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Securities (Tables)
6 Months Ended
Jun. 30, 2015
Securities [Abstract]  
Securities available for sale
Securities available for sale consist of the following:

  
Amortized
  
Unrealized
   
  
Cost
  
Gains
  
Losses
  
Fair Value
 
  
(In thousands)
 
June 30, 2015
        
U.S. agency
 
$
36,068
  
$
231
  
$
28
  
$
36,271
 
U.S. agency residential mortgage-backed
  
216,466
   
1,868
   
354
   
217,980
 
U.S. agency commercial mortgage-backed
  
30,074
   
113
   
27
   
30,160
 
Private label residential mortgage-backed
  
5,644
   
187
   
371
   
5,460
 
Other asset backed
  
108,314
   
115
   
117
   
108,312
 
Obligations of states and political subdivisions
  
135,007
   
640
   
1,284
   
134,363
 
Corporate
  
22,582
   
63
   
10
   
22,635
 
Trust preferred
  
2,913
   
-
   
399
   
2,514
 
Total
 
$
557,068
  
$
3,217
  
$
2,590
  
$
557,695
 
                 
December 31, 2014
                
U.S. agency
 
$
34,936
  
$
133
  
$
63
  
$
35,006
 
U.S. agency residential mortgage-backed
  
256,387
   
1,838
   
667
   
257,558
 
U.S. agency commercial mortgage-backed
  
33,779
   
68
   
119
   
33,728
 
Private label residential mortgage-backed
  
6,216
   
187
   
390
   
6,013
 
Other asset backed
  
32,314
   
77
   
38
   
32,353
 
Obligations of states and political subdivisions
  
143,698
   
961
   
1,244
   
143,415
 
Corporate
  
22,690
   
53
   
79
   
22,664
 
Trust preferred
  
2,910
   
-
   
469
   
2,441
 
Total
 
$
532,930
  
$
3,317
  
$
3,069
  
$
533,178
 
Investments in a continuous unrealized loss position
Our investments’ gross unrealized losses and fair values aggregated by investment type and length of time that individual securities have been at a continuous unrealized loss position follows:

  
Less Than Twelve Months
  
Twelve Months or More
  
Total
 
  
Fair Value
  
Unrealized
Losses
  
Fair Value
  
Unrealized
Losses
  
Fair Value
  
Unrealized
Losses
 
  
(In thousands)
 
             
June 30, 2015
            
U.S. agency
 
$
9,564
  
$
25
  
$
760
  
$
3
  
$
10,324
  
$
28
 
U.S. agency residential mortgage-backed
  
48,277
   
221
   
14,933
   
133
   
63,210
   
354
 
U.S. agency commercial mortgage-backed
  
10,921
   
21
   
1,342
   
6
   
12,263
   
27
 
Private label residential mortgage-backed
  
193
   
1
   
3,603
   
370
   
3,796
   
371
 
Other asset backed
  
35,787
   
69
   
5,691
   
48
   
41,478
   
117
 
Obligations of states and political subdivisions
  
35,965
   
355
   
29,252
   
929
   
65,217
   
1,284
 
Corporate
  
4,233
   
10
   
-
   
-
   
4,233
   
10
 
Trust preferred
  
-
   
-
   
2,514
   
399
   
2,514
   
399
 
Total
 
$
144,940
  
$
702
  
$
58,095
  
$
1,888
  
$
203,035
  
$
2,590
 
                         
December 31, 2014
                        
U.S. agency
 
$
12,851
  
$
58
  
$
606
  
$
5
  
$
13,457
  
$
63
 
U.S. agency residential mortgage-backed
  
89,547
   
531
   
15,793
   
136
   
105,340
   
667
 
U.S. agency commercial mortgage-backed
  
21,325
   
119
   
-
   
-
   
21,325
   
119
 
Private label residential mortgage-backed
  
208
   
1
   
4,013
   
389
   
4,221
   
390
 
Other asset backed
  
2,960
   
15
   
8,729
   
23
   
11,689
   
38
 
Obligations of states and political subdivisions
  
28,114
   
106
   
37,540
   
1,138
   
65,654
   
1,244
 
Corporate
  
8,660
   
79
   
-
   
-
   
8,660
   
79
 
Trust preferred
  
-
   
-
   
2,441
   
469
   
2,441
   
469
 
Total
 
$
163,665
  
$
909
  
$
69,122
  
$
2,160
  
$
232,787
  
$
3,069
 
Trust preferred securities
The following table breaks out our trust preferred securities in further detail as of June 30, 2015 and December 31, 2014:

