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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]  
Summary of Investment Securities
A Summary of the amortized cost and fair value of investment securities is presented below:
 
At December 31,
 
2015
 
2014
(In thousands)
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Fair Value
 
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Fair Value
Available-for-sale:
 
 
 
 
 
 
 
 
 
U.S. Treasury Bills
$
924

$
—

$
—

$
924

 
$
525

$
—

$
—

$
525

Agency collateralized mortgage obligations (“agency CMO”)
546,168

5,532

(2,946
)
548,754

 
543,417

8,636

(1,065
)
550,988

Agency mortgage-backed securities (“agency MBS”)
1,075,941

6,459

(17,291
)
1,065,109

 
1,030,724

10,462

(12,668
)
1,028,518

Agency commercial mortgage-backed securities (“agency CMBS”)
215,670

639

(959
)
215,350

 
80,400

—

(134
)
80,266

Non-agency commercial mortgage-backed securities ("non-agency CMBS")
574,686

7,485

(2,905
)
579,266

 
534,631

18,885

(123
)
553,393

Collateralized loan obligations ("CLO")
431,837

592

(3,270
)
429,159

 
426,269

482

(1,017
)
425,734

Single issuer trust preferred securities
42,168

—

(4,998
)
37,170

 
41,981

—

(3,736
)
38,245

Corporate debt securities
104,031

2,290

—

106,321

 
106,520

3,781

—

110,301

Equities - financial institutions
3,499

—

(921
)
2,578

 
3,500

2,403

—

5,903

Total available-for-sale
$
2,994,924

$
22,997

$
(33,290
)
$
2,984,631

 
$
2,767,967

$
44,649

$
(18,743
)
$
2,793,873

Held-to-maturity:
 
 
 
 
 
 
 
 
 
Agency CMO
$
407,494

$
3,717

$
(2,058
)
$
409,153

 
$
442,129

$
6,584

$
(739
)
$
447,974

Agency MBS
2,030,176

38,813

(19,908
)
2,049,081

 
2,134,319

57,196

(11,340
)
2,180,175

Agency CMBS
686,086

4,253

(325
)
690,014

 
578,687

1,597

(1,143
)
579,141

Municipal bonds and notes
435,905

12,019

(417
)
447,507

 
373,211

15,138

(55
)
388,294

Non-agency CMBS
360,018

5,046

(2,704
)
362,360

 
338,723

9,428

(1,015
)
347,136

Private Label MBS
3,373

46

—

3,419

 
5,886

100

—

5,986

Total held-to-maturity
$
3,923,052

$
63,894

$
(25,412
)
$
3,961,534

 
$
3,872,955

$
90,043

$
(14,292
)
$
3,948,706
Other than Temporary Impairment, Credit Losses Recognized in Earnings
The following table presents the changes in OTTI:
 
Years ended December 31,
(In thousands)
2015
 
2014
 
2013
Beginning balance
$
3,696

 
$
16,633

 
$
10,460

Reduction for securities sold or called
(518
)
 
(14,082
)
 
(1,104
)
Additions for OTTI not previously recognized
110

 
1,145

 
7,277

Ending balance
$
3,288

 
$
3,696

 
$
16,633
Summary of Gross Unrealized Losses not Considered OTTI
The following tables provide information on fair value and unrealized losses for the individual securities with an unrealized loss, aggregated by investment security type and length of time that the individual securities have been in a continuous unrealized loss position:
 
At December 31, 2015
 
Less Than Twelve Months
 
Twelve Months or Longer
 
Total
(Dollars in thousands)
Fair
Value
Unrealized
Losses
 
Fair
Value
Unrealized
Losses
 
# of
Holdings
Fair
Value
Unrealized
Losses
Available-for-sale:
 
 
 
 
 
 
 
 
 
Agency CMO
$
195,369

$
(2,195
)
 
$
26,039

$
(751
)
 
14
$
221,408

$
(2,946
)
Agency MBS
481,839

(6,386
)
 
351,911

(10,905
)
 
84
833,750

(17,291
)
Agency CMBS
124,241

(959
)
 
—

—

 
7
124,241

(959
)
Non-agency CMBS
276,330

(2,879
)
 
19,382

(26
)
 
29
295,712

(2,905
)
CLO
211,515

(2,709
)
 
15,708

(561
)
 
13
227,223

(3,270
)
Single issuer trust preferred securities
4,087

(128
)
 
33,083

(4,870
)
 
