Securities (Tables)

9 Months Ended

Sep. 30, 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:

	September 30, 2014
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for Sale:
U.S. Government agency securities	$	33,995	$	—	$	(2,168	)	$	31,827
Residential mortgage-backed securities	61,585		26		(1,109		)	60,502
Agency collateralized mortgage obligations	447,049		1,408		(13,528		)	434,929
Municipal securities	29,982		177		(319		)	29,840
Total	$	572,611	$	1,611	$	(17,124	)	$	557,098
Held to Maturity:
U.S. Government agency securities	$	149,109	$	—	$	(8,089	)	$	141,020
Residential mortgage-backed securities	14,387		344		(45		)	14,686
Agency collateralized mortgage obligations	152,215		307		(2,949		)	149,573
Corporate debt securities	5,000		89		—			5,089
Municipal securities	9,706		77		(11		)	9,772
Total	$	330,417	$	817	$	(11,094	)	$	320,140

	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 September 30, 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	$	—	$	—	$	5,000	$	5,089
Due after one year through five years	3,879		3,838		—		—
Due after five years through ten years	49,554		47,435		77,831		73,976
Due after ten years	10,544		10,394		80,984		76,816
	63,977		61,667		163,815		155,881
Residential mortgage-backed securities	61,585		60,502		14,387		14,686
Agency collateralized mortgage obligations	447,049		434,929		152,215		149,573
Total	$	572,611	$	557,098	$	330,417	$	320,140

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 (if any) recognized for the OTTI of investments:

(in thousands)	Gross Realized Gains		Gross Realized Losses			OTTI Credit Losses		Net Gains
Three Months Ended:
September 30, 2014	$	26	$	—		$	—	$	26
September 30, 2013	—		—			—		—
Nine Months Ended:
September 30, 2014	$	37	$	—		$	—	$	37
September 30, 2013	1,183		(1,162		)	—		21

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: 

	September 30, 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	$	—	$	—		$	31,827	$	(2,168	)	$	31,827	$	(2,168	)
Residential mortgage-backed securities	26,051		(19		)	31,547		(1,090		)	57,598		(1,109		)
Agency collateralized mortgage obligations	110,667		(1,181		)	204,489		(12,347		)	315,156		(13,528		)
Municipal securities	1,017		(4		)	8,337		(315		)	9,354		(319		)
Total	$	137,735	$	(1,204	)	$	276,200	$	(15,920	)	$	413,935	$	(17,124	)
Held to Maturity:
U.S. Government agency securities	$	—	$	—		$	141,020	$	(8,089	)	$	141,020	$	(8,089	)
Residential mortgage-backed securities	6,926		(45		)	—		—			6,926		(45		)
Agency collateralized mortgage obligations	87,527		(631		)	34,961		(2,318		)	122,488		(2,949		)
Municipal securities	1,013		(3		)	632		(8		)	1,645		(11		)
Total	$	95,466	$	(679	)	$	176,613	$	(10,415	)	$	272,079	$	(11,094	)

	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	)