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Investment Securities (Tables)
 9 Months Ended
Sep. 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:
 
September 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
$
251,150

 
$
1,971

 
$
(3,290
)
 
$
249,831

 
$
243,375

 
$
3,743

 
$
(844
)
 
$
246,274

Agency CMOs
583,062

 
220

 
(13,677
)
 
569,605

 
277,638

 
968

 
(2,897
)
 
275,709

Private label CMOs
110,353

 
2,699

 
(2,602
)
 
110,450

 
122,816

 
3,813

 
(642
)
 
125,987

Municipal securities
1,272,501

 
10,974

 
(11,892
)
 
1,271,583

 
1,627,707

 
53,700

 
(1,339
)
 
1,680,068

Agency commercial MBS
1,117,749

 
—

 
(40,744
)
 
1,077,005

 
1,169,969

 
2,758

 
(8,758
)
 
1,163,969

U.S. Treasury securities
400,591

 
—

 
(2,960
)
 
397,631

 
—

 
—

 
—

 
—

SBA securities
69,999

 
—

 
(2,413
)
 
67,586

 
160,214

 
695

 
(575
)
 
160,334

Asset-backed securities
59,322

 
18

 
(888
)
 
58,452

 
89,425

 
159

 
(874
)
 
88,710

Corporate debt securities
17,000

 
1,190

 
—

 
18,190

 
17,000

 
2,295

 
—

 
19,295

Collateralized loan obligations
—

 
—

 
—

 
—

 
6,960

 
55

 
—

 
7,015

Equity investments (1)
—

 
—

 
—

 
—

 
6,421

 
779

 
(130
)
 
7,070

Total
$
3,881,727

 
$
17,072

 
$
(78,466
)
 
$
3,820,333

 
$
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:
 
September 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
$
76,238

 
$
(1,332
)
 
$
51,861

 
$
(1,958
)
 
$
128,099

 
$
(3,290
)
Agency CMOs
401,795

 
(6,418
)
 
140,997

 
(7,259
)
 
542,792

 
(13,677
)
Private label CMOs
46,713

 
(1,101
)
 
34,654

 
(1,501
)
 
81,367

 
(2,602
)
Municipal securities
436,012

 
(8,743
)
 
55,402

 
(3,149
)
 
491,414

 
(11,892
)
Agency commercial MBS
784,452

 
(26,454
)
 
292,553

 
(14,290
)
 
1,077,005

 
(40,744
)
U.S. Treasury securities
397,631

 
(2,960
)
 
—

 
—

 
397,631

 
(2,960
)
SBA securities
32,867

 
(1,143
)
 
34,719

 
(1,270
)
 
67,586

 
(2,413
)
Asset-backed securities
20,815

 
(147
)
 
35,278

 
(741
)
 
56,093

 
(888
)
Total
$
2,196,523

 
$
(48,298
)
 
$
645,464

 
$
(30,168
)
 
$
2,841,987

 
$
(78,466
)

 
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:
 
September 30, 2018
 
Amortized
 
Fair
Maturities
Cost
 
Value
 
(In thousands)
Due in one year or less
$
39,300

 
$
39,272

Due after one year through five years
716,172

 
707,368

Due after five years through ten years
970,758

 
937,317

Due after ten years
2,155,497

 
2,136,376

Total securities available-for-sale
$
3,881,727

 
$
3,820,333
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,
 
2018
 
2018
 
2017
 
2018
 
2017
 
(In thousands)
Taxable interest
$
17,618

 
$
17,106

 
$
13,576

 
$
49,323

 
$
39,257

Non-taxable interest
10,127

 
10,276

 
10,795

 
31,510

 
31,926

Dividend income
316

 
348

 
391

 
1,096

 
1,307

Total interest income on investment securities
$
28,061

 
$
27,730

 
$
24,762

 
$
81,929

 
$
72,490