Mortgage Backed Securities

12 Months Ended

Dec. 31, 2012

Mortgage Backed Securities [Abstract]

Mortgage-Backed Securities

NOTE 2. MORTGAGE-BACKED SECURITIES

The following table presents the Company's MBS portfolio as of December 31, 2012 and 2011:

(in thousands)
		December 31,
		2012		2011
Pass-Through Certificates:
	Hybrid Adjustable-rate Mortgages	$	59,485	$	25,466
	Adjustable-rate Mortgages		6,531		-
	Fixed-rate Mortgages		43,589		21,174
	Total Pass-Through Certificates		109,605		46,640
Structured MBS Certificates:
	Interest-Only Securities		2,884		1,638
	Inverse Interest-Only Securities		2,891		7,724
	Total Structured MBS Certificates		5,775		9,362
Total		$	115,380	$	56,002

The following table summarizes the Company's MBS portfolio as of December 31, 2012 and 2011, according to their contractual maturities. 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,
	2012		2011
Greater than five years and less than ten years	$	12,980	$	2,014
Greater than or equal to ten years		102,400		53,988
Total	$	115,380	$	56,002