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Investment Securities (Tables)
 9 Months Ended
Sep. 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:
 
September 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
$
375,357

 
$
4,569

 
$
(2,385
)
 
$
377,541

 
$
499,185

 
$
6,222

 
$
(2,964
)
 
$
502,443

Agency CMOs
175,429

 
1,655

 
(1,134
)
 
175,950

 
145,258

 
1,528

 
(497
)
 
146,289

Private label CMOs
131,149

 
4,001

 
(600
)
 
134,550

 
122,707

 
4,199

 
(1,437
)
 
125,469

Municipal securities
1,501,196

 
49,362

 
(1,408
)
 
1,549,150

 
1,447,064

 
15,406

 
(6,011
)
 
1,456,459

Agency commercial MBS
996,963

 
5,764

 
(6,813
)
 
995,914

 
555,552

 
1,798

 
(9,658
)
 
547,692

Corporate debt securities
17,000

 
2,125

 
—

 
19,125

 
47,100

 
680

 
(271
)
 
47,509

Collateralized loan obligations
19,119

 
66

 
(9
)
 
19,176

 
155,440

 
1,685

 
(238
)
 
156,887

SBA securities
166,949

 
1,363

 
(284
)
 
168,028

 
179,085

 
510

 
(750
)
 
178,845

Asset-backed and other securities
92,345

 
804

 
(353
)
 
92,796

 
62,264

 
358

 
(385
)
 
62,237

Total
$
3,475,507

 
$
69,709

 
$
(12,986
)
 
$
3,532,230

 
$
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:
 
September 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
$
52,840

 
$
(271
)
 
$
127,695

 
$
(2,114
)
 
$
180,535

 
$
(2,385
)
Agency CMOs
55,606

 
(891
)
 
18,436

 
(243
)
 
74,042

 
(1,134
)
Private label CMOs
45,494

 
(386
)
 
18,080

 
(214
)
 
63,574

 
(600
)
Municipal securities
78,784

 
(329
)
 
29,203

 
(1,079
)
 
107,987

 
(1,408
)
Agency commercial MBS
338,883

 
(2,920
)
 
106,766

 
(3,893
)
 
445,649

 
(6,813
)
Collateralized loan obligations
7,162

 
(9
)
 
—

 
—

 
7,162

 
(9
)
SBA securities
42,963

 
(284
)
 
—

 
—

 
42,963

 
(284
)
Asset-backed and other securities
39,723

 
(295
)
 
8,162

 
(58
)
 
47,885

 
(353
)
Total
$
661,455

 
$
(5,385
)
 
$
308,342

 
$
(7,601
)
 
$
969,797

 
$
(12,986
)


 
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:
 
September 30, 2017
 
Amortized
 
Fair
Maturity
Cost
 
Value
 
(In thousands)
Due in one year or less
$
17,879

 
$
18,352

Due after one year through five years
326,552

 
331,164

Due after five years through ten years
962,429

 
969,431

Due after ten years
2,168,647

 
2,213,283

Total securities available-for-sale
$
3,475,507

 
$
3,532,230
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,
 
2017
 
2017
 
2016
 
2017
 
2016
 
(In thousands)
Taxable interest
$
13,576

 
$
13,515

 
$
11,446

 
$
39,257

 
$
34,248

Non-taxable interest
10,795

 
10,750

 
10,333

 
31,926

 
31,562

Dividend income
391

 
424

 
408

 
1,307

 
1,344

Total interest income on investment securities
$
24,762

 
$
24,689

 
$
22,187

 
$
72,490

 
$
67,154