

The amortized cost and fair value of debt securities by contractual maturity at March 31, 2014 are shown in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations.

	Available for Sale				Held to Maturity
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	—	$	—	$	—	$	—
Due after one year through five years	3,277		3,196		5,000		5,130
Due after five years through ten years	48,588		45,178		70,000		64,375
Due after ten years	10,083		9,533		82,076		75,314
	61,948		57,907		157,076		144,819
Residential mortgage-backed securities	64,662		62,400		7,619		7,877
Agency collateralized mortgage obligations	470,134		459,484		115,401		112,678
Total	$	596,744	$	579,791	$	280,096	$	265,374

Gains (Losses) on the sales or calls of debt securities and credit losses for OTTI of investments

The following table summarizes the Company's gains and losses on the sales or calls of debt securities and credit losses recognized for the OTTI of investments:

(in thousands)	Gross Realized Gains		Gross Realized Losses			OTTI Credit Losses		Net Gains
Three Months Ended:
March 31, 2014	$	11	$	—		$	—	$	11
March 31, 2013	820		(790		)	—		30

Fair value and gross unrealized losses

The following table shows the fair value and gross unrealized losses associated with the Company's investment portfolio, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: 

	March 31, 2014
	Less than 12 months					12 months or more					Total
(in thousands)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Available for Sale:
U.S. Government agency securities	$	8,271	$	(724	)	$	22,617	$	(2,383	)	$	30,888	$	(3,107	)
Residential mortgage-backed securities	62,400		(2,262		)	—		—			62,400		(2,262		)
Agency collateralized mortgage obligations	208,601		(7,278		)	85,231		(4,959		)	293,832		(12,237		)
Municipal securities	21,326		(946		)	—		—			21,326		(946		)
Total	$	300,598	$	(11,210	)	$	107,848	$	(7,342	)	$	408,446	$	(18,552	)
Held to Maturity:
U.S. Government agency securities	$	90,690	$	(8,410	)	$	46,093	$	(3,907	)	$	136,783	$	(12,317	)
Agency collateralized mortgage obligations	93,749		(2,930		)	—		—			93,749		(2,930		)
Municipal securities	1,795		(80		)	—		—			1,795		(80		)
Total	$	186,234	$	(11,420	)	$	46,093	$	(3,907	)	$	232,327	$	(15,327	)

	December 31, 2013
	Less than 12 months					12 months or more					Total
(in thousands)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Available for Sale:
U.S. Government agency securities	$	8,077	$	(918	)	$	21,849	$	(3,151	)	$	29,926	$	(4,069	)
Residential mortgage-backed securities	62,500		(3,295		)	—		—			62,500		(3,295		)
Agency collateralized mortgage obligations	363,993		(16,182		)	15,574		(1,486		)	379,567		(17,668		)
Municipal securities	26,433		(1,517		)	—		—			26,433		(1,517		)
Total	$	461,003	$	(21,912	)	$	37,423	$	(4,637	)	$	498,426	$	(26,549	)
Held to Maturity:
U.S. Government agency securities	$	110,435	$	(13,661	)	$	22,579	$	(2,421	)	$	133,014	$	(16,082	)
Agency collateralized mortgage obligations	98,082		(4,465		)	—		—			98,082		(4,465		)
Municipal securities	2,809		(167		)	—		—			2,809		(167		)
Total	$	211,326	$	(18,293	)	$	22,579	$	(2,421	)	$	233,905	$	(20,714	)