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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2017
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 June 30, 2017
 
At December 31, 2016
(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
$
3,843

$
—

$
—

$
3,843

 
$
734

$
—

$
—

$
734

Agency CMO
359,075

3,064

(3,123
)
359,016

 
419,865

3,344

(3,503
)
419,706

Agency MBS
888,810

3,764

(16,884
)
875,690

 
969,460

4,398

(19,509
)
954,349

Agency CMBS
602,446

—

(15,344
)
587,102

 
587,776

63

(14,567
)
573,272

CMBS
477,932

2,202

(226
)
479,908

 
473,974

4,093

(702
)
477,365

CLO
361,323

2,026

(224
)
363,125

 
425,083

2,826

(519
)
427,390

Trust preferred
30,434

891

(123
)
31,202

 
30,381

—

(1,748
)
28,633

Corporate debt
107,228

906

(54
)
108,080

 
108,490

1,502

(350
)
109,642

Available-for-sale
$
2,831,091

$
12,853

$
(35,978
)
$
2,807,966

 
$
3,015,763

$
16,226

$
(40,898
)
$
2,991,091

Held-to-maturity:




 
 
 
 
 
Agency CMO
$
297,649

$
1,381

$
(3,170
)
$
295,860

 
$
339,455

$
1,977

$
(3,824
)
$
337,608

Agency MBS
2,324,270

23,383

(35,115
)
2,312,538

 
2,317,449

26,388

(41,768
)
2,302,069

Agency CMBS
642,676

309

(2,727
)
640,258

 
547,726

694

(1,348
)
547,072

Municipal bonds and notes
688,913

5,111

(14,605
)
679,419

 
655,813

4,389

(25,749
)
634,453

CMBS
265,086

3,862

(252
)
268,696

 
298,538

4,107

(411
)
302,234

Private Label MBS
604

3

—

607

 
1,677

12

—

1,689

Held-to-maturity
$
4,219,198

$
34,049

$
(55,869
)
$
4,197,378

 
$
4,160,658

$
37,567

$
(73,100
)
$
4,125,125
Summary of Changes in OTTI The following table presents the changes in OTTI:
 
Three months ended June 30,
 
Six months ended June 30,
(In thousands)
2017
 
2016
 
2017
 
2016
Beginning balance
$
3,231

 
$
3,437

 
$
3,243

 
$
3,288

Reduction for investment securities sold or called
(126
)
 
—

 
(138
)
 
—

Additions for OTTI not previously recognized in earnings
126

 
—

 
126

 
149

Ending balance
$
3,231

 
$
3,437

 
$
3,231

 
$
3,437
Summary of Gross Unrealized Losses not Considered OTTI The following tables provide information on fair value and unrealized losses for the individual investment securities with an unrealized loss, aggregated by classification and length of time that the individual investment securities have been in a continuous unrealized loss position:
 
At June 30, 2017
 
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
$
90,691

$
(1,941
)
 
$
60,635

$
(1,182
)
 
16
$
151,326

$
(3,123
)
Agency MBS
463,242

(8,396
)
 
250,375

(8,488
)
 
101
713,617

(16,884
)
Agency CMBS
582,194

(15,154
)
 
4,908

(190
)
 
34
587,102

(15,344
)
CMBS
43,970

(30
)
 
19,804

(196
)
 
6
63,774

(226
)
CLO
58,674

(203
)
 
16,263

(21
)
 
4
74,937

(224
)
Trust preferred
5,527

(53
)
 
4,606

(70
)
 
2
10,133

(123
)
Corporate debt
5,851

(30
)
 
1,841

(24
)
 
2
7,692

(54
)
Available-for-sale in an unrealized loss position
$
1,250,149

$
(25,807
)
 
$
358,432

$
(10,171
)
 
165
$
1,608,581

$
(35,978
)
Held-to-maturity:
 
 
 
 
 
 
 
 
 
