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Investment Securities (Tables)
 9 Months Ended
Sep. 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:
 
September 30, 2015
 
December 31, 2014
 
 
 
Gross
 
Gross
 
 
 
 
 
Gross
 
Gross
 
 
 
Amortized
 
Unrealized
 
Unrealized
 
Fair
 
Amortized
 
Unrealized
 
Unrealized
 
Fair
Security Type:
Cost
 
Gains
 
Losses
 
Value
 
Cost
 
Gains
 
Losses
 
Value
 
(In thousands)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government agency and
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
government-sponsored enterprise
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
pass-through securities
$
391,904

 
$
15,890

 
$
(196
)
 
$
407,598

 
$
515,902

 
$
20,142

 
$
(372
)
 
$
535,672

Government agency and
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
government-sponsored enterprise
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
collateralized mortgage obligations
206,380

 
5,460

 
(421
)
 
211,419

 
275,513

 
3,513

 
(1,080
)
 
277,946

Covered private label collateralized
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
mortgage obligations
24,914

 
6,222

 
(110
)
 
31,026

 
26,889

 
7,153

 
(95
)
 
33,947

Other private label collateralized
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
mortgage obligations
7,258

 
44

 
(40
)
 
7,262

 
10,961

 
46

 
(93
)
 
10,914

Municipal securities
844,782

 
18,057

 
(4,002
)
 
858,837

 
521,499

 
15,899

 
(1,282
)
 
536,116

Corporate debt securities
47,380

 
139

 
(123
)
 
47,396

 
110,074

 
597

 
(562
)
 
110,109

Collateralized loan obligations
133,159

 
316

 
(1,158
)
 
132,317

 
—

 
—

 
—

 
—

SBA loan pool securities
51,153

 
395

 
—

 
51,548

 
—

 
—

 
—

 
—

Government-sponsored enterprise debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
securities
36,284

 
1,240

 
—

 
37,524

 
36,232

 
525

 
—

 
36,757

Other securities
24,972

 
2

 
(537
)
 
24,437

 
25,801

 
33

 
(118
)
 
25,716

Total
$
1,768,186

 
$
47,765

 
$
(6,587
)
 
$
1,809,364

 
$
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:
 
September 30, 2015
 
Less Than 12 Months
 
12 Months or More
 
Total
 
 
 
Gross
 
 
 
Gross
 
 
 
Gross
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
Fair
 
Unrealized
Security Type:
Value
 
Losses
 
Value
 
Losses
 
Value
 
Losses
 
(In thousands)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
Government agency and government-
 
 
 
 
 
 
 
 
 
 
 
sponsored enterprise pass-through
 
 
 
 
 
 
 
 
 
 
 
securities
$
17,968

 
$
(95
)
 
$
9,552

 
$
(101
)
 
$
27,520

 
$
(196
)
Government agency and government-
 
 
 
 
 
 
 
 
 
 
 
sponsored enterprise collateralized
 
 
 
 
 
 
 
 
 
 
 
mortgage obligations
—

 
—

 
14,444

 
(421
)
 
14,444

 
(421
)
Covered private label collateralized
 
 
 
 
 
 
 
 
 
 
 
mortgage obligations
1,111

 
(44
)
 
589

 
(66
)
 
1,700

 
(110
)
Other private label collateralized
 
 
 
 
 
 
 
 
 
 
 
mortgage obligations
1,296

 
(2
)
 
1,099

 
(38
)
 
2,395

 
(40
)
Municipal securities
238,631

 
(3,988
)
 
529

 
(14
)
 
239,160

 
(4,002
)
Corporate debt securities
23,013

 
(105
)
 
2,278

 
(18
)
 
25,291

 
(123
)
Collateralized loan obligations
103,409

 
(1,158
)
 
—

 
—

 
103,409

 
(1,158
)
Other securities
5,635

 
(102
)
 
16,114

 
(435
)
 
21,749

 
(537
)
     Total
$
391,063

 
$
(5,494
)
 
$
44,605

 
$
(1,093
)
 
$
435,668

 
$
(6,587
)

 
December 31, 2014
 
Less Than 12 Months
 
12 Months or More
 
Total
 
 
 
Gross
 
 
 
Gross
 
 
 
Gross
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
Fair
 
Unrealized
Security Type:
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:
 
September 30, 2015
 
Amortized
 
Fair
Maturity:
Cost
 
Value
 
(In thousands)
Due in one year or less
$
9,304

 
$
9,373

Due after one year through five years
104,445

 
106,653

Due after five years through ten years
310,318

 
321,663

Due after ten years
1,344,119

 
1,371,675

Total securities available-for-sale
$
1,768,186

 
$
1,809,364
Investment Income
The following table presents the composition of our interest income on investment securities for the periods indicated:
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
June 30,
 
September 30,
 
September 30,
 
2015
 
2015
 
2014
 
2015
 
2014
 
(In thousands)
Taxable interest
$
7,323

 
$
7,577

 
$
7,850

 
$
22,373

 
$
22,438

Non-taxable interest
6,058

 
4,808

 
3,343

 
14,760

 
10,004

Dividend income
574

 
2,185

 
1,138

 
3,587

 
2,698

Total interest income on investment securities
$
13,955

 
$
14,570

 
$
12,331

 
$
40,720

 
$
35,140