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SECURITIZATIONS
12 Months Ended
Dec. 31, 2013
SECURITIZATIONS  
SECURITIZATIONS

7.             SECURITIZATIONS

 

In prior years, we securitized certain residential mortgage loans with a U.S. Government sponsored entity and continue to service the residential mortgage loans. The servicing assets were recorded at their respective fair values which equaled par value at the time of securitization.

 

All unsold mortgage-backed securities from prior securitizations were categorized as available for sale securities and were therefore recorded at their fair value of $3.8 million and $6.3 million at December 31, 2013 and 2012, respectively. The fair values of these mortgage-backed securities were based on quoted prices of similar instruments in active markets. Unrealized gains of $0.2 million and $0.4 million on unsold mortgage-backed securities were recorded in AOCI at December 31, 2013 and 2012, respectively.