Residential Whole Loans (Tables)

6 Months Ended

Jun. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Schedule of Activity in Allowance for Loan Losses, Residential Whole Loans

The following table presents the activity in the Company’s allowance for loan losses on its residential whole loan pools at carrying value for the three and six months ended June 30, 2015.

(In Thousands)	Three Months Ended   June 30, 2015		Six Months Ended   June 30, 2015
Balance at the beginning of period	$	464	$	137
Provisions for loan losses	123		450
Balance at the end of the period	$	587	$	587

Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period

The following table presents information regarding estimates of the contractually required payments, the cash flows expected to be collected, and the estimated fair value of the residential whole loans held at carrying value acquired by the Company for the three and six months ended June 30, 2015:

(In Thousands)	Three Months Ended   June 30, 2015			Six Months Ended   June 30, 2015
Contractually required principal and interest	$	14,505		$	93,304
Contractual cash flows not expected to be collected (non-accretable yield)	(3,795		)	(17,152		)
Expected cash flows to be collected	10,710			76,152
Interest component of expected cash flows (accretable yield)	(4,440		)	(31,280		)
Fair value at the date of acquisition	$	6,270		$	44,872

Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement

The following table presents accretable yield activity for the Company’s residential whole loans held at carrying value for the three and six months ended June 30, 2015:

(In Thousands)	Three Months Ended   June 30, 2015			Six Months Ended   June 30, 2015
Balance at beginning of period	$	154,951		$	133,012
Additions	4,440			31,280
Accretion	(3,965		)	(7,433		)
Reclassifications to/(from) non-accretable difference, net	148			(1,285		)
Balance at end of period	$	155,574		$	155,574

Residential Whole Loans, Fair Value

The following table presents information regarding the Company’s residential whole loans at fair value at June 30, 2015 and December 31, 2014:

(Dollars in Thousands)	June 30, 2015		December 31, 2014
Outstanding principal balance	$	247,310	$	182,613
Aggregate fair value	$	183,861	$	143,472
Number of loans	1,042		885

Residential Whole Loans, Fair Value, Component of Net gain on residential whole loans

The following table presents the components of Net gain on residential whole loans held at fair value for the three and six months ended June 30, 2015:

(In Thousands)	Three Months Ended   June 30, 2015		Six Months Ended   June 30, 2015
Coupon payments received	$	1,511	$	2,832
Net unrealized gains	1,165		1,510
Net gain on payoff/liquidation of loans	487		855
Total	$	3,163	$	5,197