| Investment Securities Available For Sale |
Investment Securities Available For Sale
Investment securities available for sale consisted of the following as of December 31, 2017 and December 31, 2016 (dollar amounts in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2017 | | December 31, 2016 | | Amortized Cost | | Unrealized | | Fair Value | | Amortized Cost | | Unrealized | | Fair Value | | | Gains | | Losses | | | | Gains | | Losses | | Agency RMBS: | | | | | | | | | | | | | | | | Agency ARMs | | | | | | | | | | | | | | | | Freddie Mac | $ | 33,623 |
| | $ | 16 |
| | $ | (852 | ) | | $ | 32,787 |
| | $ | 39,138 |
| | $ | 24 |
| | $ | (528 | ) | | $ | 38,634 |
| Fannie Mae | 54,958 |
| | 6 |
| | (1,236 | ) | | 53,728 |
| | 69,031 |
| | 71 |
| | (698 | ) | | 68,404 |
| Ginnie Mae | 4,750 |
| | — |
| | (193 | ) | | 4,557 |
| | 6,011 |
| | — |
| | (204 | ) | | 5,807 |
| Total Agency ARMs | 93,331 |
| | 22 |
| | (2,281 | ) | | 91,072 |
| | 114,180 |
| | 95 |
| | (1,430 | ) | | 112,845 |
| Agency Fixed Rate | | | | | | | | | | | | | | | | Freddie Mac | 20,804 |
| | — |
| | (736 | ) | | 20,068 |
| | 26,338 |
| | — |
| | (644 | ) | | 25,694 |
| Fannie Mae | 1,038,363 |
| | 669 |
| | (12,174 | ) | | 1,026,858 |
| | 312,515 |
| | — |
| | (10,035 | ) | | 302,480 |
| Ginnie Mae | 365 |
| | — |
| | (6 | ) | | 359 |
| | 457 |
| | — |
| | (4 | ) | | 453 |
| Total Agency Fixed Rate | 1,059,532 |
| | 669 |
| | (12,916 | ) | | 1,047,285 |
| | 339,310 |
| | — |
| | (10,683 | ) | | 328,627 |
| Agency IOs | | | | | | | | | | | | | | | | Freddie Mac | 8,436 |
| | 19 |
| | (2,756 | ) | | 5,699 |
| | 19,768 |
| | 559 |
| | (3,363 | ) | | 16,964 |
| Fannie Mae | 11,310 |
| | 22 |
| | (2,989 | ) | | 8,343 |
| | 27,597 |
| | 478 |
| | (4,777 | ) | | 23,298 |
| Ginnie Mae | 21,621 |
| | 230 |
| | (4,714 | ) | | 17,137 |
| | 49,788 |
| | 1,223 |
| | (6,382 | ) | | 44,629 |
| Total Agency IOs | 41,367 |
| | 271 |
| | (10,459 | ) | | 31,179 |
| | 97,153 |
| | 2,260 |
| | (14,522 | ) | | 84,891 |
| | | | | | | | | | | | | | | | | Total Agency RMBS | 1,194,230 |
| | 962 |
| | (25,656 | ) | | 1,169,536 |
| | 550,643 |
| | 2,355 |
| | (26,635 | ) | | 526,363 |
| Non-Agency RMBS | 100,291 |
| | 1,852 |
| | (18 | ) | | 102,125 |
| | 162,220 |
| | 1,218 |
| | (154 | ) | | 163,284 |
| U.S. Treasury securities | — |
| | — |
| | — |
| | — |
| | 2,920 |
| | — |
| | (33 | ) | | 2,887 |
| CMBS (1) | 123,203 |
| | 18,217 |
| | — |
| | 141,420 |
| | 113,955 |
| | 12,876 |
| | (389 | ) | | 126,442 |
| Total investment securities available for sale | $ | 1,417,724 |
| | $ | 21,031 |
| | $ | (25,674 | ) | | $ | 1,413,081 |
| | $ | 829,738 |
| | $ | 16,449 |
| | $ | (27,211 | ) | | $ | 818,976 |
|
| | (1) | Included in CMBS is $47.9 million and $43.9 million of investment securities for sale held in securitization trusts as of December 31, 2017 and December 31, 2016, respectively. |
Realized Gain or Loss Activity
During the year ended December 31, 2017, the Company received total proceeds of approximately $107.1 million realizing approximately $0.1 million of net losses, from the sale of investment securities available for sale. During the year ended December 31, 2016, the Company received total proceeds of approximately $208.2 million, realizing approximately $2.3 million of net losses, from the sale of investment securities available for sale. During the year ended December 31, 2015, the Company received total proceeds of approximately $99.2 million, realizing approximately $2.1 million of net gains, from the sale of investment securities available for sale.
