Investment Securities (Tables)

3 Months Ended

Mar. 31, 2014

Summary Of Amortized Cost And Fair Values Of Securitiies Classified As Available For Sale And Held To Maturity

The amortized cost and fair values of the securities classified as available for sale and held to maturity as of March 31, 2014 are as follows:


		Gross	Gross
	Amortized	Unrealized	Unrealized	Fair
(In thousands)	Cost	Gains	Losses	Value
Available for Sale:
U.S. Treasury Obligations	$ 100	$ -	$ -	$ 100
Residential Real Estate Mortgage-backed Securities ("Agency MBSs")	96,952	2,715	1,010	98,657
Agency Commercial Mortgage Backed Securities ("Agency CMBSs")	18,261	-	635	17,626
Agency Collateralized Mortgage Obligations ("Agency CMOs")	78,738	241	518	78,461
Collateralized Loan Obligations ("CLOs")	19,688	34	-	19,722
Asset Backed Securities ("ABSs")	357	34	-	391
Total Available for Sale	$ 214,096	$ 3,024	$ 2,163	$ 214,957
		Gross	Gross
	Amortized	Unrecognized	Unrecognized	Fair
(In thousands)	Cost	Gains	Losses	Value
Held to Maturity:
U.S. Agency Obligations	$ 23,104	$ 23	$ 335	22,792
U.S. Government Sponsored Enterprises ("U.S. GSEs")	9,456	-	319	9,137
Federal Home Loan Bank ("FHLB") Obligations	4,693	-	75	4,618
Agency Collateralized Mortgage Obligations	104,321	4	2,147	102,178
Agency MBSs	8,808	24	77	8,755
Total Held to Maturity	$ 150,382	$ 51	$ 2,953	$ 147,480

The amortized cost and fair values of the securities classified as available for sale and held to maturity as of December 31, 2013 are as follows:


		Gross	Gross
	Amortized	Unrealized	Unrealized	Fair
(In thousands)	Cost	Gains	Losses	Value
Available for Sale:
U.S. Treasury Obligations	$ 100	$ -	$ -	$ 100
Agency MBSs	97,882	2,876	1,487	99,271
Agency CMBSs	18,398	-	760	17,638
Agency CMOs	98,162	254	1,207	97,209
CLOs	37,834	73	-	37,907
ABSs	357	31	-	388
Total Available for Sale	$ 252,733	$ 3,234	$ 3,454	$ 252,513
		Gross	Gross
	Amortized	Unrecognized	Unrecognized	Fair
(In thousands)	Cost	Gains	Losses	Value
Held to Maturity:
U.S. Agency Obligations	$ 23,580	$ -	$ 458	$ 23,122
U.S. GSEs	9,442	-	512	8,930
FHLB Obligations	4,684	-	191	4,493
Agency Collateralized Mortgage Obligations	94,105	-	2,426	91,679
Agency MBSs	9,015	25	177	8,863
Total Held to Maturity	$ 140,826	$ 25	$ 3,764	$ 137,087

Summary Of Contractual Maturity Distribution Of Debt Securities Classified As Available For Sale And Held To Maturity

The contractual final maturity distribution of the debt securities classified as available for sale as of March 31, 2014, are as follows:


		After One	After Five
	Within	But Within	But Within	After Ten
(In thousands)	One Year	Five Years	Ten Years	Years	Total
Available for Sale (at fair value):
U.S. Treasury Obligations	$ 100	$ -	$ -	$ -	$ 100
Agency MBSs	50	3,842	18,853	75,912	98,657
Agency CMBSs	-	-	13,258	4,368	17,626
Agency CMOs	-	-	2,881	75,580	78,461
CLOs	-	-	9,834	9,888	19,722
ABSs	-	-	-	391	391
Total Available for Sale	$ 150	$ 3,842	$ 44,826	$ 166,139	$ 214,957
Available for Sale (at amortized cost):
U.S. Treasury Obligations	$ 100	$ -	$ -	$ -	$ 100
Agency MBSs	47	3,616	18,125	75,164	96,952
Agency CMBSs	-	-	13,696	4,565	18,261
Agency CMOs	-	-	2,877	75,861	78,738
CLOs	-	-	9,800	9,888	19,688
ABSs	-	-	-	357	357
Total Available for Sale	$ 147	$ 3,616	$ 44,498	$ 165,835	$ 214,096

