Investment Securities (Tables)

9 Months Ended

Sep. 30, 2014

Amortized cost, gross unrealized gains and losses, and fair value of available-for-sale investment securities


As of September 30, 2014			Included in AOCL*
			Gross		Gross
	Amortized		unrealized		unrealized
(In thousands)	cost		gains		losses		Fair value
U.S. government agencies	$	34,092	$	—	$	(1,551)	$	32,541
Mortgage-backed securities-residential		27,000		377		(250)		27,127
Collateralized mortgage obligations:
Issued or guaranteed by U.S. government agencies		171,696		2,521		(1,533)		172,684
Non-agency		3,965		7		(34)		3,938
Corporate bonds		15,630		68		(65)		15,633
Municipal bonds		9,030		51		(54)		9,027
Other securities		2,829		1,597		(36)		4,390
Common stocks		33		17		—		50
Total available for sale	$	264,275	$	4,638	$	(3,523)	$	265,390


As of December 31, 2013			Included in AOCL*
			Gross		Gross
	Amortized		unrealized		unrealized
(In thousands)	cost		gains		losses		Fair value
U.S. government agencies	$	68,207	$	—	$	(6,171)	$	62,036
Mortgage-backed securities-residential		32,769		210		(882)		32,097
Collateralized mortgage obligations:
Issued or guaranteed by U.S. government agencies		188,194		2,887		(1,978)		189,103
Non-agency		4,454		25		—		4,479
Corporate bonds		9,669		25		(256)		9,438
Municipal bonds		7,163		—		(263)		6,900
Other securities		3,363		1,405		(143)		4,625
Common stocks		33		16		—		49
Total available for sale	$	313,852	$	4,568	$	(9,693)	$	308,727

*Accumulated other comprehensive loss

Amortized cost and fair value of investment securities, by contractual maturity


	As of September 30, 2014
	Amortized
(In thousands)	cost		Fair value
Within 1 year	$	2,003	$	1,987
After 1 but within 5 years		10,345		10,324
After 5 but within 10 years		29,322		28,653
After 10 years		17,082		16,237
Mortgage-backed securities-residential		27,000		27,127
Collateralized mortgage obligations:
Issued or guaranteed by U.S. government agencies		171,696		172,684
Non-agency		3,965		3,938
Total available for sale debt securities		261,413		260,950
No contractual maturity		2,862		4,440
Total available for sale securities	$	264,275	$	265,390

Gross realized gains and losses realized on sale of securities


	For the three months				For the nine months ended
	ended September 30,				ended September 30,
(In thousands)	2014		2013		2014		2013
Gross realized gains	$	446	$	—	$	1,143	$	181
Gross realized losses		(208)		(1)		(813)		(112)
Net realized gains (losses)	$	238	$	(1)	$	330	$	69

Schedule of credit related impairment losses on debt securities held, for portion of OTTI was recognized in other comprehensive income


(In thousands)	2013
Balance at January 1,	$	173
Reductions for securities sold during the period (realized)		(173)
Reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the Company intends to sell the security		—
Balance at September 30,	$	—

Investment securities in a continuous unrealized loss position


September 30, 2014	Less than 12 months				12 months or longer				Total
			Gross				Gross				Gross
			unrealized				unrealized				unrealized
(In thousands)	Fair value		losses		Fair value		losses		Fair value		losses
U.S. government agencies	$	—	$	—	$	32,541	$	(1,551)	$	32,541	$	(1,551)
Mortgage-backed securities-residential		7,619		(38)		9,017		(212)		16,636		(250)
Collateralized mortgage obligations:
Issued or guaranteed by U.S. government agencies		49,360		(376)		37,312		(1,157)		86,672		(1,533)
Non-agency		1,464		(34)		—		—		1,464		(34)
Corporate bonds		9,027		(56)		991		(9)		10,018		(65)
Municipal bonds		623		(15)		3,539		(39)		4,162		(54)
Other securities		—		—		268		(36)		268		(36)
Total available-for-sale	$	68,093	$	(519)	$	83,668	$	(3,004)	$	151,761	$	(3,523)


December 31, 2013	Less than 12 months				12 months or longer				Total
			Gross				Gross				Gross
			unrealized				unrealized				unrealized
(In thousands)	Fair value		losses		Fair value		losses		Fair value		losses
U.S. government agencies	$	48,919	$	(5,035)	$	12,267	$	(1,136)	$	61,186	$	(6,171)
Mortgage-backed securities-residential		18,045		(518)		6,276		(364)		24,321		(882)
Collateralized mortgage obligations:
Issued or guaranteed by U.S. government agencies		67,240		(1,446)		9,974		(532)		77,214		(1,978)
Corporate bonds		4,848		(221)		965		(35)		5,813		(256)
Municipal bonds		3,019		(102)		3,881		(161)		6,900		(263)
Other securities		—		—		301		(143)		301		(143)
Total available-for-sale	$	142,071	$	(7,322)	$	33,664	$	(2,371)	$	175,735	$	(9,693)

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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