SECURITIES (Tables)

3 Months Ended

Mar. 31, 2013

SECURITIES

Summary of the company's securities which are carried at estimated fair value

The following table summarizes the Company’s securities as of March 31, 2013, which are carried at estimated fair value (amounts in thousands):

	March 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Securities available-for-sale	$	335,968	$	25,039	$	(2,042	)	$	358,965
Other securities, at estimated fair value(1)	41,436		15,456		(689		)	56,203
Residential mortgage-backed securities, at estimated fair value(1)	162,483		4,423		(79,878		)	87,028
Total securities	$	539,887	$	44,918	$	(82,609	)	$	502,196

(1) Unrealized gains and losses are recorded in earnings.

The following table summarizes the Company’s securities as of December 31, 2012, which are carried at estimated fair value (amounts in thousands):

	December 31, 2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Securities available-for-sale	$	394,821	$	27,281	$	(9,809	)	$	412,293
Other securities, at estimated fair value(1)	27,991		9,768		(374		)	37,385
Residential mortgage-backed securities, at estimated fair value(1)	171,385		3,762		(91,305		)	83,842
Total securities	$	594,197	$	40,811	$	(101,488	)	$	533,520

(1) Unrealized gains and losses are recorded in earnings.

Schedule of gross continuous unrealized loss positions of securities classified as available-for-sale

The following table shows the gross unrealized losses and fair value of the Company’s available-for-sale securities, aggregated by length of time that the individual securities have been in a continuous unrealized loss position as of March 31, 2013 and December 31, 2012 (amounts in thousands):

	Less Than 12 months					12 Months or More					Total
	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
March 31, 2013
Corporate debt securities	$	33,970	$	(665	)	$	27,809	$	(1,377	)	$	61,779	$	(2,042	)
December 31, 2012
Corporate debt securities	$	45,900	$	(4,398	)	$	37,500	$	(5,411	)	$	83,400	$	(9,809	)

Schedule of realized gains on available-for-sale securities

The following table shows the net realized gains on the sales of securities available-for-sale (amounts in thousands):

	For the three months ended March 31, 2013		For the three months ended March 31, 2012
Gross realized gains	$	2,150	$	7,581
Gross realized losses	—		—
Net realized gains(1)	$	2,150	$	7,581

(1) Excludes net realized gains from paydowns and restructurings totaling $1.6 million, including a $1.0 million premium on bond redemption, and $16.2 million, including a $0.8 million premium on bond redemption, for the three months ended March 31, 2013 and 2012, respectively. Also excludes an impairment charge of $5.9 million and $0.7 million for investments which were determined to be other-than-temporarily impaired for the three months ended March 31, 2013 and 2012, respectively.

Schedule of estimated fair value of securities pledged as collateral

The following table summarizes the estimated fair value of securities available-for-sale pledged as collateral as of March 31, 2013 and December 31, 2012 (amounts in thousands):

	As of March 31, 2013		As of December 31, 2012
Pledged as collateral for collateralized loan obligation secured debt and junior secured notes to affiliates	$	310,941	$	354,088
Total	$	310,941	$	354,088