Securities

The following tables set forth the amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at the dates indicated.



	At September 30, 2014
(In Thousands)	Amortized Cost		Gross Unrealized Gains			Gross Unrealized Losses				Estimated Fair Value
Available-for-sale:
Residential mortgage-backed securities:
GSE (1) issuance REMICs and CMOs (2)	$	250,318		$	3,191		$	(2,763	)	$	250,746
Non-GSE issuance REMICs and CMOs	5,685			43			(1		)	5,727
GSE pass-through certificates	13,538			478			(5		)	14,011
Total residential mortgage-backed securities	269,541			3,712			(2,769		)	270,484
Obligations of GSEs	98,679			—			(3,140		)	95,539
Fannie Mae stock	15			—			(12		)	3
Total securities available-for-sale	$	368,235		$	3,712		$	(5,921	)	$	366,026
Held-to-maturity:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	1,562,719		$	12,793		$	(23,830	)	$	1,551,682
Non-GSE issuance REMICs and CMOs	2,669			37			(7		)	2,699
GSE pass-through certificates	290,152			1,168			(5,360		)	285,960
Total residential mortgage-backed securities	1,855,540			13,998			(29,197		)	1,840,341
Multi-family mortgage-backed securities:
GSE issuance REMICs	106,326			260			(541		)	106,045
Obligations of GSEs	90,934			52			(2,531		)	88,455
Other	537			—			—			537
Total securities held-to-maturity	$	2,053,337		$	14,310		$	(32,269	)	$	2,035,378

(1) Government-sponsored enterprise

(2) Real estate mortgage investment conduits and collateralized mortgage obligations



	At December 31, 2013
(In Thousands)	Amortized Cost		Gross Unrealized Gains			Gross Unrealized Losses				Estimated Fair Value
Available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	292,131		$	1,077		$	(7,134	)	$	286,074
Non-GSE issuance REMICs and CMOs	7,516			57			(1		)	7,572
GSE pass-through certificates	16,120			770			(2		)	16,888
Total residential mortgage-backed securities	315,767			1,904			(7,137		)	310,534
Obligations of GSEs	98,675			—			(7,522		)	91,153
Fannie Mae stock	15			—			(12		)	3
Total securities available-for-sale	$	414,457		$	1,904		$	(14,671	)	$	401,690
Held-to-maturity:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	1,474,506		$	12,877		$	(33,925	)	$	1,453,458
Non-GSE issuance REMICs and CMOs	3,833			61			(10		)	3,884
GSE pass-through certificates	282,473			85			(10,089		)	272,469
Total residential mortgage-backed securities	1,760,812			13,023			(44,024		)	1,729,811
Obligations of GSEs	88,128			—			(7,403		)	80,725
Other	586			—			—			586
Total securities held-to-maturity	$	1,849,526		$	13,023		$	(51,427	)	$	1,811,122

The following tables set forth the estimated fair values of securities with gross unrealized losses at the dates indicated, segregated between securities that have been in a continuous unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve months or longer at the dates indicated.



	At September 30, 2014
	Less Than Twelve Months						Twelve Months or Longer						Total
(In Thousands)	Estimated Fair Value		Gross Unrealized Losses				Estimated Fair Value		Gross Unrealized Losses				Estimated Fair Value		Gross Unrealized Losses
Available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	22,413		$	(136	)	$	97,773		$	(2,627	)	$	120,186		$	(2,763	)
Non-GSE issuance REMICs and CMOs	—			—			102			(1		)	102			(1		)
GSE pass-through certificates	597			(4		)	78			(1		)	675			(5		)
Obligations of GSEs	—			—			95,539			(3,140		)	95,539			(3,140		)
Fannie Mae stock	—			—			3			(12		)	3			(12		)
Total temporarily impaired securities available-for-sale	$	23,010		$	(140	)	$	193,495		$	(5,781	)	$	216,505		$	(5,921	)
Held-to-maturity:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	300,843		$	(3,374	)	$	483,810		$	(20,456	)	$	784,653		$	(23,830	)
Non-GSE issuance REMICs and CMOs	—			—			296			(7		)	296			(7		)
GSE pass-through certificates	—			—			168,261			(5,360		)	168,261			(5,360		)
Multi-family mortgage-backed securities:
GSE issuance REMICs	72,587			(541		)	—			—			72,587			(541		)
Obligations of GSEs	—			—			78,403			(2,531		)	78,403			(2,531		)
Total temporarily impaired securities held-to-maturity	$	373,430		$	(3,915	)	$	730,770		$	(28,354	)	$	1,104,200		$	(32,269	)



