XML 80 R27.htm IDEA: XBRL DOCUMENT v2.4.0.6
Securities Available for Sale (Tables)
9 Months Ended
Sep. 30, 2012
Available-for-sale Securities [Abstract]  
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

 *
Government Sponsored Enterprises (GSE) investments were issued by GNMA, FNMA and FHLMC and are all residential mortgage-backed investments
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

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

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
)