| Available-for-sale Securities [Table Text Block] |
3. Investment Securities Available For Sale
Investment securities available for sale consist of the following as of December 31, 2013 and December 31, 2012 (dollar amounts in thousands):
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December 31, 2013
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December 31, 2012
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Amortized
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Unrealized
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Fair
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Amortized
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Unrealized
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Fair
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Cost
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Gains
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Losses
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Value
|
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Cost
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Gains
|
|
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Losses
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Value
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Agency RMBS:
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Agency ARMs
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Freddie Mac
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$
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67,121
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|
|
$
|
37
|
|
|
$
|
(2,101
|
)
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|
$
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65,057
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|
|
$
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80,106
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|
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$
|
341
|
|
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$
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(83
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)
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$
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80,364
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|
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Fannie Mae
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130,487
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58
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(3,128
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)
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127,417
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|
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169,020
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|
659
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|
|
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(118
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)
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169,561
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Ginnie Mae
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17,049
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—
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(201
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)
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16,848
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24,127
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—
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(129
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)
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23,998
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Total Agency ARMs
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214,657
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95
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(5,430
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)
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209,322
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273,253
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1,000
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(330
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)
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273,923
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Agency Fixed Rate
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Freddie Mac
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43,920
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—
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(1,714
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)
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42,206
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49,899
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|
24
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(162
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)
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49,761
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Fannie Mae
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518,598
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—
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(24,861
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)
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493,737
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578,300
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1,166
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(1,283
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)
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578,183
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Total Agency Fixed Rate
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562,518
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—
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(26,575
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)
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535,943
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|
628,199
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|
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1,190
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(1,445
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)
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627,944
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|
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Agency IOs (1)
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Freddie Mac
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43,468
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|
|
|
252
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|
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(5,187
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)
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|
38,533
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|
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|
38,025
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|
92
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|
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(3,217
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)
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34,900
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|
Fannie Mae
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60,813
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1,300
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|
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(5,007
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)
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57,106
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|
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40,858
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|
656
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|
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(5.266
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)
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36,248
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Ginnie Mae
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37,660
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|
706
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(2,396
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)
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35,970
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30,530
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|
738
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(3,044
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)
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28,224
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Total Agency IOs
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141,941
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2,258
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(12,590
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)
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131,609
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109,413
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1,486
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(11,527
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)
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99,372
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Total Agency RMBS
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919,116
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|
2,353
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|
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|
(44,595
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)
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876,874
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|
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|
1,010,865
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|
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|
3,676
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|
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|
(13,302
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)
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|
1,001,239
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Non-Agency RMBS
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|
2,413
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|
136
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|
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|
(188
|
)
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2,361
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|
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|
3,291
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|
|
|
—
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|
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(604
|
)
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|
2,687
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|
CLOs
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|
18,478
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|
|
14,730
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|
|
|
—
|
|
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|
33,208
|
|
|
|
13,495
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|
|
|
17,290
|
|
|
|
—
|
|
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|
30,785
|
|
|
Total investment securities available for sale
|
|
$
|
940,007
|
|
|
$
|
17,219
|
|
|
$
|
(44,783
|
)
|
|
$
|
912,443
|
|
|
$
|
1,027,651
|
|
|
$
|
20,966
|
|
|
$
|
(13,906
|
)
|
|
$
|
1,034,711
|
|
|
|
|
|
|
|
|
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|
|
|
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|
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|
|
|
|
|
|
|
|
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|
|
|
|
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|
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|
CMBS
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$
|
74,314
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|
|
$
|
18,264
|
|
|
$
|
—
|
|
|
$
|
92,578
|
|
|
$
|
68,426
|
|
|
$
|
3,006
|
|
|
$
|
(273
|
)
|
|
$
|
71,159
|
|
|
Total investment securities available for sale held in securitization trusts
|
|
$
|
74,314
|
|
|
$
|
18,264
|
|
|
$
|
—
|
|
|
$
|
92,578
|
|
|
$
|
68,426
|
|
|
$
|
3,006
|
|
|
$
|
(273
|
)
|
|
$
|
71,159
|
|
(1) Included in investment securities available for sale as of December 31, 2013 and 2012 are Agency IOs. Agency IOs are measured at fair value through earnings.
During the year ended December 31, 2013, the Company received total proceeds of approximately $1.3 million, realizing approximately $0.1 million of net gains from the sale of investment securities available for sale. During the year ended December 31, 2012, the Company received total proceeds of approximately $50.6 million, realizing approximately $0.5 million of net gains from the sale of investment securities available for sale. During the year ended December 31, 2011, the Company received total proceeds of approximately $20.8 million, realizing approximately $5.0 million of net gains from the sale of investment securities available for sale.