The contractual final maturity distribution of the debt securities classified as held to maturity as of March 31, 2014, are as follows:


		After One	After Five
	Within	But Within	But Within	After Ten
(In thousands)	One Year	Five Years	Ten Years	Years	Total
Held to Maturity (at fair value):
U.S. Agency Obligations	$ -	$ -	$ -	$ 22,792	$ 22,792
U.S. GSEs	-	-	9,137	-	9,137
FHLB Obligations	-	-	4,618	-	4,618
Agency MBSs	3	23	59	8,670	8,755
Agency CMOs	-	-	-	102,178	102,178
Total Held to Maturity	$ 3	$ 23	$ 13,814	$ 133,640	$ 147,480
Held to Maturity (at amortized cost):
U.S. Agency Obligations	$ -	$ -	$ -	$ 23,104	$ 23,104
U.S. GSEs	-	-	9,456	-	9,456
FHLB Obligations	-	-	4,693	-	4,693
Agency MBSs	3	22	52	8,731	8,808
Agency CMOs	-	-	-	104,321	104,321
Total Held to Maturity	$ 3	$ 22	$ 14,201	$ 136,156	$ 150,382

Summary of Proceeds, Gross Gains and Gross Losses


(In thousands)	2014	2013
Proceeds	$ 26,641	$ -
Gross gains	225	-
Gross losses	(99)	-
Net gains	$ 126	$ -

Summary Of Gross Unrealized Losses On Investment Securities

Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position, at March 31, 2014, were as follows:


	Less Than 12 Months		12 Months or More		Total
	Fair		Fair		Fair
(In thousands)	Value	Loss	Value	Loss	Value	Loss
Available for Sale:
Agency MBSs	$ 44,760	$ 1,010	$ -	$ -	$ 44,760	$ 1,010
Agency CMBSs	12,758	487	4,868	148	17,626	635
Agency CMOs	47,233	518	-	-	47,233	518
Total Available for Sale	$ 104,751	$ 2,015	$ 4,868	$ 148	$ 109,619	$ 2,163
Held to Maturity:
U.S. Agency Obligations	$ 4,468	$ 37	$ 15,172	$ 298	$ 19,640	$ 335
U.S. GSEs	9,137	319	-	-	9,137	319
FHLB Obligations	4,618	75	-	-	4,618	75
Agency CMOs	65,161	1,160	33,904	987	99,065	2,147
Agency MBSs	8,522	77	-	-	8,522	77
Total Held to Maturity	$ 91,906	$ 1,668	$ 49,076	$ 1,285	$ 140,982	$ 2,953


	Less Than 12 Months		12 Months or More		Total
	Fair		Fair		Fair
(In thousands)	Value	Loss	Value	Loss	Value	Loss
Available for Sale:
Agency MBSs	$ 46,547	$ 1,487	$ -	$ -	$ 46,547	$ 1,487
Agency CMBSs	12,778	578	4,860	182	17,638	760
Agency CMOs	57,904	977	3,557	230	61,461	1,207
Total Available for Sale	$ 117,229	$ 3,042	$ 8,417	$ 412	$ 125,646	$ 3,454
Held to Maturity:
U.S. Agency Obligations	$ 13,722	$ 307	$ 9,400	$ 151	$ 23,122	$ 458
U.S. GSEs	8,930	512	-	-	8,930	512
FHLB Obligations	4,493	191	-	-	4,493	191
Agency CMOs	66,203	1,410	25,476	1,016	91,679	2,426
Agency MBSs	8,569	177	-	-	8,569	177
Total Held to Maturity	$ 101,917	$ 2,597	$ 34,876	$ 1,167	$ 136,793	$ 3,764