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Investments (Tables)
 6 Months Ended
Jun. 30, 2015
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 the dates indicated:
 
June 30, 2015
 
December 31, 2014
 
 
 
Gross
 
Gross
 
 
 
 
 
Gross
 
Gross
 
 
 
Amortized
 
Unrealized
 
Unrealized
 
 
 
Amortized
 
Unrealized
 
Unrealized
 
 
 
Cost
 
Gains
 
Losses
 
Fair Value
 
Cost
 
Gains
 
Losses
 
Fair Value
 
(In thousands)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government agency and
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
government-sponsored enterprise
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
pass-through securities
$
411,842

 
$
15,282

 
$
(250
)
 
$
426,874

 
$
515,902

 
$
20,142

 
$
(372
)
 
$
535,672

Government agency and
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
government-sponsored enterprise
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
collateralized mortgage obligations
262,222

 
4,443

 
(766
)
 
265,899

 
275,513

 
3,513

 
(1,080
)
 
277,946

Covered private label collateralized
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
mortgage obligations
25,835

 
6,573

 
(85
)
 
32,323

 
26,889

 
7,153

 
(95
)
 
33,947

Other private label collateralized
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
mortgage obligations
8,025

 
43

 
(43
)
 
8,025

 
10,961

 
46

 
(93
)
 
10,914

Municipal securities
720,835

 
10,358

 
(9,637
)
 
721,556

 
521,499

 
15,899

 
(1,282
)
 
536,116

Corporate debt securities
47,438

 
343

 
(371
)
 
47,410

 
110,074

 
597

 
(562
)
 
110,109

Collateralized loan obligations
133,128

 
1,067

 
(288
)
 
133,907

 
—

 
—

 
—

 
—

Government-sponsored enterprise debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
securities
36,267

 
813

 
—

 
37,080

 
36,232

 
525

 
—

 
36,757

Other securities
25,199

 
2

 
(117
)
 
25,084

 
25,801

 
33

 
(118
)
 
25,716

Total
$
1,670,791

 
$
38,924

 
$
(11,557
)
 
$
1,698,158

 
$
1,522,871

 
$
47,908

 
$
(3,602
)
 
$
1,567,177
Unrealized losses on investment securities
Losses on Securities Available-for-Sale
The following tables present the gross unrealized losses and fair values of securities available-for-sale that were in unrealized loss positions, for which other-than-temporary impairments have not been recognized in earnings, as of the dates indicated:
 
June 30, 2015
 
Less Than 12 Months
 
12 Months or More
 
Total
 
 
 
Gross
 
 
 
Gross
 
 
 
Gross
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
Value
 
Losses
 
Value
 
Losses
 
Value
 
Losses
 
(In thousands)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
Government agency and government-
 
 
 
 
 
 
 
 
 
 
 
sponsored enterprise pass-through
 
 
 
 
 
 
 
 
 
 
 
securities
$
4,952

 
$
(92
)
 
$
9,707

 
$
(158
)
 
$
14,659

 
$
(250
)
Government agency and government-
 
 
 
 
 
 
 
 
 
 
 
sponsored enterprise collateralized
 
 
 
 
 
 
 
 
 
 
 
mortgage obligations
21,528

 
(51
)
 
14,145

 
(715
)
 
35,673

 
(766
)
Covered private label collateralized
 
 
 
 
 
 
 
 
 
 
 
mortgage obligations
1,126

 
(27
)
 
626

 
(58
)
 
1,752

 
(85
)
Other private label collateralized
 
 
 
 
 
 
 
 
 
 
 
mortgage obligations
2,188

 
(39
)
 
428

 
(4
)
 
2,616

 
(43
)
Municipal securities
344,761

 
(7,998
)
 
38,651

 
(1,639
)
 
383,412

 
(9,637
)
Corporate debt securities
25,104

 
(371
)
 
—

 
—

 
25,104

 
(371
)
Collateralized loan obligations
39,184

 
(288
)
 
—

 
—

 
39,184

 
(288
)
Other securities
12,366

 
(112
)
 
10,035

 
(5
)
 
22,401

 
(117
)
     Total
$
451,209

 
$
(8,978
)
 
$
73,592

 
$
(2,579
)
 
$
524,801

 
$
(11,557
)

 
December 31, 2014
 
Less Than 12 Months
 
12 Months or More
 
Total
 
 
 
Gross
 
 
 
Gross
 
 
 
Gross
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
Value
 
Losses
 
Value
 
Losses
 
Value
 
Losses
 
(In thousands)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Government agency and government-
 
 
 
 
 
 
 
 
 
 
 
sponsored enterprise pass-through
 
 
 
 
 
 
 
 
 
 
 
securities
$
10,711

 
$
(13
)
 
$
27,100

 
$
(359
)
 
$
37,811

 
$
(372
)
Government agency and government-
 
 
 
 
 
 
 
 
 
 
 
sponsored enterprise collateralized
 
 
 
 
 
 
 
 
 
 
 
mortgage obligations
23,908

 
(73
)
 
40,652

 
(1,007
)
 
64,560

 
(1,080
)
Covered private label collateralized
 
 
 
 
 
 
 
 
 
 
 
mortgage obligations
—

 
—

 
1,000

 
(95
)
 
1,000

 
(95
)
Other private label collateralized
 
 
 
 
 
 
 
 
 
 
 
mortgage obligations
1,618

 
(93
)
 
—

 
—

 
1,618

 
(93
)
Municipal securities
11,854

 
(66
)
 
84,822

 
(1,216
)
 
96,676

 
(1,282
)
Corporate debt securities
52,071

 
(547
)
 
10,131

 
(15
)
 
62,202

 
(562
)
Other securities
6,440

 
(90
)
 
10,019

 
(28
)
 
16,459

 
(118
)
Total
$
106,602

 
$
(882
)
 
$
173,724

 
$
(2,720
)
 
$
280,326

 
$
(3,602
)
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:
 
June 30, 2015
 
Amortized
 
Fair
 
Cost
 
Value
 
(In thousands)
Due in one year or less
$
5,783

 
$
5,810

Due after one year through five years
106,649

 
108,045

Due after five years through ten years
282,802

 
291,215

Due after ten years
1,275,557

 
1,293,088

Total securities available-for-sale
$
1,670,791

 
$
1,698,158
Investment Income
The following table presents the composition of our interest income on investment securities for the periods indicated:
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
March 31,
 
June 30,
 
June 30,
 
2015
 
2015
 
2014
 
2015
 
2014
 
(In thousands)
Taxable interest
$
7,577

 
$
7,473

 
$
7,668

 
$
15,050

 
$
14,584

Non-taxable interest
4,808

 
3,894

 
3,333

 
8,702

 
6,661

Dividend income
2,185

 
828

 
985

 
3,013

 
1,564

Total interest income on investment securities
$
14,570

 
$
12,195

 
$
11,986

 
$
26,765

 
$
22,809