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Investments (Tables)
 9 Months Ended
Sep. 30, 2014
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-sale Securities Reconciliation
The following table presents amortized cost, gross unrealized gains and losses, and carrying values of securities available-for-sale. As of September 30, 2014 and December 31, 2013, our investment securities, available-for-sale were as follows:
 
September 30, 2014
 
December 31, 2013
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
 
(In thousands)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government agency and
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
government-sponsored enterprise
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
pass through securities
$
537,969

 
$
17,917

 
$
(799
)
 
$
555,087

 
$
691,944

 
$
18,012

 
$
(2,768
)
 
$
707,188

Government agency and
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
government-sponsored enterprise
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
collateralized mortgage obligations
280,820

 
1,456

 
(2,485
)
 
279,791

 
197,069

 
388

 
(4,584
)
 
192,873

Covered private label collateralized
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
mortgage obligations
27,830

 
7,568

 
(89
)
 
35,309

 
30,502

 
7,552

 
(150
)
 
37,904

Other private label collateralized
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
mortgage obligations
12,563

 
35

 
(5
)
 
12,593

 
—

 
—

 
—

 
—

Municipal securities
473,426

 
12,212

 
(3,211
)
 
482,427

 
459,182

 
1,749

 
(24,273
)
 
436,658

Corporate debt securities
110,032

 
2,139

 
(28
)
 
112,143

 
84,119

 
71

 
(1,483
)
 
82,707

Government-sponsored enterprise debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
securities
36,214

 
168

 
—

 
36,382

 
10,046

 
—

 
(174
)
 
9,872

Other securities
26,044

 
33

 
(128
)
 
25,949

 
27,654

 
2

 
(113
)
 
27,543

Total
$
1,504,898

 
$
41,528

 
$
(6,745
)
 
$
1,539,681

 
$
1,500,516

 
$
27,774

 
$
(33,545
)
 
$
1,494,745
Unrealized losses on investment securities
Unrealized Losses on Investment Securities
As of September 30, 2014 and December 31, 2013, the gross unrealized losses and fair values of investment securities that were in unrealized loss positions, for which other-than-temporary impairments have not been recognized in earnings, were as follows:
 
September 30, 2014
 
Less Than 12 Months
 
12 Months or More
 
Total
 
Fair Value
 
Gross Unrealized Losses
 
Fair Value
 
Gross Unrealized Losses
 
Fair Value
 
Gross Unrealized Losses
 
(In thousands)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
Government agency and government-
 
 
 
 
 
 
 
 
 
 
 
sponsored enterprise pass through
 
 
 
 
 
 
 
 
 
 
 
securities
$
38,316

 
$
(191
)
 
$
27,894

 
$
(608
)
 
$
66,210

 
$
(799
)
Government agency and government-
 
 
 
 
 
 
 
 
 
 
 
sponsored enterprise collateralized
 
 
 
 
 
 
 
 
 
 
 
mortgage obligations
159,329

 
(967
)
 
42,340

 
(1,518
)
 
201,669

 
(2,485
)
Covered private label collateralized
 
 
 
 
 
 
 
 
 
 
 
mortgage obligations
—

 
—

 
1,050

 
(89
)
 
1,050

 
(89
)
Other private label collateralized
 
 
 
 
 
 
 
 
 
 
 
mortgage obligations
893

 
(5
)
 
—

 
—

 
893

 
(5
)
Municipal securities
18,058

 
(75
)
 
133,602

 
(3,136
)
 
151,660

 
(3,211
)
Corporate debt securities
—

 
—

 
12,971

 
(28
)
 
12,971

 
(28
)
securities
—

 
—

 
—

 
—

 
—

 
—

Other securities
6,427

 
(108
)
 
10,030

 
(20
)
 
16,457

 
(128
)
     Total
$
223,023

 
$
(1,346
)
 
$
227,887

 
$
(5,399
)
 
$
450,910

 
$
(6,745
)

 
December 31, 2013
 
Less Than 12 Months
 
12 Months or More
 
Total
 
Fair Value
 
Gross Unrealized Losses
 
Fair Value
 
Gross Unrealized Losses
 
Fair Value
 
Gross Unrealized Losses
 
(In thousands)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Government agency and government-
 
 
 
 
 
 
 
 
 
 
 
sponsored enterprise pass through
 
 
 
 
 
 
 
 
 
 
 
securities
$
148,662

 
$
(2,767
)
 
$
32

 
$
(1
)
 
$
148,694

 
$
(2,768
)
Government agency and government-
 
 
 
 
 
 
 
 
 
 
 
sponsored enterprise collateralized
 
 
 
 
 
 
 
 
 
 
 
mortgage obligations
179,938

 
(4,486
)
 
4,383

 
(98
)
 
184,321

 
(4,584
)
Covered private label collateralized
 
 
 
 
 
 
 
 
 
 
 
mortgage obligations
1,640

 
(60
)
 
617

 
(90
)
 
2,257

 
(150
)
Municipal securities
337,208

 
(24,273
)
 
—

 
—

 
337,208

 
(24,273
)
Corporate debt securities
72,636

 
(1,483
)
 
—

 
—

 
72,636

 
(1,483
)
Government-sponsored enterprise debt
 
 
 
 
 
 
 
 
 
 
 
securities
9,872

 
(174
)
 
—

 
—

 
9,872

 
(174
)
Other securities
23,969

 
(113
)
 
—

 
—

 
23,969

 
(113
)
Total
$
773,925

 
$
(33,356
)
 
$
5,032

 
$
(189
)
 
$
778,957

 
$
(33,545
)
Investments Classified by Contractual Maturity Date
The following table presents the contractual maturities of our available-for-sale securities portfolio based on amortized cost and carrying value as of the date indicated.
 
September 30, 2014
 
Amortized Cost
 
Estimated Fair Value
 
(In thousands)
Due in one year or less
$
4,386

 
$
4,422

Due after one year through five years
85,057

 
85,209

Due after five years through ten years
249,748

 
252,685

Due after ten years
1,165,707

 
1,197,365

Total securities available-for-sale
$
1,504,898

 
$
1,539,681
Investment Income
The following table presents the composition of our interest income on investment securities:
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
June 30,
 
September 30,
 
September 30,
 
2014
 
2014
 
2013
 
2014
 
2013
 
(In thousands)
Taxable interest
$
7,850

 
$
7,668

 
$
6,028

 
$
22,438

 
$
16,979

Non-taxable interest
3,343

 
3,333

 
3,302

 
10,004

 
8,443

Dividend income
1,138

 
985

 
541

 
2,698

 
1,079

Total interest income on investment securities
$
12,331

 
$
11,986

 
$
9,871

 
$
35,140

 
$
26,501