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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2016
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, 2016
 
December 31, 2015
 
 
 
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
$
509,895

 
$
11,108

 
$
(484
)
 
$
520,519

 
$
660,069

 
$
11,517

 
$
(3,746
)
 
$
667,840

Government agency and
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
government-sponsored enterprise
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
collateralized mortgage obligations
161,207

 
4,158

 
(154
)
 
165,211

 
193,148

 
2,633

 
(1,026
)
 
194,755

Private label collateralized
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
mortgage obligations
144,935

 
5,385

 
(751
)
 
149,569

 
140,065

 
5,837

 
(1,106
)
 
144,796

Municipal securities
1,449,194

 
104,093

 
(1
)
 
1,553,286

 
1,508,968

 
39,435

 
(1,072
)
 
1,547,331

Government agency and
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
government-sponsored enterprise
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
commercial mortgage-backed
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
securities
449,096

 
15,584

 
(281
)
 
464,399

 
392,729

 
1,509

 
(2,797
)
 
391,441

Corporate debt securities
47,218

 
935

 
(1,426
)
 
46,727

 
49,047

 
327

 
(950
)
 
48,424

Collateralized loan obligations
155,309

 
376

 
(1,798
)
 
153,887

 
133,192

 
128

 
(1,131
)
 
132,189

SBA securities
195,621

 
1,977

 
(297
)
 
197,301

 
211,946

 
41

 
(830
)
 
211,157

US Treasury securities
—

 
—

 
—

 
—

 
70,196

 
—

 
(816
)
 
69,380

Government-sponsored enterprise debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
securities
—

 
—

 
—

 
—

 
36,302

 
611

 
—

 
36,913

Asset-backed and other securities
96,910

 
439

 
(702
)
 
96,647

 
116,723

 
119

 
(1,631
)
 
115,211

Total
$
3,209,385

 
$
144,055

 
$
(5,894
)
 
$
3,347,546

 
$
3,512,385

 
$
62,157

 
$
(15,105
)
 
$
3,559,437
Unrealized losses on investment securities
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, 2016
 
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
$
142,069

 
$
(465
)
 
$
4,618

 
$
(19
)
 
$
146,687

 
$
(484
)
Government agency and government-
 
 
 
 
 
 
 
 
 
 
 
sponsored enterprise collateralized
 
 
 
 
 
 
 
 
 
 
 
mortgage obligations
31,379

 
(154
)
 
—

 
—

 
31,379

 
(154
)
Private label collateralized mortgage
 
 
 
 
 
 
 
 
 
 
 
obligations
49,862

 
(534
)
 
3,058

 
(217
)
 
52,920

 
(751
)
Municipal securities
7,465

 
(1
)
 
—

 
—

 
7,465

 
(1
)
Government agency and government-
 
 
 
 
 
 
 
 
 
 
 
sponsored enterprise commercial
 
 
 
 
 
 
 
 
 
 
 
mortgage-backed securities
43,039

 
(281
)
 
—

 
—

 
43,039

 
(281
)
Corporate debt securities
28,792

 
(1,426
)
 
—

 
—

 
28,792

 
(1,426
)
Collateralized loan obligations
58,145

 
(685
)
 
53,825

 
(1,113
)
 
111,970

 
(1,798
)
SBA securities
53,519

 
(297
)
 
—

 
—

 
53,519

 
(297
)
Asset-backed and other securities
41,628

 
(170
)
 
20,993

 
(532
)
 
62,621

 
(702
)
     Total
$
455,898

 
$
(4,013
)
 
$
82,494

 
$
(1,881
)
 
$
538,392

 
$
(5,894
)

 
December 31, 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
$
352,042

 
$
(3,480
)
 
$
9,342

 
$
(266
)
 
$
361,384

 
$
(3,746
)
Government agency and government-
 
 
 
 
 
 
 
 
 
 
 
sponsored enterprise collateralized
 
 
 
 
 
 
 
 
 
 
 
mortgage obligations
117,786

 
(1,026
)
 
—

 
—

 
117,786

 
(1,026
)
Private label collateralized mortgage
 
 
 
 
 
 
 
 
 
 
 
obligations
93,533

 
(1,000
)
 
1,638

 
(106
)
 
95,171

 
(1,106
)
Municipal securities
126,892

 
(1,061
)
 
531

 
(11
)
 
127,423

 
(1,072
)
Government agency and government-
 
 
 
 
 
 
 
 
 
 
 
sponsored enterprise commercial
 
 
 
 
 
 
 
 
 
 
 
mortgage-backed securities
236,098

 
(2,156
)
 
14,230

 
(641
)
 
250,328

 
(2,797
)
US Treasury securities
69,380

 
(816
)
 
—

 
—

 
69,380

 
(816
)
Corporate debt securities
29,379

 
(950
)
 
—

 
—

 
29,379

 
(950
)
Collateralized loan obligations
100,993

 
(1,131
)
 
—

 
—

 
100,993

 
(1,131
)
SBA securities
179,942

 
(830
)
 
—

 
—

 
179,942

 
(830
)
Asset-backed and other securities
71,619

 
(1,182
)
 
16,091

 
(449
)
 
87,710

 
(1,631
)
Total
$
1,377,664

 
$
(13,632
)
 
$
41,832

 
$
(1,473
)
 
$
1,419,496

 
$
(15,105
)
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, 2016
 
Amortized
 
Fair
Maturity:
Cost
 
Value
 
(In thousands)
Due in one year or less
$
14,761

 
$
14,834

Due after one year through five years
230,982

 
235,996

Due after five years through ten years
713,952

 
736,838

Due after ten years
2,249,690

 
2,359,878

Total securities available-for-sale
$
3,209,385

 
$
3,347,546
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,
 
2016
 
2016
 
2015
 
2016
 
2015
 
(In thousands)
Taxable interest
$
11,406

 
$
11,396

 
$
7,577

 
$
22,802

 
$
15,050

Non-taxable interest
10,503

 
10,726

 
4,808

 
21,229

 
8,702

Dividend income
511

 
425

 
2,185

 
936

 
3,013

Total interest income on investment securities
$
22,420

 
$
22,547

 
$
14,570

 
$
44,967

 
$
26,765