Mortgage Backed Securities

12 Months Ended

Dec. 31, 2015

Mortgage Backed Securities [Abstract]

Mortgage-Backed Securities

The following table presents the Company’s MBS portfolio as ofDecember 31, 2015 and2014:

(in thousands)
		2015		2014
Pass-Through MBS:
	Hybrid Adjustable-rate Mortgages	$	118	$	442
	Fixed-rate Mortgages		79,170		112,174
	Total Pass-Through MBS		79,288		112,616
Structured MBS:
	Interest-Only Securities		2,554		2,276
	Inverse Interest-Only Securities		2,146		2,939
	Total Structured MBS		4,700		5,215
Total		$	83,988	$	117,831

The following table summarizes the Company’s MBS portfolio as of December 31, 2015 and2014, according to the contractual maturities of the securities in the portfolio. Actual maturities of MBS investments are generally shorter than stated contractual maturities and are affected by the contractual lives of the underlying mortgages, periodic payments of principal, and prepayments of principal.

(in thousands)
	December 31, 2015		December 31, 2014
Greater than five years and less than ten years	$	3	$	16
Greater than or equal to ten years		83,985		117,815
Total	$	83,988	$	117,831