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Investment Securities (Tables)
 9 Months Ended
Sep. 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 September 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
$
3,596

$
—

$
—

$
3,596

 
$
734

$
—

$
—

$
734

Agency CMO
332,341

2,573

(3,116
)
331,798

 
419,865

3,344

(3,503
)
419,706

Agency MBS
923,819

3,214

(14,056
)
912,977

 
969,460

4,398

(19,509
)
954,349

Agency CMBS
599,165

—

(14,205
)
584,960

 
587,776

63

(14,567
)
573,272

CMBS
402,015

1,539

(121
)
403,433

 
473,974

4,093

(702
)
477,365

CLO
273,172

1,572

(161
)
274,583

 
425,083

2,826

(519
)
427,390

Trust preferred
30,463

676

(202
)
30,937

 
30,381

—

(1,748
)
28,633

Corporate debt
48,334

674

(130
)
48,878

 
108,490

1,502

(350
)
109,642

Available-for-sale
$
2,612,905

$
10,248

$
(31,991
)
$
2,591,162

 
$
3,015,763

$
16,226

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

Held-to-maturity:




 
 
 
 
 
Agency CMO
$
276,367

$
1,138

$
(3,030
)
$
274,475

 
$
339,455

$
1,977

$
(3,824
)
$
337,608

Agency MBS
2,549,500

24,275

(30,012
)
2,543,763

 
2,317,449

26,388

(41,768
)
2,302,069

Agency CMBS
708,229

280

(3,549
)
704,960

 
547,726

694

(1,348
)
547,072

Municipal bonds and notes
705,411

5,213

(13,150
)
697,474

 
655,813

4,389

(25,749
)
634,453

CMBS
257,361

3,394

(197
)
260,558

 
298,538

4,107

(411
)
302,234

Private Label MBS
443

2

—

445

 
1,677

12

—

1,689

Held-to-maturity
$
4,497,311

$
34,302

$
(49,938
)
$
4,481,675

 
$
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 September 30,
 
Nine months ended September 30,
(In thousands)
2017
 
2016
 
2017
 
2016
Beginning balance
$
3,231

 
$
3,437

 
$
3,243

 
$
3,288

Reduction for investment securities sold or called
(1,028
)
 
(30
)
 
(1,166
)
 
(30
)
Additions for OTTI not previously recognized in earnings
—

 
—

 
126

 
149

Ending balance
$
2,203

 
$
3,407

 
$
2,203

 
$
3,407
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 September 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
$
75,042

$
(1,002
)
 
$
70,167

$
(2,114
)
 
16
$
145,209

$
(3,116
)
Agency MBS
464,031

(5,169
)
 
303,770

(8,887
)
 
104
767,801

(14,056
)
Agency CMBS
306,025

(6,240
)
 
278,935

(7,965
)
 
34
584,960

(14,205
)
CMBS
39,775

(121
)
 
—

—

 
5
39,775

(121
)
CLO
82,989

(161
)
 
—

—

 
5
82,989

(161
)
Trust preferred
12,570

(97
)
 
4,574

(105
)
 
3
17,144

(202
)
Corporate debt
5,797

(87
)
 
1,825

(43
)
 
2
7,622

(130
)
Available-for-sale in an unrealized loss position
$
986,229

$
(12,877
)
 
$
659,271

$
(19,114
)
 
169
$
1,645,500

$
(31,991
)
Held-to-maturity:
 
 
 
 
 
 
 
 
 
Agency CMO
$
82,839

$
(880
)
 
$
83,103

$
(2,150
)
 
19
$
165,942

$
(3,030
)
Agency MBS
870,376

(7,948
)
 
775,331

(22,064
)
 
157
1,645,707

(30,012
)
Agency CMBS
570,781

(3,504
)
 
4,730

(45
)
 
45
575,511

(3,549
)
Municipal bonds and notes
123,965

(1,745
)
 
226,545

(11,405
)
 
140
350,510

(13,150
)
CMBS
40,150

(197
)
 
250

—

 
5
40,400

(197
)
Held-to-maturity in an unrealized loss position
$
1,688,111

$
(14,274
)
 
$
1,089,959

$
(35,664
)
 
366
$
2,778,070

$
(49,938
)
 
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 Debt Securities by Contractual Maturity The amortized cost and fair value of debt securities by contractual maturity are set forth below:
 
At September 30, 2017
 
Available-for-Sale
 
Held-to-Maturity
(In thousands)
Amortized
Cost
Fair
Value
 
Amortized
Cost
Fair
Value
Due in one year or less
$
18,668

$
18,714

 
$
40,146

$
40,753

Due after one year through five years
40,246

40,748

 
13,410

13,684

Due after five through ten years
381,547

383,721

 
38,323

39,102

Due after ten years
2,172,444

2,147,979

 
4,405,432

4,388,136

Total debt securities
$
2,612,905

$
2,591,162

 
$
4,497,311

$
4,481,675