Actual maturities of our available for sale securities are generally shorter than stated contractual maturities (which range up to 30 years), as they are affected by the contractual lives of the underlying mortgages, periodic payments and prepayments of principal. As of December 31, 2013 and 2012, based on management’s estimates, the weighted average life of the Company’s available for sale securities portfolio was approximately 7.03 years and 4.83 years, respectively.
The following tables set forth the stated reset periods of our investment securities available for sale and investment securities available for sale held in securitization trusts at December 31, 2013 and December 31, 2012 at carrying value (dollar amounts in thousands):
|
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|
December 31, 2013
|
|
|
December 31, 2012
|
|
|
|
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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
|
|
$
|
97,385
|
|
|
$
|
14,823
|
|
|
$
|
764,666
|
|
|
$
|
876,874
|
|
|
$
|
91,633
|
|
|
$
|
15,559
|
|
|
$
|
894,047
|
|
|
$
|
1,001,239
|
|
|
Non-Agency RMBS
|
|
|
2,361
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,361
|
|
|
|
2,687
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,687
|
|
|
CLOs
|
|
|
33,208
|
|
|
|
—
|
|
|
|
—
|
|
|
|
33,208
|
|
|
|
30,785
|
|
|
|
—
|
|
|
|
—
|
|
|
|
30,785
|
|
|
Total investment securities available for sale
|
|
$
|
132,954
|
|
|
$
|
14,823
|
|
|
$
|
764,666
|
|
|
$
|
912,443
|
|
|
$
|
125,105
|
|
|
$
|
15,559
|
|
|
$
|
894,047
|
|
|
$
|
1,034,711
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CMBS
|
|
$
|
28,232
|
|
|
$
|
—
|
|
|
$
|
64,346
|
|
|
$
|
92,578
|
|
|
$
|
22,215
|
|
|
$
|
—
|
|
|
$
|
48,944
|
|
|
$
|
71,159
|
|
|
Total investment securities available for sale held in securitization trusts
|
|
$
|
28,232
|
|
|
$
|
—
|
|
|
$
|
64,346
|
|
|
$
|
92,578
|
|
|
$
|
22,215
|
|
|
$
|
—
|
|
|
$
|
48,944
|
|
|
$
|
71,159
|
|
The following tables present the Company's investment securities available for sale and investment securities available for sale held in securitization trusts 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, 2013 (dollar amounts in thousands):
|
December 31, 2013
|
|
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
|
|
$
|
332,519
|
|
|
$
|
(11,423
|
)
|
|
$
|
398,325
|
|
|
$
|
(20,582
|
)
|
|
$
|
730,844
|
|
|
$
|
(32,005
|
)
|
|
Non-Agency RMBS
|
|
|
—
|
|
|
|
—
|
|
|
|
1,104
|
|
|
|
(188
|
)
|
|
|
1,104
|
|
|
|
(188
|
)
|
|
Total investment securities available for sale
|
|
$
|
332,519
|
|
|
$
|
(11,423
|
)
|
|
$
|
399,429
|
|
|
$
|
(20,770
|
)
|
|
$
|
731,948
|
|
|
$
|
(32,193
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CMBS
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Total investment securities available for sale held in securitization trusts
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
The following tables present the Company's investment securities available for sale and investment securities available for sale held in securitization trusts 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, 2012 (dollar amounts in thousands):
|
December 31, 2012
|
|
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
|
|
$
|
513,731
|
|
|
$
|
(1,749
|
)
|
|
$
|
6,158
|
|
|
$
|
(26
|
)
|
|
$
|
519,889
|
|
|
$
|
(1,775
|
)
|
|
Non-Agency RMBS
|
|
|
—
|
|
|
|
—
|
|
|
|
2,687
|
|
|
|
(604
|
)
|
|
|
2,687
|
|
|
|
(604
|
)
|
|
Total investment securities available for sale
|
|
$
|
513,731
|
|
|
$
|
(1,749
|
)
|
|
$
|
8,845
|
|
|
$
|
(630
|
)
|
|
$
|
522,576
|
|
|
$
|
(2,379
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CMBS
|
|
$
|
16,357
|
|
|
$
|
(273
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
16,357
|
|
|
$
|
(273
|
)
|
|
Total investment securities available for sale held in securitization trusts
|
|
$
|
16,357
|
|
|
$
|
(273
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
16,357
|
|
|
$
|
(273
|
)
|
For the year ended December 31, 2013 and December 31, 2011, the Company recognized $0.2 million and $0.3 million in other-than-temporary impairment through earnings, respectively. For the year ended December 31, 2012, the Company did not have unrealized losses in investment securities that were deemed other-than-temporary.
|