  
June 30, 2015
  
December 31, 2014
 
  
Fair
Value
  
Net
Unrealized
Loss
  
Fair
Value
  
Net
Unrealized
Loss
 
  
(In thousands)
 
         
Trust preferred securities
        
Rated issues
 
$
1,700
  
$
(213
)
 
$
1,643
  
$
(267
)
Unrated issues
  
814
   
(186
)
  
798
   
(202
)
Private label residential mortgage backed securities below investment grade
At June 30, 2015, three private label residential mortgage-backed securities had credit related OTTI and are summarized as follows:

  
Senior
Security
  
Super
Senior
Security
  
Senior
Support
Security
  
Total
 
  
(In thousands)
 
         
As of June 30, 2015
        
Fair value
 
$
1,835
  
$
1,466
  
$
96
  
$
3,397
 
Amortized cost
  
1,889
   
1,374
   
-
   
3,263
 
Non-credit unrealized loss
  
54
   
-
   
-
   
54
 
Unrealized gain
  
-
   
92
   
96
   
188
 
Cumulative credit related OTTI
  
757
   
457
   
380
   
1,594
 
                 
Credit related OTTI recognized in our Condensed
                
Consolidated Statements of Operations
                
For the three months ended June 30,
                
2015
 
$
-
  
$
-
  
$
-
  
$
-
 
2014
  
-
   
-
   
-
   
-
 
For the six months ended June 30,
                
2015
  
-
   
-
   
-
   
-
 
2014
  
-
   
-
   
-
   
-
 
Credit losses recognized in earnings on securities available for sale
A roll forward of credit losses recognized in earnings on securities available for sale for the three and six month periods ending June 30, follows:

  
Three months ended
June 30,
  
Six months ended
June 30,
 
  
2015
  
2014
  
2015
  
2014
 
  
(In thousands)
 
Balance at beginning of period
 
$
1,844
  
$
1,835
  
$
1,844
  
$
1,835
 
Additions to credit losses on securities for which no previous OTTI was recognized
  
-
   
-
   
-
   
-
 
Increases to credit losses on securities for which OTTI was previously recognized
  
-
   
-
   
-
   
-
 
Balance at end of period
 
$
1,844
  
$
1,835
  
$
1,844
  
$
1,835
 
Amortized cost and fair value of securities available for sale by contractual maturity
The amortized cost and fair value of securities available for sale at June 30, 2015, by contractual maturity, follow:
 
  
Amortized
Cost
  
Fair
Value
 
  
(In thousands)
 
Maturing within one year
 
$
24,875
  
$
24,904
 
Maturing after one year but within five years
  
59,355
   
59,631
 
Maturing after five years but within ten years
  
34,747
   
34,991
 
Maturing after ten years
  
77,593
   
76,257
 
   
196,570
   
195,783
 
U.S. agency residential mortgage-backed
  
216,466
   
217,980
 
U.S. agency commercial mortgage-backed
  
30,074
   
30,160
 
Private label residential mortgage-backed
  
5,644
   
5,460
 
Other asset backed
  
108,314
   
108,312
 
Total
 
$
557,068
  
$
557,695
 
Gains and losses realized on sale of securities available for sale
A summary of proceeds from the sale of securities available for sale and gains and losses for the six month periods ending June 30, follows:

  
Proceeds
  
Realized
Gains (1)
  
Losses
 
  
(In thousands)
 
2015
 
$
11,786
  
$
75
  
$
-
 
2014
  
5,126
   
2
   
-
 


(1)
Gains in 2014 exclude $0.053 million of unrealized gain related to a U.S. Treasury short position.