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INVESTMENT SECURITIES | 12 Months Ended
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Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract] |
INVESTMENT SECURITIES | INVESTMENT SECURITIES The following table presents the amortized cost and fair value of the investment securities portfolio as of the dates indicated:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
| (In thousands)
December 31, 2015 |  |  |  |  |  |  |
Held-to-maturity |  |  |  |  |  |  |
Corporate bonds | $ | 239,274 |  |  | $ | 255 |  |  | $ | (20,946 | ) |  | $ | 218,583 |
Collateralized loan obligations | 416,284 |  |  | — |  |  | (5,077 | ) |  | 411,207 |
Commercial mortgage-backed securities | 306,645 |  |  | 41 |  |  | (4,191 | ) |  | 302,495 |
Total securities held-to-maturity | $ | 962,203 |  |  | $ | 296 |  |  | $ | (30,214 | ) |  | $ | 932,285 |
Available-for-sale |  |  |  |  |  |  |
SBA loan pool securities | $ | 1,485 |  |  | $ | 19 |  |  | $ | — |  |  | $ | 1,504 |
Private label residential mortgage-backed securities | 1,755 |  |  | 14 |  |  | (1 | ) |  | 1,768 |
Corporate bonds | 26,657 |  |  | — |  |  | (505 | ) |  | 26,152 |
Collateralized loan obligations | 111,719 |  |  | 31 |  |  | (282 | ) |  | 111,468 |
Agency mortgage-backed securities | 697,152 |  |  | 134 |  |  | (4,582 | ) |  | 692,704 |
Total securities available-for-sale | $ | 838,768 |  |  | $ | 198 |  |  | $ | (5,370 | ) |  | $ | 833,596 |
December 31, 2014 |  |  |  |  |  |  |
Available-for-sale |  |  |  |  |  |  |
SBA loan pool securities | $ | 1,697 |  |  | $ | 18 |  |  | $ | — |  |  | $ | 1,715 |
U.S. government-sponsored entities and agency securities | 1,940 |  |  | 42 |  |  | — |  |  | 1,982 |
Private label residential mortgage-backed securities | 3,169 |  |  | 12 |  |  | (13 | ) |  | 3,168 |
Agency mortgage-backed securities | 338,072 |  |  | 1,363 |  |  | (605 | ) |  | 338,830 |
Total securities available-for-sale | $ | 344,878 |  |  | $ | 1,435 |  |  | $ | (618 | ) |  | $ | 345,695 |
The following table presents amortized cost and fair value of the held-to-maturity and available-for-sale investment securities portfolio by expected maturity. In the case of mortgage-backed securities, collateralized loan obligations, and SBA loan pool securities, expected maturities may differ from contractual maturities because borrowers generally have the right to call or prepay obligations with or without call or prepayment penalties. For that reason, mortgage-backed securities, collateralized loan obligations, and SBA loan pool securities are not included in the maturity categories.
| December 31, 2015
Held-to-Maturity |  | Available-for-Sale
Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
| (In thousands)
Maturity: |  |  |  |  |  |  |
Within one year | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
One to five years | — |  |  | — |  |  | — |  |  | — |
Five to ten years | 212,219 |  |  | 193,080 |  |  | 26,657 |  |  | 26,152 |
Greater than ten years | 27,055 |  |  | 25,503 |  |  | — |  |  | — |
Collateralized loan obligations, SBA loan pool, private label residential mortgage-backed, commercial mortgage-backed, and agency mortgage-backed securities | 722,929 |  |  | 713,702 |  |  | 812,111 |  |  | 807,444 |
Total | $ | 962,203 |  |  | $ | 932,285 |  |  | $ | 838,768 |  |  | $ | 833,596 |
At December 31, 2015 and 2014, there were no holdings of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10 percent of stockholders’ equity. The following table presents proceeds from sales and calls of securities and the associated gross gains and losses realized through earnings upon the sale of available-for-sale securities for the periods indicated:
| Year Ended December 31,
2015 |  | 2014 |  | 2013
| (In thousands)
Gross realized gains on sales of securities available-for-sale | $ | 3,260 |  |  | $ | 1,221 |  |  | $ | 438 |
