INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Fair Value of Available-for-Sale 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)
March 31, 2016
Securities held-to-maturity:
Corporate bonds	$	239,479	$	1,518	$	(9,292	)	$	231,705
Collateralized loan obligations	416,315		—		(7,950		)	408,365
Commercial mortgage-backed securities	306,468		4,188		(2,268		)	308,388
Total securities held-to-maturity	$	962,262	$	5,706	$	(19,510	)	$	948,458
Securities available-for-sale:
SBA loan pool securities	$	1,363	$	45	$	—		$	1,408
Private label residential mortgage-backed securities	1,596		3		(4		)	1,595
Corporate bonds	26,653		—		(476		)	26,177
Collateralized loan obligation	966,920		1,345		(1,944		)	966,321
Agency mortgage-backed securities	662,331		6,177		(298		)	668,210
Total securities available-for-sale	$	1,658,863	$	7,570	$	(2,722	)	$	1,663,711
December 31, 2015
Securities 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
Securities 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

Summary of Amortized Cost and Fair Value of Available-for-Sale Investment Securities Portfolio by Maturity Date

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.



	March 31, 2016
	Securities Held-To-Maturity				Securities 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	239,479		231,705		26,653		26,177
Greater than ten years	—		—		—		—
Collateralized loan obligations, SBA loan pool, private label residential mortgage-backed, commercial mortgage-backed, and agency mortgage-backed securities	722,783		716,753		1,632,210		1,637,534
Total	$	962,262	$	948,458	$	1,658,863	$	1,663,711

Proceeds from Sales and Calls of Securities and Associated Gross Gains and Losses

The following table presents proceeds from sales and calls of securities available-for-sale and the associated gross gains and losses realized through earnings upon the sales and calls of securities available-for-sale for the periods indicated:



	Three Months Ended
	March 31,
	2016			2015
	(In thousands)
Gross realized gains on sales and calls of securities available-for-sale	$	16,794		$	—
Gross realized losses on sales and calls of securities available-for-sale	(5		)	(2		)
Net realized gains (losses) on sales and calls of securities available-for-sale	$	16,789		$	(2	)
Proceeds from sales and calls of securities available-for-sale	$	2,247,421		$	174
Tax expense (benefit) on sales and calls of securities available-for-sale	$	7,060		$	(1	)

Summary of Investment Securities with Unrealized Losses

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)
March 31, 2016
Securities held-to-maturity:
Corporate bonds	$	154,451	$	(9,292	)	$	—	$	—		$	154,451	$	(9,292	)
Collateralized loan obligation	408,365		(7,950		)	—		—			408,365		(7,950		)
Commercial mortgage-backed securities	113,199		(2,268		)	—		—			113,199		(2,268		)
Total securities held-to-maturity	$	676,015	$	(19,510	)	$	—	$	—		$	676,015	$	(19,510	)
Securities available-for-sale:
Private label residential mortgage-backed securities	$	1,138	$	(4	)	$	—	$	—		$	1,138	$	(4	)
Corporate bonds	26,177		(476		)	—		—			26,177		(476		)
Collateralized loan obligations	431,250		(1,944		)	—		—			431,250		(1,944		)
Agency mortgage-backed securities	100,652		(272		)	6,527		(26		)	107,179		(298		)
Total securities available-for-sale	$	559,217	$	(2,696	)	$	6,527	$	(26	)	$	565,744	$	(2,722	)
December 31, 2015
Securities 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	)
Securities available-for-sale:
Private label residential mortgage-backed securities	$	—	$	—		$	403	$	(1	)	$	403	$	(1	)
Corporate bonds	26,152		(505		)	—		—			26,152		(505		)
Collateralized loan obligations	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	)