Mortgage Backed Securities

3 Months Ended

Mar. 31, 2016

Mortgage Backed Securities [Abstract]

Mortgage-Backed Securities

NOTE 2. MORTGAGE-BACKED SECURITIES

The following table presents the Company’s MBS portfolio as ofMarch 31, 2016 and December 31, 2015:

(in thousands)
		March 31, 2016		December 31, 2015
Pass-Through MBS:
	Hybrid Adjustable-rate Mortgages	$	116	$	118
	Fixed-rate Mortgages		105,325		79,170
	Total Pass-Through MBS		105,441		79,288
Structured MBS:
	Interest-Only Securities		1,805		2,554
	Inverse Interest-Only Securities		1,950		2,146
	Total Structured MBS		3,755		4,700
Total		$	109,196	$	83,988

The following table summarizes the Company’s MBS portfolio as of March 31, 2016 and December 31, 2015, according to the contractual maturities of the securities in the portfolio. Actual maturities of MBS investments are generally shorter than stated contractual maturities and are affected by the contractual lives of the underlying mortgages, periodic payments of principal, and prepayments of principal.

(in thousands)
	March 31, 2016		December 31, 2015
Greater than five years and less than ten years	$	2	$	3
Greater than or equal to ten years		109,194		83,985
Total	$	109,196	$	83,988