Securities Available for Sale (Tables)
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9 Months Ended |
Sep. 30, 2012
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Available-for-sale Securities [Abstract] |
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Summary of Securities Available for Sale |
The following is a summary of securities available for sale as of the dates indicated: | | | | | | | | | | | | | | | | | | At September 30, 2012 | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | | (In thousands) | Debt securities: | | | | | | | | U.S. Treasury | $ | 0 |
| | $ | 0 |
| | $ | 0 |
| | $ | 0 |
| GSE collateralized mortgage obligations* | 230,819 |
| | 4,875 |
| | (25 | ) | | 235,669 |
| GSE mortgage-backed securities* | 414,487 |
| | 13,243 |
| | (141 | ) | | 427,589 |
| Trust preferred security | 4,498 |
| | 0 |
| | (961 | ) | | 3,537 |
| Municipal bonds | 4,506 |
| | 633 |
| | 0 |
| | 5,139 |
| Total debt securities | 654,310 |
| | 18,751 |
| | (1,127 | ) | | 671,934 |
| Mutual funds - GSE mortgage related securities | 14,710 |
| | 415 |
| | 0 |
| | 15,125 |
| | $ | 669,020 |
| | $ | 19,166 |
| | $ | (1,127 | ) | | $ | 687,059 |
| | At December 31, 2011 | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | | (In thousands) | Debt securities: | | | | | | | | U.S. Treasury | $ | 300 |
| | $ | 0 |
| | $ | 0 |
| | $ | 300 |
| GSE collateralized mortgage obligations* | 222,400 |
| | 5,480 |
| | (44 | ) | | 227,836 |
| GSE mortgage-backed securities* | 477,555 |
| | 10,322 |
| | (123 | ) | | 487,754 |
| Trust preferred securities | 5,532 |
| | 0 |
| | (1,184 | ) | | 4,348 |
| Municipal bonds | 5,257 |
| | 507 |
| | 0 |
| | 5,764 |
| Total debt securities | 711,044 |
| | 16,309 |
| | (1,351 | ) | | 726,002 |
| Mutual funds - GSE mortgage related securities | 14,710 |
| | 227 |
| | (19 | ) | | 14,918 |
| | $ | 725,754 |
| | $ | 16,536 |
| | $ | (1,370 | ) | | $ | 740,920 |
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| | * | Government Sponsored Enterprises (GSE) investments were issued by GNMA, FNMA and FHLMC and are all residential mortgage-backed investments |
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Schedule of Realized Gain (Loss) |
The proceeds from sales of securities and the associated gains are listed below: | | | | | | | | | | | | | | | | | | For the three months ended September 30, | | For the nine months ended September 30, | | 2012 | | 2011 | | 2012 | | 2011 | | (In thousands) | Proceeds | $ | 26,563 |
| | $ | 0 |
| | $ | 28,446 |
| | $ | 0 |
| Gross gains | 132 |
| | 0 |
| | 948 |
| | 0 |
| Gross losses | 0 |
| | 0 |
| | 0 |
| | 0 |
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Investments Classified by Contractual Maturity Date |
The amortized cost and estimated fair value of debt securities at September 30, 2012, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. | | | | | | | | | | Amortized Cost | | Estimated Fair Value | | (In thousands) | Available for sale: | | | | Due within one year | $ | 0 |
| | $ | 0 |
| Due after one year through five years | 340 |
| | 358 |
| Due after five years through ten years | 3,883 |
| | 4,451 |
| Due after ten years | 4,781 |
| | 3,867 |
| GSE collaterized mortgage obligations | 230,819 |
| | 235,669 |
| GSE mortgage-backed securities | 414,487 |
| | 427,589 |
| Mutual funds - GSE mortgage related securities | 14,710 |
| | 15,125 |
| | $ | 669,020 |
| | $ | 687,059 |
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Schedule of Unrealized Loss on Investments |
The following table shows our investments’ gross unrealized losses and estimated fair value, aggregated by investment category and the length of time that the individual securities have been in a continuous unrealized loss position as of the dates indicated. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | At September 30, 2012 | | Less than 12 months | | 12 months or longer | | Total | Description of Securities | Number of Securities | | Fair Value | | Gross Unrealized Losses | | Number of Securities | | Fair Value | | Gross Unrealized Losses | | Number of Securities | | Fair Value | | Gross Unrealized Losses | | (In thousands) | GSE collaterized mortgage obligations | 4 |
| | $ | 7,323 |
| | $ | (25 | ) | | 0 |
| | $ | 0 |
| | $ | 0 |
| | 4 |
| | $ | 7,323 |
| | $ | (25 | ) | GSE mortgage-backed securities | 6 |
| | 9,541 |
| | (107 | ) | | 1 |
| | 3,756 |
| | (34 | ) | | 7 |
| | 13,297 |
| | (141 | ) | Trust preferred security | 0 |
| | 0 |
| | 0 |
| | 1 |
| | 3,537 |
| | (961 | ) | | 1 |
| | 3,537 |
| | (961 | ) | Mutual funds - GSE mortgage related security | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 10 |
| | $ | 16,864 |
| | $ | (132 | ) | | 2 |
| | $ | 7,293 |
| | $ | (995 | ) | | 12 |
| | $ | 24,157 |
| | $ | (1,127 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | At December 31, 2011 | | Less than 12 months | | 12 months or longer | | Total | Description of Securities | Number of Securities | | Fair Value | | Gross Unrealized Losses | | Number of Securities | | Fair Value | | Gross Unrealized Losses | | Number of Securities | | Fair Value | | Gross Unrealized Losses | | (In thousands) | GSE collaterized mortgage obligations | 2 |
| | $ | 3,305 |
| | $ | (28 | ) | | 1 |
| | $ | 14,007 |
| | $ | (16 | ) | | 3 |
| | $ | 17,312 |
| | $ | (44 | ) | GSE mortgage-backed securities | 5 |
| | 38,082 |
| | (123 | ) | | 0 |
| | 0 |
| | 0 |
| | 5 |
| | 38,082 |
| | (123 | ) | Trust Preferred security | 0 |
| | 0 |
| | 0 |
| | 1 |
| | 3,303 |
| | (1,184 | ) | | 1 |
| | 3,303 |
| | (1,184 | ) | Mutual funds - GSE mortgage related security | 1 |
| | 5,229 |
| | (19 | ) | | 0 |
| | 0 |
| | 0 |
| | 1 |
| | 5,229 |
| | (19 | ) | | 8 |
| | $ | 46,616 |
| | $ | (170 | ) | | 2 |
| | $ | 17,310 |
| | $ | (1,200 | ) | | 10 |
| | $ | 63,926 |
| | $ | (1,370 | ) |
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