Agency CMO
$
98,593

$
(2,288
)
 
$
51,844

$
(882
)
 
15
$
150,437

$
(3,170
)
Agency MBS
1,315,939

(27,429
)
 
252,535

(7,686
)
 
149
1,568,474

(35,115
)
Agency CMBS
493,652

(2,727
)
 
—

—

 
39
493,652

(2,727
)
Municipal bonds and notes
314,543

(12,295
)
 
30,956

(2,310
)
 
148
345,499

(14,605
)
CMBS
38,756

(252
)
 
—

—

 
7
38,756

(252
)
Held-to-maturity in an unrealized loss position
$
2,261,483

$
(44,991
)
 
$
335,335

$
(10,878
)
 
358
$
2,596,818

$
(55,869
)
 
At December 31, 2016
 
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
$
107,853

$
(2,168
)
 
$
67,351

$
(1,335
)
 
15
$
175,204

$
(3,503
)
Agency MBS
512,075

(10,503
)
 
252,779

(9,006
)
 
97
764,854

(19,509
)
Agency CMBS
554,246

(14,567
)
 
—

—

 
32
554,246

(14,567
)
CMBS
12,427

(24
)
 
63,930

(678
)
 
12
76,357

(702
)
CLO
49,946

(54
)
 
50,237

(465
)
 
5
100,183

(519
)
Trust preferred
—

—

 
28,633

(1,748
)
 
5
28,633

(1,748
)
Corporate debt
—

—

 
7,384

(350
)
 
2
7,384

(350
)
Available-for-sale in an unrealized loss position
$
1,236,547

$
(27,316
)
 
$
470,314

$
(13,582
)
 
168
$
1,706,861

$
(40,898
)
Held-to-maturity:
 
 
 
 
 
 
 
 
 
Agency CMO
$
163,439

$
(3,339
)
 
$
17,254

$
(485
)
 
16
$
180,693

$
(3,824
)
Agency MBS
1,394,623

(32,942
)
 
273,779

(8,826
)
 
150
1,668,402

(41,768
)
Agency CMBS
347,725

(1,348
)
 
—

—

 
25
347,725

(1,348
)
Municipal bonds and notes
384,795

(25,745
)
 
1,192

(4
)
 
196
385,987

(25,749
)
CMBS
60,768

(411
)
 
—

—

 
8
60,768

(411
)
Held-to-maturity in an unrealized loss position
$
2,351,350

$
(63,785
)
 
$
292,225

$
(9,315
)
 
395
$
2,643,575

$
(73,100
)
Summary of Sale Proceeds of Available for Sale Securities The following table provides information on sales of available-for-sale investment securities:
 
Three months ended June 30,
 
Six months ended June 30,
(In thousands)
2017
 
2016
 
2017
 
2016
Proceeds from sales (1)
$
—

 
$
216,071

 
$
—

 
$
259,273

 
 
 
 
 
 
 
 
Gross realized gains on sales
$
—

 
$
2,504

 
$
—

 
$
2,891

Less: Gross realized losses on sales
—

 
2,410

 


 
2,477

Gain on sale of investment securities, net
$
—

 
$
94

 
$
—

 
$
414
Summary of Debt Securities by Contractual Maturity The amortized cost and fair value of debt securities by contractual maturity are set forth below:
 
At June 30, 2017
 
Available-for-Sale
 
Held-to-Maturity
(In thousands)
Amortized
Cost
Fair
Value
 
Amortized
Cost
Fair
Value
Due in one year or less
$
77,641

$
77,882

 
$
16,289

$
16,403

Due after one year through five years
21,426

21,745

 
7,849

7,943

Due after five through ten years
491,037

493,662

 
44,759

45,623

Due after ten years
2,240,987

2,214,677

 
4,150,301

4,127,409

Total debt securities
$
2,831,091

$
2,807,966

 
$
4,219,198

$
4,197,378