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 December 31, 2014
(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 (1)	$	266,946		$	3,608		$	(1,556	)	$	268,998
Non-GSE issuance REMICs and CMOs	5,071			34			(1		)	5,104
GSE pass-through certificates	12,919			640			(2		)	13,557
Total residential mortgage-backed securities	284,936			4,282			(1,559		)	287,659
Obligations of GSEs	98,680			—			(1,982		)	96,698
Fannie Mae stock	15			—			(13		)	2
Total securities available-for-sale	$	383,631		$	4,282		$	(3,554	)	$	384,359
Held-to-maturity:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	1,575,402		$	14,536		$	(14,041	)	$	1,575,897
Non-GSE issuance REMICs and CMOs	2,482			31			(7		)	2,506
GSE pass-through certificates	281,685			2,442			(3,877		)	280,250
Total residential mortgage-backed securities	1,859,569			17,009			(17,925		)	1,858,653
Multi-family mortgage-backed securities:
GSE issuance REMICs	154,381			554			(590		)	154,345
Obligations of GSEs	119,336			42			(1,523		)	117,855
Other	518			—			—			518
Total securities held-to-maturity	$	2,133,804		$	17,605		$	(20,038	)	$	2,131,371

(1) 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 December 31, 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	$	20,587		$	(159	)	$	75,444		$	(1,397	)	$	96,031		$	(1,556	)
Non-GSE issuance REMICs and CMOs	—			—			96			(1		)	96			(1		)
GSE pass-through certificates	53			(1		)	64			(1		)	117			(2		)
Obligations of GSEs	24,586			(395		)	72,112			(1,587		)	96,698			(1,982		)
Fannie Mae stock	—			—			2			(13		)	2			(13		)
Total temporarily impaired securities available-for-sale	$	45,226		$	(555	)	$	147,718		$	(2,999	)	$	192,944		$	(3,554	)
Held-to-maturity:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	121,861		$	(302	)	$	500,348		$	(13,739	)	$	622,209		$	(14,041	)
Non-GSE issuance REMICs and CMOs	—			—			294			(7		)	294			(7		)
GSE pass-through certificates	—			—			164,453			(3,877		)	164,453			(3,877		)
Multi-family mortgage backed securities:
GSE issuance REMICs	100,355			(590		)	—			—			100,355			(590		)
Obligations of GSEs	—			—			79,413			(1,523		)	79,413			(1,523		)
Total temporarily impaired securities held-to-maturity	$	222,216		$	(892	)	$	744,508		$	(19,146	)	$	966,724		$	(20,038	)



	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	)

Our securities portfolio is comprised primarily of fixed rate mortgage-backed securities guaranteed by a GSE as issuer. Substantially all of our non-GSE issuance securities are investment grade securities and have performed similarly to our GSE issuance securities. Credit quality concerns have not significantly impacted the performance of our non-GSE securities or our ability to obtain reliable prices.

We held 80 securities which had an unrealized loss at December 31, 2014 and 109 at December 31, 2013. At December 31, 2014 and 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 the change 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 December 31, 2014 and 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.

Proceeds from sales of securities from the available-for-sale portfolio totaled $14.4 million, resulting in gross realized gains of $141,000, during the year ended December 31, 2014, $41.6 million, resulting in gross realized gains of $2.1 million, during the year ended December 31, 2013 and $60.3 million, resulting in gross realized gains of $8.5 million, during the year ended December 31, 2012.

At December 31, 2014, available-for-sale debt securities, excluding mortgage-backed securities, had an amortized cost of $98.7 million, an estimated fair value of $96.7 million and contractual maturities in 2021 and 2022. At December 31, 2014, held-to-maturity debt securities, excluding mortgage-backed securities, had an amortized cost of $119.9 million, an estimated fair value of $118.4 million and contractual maturities in 2021 and 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 December 31, 2014, the amortized cost of callable securities in our portfolio totaled $218.0 million, of which $201.6 million are callable within one year and at various times thereafter.

The balance of accrued interest receivable for securities totaled $6.7 million at December 31, 2014 and $6.3 million at December 31, 2013.