Investment Securities (Tables)

6 Months Ended

Jun. 30, 2014

Amortized cost, gross unrealized gains and losses, and fair value of available-for-sale investment securities


As of June 30, 2014			Included in AOCL*
			Gross		Gross
	Amortized		unrealized		unrealized
(In thousands)	cost		gains		losses		Fair value
U.S. government agencies	$	44,088	$	—	$	(2,045)	$	42,043
Mortgage-backed securities-residential		31,068		368		(405)		31,031
Collateralized mortgage obligations:
Issued or guaranteed by U.S. government agencies		171,962		3,103		(1,222)		173,843
Non-agency		4,155		38		—		4,193
Corporate bonds		15,642		109		(33)		15,718
Municipal bonds		9,595		59		(44)		9,610
Other securities		3,069		1,646		(96)		4,619
Common stocks		33		18		—		51
Total available for sale	$	279,612	$	5,341	$	(3,845)	$	281,108


As of December 31, 2013			Included in AOCL*
			Gross		Gross
	Amortized		unrealized		unrealized
(In thousands)	cost		gains		losses		Fair value
U.S. government agencies	$	68,207	$	—	$	(6,171)	$	62,036
Mortgage-backed securities-residential		32,769		210		(882)		32,097
Collateralized mortgage obligations:
Issued or guaranteed by U.S. government agencies		188,194		2,887		(1,978)		189,103
Non-agency		4,454		25		—		4,479
Corporate bonds		9,669		25		(256)		9,438
Municipal bonds		7,163		—		(263)		6,900
Other securities		3,363		1,405		(143)		4,625
Common stocks		33		16		—		49
Total available for sale	$	313,852	$	4,568	$	(9,693)	$	308,727

*Accumulated other comprehensive loss

Amortized cost and fair value of investment securities, by contractual maturity


	As of June 30, 2014
	Amortized
(In thousands)	cost		Fair value
Within 1 year	$	2,003	$	2,002
After 1 but within 5 years		10,915		10,954
After 5 but within 10 years		33,328		32,578
After 10 years		23,079		21,837
Mortgage-backed securities-residential		31,068		31,031
Collateralized mortgage obligations:
Issued or guaranteed by U.S. government agencies		171,962		173,843
Non-agency		4,155		4,193
Total available for sale debt securities		276,510		276,438
No contractual maturity		3,102		4,670
Total available for sale securities	$	279,612	$	281,108

Gross realized gains and losses realized on sale of securities


	For the three months				For the six months
	ended June 30,				ended June 30,
(In thousands)	2014		2013		2014		2013
Gross realized gains	$	697	$	43	$	697	$	181
Gross realized losses		(605)		(18)		(605)		(111)
Net realized gains	$	92	$	25	$	92	$	70

Schedule of credit related impairment losses on debt securities held, for portion of OTTI was recognized in other comprehensive income


(In thousands)	2013
Balance at January 1,	$	173
Reductions for securities sold during the period (realized)		(173)
Reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the Company intends to sell the security		—
Balance at June 30,	$	—

Investment securities in a continuous unrealized loss position


June 30, 2014	Less than 12 months				12 months or longer				Total
			Gross				Gross				Gross
			unrealized				unrealized				unrealized
(In thousands)	Fair value		losses		Fair value		losses		Fair value		losses
U.S. government agencies	$	—	$	—	$	42,043	$	(2,045)	$	42,043	$	(2,045)
Mortgage-backed securities-residential		—		—		13,251		(405)		13,251		(405)
Collateralized mortgage obligations:
Issued or guaranteed by U.S. government agencies		54,394		(497)		24,246		(725)		78,640		(1,222)
Corporate bonds		4,058		(13)		980		(20)		5,038		(33)
Municipal bonds		135		(1)		3,537		(43)		3,672		(44)
Other securities		—		—		342		(96)		342		(96)
Total available-for-sale	$	58,587	$	(511)	$	84,399	$	(3,334)	$	142,986	$	(3,845)


December 31, 2013	Less than 12 months				12 months or longer				Total
			Gross				Gross				Gross
			unrealized				unrealized				unrealized
(In thousands)	Fair value		losses		Fair value		losses		Fair value		losses
U.S. government agencies	$	48,919	$	(5,035)	$	12,267	$	(1,136)	$	61,186	$	(6,171)
Mortgage-backed securities-residential		18,045		(518)		6,276		(364)		24,321		(882)
Collateralized mortgage obligations:
Issued or guaranteed by U.S. government agencies		67,240		(1,446)		9,974		(532)		77,214		(1,978)
Corporate bonds		4,848		(221)		965		(35)		5,813		(256)
Municipal bonds		3,019		(102)		3,881		(161)		6,900		(263)
Other securities		—		—		301		(143)		301		(143)
Total available-for-sale	$	142,071	$	(7,322)	$	33,664	$	(2,371)	$	175,735	$	(9,693)

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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