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Investment Securities (Tables)
9 Months Ended
Sep. 30, 2014
Investment Securities [Abstract]  
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 September 30, 2014 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

Gross

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

(In thousands)

 

Cost

 

Gains

 

Losses

 

Value

Available for Sale:

 

 

 

 

 

 

 

 

U.S. Treasury Obligations

$

20,057 

$

-  

$

40 

$

20,017 

Residential Real Estate Mortgage-backed Securities ("Agency MBSs")

 

87,162 

 

2,584 

 

479 

 

89,267 

Agency Commercial Mortgage Backed Securities ("Agency CMBSs")

 

17,988 

 

-  

 

528 

 

17,460 

Agency Collateralized Mortgage Obligations ("Agency CMOs")

 

59,118 

 

190 

 

391 

 

58,917 

Asset Backed Securities ("ABSs")

 

353 

 

35 

 

-  

 

388 

Total Available for Sale

$

184,678 

$

2,809 

$

1,438 

$

186,049 

 

 

 

 

Gross

 

Gross

 

 

 

 

Amortized

 

Unrecognized

 

Unrecognized

 

Fair

(In thousands)

 

Cost

 

Gains

 

Losses

 

Value

Held to Maturity:

 

 

 

 

 

 

 

 

U.S. Agency Obligations

$

22,259 

$

147 

$

27 

$

22,379 

U.S. Government Sponsored Enterprises ("U.S. GSEs")

 

9,483 

 

-  

 

148 

 

9,335 

Federal Home Loan Bank ("FHLB") Obligations

 

4,711 

 

 

-  

 

4,712 

Agency MBSs

 

8,347 

 

117 

 

-  

 

8,464 

Agency CMOs

 

97,310 

 

11 

 

1,800 

 

95,521 

Total Held to Maturity

$

142,110 

$

276 

$

1,975 

$

140,411 

 

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 CMOs

 

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 September 30, 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

$

 -

$

20,017 

$

-  

$

-  

$

20,017 

Agency MBSs

 

61 

 

3,077 

 

17,472 

 

68,657 

 

89,267 

Agency CMBSs

 

-  

 

4,883 

 

8,359 

 

4,218 

 

17,460 

Agency CMOs

 

-  

 

-  

 

2,481 

 

56,436 

 

58,917 

ABSs

 

-  

 

-  

 

-  

 

388 

 

388 

Total Available for Sale

$

61 

$

27,977 

$

28,312 

$

129,699 

$

186,049 

Available for Sale (at amortized cost):

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Obligations

$

 -

$

20,057 

$

-  

$

-  

$

20,057 

Agency MBSs

 

58 

 

2,911 

 

16,693 

 

67,500 

 

87,162 

Agency CMBSs

 

-  

 

4,964 

 

8,618 

 

4,406 

 

17,988 

Agency CMOs

 

-  

 

-  

 

2,469 

 

56,649 

 

59,118 

ABSs

 

-  

 

-  

 

-  

 

353 

 

353 

Total Available for Sale

$

58 

$

27,932 

$

27,780 

$

128,908 

$

184,678 

 

The contractual final maturity distribution of the debt securities classified as held to maturity as of September 30, 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

$

-  

$

-  

$

-  

$

22,379 

$

22,379 

U.S. GSEs

 

-  

 

-  

 

9,335 

 

-  

 

9,335 

FHLB Obligations

 

-  

 

-  

 

4,712 

 

-  

 

4,712 

Agency MBSs

 

-  

 

16 

 

115 

 

8,333 

 

8,464 

Agency CMOs

 

-  

 

-  

 

-  

 

95,521 

 

95,521 

Total Held to Maturity

$

-  

$

16 

$

14,162 

$

126,233 

$

140,411 

Held to Maturity (at amortized cost):

 

 

 

 

 

 

 

 

 

 

U.S. Agency Obligations

$

-  

$

-  

$

-  

$

22,259 

$

22,259 

U.S. GSEs

 

-  

 

-  

 

9,483 

 

-  

 

9,483 

FHLB Obligations

 

-  

 

-  

 

4,711 

 

-  

 

4,711 

Agency MBSs

 

-  

 

16 

 

101 

 

8,230 

 

8,347 

Agency CMOs

 

-  

 

-  

 

-  

 

97,310 

 

97,310 

Total Held to Maturity

$

-  

$

16 

$

14,295 

$

127,799 

$

142,110 

 

Summary of Proceeds, Gross Gains and Gross Losses

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

Nine Months Ended September 30,

(In thousands)

 

2014

 

2013

 

2014

 

2013

Proceeds

$

11,674 

$

2,001 

$

56,889 

$

53,215 

Gross gains

 

 -

 

 

302 

 

548 

Gross losses

 

(37)

 

 -

 

(196)

 

(560)

Net gains

$

(37)

$

$

106 

$

(12)

 

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 September 30, 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:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Obligations

$

20,017 

$

40 

$

 -

$

 -

$

20,017 

$

40 

Agency MBSs

 

9,532 

 

48 

 

27,847 

 

431 

 

37,379 

 

479 

Agency CMBSs

 

-  

 

-  

 

17,460 

 

528 

 

17,460 

 

528 

Agency CMOs

 

20,912 

 

98 

 

11,374 

 

293 

 

32,286 

 

391 

Total Available for Sale

$

50,461 

$

186 

$

56,681 

$

1,252 

$

107,142 

$

1,438 

Held to Maturity:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Agency Obligations

$

8,817 

$

27 

$

-  

$

-  

$

8,817 

$

27 

U.S. GSEs

 

-  

 

-  

 

9,335 

 

148 

 

9,335 

 

148 

Agency CMOs

 

50,726 

 

834 

 

36,534 

 

966 

 

87,260 

 

1,800 

Total Held to Maturity

$

59,543 

$

861 

$

45,869 

$

1,114 

$

105,412 

$

1,975 

 

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 over our entire holding period, at December 31, 2013, 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

$

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