Mortgage Backed Securities

3 Months Ended

Mar. 31, 2013

Mortgage Backed Securities [Abstract]

Mortgage-Backed Securities

NOTE 2. MORTGAGE-BACKED SECURITIES

The following table presents the Company's MBS portfolio as of March 31, 2013 and December 31, 2012:

(in thousands)
		March 31, 2013		December 31, 2012
Pass-Through Certificates:
	Hybrid Adjustable-rate Mortgages	$	112,485	$	59,485
	Adjustable-rate Mortgages		6,485		6,531
	Fixed-rate Mortgages		217,808		43,589
	Total Pass-Through Certificates		336,778		109,605
Structured MBS Certificates:
	Interest-Only Securities		21,141		2,884
	Inverse Interest-Only Securities		2,341		2,891
	Total Structured MBS Certificates		23,482		5,775
Total		$	360,260	$	115,380

The following table summarizes the Company's MBS portfolio as of March 31, 2013 and December 31, 2012, 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)
	March 31, 2013		December 31, 2012
Greater than five years and less than ten years	$	12,436	$	12,980
Greater than or equal to ten years		347,824		102,400
Total	$	360,260	$	115,380