Securities (Tables)

3 Months Ended

Mar. 31, 2015

Securities [Abstract]

Securities available for sale

Securities available for sale consist of the following:

	Amortized		Unrealized				Fair Value
	Cost		Gains		Losses
	(In thousands)
March 31, 2015
U.S. agency	$	35,308	$	255	$	34	$	35,529
U.S. agency residential mortgage-backed		232,286		2,162		194		234,254
U.S. agency commercial mortgage-backed		32,846		270		35		33,081
Private label residential mortgage-backed		5,992		195		367		5,820
Other asset backed		95,197		110		116		95,191
Obligations of states and political subdivisions		142,133		1,469		814		142,788
Corporate		22,636		83		58		22,661
Trust preferred		2,910		-		472		2,438
Total	$	569,308	$	4,544	$	2,090	$	571,762
December 31, 2014
U.S. agency	$	34,936	$	133	$	63	$	35,006
U.S. agency residential mortgage-backed		256,387		1,838		667		257,558
U.S. agency commercial mortgage-backed		33,779		68		119		33,728
Private label residential mortgage-backed		6,216		187		390		6,013
Other asset backed		32,314		77		38		32,353
Obligations of states and political subdivisions		143,698		961		1,244		143,415
Corporate		22,690		53		79		22,664
Trust preferred		2,910		-		469		2,441
Total	$	532,930	$	3,317	$	3,069	$	533,178

Investments in a continuous unrealized loss position

Our investments’ gross unrealized losses and fair values aggregated by investment type and length of time that individual securities have been at a continuous unrealized loss position follows:

	Less Than Twelve Months				Twelve Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In thousands)
March 31, 2015
U.S. agency	$	12,822	$	29	$	775	$	5	$	13,597	$	34
U.S. agency residential mortgage-backed		29,496		119		11,171		75		40,667		194
U.S. agency commercial mortgage-backed		7,999		28		2,600		7		10,599		35
Private label residential mortgage-backed		202		1		3,883		366		4,085		367
Other asset backed		28,970		46		7,232		70		36,202		116
Obligations of states and political subdivisions		24,722		70		28,979		744		53,701		814
Corporate		3,208		58		-		-		3,208		58
Trust preferred		-		-		2,438		472		2,438		472
Total	$	107,419	$	351	$	57,078	$	1,739	$	164,497	$	2,090

December 31, 2014
U.S. agency	$	12,851	$	58	$	606	$	5	$	13,457	$	63
U.S. agency residential mortgage-backed		89,547		531		15,793		136		105,340		667
U.S. agency commercial mortgage-backed		21,325		119		-		-		21,325		119
Private label residential mortgage-backed		208		1		4,013		389		4,221		390
Other asset backed		2,960		15		8,729		23		11,689		38
Obligations of states and political subdivisions		28,114		106		37,540		1,138		65,654		1,244
Corporate		8,660		79		-		-		8,660		79
Trust preferred		-		-		2,441		469		2,441		469
Total	$	163,665	$	909	$	69,122	$	2,160	$	232,787	$	3,069

Trust preferred securities

The following table breaks out our trust preferred securities in further detail as of March 31, 2015 and December 31, 2014:

	March 31, 2015					December 31, 2014
	Fair Value		Net Unrealized Loss			Fair Value		Net Unrealized Loss
	(In thousands)
Trust preferred securities
Rated issues	$	1,674	$	(236	)	$	1,643	$	(267	)
Unrated issues		764		(236	)		798		(202	)

Private label residential mortgage backed securities below investment grade

At March 31, 2015, three private label residential mortgage-backed securities had credit related OTTI and are summarized as follows:

	Senior Security		Super Senior Security		Senior Support Security		Total
	(In thousands)
As of March 31, 2015
Fair value	$	2,053	$	1,524	$	96	$	3,673
Amortized cost		2,092		1,426		-		3,518
Non-credit unrealized loss		39		-		-		39
Unrealized gain		-		98		96		194
Cumulative credit related OTTI		757		457		380		1,594
Credit related OTTI recognized in our Condensed Consolidated Statements of Operations
For the three months ended March 31,
2015	$	-	$	-	$	-	$	-
2014		-		-		-		-

Credit losses recognized in earnings on securities available for sale

A roll forward of credit losses recognized in earnings on securities available for sale for the three month periods ending March 31, follows:

	2015		2014
	(In thousands)
Balance at beginning of year	$	1,844	$	1,835
Additions to credit losses on securities for which no previous OTTI was recognized		-		-
Increases to credit losses on securities for which OTTI was previously recognized		-		-
Total	$	1,844	$	1,835

Amortized cost and fair value of securities available for sale by contractual maturity

The amortized cost and fair value of securities available for sale at March 31, 2015, by contractual maturity, follow:

	Amortized Cost		Fair Value
	(In thousands)
Maturing within one year	$	28,410	$	28,419
Maturing after one year but within five years		61,845		62,190
Maturing after five years but within ten years		36,871		37,377
Maturing after ten years		75,861		75,430
		202,987		203,416
U.S. agency residential mortgage-backed		232,286		234,254
U.S. agency commercial mortgage-backed		32,846		33,081
Private label residential mortgage-backed		5,992		5,820
Other asset backed		95,197		95,191
Total	$	569,308	$	571,762

Gains and losses realized on sale of securities available for sale

A summary of proceeds from the sale of securities available for sale and gains and losses for the three month periods ending March 31, follows:

	Proceeds		Realized Gains		Losses
	(In thousands)
2015	$	11,786	$	75	$	-
2014		-		-		-