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Investment Securities (Tables)
 9 Months Ended
Sep. 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:
 
September 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 ("MBS") and collateralized
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
mortgage obligations ("CMOs"):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency MBS
$
518,996

 
$
10,639

 
$
(694
)
 
$
528,941

 
$
660,069

 
$
11,517

 
$
(3,746
)
 
$
667,840

Agency CMOs
154,216

 
3,196

 
(181
)
 
157,231

 
193,148

 
2,633

 
(1,026
)
 
194,755

Private label CMOs
133,917

 
5,377

 
(669
)
 
138,625

 
140,065

 
5,837

 
(1,106
)
 
144,796

Municipal securities
1,437,952

 
84,571

 
(29
)
 
1,522,494

 
1,508,968

 
39,435

 
(1,072
)
 
1,547,331

Agency commercial MBS
517,163

 
15,299

 
(1,189
)
 
531,273

 
392,729

 
1,509

 
(2,797
)
 
391,441

Corporate debt securities
47,155

 
1,856

 
—

 
49,011

 
49,047

 
327

 
(950
)
 
48,424

Collateralized loan obligations
155,373

 
1,511

 
(237
)
 
156,647

 
133,192

 
128

 
(1,131
)
 
132,189

SBA securities
185,639

 
1,909

 
(248
)
 
187,300

 
211,946

 
41

 
(830
)
 
211,157

US Treasury securities
—

 
—

 
—

 
—

 
70,196

 
—

 
(816
)
 
69,380

Agency debt securities
—

 
—

 
—

 
—

 
36,302

 
611

 
—

 
36,913

Asset-backed and other securities
69,189

 
722

 
(98
)
 
69,813

 
116,723

 
119

 
(1,631
)
 
115,211

Total
$
3,219,600

 
$
125,080

 
$
(3,345
)
 
$
3,341,335

 
$
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:
 
September 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 MBS and CMOs:
 
 
 
 
 
 
 
 
 
 
Agency MBS
$
33,817

 
$
(100
)
 
$
130,786

 
$
(594
)
 
$
164,603

 
$
(694
)
Agency CMOs
18,893

 
(95
)
 
26,476

 
(86
)
 
45,369

 
(181
)
Private label CMOs
14,552

 
(98
)
 
29,058

 
(571
)
 
43,610

 
(669
)
Municipal securities
5,338

 
(29
)
 
—

 
—

 
5,338

 
(29
)
Agency commercial MBS
77,706

 
(1,189
)
 
—

 
—

 
77,706

 
(1,189
)
Collateralized loan obligations
2,506

 
(5
)
 
39,197

 
(232
)
 
41,703

 
(237
)
SBA securities
2,956

 
(9
)
 
39,842

 
(239
)
 
42,798

 
(248
)
Asset-backed and other securities
5

 
(2
)
 
14,974

 
(96
)
 
14,979

 
(98
)
     Total
$
155,773

 
$
(1,527
)
 
$
280,333

 
$
(1,818
)
 
$
436,106

 
$
(3,345
)

 
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 MBS and CMOs:
 
 
 
 
 
 
 
 
 
 
Agency MBS
$
352,042

 
$
(3,480
)
 
$
9,342

 
$
(266
)
 
$
361,384

 
$
(3,746
)
Agency CMOs
117,786

 
(1,026
)
 
—

 
—

 
117,786

 
(1,026
)
Private label CMOs
93,533

 
(1,000
)
 
1,638

 
(106
)
 
95,171

 
(1,106
)
Municipal securities
126,892

 
(1,061
)
 
531

 
(11
)
 
127,423

 
(1,072
)
Agency commercial MBS
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 securities available-for-sale portfolio based on amortized cost and carrying value as of the date indicated:
 
September 30, 2016
 
Amortized
 
Fair
Maturity:
Cost
 
Value
 
(In thousands)
Due in one year or less
$
8,352

 
$
8,562

Due after one year through five years
252,427

 
259,096

Due after five years through ten years
714,467

 
738,034

Due after ten years
2,244,354

 
2,335,643

Total securities available-for-sale
$
3,219,600

 
$
3,341,335
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,
 
2016
 
2016
 
2015
 
2016
 
2015
 
(In thousands)
Taxable interest
$
11,446

 
$
11,406

 
$
7,323

 
$
34,248

 
$
22,373

Non-taxable interest
10,333

 
10,503

 
6,058

 
31,562

 
14,760

Dividend income
408

 
511

 
574

 
1,344

 
3,587

Total interest income on investment securities
$
22,187

 
$
22,420

 
$
13,955

 
$
67,154

 
$
40,720