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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2019
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, 2019
 
At December 31, 2018
(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
$
19,918

$
6

$
—

$
19,924

 
$
7,549

$
1

$
—

$
7,550

Agency CMO
198,917

2,704

(665
)
200,956

 
238,968

412

(4,457
)
234,923

Agency MBS
1,573,984

29,930

(5,078
)
1,598,836

 
1,521,534

1,631

(42,076
)
1,481,089

Agency CMBS
611,925

1,239

(2,814
)
610,350

 
608,167

—

(41,930
)
566,237

CMBS
403,782

182

(46
)
403,918

 
447,897

645

(2,961
)
445,581

CLO
95,099

73

(367
)
94,805

 
114,641

94

(1,964
)
112,771

Corporate debt
35,567

—

(4,253
)
31,314

 
55,860

—

(5,281
)
50,579

Available-for-sale
$
2,939,192

$
34,134

$
(13,223
)
$
2,960,103

 
$
2,994,616

$
2,783

$
(98,669
)
$
2,898,730

Held-to-maturity:




 
 
 
 
 
Agency CMO
$
179,773

$
1,430

$
(680
)
$
180,523

 
$
208,113

$
287

$
(5,255
)
$
203,145

Agency MBS
3,085,000

54,083

(11,249
)
3,127,834

 
2,517,823

8,250

(79,701
)
2,446,372

Agency CMBS
950,217

13,430

(1,569
)
962,078

 
667,500

53

(22,572
)
644,981

Municipal bonds and notes
742,844

33,780

(17
)
776,607

 
715,041

2,907

(18,285
)
699,663

CMBS
235,687

3,012

(36
)
238,663

 
216,943

405

(2,388
)
214,960

Held-to-maturity
$
5,193,521

$
105,735

$
(13,551
)
$
5,285,705

 
$
4,325,420

$
11,902

$
(128,201
)
$
4,209,121
Summary of Changes in OTTI
 
Three months ended September 30,
 
Nine months ended September 30,
(In thousands)
2019
 
2018
 
2019
 
2018
Beginning balance
$
822

 
$
1,103

 
$
822

 
$
1,364

Reduction for investment securities called
—

 
(281
)
 
—

 
(542
)
Ending balance
$
822

 
$
822

 
$
822

 
$
822

 
 
 
 
 
 
 
 
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, 2019
 
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
$
18,109

$
(146
)
 
$
35,751

$
(519
)
 
11
$
53,860

$
(665
)
Agency MBS
47,966

(33
)
 
419,082

(5,045
)
 
85
467,048

(5,078
)
Agency CMBS
—

—

 
461,840

(2,814
)
 
28
461,840

(2,814
)
CMBS
49,418

(35
)
 
3,489

(11
)
 
8
52,907

(46
)
CLO
18,405

(294
)
 
24,927

(73
)
 
2
43,332

(367
)
Corporate debt
7,787

(767
)
 
23,527

(3,486
)
 
7
31,314

(4,253
)
Available-for-sale in an unrealized loss position
$
141,685

$
(1,275
)
 
$
968,616

$
(11,948
)
 
141
$
1,110,301

$
(13,223
)
Held-to-maturity:
 
 
 
 
 
 
 
 
 
Agency CMO
$
15,744

$
(40
)
 
$
58,852

$
(640
)
 
8
$
74,596

$
(680
)
Agency MBS
183,181

(1,219
)
 
858,373

(10,030
)
 
119
1,041,554

(11,249
)
Agency CMBS
127,662

(1,552
)
 
4,187

(17
)
 
6
131,849

(1,569
)
Municipal bonds and notes
2,517

(17
)
 
—

—

 
1
2,517

(17
)
CMBS
46,610

(36
)
 
—

—

 
3
46,610

(36
)
Held-to-maturity in an unrealized loss position
$
375,714

$
(2,864
)
 
$
921,412

$
(10,687
)
 
137
$
1,297,126

$
(13,551
)
 
At December 31, 2018
 
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
$
15,524

$
(72
)
 
$
180,641

$
(4,385
)
 
36
$
196,165

$
(4,457
)
Agency MBS
321,678

(2,078
)
 
975,084

(39,998
)
 
184
1,296,762

(42,076
)
Agency CMBS
—

—

 
566,237

(41,930
)
 
37
566,237

(41,930
)
CMBS
343,457

(2,937
)
 
5,193

(24
)
 
39
348,650

(2,961
)
CLO
83,305

(1,695
)
 
14,873

(269
)
 
5
98,178

(1,964
)
Corporate debt
35,990

(1,820
)
 
14,589

(3,461
)
 
8
50,579

(5,281
)
Available-for-sale in an unrealized loss position
$
799,954

$
(8,602
)
 
$
1,756,617

$
(90,067
)
 
309
$
2,556,571

$
(98,669
)
Held-to-maturity:
 
 
 
 
 
 
 
 
 
Agency CMO
$
691

$
(1
)
 
$
182,396

$
(5,254
)
 
25
$
183,087

$
(5,255
)
Agency MBS
288,635

(1,916
)
 
1,892,951

(77,785
)
 
272
2,181,586

(79,701
)
Agency CMBS
—

—

 
635,284

(22,572
)
 
56
635,284

(22,572
)
Municipal bonds and notes
68,351

(882
)
 
414,776

(17,403
)
 
223
483,127

(18,285
)
CMBS
24,881

(270
)
 
132,464

(2,118
)
 
20
157,345

(2,388
)
Held-to-maturity in an unrealized loss position
$
382,558

$
(3,069
)
 
$
3,257,871

$
(125,132
)
 
596
$
3,640,429

$
(128,201
)
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, 2019
 
Available-for-Sale
 
Held-to-Maturity
(In thousands)
Amortized
Cost
Fair
Value
 
Amortized
Cost
Fair
Value
Due in one year or less
$
19,918

$
19,924

 
$
1,045

$
1,049

Due after one year through five years
17,000

17,000

 
6,260

6,392

Due after five through ten years
305,691

305,533

 
222,076

228,011

Due after ten years
2,596,583

2,617,646

 
4,964,140

5,050,253

Total debt securities
$
2,939,192

$
2,960,103

 
$
5,193,521

$
5,285,705