8
37,170

(4,998
)
Equities-financial institutions
2,578

(921
)
 
—

—

 
1
2,578

(921
)
Total available-for-sale in an unrealized loss position
$
1,295,959

$
(16,177
)
 
$
446,123

$
(17,113
)
 
156
$
1,742,082

$
(33,290
)
Held-to-maturity:
 
 
 
 
 
 
 
 
 
Agency CMO
$
143,364

$
(1,304
)
 
$
27,928

$
(754
)
 
13
$
171,292

$
(2,058
)
Agency MBS
551,918

(7,089
)
 
470,828

(12,819
)
 
87
1,022,746

(19,908
)
Agency CMBS
110,864

(325
)
 
—

—

 
7
110,864

(325
)
Municipal bonds and notes
29,034

(130
)
 
13,829

(287
)
 
27
42,863

(417
)
Non-agency CMBS
142,382

(1,983
)
 
30,129

(721
)
 
18
172,511

(2,704
)
Total held-to-maturity in an unrealized loss position
$
977,562

$
(10,831
)
 
$
542,714

$
(14,581
)
 
152
$
1,520,276

$
(25,412
)

 
At December 31, 2014
 
Less Than Twelve Months
 
Twelve Months or Longer
 
Total
(Dollars in thousands)
Fair
Value
Unrealized
Losses
 
Fair
Value
Unrealized
Losses
 
# of
Holdings
Fair
Value
Unrealized
Losses
Available-for-sale:
 
 
 
 
 
 
 
 
 
Agency CMO
$
47,217

$
(240
)
 
$
35,968

$
(825
)
 
8
$
83,185

$
(1,065
)
Agency MBS
3,691

(18
)
 
641,355

(12,650
)
 
64
645,046

(12,668
)
Agency CMBS
80,266

(134
)
 
—

—

 
4
80,266

(134
)
Non-agency CMBS
24,932

(117
)
 
9,396

(6
)
 
4
34,328

(123
)
CLO
99,221

(1,017
)
 
—

—

 
6
99,221

(1,017
)
Single issuer trust preferred securities
4,150

(36
)
 
34,095

(3,700
)
 
8
38,245

(3,736
)
Equities-financial institutions
—

—

 
—

—

 
—
—

—

Total available-for-sale in an unrealized loss position
$
259,477

$
(1,562
)
 
$
720,814

$
(17,181
)
 
94
$
980,291

$
(18,743
)
Held-to-maturity:
 
 
 
 
 
 
 
 
 
Agency CMO
$
52,172

$
(187
)
 
$
24,942

$
(552
)
 
6
$
77,114

$
(739
)
Agency MBS
20,791

(86
)
 
608,568

(11,254
)
 
44
629,359

(11,340
)
Agency CMBS
324,394

(1,143
)
 
—

—

 
17
324,394

(1,143
)
Municipal bonds and notes
5,341

(23
)
 
3,074

(32
)
 
15
8,415

(55
)
Non-agency CMBS
13,003

(30
)
 
65,913

(985
)
 
7
78,916

(1,015
)
Total held-to-maturity in an unrealized loss position
$
415,701

$
(1,469
)
 
$
702,497

$
(12,823
)
 
89
$
1,118,198

$
(14,292
)
Summary of Sale Proceeds of Available for Sale Securities
The following table provides information on sales of available-for-sale securities:
 
Years ended December 31,
(In thousands)
2015
 
2014
 
2013
Proceeds from sales
$
95,101

 
$
126,580

 
$
57,804

 
 
 
 
 
 
Gross realized gains on sales
$
1,029

 
$
7,268

 
$
2,847

Gross realized losses on sales
420

 
1,769

 
2,135

Gain on sale of investment securities, net
$
609

 
$
5,499

 
$
712
Summary of Debt Securities by Contractual Maturity
The amortized cost and fair value of debt securities by contractual maturity are set forth below:
 
At December 31, 2015
 
 
 
 
 
Available-for-Sale
 
Held-to-Maturity
(In thousands)
Amortized
Cost
Fair
Value
 
Amortized
Cost
Fair
Value
Due in one year or less
$
35,941

$
35,660

 
$
320

$
323

Due after one year through five years
99,028

101,313

 
33,940

34,880

Due after five through ten years
435,444

433,733

 
48,818

50,534

Due after ten years
2,421,012

2,411,347

 
3,839,974

3,875,797

Total debt securities
$
2,991,425

$
2,982,053

 
$
3,923,052

$
3,961,534