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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2017
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 fair values of securities available-for-sale as of the dates indicated:
 
June 30, 2017
 
December 31, 2016
 
 
 
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 MBS and CMOs:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency MBS
$
402,654

 
$
4,318

 
$
(2,652
)
 
$
404,320

 
$
499,185

 
$
6,222

 
$
(2,964
)
 
$
502,443

Agency CMOs
132,494

 
1,698

 
(400
)
 
133,792

 
145,258

 
1,528

 
(497
)
 
146,289

Private label CMOs
157,187

 
3,372

 
(858
)
 
159,701

 
122,707

 
4,199

 
(1,437
)
 
125,469

Municipal securities
1,492,834

 
43,688

 
(1,968
)
 
1,534,554

 
1,447,064

 
15,406

 
(6,011
)
 
1,456,459

Agency commercial MBS
919,696

 
5,656

 
(7,142
)
 
918,210

 
555,552

 
1,798

 
(9,658
)
 
547,692

Corporate debt securities
17,000

 
2,185

 
—

 
19,185

 
47,100

 
680

 
(271
)
 
47,509

Collateralized loan obligations
65,521

 
820

 
(40
)
 
66,301

 
155,440

 
1,685

 
(238
)
 
156,887

SBA securities
177,171

 
1,112

 
(227
)
 
178,056

 
179,085

 
510

 
(750
)
 
178,845

Asset-backed and other securities
59,856

 
685

 
(100
)
 
60,441

 
62,264

 
358

 
(385
)
 
62,237

Total
$
3,424,413

 
$
63,534

 
$
(13,387
)
 
$
3,474,560

 
$
3,213,655

 
$
32,386

 
$
(22,211
)
 
$
3,223,830
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, 2017
 
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
$
87,541

 
$
(802
)
 
$
118,268

 
$
(1,850
)
 
$
205,809

 
$
(2,652
)
Agency CMOs
20,041

 
(259
)
 
11,446

 
(141
)
 
31,487

 
(400
)
Private label CMOs
63,938

 
(588
)
 
21,851

 
(270
)
 
85,789

 
(858
)
Municipal securities
97,296

 
(1,968
)
 
—

 
—

 
97,296

 
(1,968
)
Agency commercial MBS
304,470

 
(5,643
)
 
48,714

 
(1,499
)
 
353,184

 
(7,142
)
Collateralized loan obligations
9,662

 
(13
)
 
6,930

 
(27
)
 
16,592

 
(40
)
SBA securities
55,951

 
(227
)
 
—

 
—

 
55,951

 
(227
)
Asset-backed and other securities
7,208

 
(73
)
 
5,958

 
(27
)
 
13,166

 
(100
)
Total
$
646,107

 
$
(9,573
)
 
$
213,167

 
$
(3,814
)
 
$
859,274

 
$
(13,387
)


 
December 31, 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
$
149,281

 
$
(1,691
)
 
$
122,902

 
$
(1,273
)
 
$
272,183

 
$
(2,964
)
Agency CMOs
44,111

 
(416
)
 
25,316

 
(81
)
 
69,427

 
(497
)
Private label CMOs
49,067

 
(906
)
 
30,155

 
(531
)
 
79,222

 
(1,437
)
Municipal securities
644,424

 
(6,011
)
 
—

 
—

 
644,424

 
(6,011
)
Agency commercial MBS
349,550

 
(9,658
)
 
—

 
—

 
349,550

 
(9,658
)
Corporate debt securities
29,829

 
(271
)
 
—

 
—

 
29,829

 
(271
)
Collateralized loan obligations
12,450

 
(37
)
 
39,231

 
(201
)
 
51,681

 
(238
)
SBA securities
69,293

 
(407
)
 
39,024

 
(343
)
 
108,317

 
(750
)
Asset-backed and other securities
18,213

 
(309
)
 
7,851

 
(76
)
 
26,064

 
(385
)
Total
$
1,366,218

 
$
(19,706
)
 
$
264,479

 
$
(2,505
)
 
$
1,630,697

 
$
(22,211
)
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:
 
June 30, 2017
 
Amortized
 
Fair
Maturity
Cost
 
Value
 
(In thousands)
Due in one year or less
$
12,649

 
$
12,997

Due after one year through five years
255,563

 
259,332

Due after five years through ten years
1,005,595

 
1,013,932

Due after ten years
2,150,606

 
2,188,299

Total securities available-for-sale
$
3,424,413

 
$
3,474,560
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,
 
2017
 
2017
 
2016
 
2017
 
2016
 
(In thousands)
Taxable interest
$
13,517

 
$
12,166

 
$
11,406

 
$
25,683

 
$
22,802

Non-taxable interest
10,750

 
10,381

 
10,503

 
21,131

 
21,229

Dividend income
422

 
492

 
511

 
914

 
936

Total interest income on investment securities
$
24,689

 
$
23,039

 
$
22,420

 
$
47,728

 
$
44,967