Gross realized losses on sales of securities available-for-sale | (2 | ) |  | (38 | ) |  | (107 | )
Net realized gains on sales of securities available-for-sale | $ | 3,258 |  |  | $ | 1,183 |  |  | $ | 331 |
Proceeds from sales of securities available-for-sale | $ | 989,786 |  |  | $ | 111,764 |  |  | $ | 127,298 |
Tax expense on sales of securities available-for-sale | $ | 1,368 |  |  | $ | 498 |  |  | $ | — |
Investment securities with carrying values of $47.9 million and $27.1 million as of December 31, 2015 and 2014, respectively, were pledged to secure FHLB advances, public deposits and for other purposes as required or permitted by law. The following table summarizes the investment securities with unrealized losses by security type and length of time in a continuous unrealized loss position as of the dates indicated:
| Less Than 12 Months |  | 12 Months or Longer |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In thousands)
December 31, 2015 |  |  |  |  |  |  |  |  |  |  |
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 190,332 |  |  | $ | (20,946 | ) |  | $ | — |  |  | $ | — |  |  | $ | 190,332 |  |  | $ | (20,946 | )
Collateralized loan obligation | 411,207 |  |  | (5,077 | ) |  | — |  |  | — |  |  | 411,207 |  |  | (5,077 | )
Commercial mortgage-backed securities | 277,351 |  |  | (4,191 | ) |  | — |  |  | — |  |  | 277,351 |  |  | (4,191 | )
Total securities held-to-maturity | $ | 878,890 |  |  | $ | (30,214 | ) |  | $ | — |  |  | $ | — |  |  | $ | 878,890 |  |  | $ | (30,214 | )
Available-for-sale |  |  |  |  |  |  |  |  |  |  |
Private label residential mortgage-backed securities | $ | — |  |  | $ | — |  |  | $ | 403 |  |  | $ | (1 | ) |  | $ | 403 |  |  | $ | (1 | )
Corporate bonds | 26,152 |  |  | (505 | ) |  | — |  |  | — |  |  | 26,152 |  |  | (505 | )
Collateralized loan obligation | 72,204 |  |  | (282 | ) |  | — |  |  | — |  |  | 72,204 |  |  | (282 | )
Agency mortgage-backed securities | 599,814 |  |  | (4,459 | ) |  | 6,832 |  |  | (123 | ) |  | 606,646 |  |  | (4,582 | )
Total securities available-for-sale | $ | 698,170 |  |  | $ | (5,246 | ) |  | $ | 7,235 |  |  | $ | (124 | ) |  | $ | 705,405 |  |  | $ | (5,370 | )
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |
Private label residential mortgage-backed securities | $ | 372 |  |  | $ | (9 | ) |  | $ | 1,355 |  |  | $ | (4 | ) |  | $ | 1,727 |  |  | $ | (13 | )
Agency mortgage-backed securities | 68,200 |  |  | (332 | ) |  | 22,212 |  |  | (273 | ) |  | 90,412 |  |  | (605 | )
Total securities available-for-sale | $ | 68,572 |  |  | $ | (341 | ) |  | $ | 23,567 |  |  | $ | (277 | ) |  | $ | 92,139 |  |  | $ | (618 | )
The Company did not record other-than-temporary impairment (OTTI) for investment securities for the years ended December 31, 2015, 2014 and 2013. At December 31, 2015, the Company’s securities available-for-sale portfolio consisted of 95 securities, 70 of which were in an unrealized loss position and securities held-to-maturity consisted of 93 securities, 87 of which were in an unrealized loss position. The unrealized losses were attributable to higher market interest rates at December 31, 2015 which negatively impacted the fair value of fixed rate agency mortgage backed securities, wider pricing spreads for corporate bonds and wider pricing spreads for collateral loan obligations. The Company monitors to ensure it has adequate credit support and as of December 31, 2015, the Company believes there is no OTTI and did not have the intent to sell these securities and it is not likely that it will be required to sell the securities before their anticipated recovery. The Company considers the lowest credit rating for identification of potential OTTI. As of December 31, 2015, all of the Company's investment securities in an unrealized loss position received an investment grade credit rating.

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