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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 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:
 
December 31, 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
$
281,486

 
$
1,902

 
$
(2,300
)
 
$
281,088

 
$
243,375

 
$
3,743

 
$
(844
)
 
$
246,274

Agency CMOs
634,774

 
3,448

 
(5,372
)
 
632,850

 
277,638

 
968

 
(2,897
)
 
275,709

Private label CMOs
101,313

 
1,985

 
(2,093
)
 
101,205

 
122,816

 
3,813

 
(642
)
 
125,987

Municipal securities
1,298,514

 
21,000

 
(7,320
)
 
1,312,194

 
1,627,707

 
53,700

 
(1,339
)
 
1,680,068

Agency commercial MBS
1,133,846

 
383

 
(21,525
)
 
1,112,704

 
1,169,969

 
2,758

 
(8,758
)
 
1,163,969

U.S. Treasury securities
401,056

 
2,437

 
(88
)
 
403,405

 
—

 
—

 
—

 
—

Asset-backed securities
81,762

 
104

 
(481
)
 
81,385

 
89,425

 
159

 
(874
)
 
88,710

SBA securities
68,158

 
—

 
(1,111
)
 
67,047

 
160,214

 
695

 
(575
)
 
160,334

Corporate debt securities
17,000

 
553

 
—

 
17,553

 
17,000

 
2,295

 
—

 
19,295

Collateralized loan obligations
—

 
—

 
—

 
—

 
6,960

 
55

 
—

 
7,015

Equity investments (1)
—

 
—

 
—

 
—

 
6,421

 
779

 
(130
)
 
7,070

Total
$
4,017,909

 
$
31,812

 
$
(40,290
)
 
$
4,009,431

 
$
3,721,525

 
$
68,965

 
$
(16,059
)
 
$
3,774,431
Unrealized losses on investment securities
Unrealized Losses on Securities Available-for-Sale
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:
 
December 31, 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
$
60,164

 
$
(169
)
 
$
85,245

 
$
(2,131
)
 
$
145,409

 
$
(2,300
)
Agency CMOs
69,859

 
(326
)
 
164,097

 
(5,046
)
 
233,956

 
(5,372
)
Private label CMOs
32,170

 
(831
)
 
49,237

 
(1,262
)
 
81,407

 
(2,093
)
Municipal securities
52,386

 
(238
)
 
284,915

 
(7,082
)
 
337,301

 
(7,320
)
Agency commercial MBS
40,641

 
(341
)
 
1,020,684

 
(21,184
)
 
1,061,325

 
(21,525
)
U.S. Treasury securities
49,729

 
(88
)
 
—

 
—

 
49,729

 
(88
)
Asset-backed securities
11,548

 
(38
)
 
35,859

 
(443
)
 
47,407

 
(481
)
SBA securities
249

 
(1
)
 
66,798

 
(1,110
)
 
67,047

 
(1,111
)
Total
$
316,746

 
$
(2,032
)
 
$
1,706,835

 
$
(38,258
)
 
$
2,023,581

 
$
(40,290
)
 
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
)
Asset-backed securities
45,198

 
(818
)
 
10,473

 
(56
)
 
55,671

 
(874
)
SBA securities
74,904

 
(575
)
 
—

 
—

 
74,904

 
(575
)
Equity investments (1)
1,039

 
(130
)
 
—

 
—

 
1,039

 
(130
)
Total
$
1,026,780

 
$
(8,928
)
 
$
223,832

 
$
(7,131
)
 
$
1,250,612

 
$
(16,059
)
Investments Classified by Contractual Maturity Date
The following table presents the contractual maturities of our available-for-sale securities portfolio based on amortized cost and carrying value as of the date indicated.
 
December 31, 2018
 
Amortized
 
Fair
Maturity
Cost
 
Value
 
(In thousands)
Due in one year or less
$
37,197

 
$
37,155

Due after one year through five years
749,860

 
749,870

Due after five years through ten years
991,138

 
975,553

Due after ten years
2,239,714

 
2,246,853

Total securities available-for-sale
$
4,017,909

 
$
4,009,431
Investment Income
The following table presents the composition of our interest income on investment securities for the years indicated:
 
Year Ended December 31,
 
2018
 
2017
 
2016
 
(In thousands)
Taxable interest
$
68,504

 
$
52,981

 
$
46,097

Non-taxable interest
41,376

 
43,355

 
41,885

Dividend income
1,739

 
1,866

 
2,575

Total interest income on investment securities
$
111,619

 
$
98,202

 
$
90,557