Investment Securities (Tables)

6 Months Ended

Jun. 30, 2014

Investment Securities

Schedule of investment securities

	Amortized		Unrealized	Unrealized
June 30, 2014	cost		gains	losses		Fair value
	(in thousands)
Available for sale securities:
Corporate bonds	$	3,018	6	—		3,024
Affiliated mutual funds	116,723		6,498	(27	)	123,194
	$	119,741	6,504	(27	)	126,218
Trading securities:
Mortgage-backed securities						34
Corporate bonds						2,991
Common stock						58
Affiliated mutual funds						88,051
						91,134
Total investment securities						$	217,352

	Amortized		Unrealized	Unrealized
December 31, 2013	cost		gains	losses		Fair value
	(in thousands)
Available for sale securities:
Mortgage-backed securities	$	8	1	—		9
Corporate bonds	14,568		61	—		14,629
Affiliated mutual funds	87,710		5,899	(957	)	92,652
	$	102,286	5,961	(957	)	107,290
Trading securities:
Mortgage-backed securities						37
Municipal bonds						501
Corporate bonds						9,412
Common stock						60
Affiliated mutual funds						84,048
						94,058
Total investment securities						$	201,348

Summary of available for sale affiliated mutual funds with fair values below carrying values

	Less than 12 months			12 months or longer			Total
June 30, 2014	Fair value		Unrealized losses	Fair value	Unrealized losses		Fair value	Unrealized losses
	(in thousands)
Affiliated mutual funds	$	—	—	1,187	(27	)	1,187	(27	)
Total temporarily impaired securities	$	—	—	1,187	(27	)	1,187	(27	)

	Less than 12 months				12 months or longer			Total
December 31, 2013	Fair value		Unrealized losses		Fair value	Unrealized losses		Fair value	Unrealized losses
	(in thousands)
Affiliated mutual funds	$	29,598	(939	)	213	(18	)	29,811	(957	)
Total temporarily impaired securities	$	29,598	(939	)	213	(18	)	29,811	(957	)

Schedule of Corporate bonds accounted for available for sale securities by maturity date

Corporate bonds accounted for as available for sale and held as of June 30, 2014 mature as follows:

	Amortized cost		Fair value
	(in thousands)
Within one year	$	3,018	3,024
	$	3,018	3,024

Schedule of Mortgage-backed securities and corporate bonds accounted for trading securities by maturity date

Mortgage-backed securities and corporate bonds accounted for as trading and held as of June 30, 2014 mature as follows:

	Fair value
	(in thousands)
Within one year	$	2,991
After five years but within 10 years	34
	$	3,025

Schedule of fair value of investment securities

June 30, 2014	Level 1		Level 2	Level 3	Total
	(in thousands)
Mortgage-backed securities	$	—	34	—	34
Corporate bonds	—		6,015	—	6,015
Common stock	58		—	—	58
Affiliated mutual funds	211,245		—	—	211,245
Total	$	211,303	6,049	—	217,352

December 31, 2013	Level 1		Level 2	Level 3	Total
	(in thousands)
Mortgage-backed securities	$	—	46	—	46
Municipal bonds	—		501	—	501
Corporate bonds	—		24,041	—	24,041
Common stock	60		—	—	60
Affiliated mutual funds	176,700		—	—	176,700
Total	$	176,760	24,588	—	201,348