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Securities (Tables)
 3 Months Ended
Mar. 31, 2015
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, 2015
(in thousands)
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
Available for Sale:
 
 
 
 
 
 
 
U.S. Government agency securities
$
33,996

 
$
—

 
$
(455
)
 
$
33,541

Residential mortgage-backed securities
58,453

 
498

 
(222
)
 
58,729

Agency collateralized mortgage obligations
365,381

 
3,541

 
(5,403
)
 
363,519

Municipal securities
29,988

 
330

 
(82
)
 
30,236

Total
$
487,818

 
$
4,369

 
$
(6,162
)
 
$
486,025

Held to Maturity:
 

 
 

 
 

 
 

U.S. Government agency securities
$
149,117

 
$
321

 
$
(2,212
)
 
$
147,226

Residential mortgage-backed securities
12,281

 
312

 
—

 
12,593

Agency collateralized mortgage obligations
146,981

 
2,309

 
(948
)
 
148,342

Corporate debt securities
5,000

 
41

 
—

 
5,041

Municipal securities
9,703

 
151

 
—

 
9,854

Total
$
323,082

 
$
3,134

 
$
(3,160
)
 
$
323,056


 
December 31, 2014
(in thousands)
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
Available for Sale:
 
 
 
 
 
 
 
U.S. Government agency securities
$
33,995

 
$
—

 
$
(1,207
)
 
$
32,788

Residential mortgage-backed securities
60,196

 
442

 
(489
)
 
60,149

Agency collateralized mortgage obligations
409,823

 
2,250

 
(7,064
)
 
405,009

Municipal securities
29,985

 
225

 
(118
)
 
30,092

Total
$
533,999

 
$
2,917

 
$
(8,878
)
 
$
528,038

Held to Maturity:


 


 


 


U.S. Government agency securities
$
149,112

 
$
—

 
$
(4,658
)
 
$
144,454

Residential mortgage-backed securities
14,226

 
480

 
—

 
14,706

Agency collateralized mortgage obligations
146,952

 
649

 
(1,711
)
 
145,890

Corporate debt securities
5,000

 
63

 
—

 
5,063

Municipal securities
9,704

 
107

 
(1
)
 
9,810

Total
$
324,994

 
$
1,299

 
$
(6,370
)
 
$
319,923
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, 2015 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


$
5,041

Due after one year through five years
6,741


6,790


—


—

Due after five years through ten years
50,144


49,903


111,383


109,332

Due after ten years
7,099


7,084


47,437


47,748

 
63,984


63,777


163,820


162,121

Residential mortgage-backed securities
58,453


58,729


12,281


12,593

Agency collateralized mortgage obligations
365,381


363,519


146,981


148,342

Total
$
487,818


$
486,025


$
323,082


$
323,056
Gains (Losses) on the sales or calls of debt securities and credit losses for OTTI of investments
The following table summarizes the Company's gross realized gains and losses on the sales or calls of AFS debt securities:
(in thousands)
Gross Realized Gains
 
Gross Realized Losses
 
Net Gains
(Losses)
Three Months Ended:
 
 
 
 
 
March 31, 2015
$
7

 
$
(173
)
 
$
(166
)
March 31, 2014
—

 
—

 
—
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, 2015
 
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
$
24,566

$
(435
)
$
8,975

$
(20
)
$
33,541

$
(455
)
Residential mortgage-backed securities
15,475

(117
)
8,841

(105
)
24,316

(222
)
Agency collateralized mortgage obligations
45,320

(881
)
131,560

(4,522
)
176,880

(5,403
)
Municipal securities
1,962

(28
)
2,316

(54
)
4,278

(82
)
Total
$
87,323

$
(1,461
)
$
151,692

$
(4,701
)
$
239,015

$
(6,162
)
Held to Maturity:
 
 
 
 
 
 
U.S. Government agency securities
$
9,969

$
(19
)
$
100,751

$
(2,193
)
$
110,720

$
(2,212
)
Agency collateralized mortgage obligations
17,271

(10
)
16,383

(938
)
33,654

(948
)
Total
$
27,240

$
(29
)
$
117,134

$
(3,131
)
$
144,374

$
(3,160
)

 
December 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
$
—

$
—

$
32,788

$
(1,207
)
$
32,788

$
(1,207
)
Residential mortgage-backed securities
—

—

24,636

(489
)
24,636

(489
)
Agency collateralized mortgage obligations
21,687

(77
)
212,908

(6,987
)
234,595

(7,064
)
Municipal securities
—

—

5,021

(118
)
5,021

(118
)
Total
$
21,687

$
(77
)
$
275,353

$
(8,801
)
$
297,040

$
(8,878
)
Held to Maturity:
 
 
 
 
 
 
U.S. Government agency securities
$
—

$
—

$
144,454

$
(4,658
)
$
144,454

$
(4,658
)
Agency collateralized mortgage obligations
31,289

(255
)
27,282

(1,456
)
58,571

(1,711
)
Municipal securities
1,013

(1
)
—

—

1,013

(1
)
Total
$
32,302

$
(256
)
$
171,736

$
(6,114
)
$
204,038

$
(6,370
)