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Securities Available for Sale (Tables)
 6 Months Ended
Jun. 30, 2014
Available-for-sale Securities [Abstract]  
Summary of Securities Available for Sale
The following is a summary of securities available for sale as of the dates indicated:
 
 
At June 30, 2014
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
 
(In thousands)
Debt securities:
 
 
 
 
 
 
 
U.S. Government agency and U.S. Government sponsored enterprises
 
 
 
 
 
 
 
Collateralized mortgage obligations
$
291,676

 
$
1,564

 
$
(5,102
)
 
$
288,138

Mortgage-backed securities
427,237

 
6,940

 
(2,983
)
 
431,194

Trust preferred securities
4,524

 
—

 
(536
)
 
3,988

Municipal bonds
5,675

 
448

 
(29
)
 
6,094

Total debt securities
729,112

 
8,952

 
(8,650
)
 
729,414

Mutual funds
17,425

 
—

 
(156
)
 
17,269

 
$
746,537

 
$
8,952

 
$
(8,806
)
 
$
746,683

 
 
 
 
 
 
 
 
 
At December 31, 2013
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
 
(In thousands)
Debt securities:
 
 
 
 
 
 
 
U.S. Government agency and U.S. Government sponsored enterprises
 
 
 
 
 
 
 
Collateralized mortgage obligations
$
286,608

 
$
1,104

 
$
(13,611
)
 
$
274,101

Mortgage-backed securities
409,165

 
3,620

 
(7,789
)
 
404,996

Trust preferred securities
4,516

 
—

 
(819
)
 
3,697

Municipal bonds
5,687

 
319

 
(70
)
 
5,936

Total debt securities
705,976

 
5,043

 
(22,289
)
 
688,730

Mutual funds
17,425

 
—

 
(404
)
 
17,021

 
$
723,401

 
$
5,043

 
$
(22,693
)
 
$
705,751

 
Schedule of Realized Gain (Loss)
The proceeds from sales of securities and the associated gross gains and losses recorded in earnings are listed below:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2014
 
2013
 
2014
 
2013
 
(In thousands)
Proceeds
$
—

 
$
—

 
$
—

 
$
6,636

Gross gains
—

 
—

 
—

 
54

Gross losses
—

 
—

 
—

 
—
Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of debt securities at June 30, 2014, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
 
 
Amortized
Cost
 
Estimated
Fair Value
 
(In thousands)
Available for sale:
 
 
 
Due within one year
$
—

 
$
—

Due after one year through five years
340

 
348

Due after five years through ten years
3,884

 
4,292

Due after ten years
5,975

 
5,442

U.S. Government agency and U.S. Government sponsored enterprises
 
 
 
Collateralized mortgage obligations
291,676

 
288,138

Mortgage-backed securities
427,237

 
431,194

Mutual funds
17,425

 
17,269

 
$
746,537

 
$
746,683
Schedule of Unrealized Loss on Investments
The following table shows our investments’ gross unrealized losses and estimated fair value, aggregated by investment category and the length of time that the individual securities have been in a continuous unrealized loss position as of the dates indicated.
 
As of June 30, 2014
 
Less than 12 months
 
12 months or longer
 
Total
Description of
Securities
Number of
Securities
 
Fair Value
 
Gross
Unrealized
Losses
 
Number of
Securities
 
Fair Value
 
Gross
Unrealized
Losses
 
Number of
Securities
 
Fair Value
 
Gross
Unrealized
Losses
 
 (In thousands)
Collateralized mortgage obligations*
6

 
$
44,798

 
$
(676
)
 
13

 
$
140,569

 
$
(4,426
)
 
19

 
$
185,367

 
$
(5,102
)
Mortgage-backed securities*
8

 
12,337

 
(57
)
 
14

 
90,980

 
(2,926
)
 
22

 
103,317

 
(2,983
)
Trust preferred securities
—

 
—

 
—

 
1

 
3,988

 
(536
)
 
1

 
3,988

 
(536
)
Municipal bonds
—

 
—

 
—

 
1

 
1,141

 
(29
)
 
1

 
1,141

 
(29
)
Mutual funds
—

 
—

 
—

 
1

 
13,269

 
(156
)
 
1

 
13,269

 
(156
)
 
14

 
$
57,135

 
$
(733
)
 
30

 
$
249,947

 
$
(8,073
)
 
44

 
$
307,082

 
$
(8,806
)
* Investments in U.S. Government agency and U.S. Government sponsored enterprises

 
As of December 31, 2013
 
Less than 12 months
 
12 months or longer
 
Total
Description of
Securities
Number of
Securities
 
Fair Value
 
Gross
Unrealized
Losses
 
Number of
Securities
 
Fair Value
 
Gross
Unrealized
Losses
 
Number of
Securities
 
Fair Value
 
Gross
Unrealized
Losses
 
 (In thousands)
Collateralized mortgage obligations*
21

 
$
198,713

 
$
(12,460
)
 
3

 
$
13,381

 
$
(1,151
)
 
24

 
$
212,094

 
$
(13,611
)
Mortgage-backed securities*
29

 
203,276

 
(7,293
)
 
7

 
14,793

 
(496
)
 
36

 
218,069

 
(7,789
)
Trust Preferred securities
—

 
—

 
—

 
1

 
3,697

 
(819
)
 
1

 
3,697

 
(819
)
Municipal bonds
1

 
1,112

 
(70
)
 
—

 
—

 
—

 
1

 
1,112

 
(70
)
Mutual funds
1

 
13,021

 
(404
)
 
—

 
—

 
—

 
1

 
13,021

 
(404
)
 
52

 
$
416,122

 
$
(20,227
)
 
11

 
$
31,871

 
$
(2,466
)
 
63

 
$
447,993

 
$
(22,693
)

* Investments in U.S. Government agency and U.S. Government sponsored enterprises