	At December 31, 2013
	Less Than Twelve Months						Twelve Months or Longer						Total
(In Thousands)	Estimated Fair Value		Gross Unrealized Losses				Estimated Fair Value		Gross Unrealized Losses				Estimated Fair Value		Gross Unrealized Losses
Available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	243,149		$	(7,134	)	$	—		$	—		$	243,149		$	(7,134	)
Non-GSE issuance REMICs and CMOs	—			—			132			(1		)	132			(1		)
GSE pass-through certificates	172			(1		)	70			(1		)	242			(2		)
Obligations of GSEs	91,153			(7,522		)	—			—			91,153			(7,522		)
Fannie Mae stock	—			—			3			(12		)	3			(12		)
Total temporarily impaired securities available-for-sale	$	334,474		$	(14,657	)	$	205		$	(14	)	$	334,679		$	(14,671	)
Held-to-maturity:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	719,715		$	(25,611	)	$	151,581		$	(8,314	)	$	871,296		$	(33,925	)
Non-GSE issuance REMICs and CMOs	392			(10		)	—			—			392			(10		)
GSE pass-through certificates	230,795			(10,088		)	28			(1		)	230,823			(10,089		)
Obligations of GSEs	80,725			(7,403		)	—			—			80,725			(7,403		)
Total temporarily impaired securities held-to-maturity	$	1,031,627		$	(43,112	)	$	151,609		$	(8,315	)	$	1,183,236		$	(51,427	)

We held 101 securities which had an unrealized loss at September 30, 2014 and 109 at December 31, 2013. At September 30, 2014 and December 31, 2013, substantially all of the securities in an unrealized loss position had a fixed interest rate and the cause of the temporary impairment was directly related to changes in interest rates. We generally view changes in fair value caused by changes in interest rates as temporary, which is consistent with our experience. None of the unrealized losses are related to credit losses. Therefore, at September 30, 2014 and December 31, 2013, the impairments were deemed temporary based on (1) the direct relationship of the decline in fair value to movements in interest rates, (2) the estimated remaining life and high credit quality of the investments and (3) the fact that we had no intention to sell these securities and it was not more likely than not that we would be required to sell these securities before their anticipated recovery of the remaining amortized cost basis and we expected to recover the entire amortized cost basis of the security.

During the nine months ended September 30, 2014, proceeds from sales of securities from the available-for-sale portfolio totaled $14.4 million, resulting in gross realized gains totaling $141,000. During the nine months ended September 30, 2013, proceeds from sales of securities from the available-for-sale portfolio totaled $41.6 million, resulting in gross realized gains totaling $2.1 million.

At September 30, 2014, available-for-sale debt securities excluding mortgage-backed securities had an amortized cost of $98.7 million, a fair value of $95.5 million and contractual maturities in 2021 and 2022. At September 30, 2014, held-to-maturity debt securities excluding mortgage-backed securities had an amortized cost of $91.5 million, a fair value of $89.0 million and contractual maturities primarily in 2023. Actual maturities may differ from contractual maturities because issuers may have the right to prepay or call obligations with or without prepayment penalties.

At September 30, 2014, we held securities with an amortized cost of $189.6 million which were callable within one year and at various times thereafter.

The balance of accrued interest receivable for securities totaled $6.3 million at September 30, 2014 and December 31, 2013.