Weighted Average Life
Actual maturities of our available for sale securities are generally shorter than stated contractual maturities (with maturities up to 30 years), as they are affected by periodic payments and prepayments of principal on the underlying mortgages. As of December 31, 2017 and 2016, the weighted average life of the Company’s available for sale securities portfolio was approximately 7.1 years and 4.3 years, respectively.
The following table sets forth the weighted average lives of our investment securities available for sale as of December 31, 2017 and December 31, 2016 (dollar amounts in thousands): | | | | | | | | | Weighted Average Life | December 31, 2017 | | December 31, 2016 | 0 to 5 years | $ | 426,061 |
| | $ | 606,079 |
| Over 5 to 10 years | 970,336 |
| | 177,765 |
| 10+ years | 16,684 |
| | 35,132 |
| Total | $ | 1,413,081 |
| | $ | 818,976 |
|
Portfolio Interest Reset Periods
The following tables set forth the stated interest reset periods of our investment securities available for sale and investment securities available for sale held in securitization trusts at December 31, 2017 and December 31, 2016 at carrying value (dollar amounts in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2017 | | December 31, 2016 | | Less than 6 months | | 6 to 24 months | | More than 24 months | | Total | | Less than 6 months | | 6 to 24 months | | More than 24 months | | Total | Agency RMBS | $ | 26,876 |
| | $ | 24,726 |
| | $ | 1,117,934 |
| | $ | 1,169,536 |
| | $ | 53,043 |
| | $ | 27,272 |
| | $ | 446,048 |
| | $ | 526,363 |
| Non-Agency RMBS | 84,461 |
| | — |
| | 17,664 |
| | 102,125 |
| | 50,080 |
| | — |
| | 113,204 |
| | 163,284 |
| U.S. Treasury securities | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 2,887 |
| | 2,887 |
| CMBS | 70,791 |
| | — |
| | 70,629 |
| | 141,420 |
| | 82,545 |
| | — |
| | 43,897 |
| | 126,442 |
| Total investment securities available for sale | $ | 182,128 |
| | $ | 24,726 |
| | $ | 1,206,227 |
| | $ | 1,413,081 |
| | $ | 185,668 |
| | $ | 27,272 |
| | $ | 606,036 |
| | $ | 818,976 |
|
Unrealized Losses in OCI
The following tables present the Company's investment securities available for sale in an unrealized loss position reported through OCI, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2017 and December 31, 2016 (dollar amounts in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2017 | Less than 12 Months | | Greater than 12 months | | Total | | Carrying Value | | Gross Unrealized Losses | | Carrying Value | | Gross Unrealized Losses | | Carrying Value | | Gross Unrealized Losses | Agency RMBS | $ | 511,313 |
| | $ | (1,807 | ) | | $ | 342,963 |
| | $ | (13,390 | ) | | $ | 854,276 |
| | $ | (15,197 | ) | Non-Agency RMBS | — |
| | — |
| | 193 |
| | (18 | ) | | 193 |
| | (18 | ) | Total investment securities available for sale | $ | 511,313 |
| | $ | (1,807 | ) | | $ | 343,156 |
| | $ | (13,408 | ) | | $ | 854,469 |
| | $ | (15,215 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2016 | Less than 12 Months | | Greater than 12 months | | Total | | Carrying Value | | Gross Unrealized Losses | | Carrying Value | | Gross Unrealized Losses | | Carrying Value | | Gross Unrealized Losses | Agency RMBS | $ | 96,357 |
| | $ | (1,290 | ) | | $ | 328,474 |
| | $ | (10,819 | ) | | $ | 424,831 |
| | $ | (12,109 | ) | Non-Agency RMBS | — |
| | — |
| | 596 |
| | (154 | ) | | 596 |
| | (154 | ) | CMBS | 16,523 |
| | (389 | ) | | — |
| | — |
| | 16,523 |
| | (389 | ) | Total investment securities available for sale | $ | 112,880 |
| | $ | (1,679 | ) | | $ | 329,070 |
| | $ | (10,973 | ) | | $ | 441,950 |
| | $ | (12,652 | ) |
Other than Temporary Impairment
For the years ended December 31, 2017, 2016 and 2015, the Company did not recognize other-than-temporary impairment through earnings. |