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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2018
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, 2018
 
December 31, 2017
 
 
 
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
$
263,915

 
$
2,466

 
$
(2,793
)
 
$
263,588

 
$
243,375

 
$
3,743

 
$
(844
)
 
$
246,274

Agency CMOs
562,970

 
348

 
(8,427
)
 
554,891

 
277,638

 
968

 
(2,897
)
 
275,709

Private label CMOs
101,082

 
2,857

 
(1,703
)
 
102,236

 
122,816

 
3,813

 
(642
)
 
125,987

Municipal securities
1,399,851

 
20,374

 
(8,133
)
 
1,412,092

 
1,627,707

 
53,700

 
(1,339
)
 
1,680,068

Agency commercial MBS
1,131,301

 
—

 
(34,085
)
 
1,097,216

 
1,169,969

 
2,758

 
(8,758
)
 
1,163,969

U.S. Treasury securities
262,558

 
373

 
(590
)
 
262,341

 
—

 
—

 
—

 
—

SBA securities
79,317

 
—

 
(1,966
)
 
77,351

 
160,214

 
695

 
(575
)
 
160,334

Asset-backed securities
71,095

 
—

 
(1,314
)
 
69,781

 
89,425

 
159

 
(874
)
 
88,710

Corporate debt securities
17,000

 
1,292

 
—

 
18,292

 
17,000

 
2,295

 
—

 
19,295

Collateralized loan obligations
—

 
—

 
—

 
—

 
6,960

 
55

 
—

 
7,015

Equity investments (1)
—

 
—

 
—

 
—

 
6,421

 
779

 
(130
)
 
7,070

Total
$
3,889,089

 
$
27,710

 
$
(59,011
)
 
$
3,857,788

 
$
3,721,525

 
$
68,965

 
$
(16,059
)
 
$
3,774,431


____________________________
(1) In connection with our adoption of ASU 2016-01 and ASU 2018-03 on January 1, 2018, we reclassified $7.1 million of equity investments from securities available-for-sale to other assets in the first quarter of 2018. The reclassification was applied prospectively without prior period amounts being restated.
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, 2018
 
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
$
101,684

 
$
(1,697
)
 
$
29,300

 
$
(1,096
)
 
$
130,984

 
$
(2,793
)
Agency CMOs
464,725

 
(7,943
)
 
18,149

 
(484
)
 
482,874

 
(8,427
)
Private label CMOs
80,735

 
(1,672
)
 
4,172

 
(31
)
 
84,907

 
(1,703
)
Municipal securities
344,023

 
(6,238
)
 
30,188

 
(1,895
)
 
374,211

 
(8,133
)
Agency commercial MBS
1,021,518

 
(29,290
)
 
75,698

 
(4,795
)
 
1,097,216

 
(34,085
)
U.S. Treasury securities
147,739

 
(590
)
 
—

 
—

 
147,739

 
(590
)
SBA securities
63,348

 
(1,575
)
 
14,003

 
(391
)
 
77,351

 
(1,966
)
Asset-backed securities
46,299

 
(600
)
 
23,482

 
(714
)
 
69,781

 
(1,314
)
Total
$
2,270,071

 
$
(49,605
)
 
$
194,992

 
$
(9,406
)
 
$
2,465,063

 
$
(59,011
)

 
December 31, 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
$
44,795

 
$
(311
)
 
$
26,010

 
$
(533
)
 
$
70,805

 
$
(844
)
Agency CMOs
163,014

 
(2,452
)
 
20,928

 
(445
)
 
183,942

 
(2,897
)
Private label CMOs
50,521

 
(500
)
 
5,035

 
(142
)
 
55,556

 
(642
)
Municipal securities
67,936

 
(365
)
 
32,326

 
(974
)
 
100,262

 
(1,339
)
Agency commercial MBS
579,373

 
(3,777
)
 
129,060

 
(4,981
)
 
708,433

 
(8,758
)
SBA securities
74,904

 
(575
)
 
—

 
—

 
74,904

 
(575
)
Asset-backed securities
45,198

 
(818
)
 
10,473

 
(56
)
 
55,671

 
(874
)
Equity investments (1)
1,039

 
(130
)
 
—

 
—

 
1,039

 
(130
)
Total
$
1,026,780

 
$
(8,928
)
 
$
223,832

 
$
(7,131
)
 
$
1,250,612

 
$
(16,059
)

____________________________
(1) In connection with our adoption of ASU 2016-01 and ASU 2018-03 on January 1, 2018, we reclassified $7.1 million of equity investments from securities available-for-sale to other assets in the first quarter of 2018. The reclassification was applied prospectively without prior period amounts being restated.
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, 2018
 
Amortized
 
Fair
Maturities
Cost
 
Value
 
(In thousands)
Due in one year or less
$
20,945

 
$
21,035

Due after one year through five years
594,720

 
589,860

Due after five years through ten years
997,539

 
971,186

Due after ten years
2,275,885

 
2,275,707

Total securities available-for-sale
$
3,889,089

 
$
3,857,788
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,
 
2018
 
2018
 
2017
 
2018
 
2017
 
(In thousands)
Taxable interest
$
17,106

 
$
14,599

 
$
13,517

 
$
31,705

 
$
25,683

Non-taxable interest
10,276

 
11,107

 
10,750

 
21,383

 
21,131

Dividend income
348

 
432

 
422

 
780

 
914

Total interest income on investment securities
$
27,730

 
$
26,138

 
$
24,689

 
$
53,868

 
$
47,728