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INVESTMENT SECURITIES (Tables) | 9 Months Ended
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Sep. 30, 2017
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)
September 30, 2017 |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |
SBA loan pool securities | $ | 1,056 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 1,065 |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities | 503,193 |  |  | 20 |  |  | (14,096 | ) |  | 489,117 |
Non-agency residential mortgage-backed securities | 844 |  |  | 16 |  |  | (1 | ) |  | 859 |
Non-agency commercial mortgage-backed securities | 305,360 |  |  | 5,737 |  |  | (180 | ) |  | 310,917 |
Collateralized loan obligations | 1,808,126 |  |  | 11,429 |  |  | (364 | ) |  | 1,819,191 |
Corporate debt securities | 123,718 |  |  | 10,797 |  |  | — |  |  | 134,515 |
Total securities available-for-sale | $ | 2,742,297 |  |  | $ | 28,008 |  |  | $ | (14,641 | ) |  | $ | 2,755,664 |
December 31, 2016 |  |  |  |  |  |  |
Securities held-to-maturity: |  |  |  |  |  |  |
Non-agency commercial mortgage-backed securities | $ | 305,918 |  |  | $ | 2,949 |  |  | $ | (1,781 | ) |  | $ | 307,086 |
Collateralized loan obligations | 338,226 |  |  | 1,461 |  |  | (61 | ) |  | 339,626 |
Corporate debt securities | 240,090 |  |  | 13,032 |  |  | (91 | ) |  | 253,031 |
Total securities held-to-maturity | $ | 884,234 |  |  | $ | 17,442 |  |  | $ | (1,933 | ) |  | $ | 899,743 |
Securities available-for-sale: |  |  |  |  |  |  |
SBA loan pool securities | $ | 1,221 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,221 |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities | 830,682 |  |  | 9 |  |  | (23,418 | ) |  | 807,273 |
Non-agency residential mortgage-backed securities | 121,397 |  |  | 18 |  |  | (4,238 | ) |  | 117,177 |
Collateralized loan obligations | 1,395,094 |  |  | 12,449 |  |  | (674 | ) |  | 1,406,869 |
Corporate debt securities | 48,574 |  |  | 482 |  |  | (108 | ) |  | 48,948 |
Total securities available-for-sale | $ | 2,396,968 |  |  | $ | 12,958 |  |  | $ | (28,438 | ) |  | $ | 2,381,488 |
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 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.
| September 30, 2017
| Amortized Cost |  | Fair Value
| (In thousands)
Maturity: |  |  |
Within one year | $ | — |  |  | $ | — |
One to five years | — |  |  | — |
Five to ten years | 120,718 |  |  | 131,181 |
Greater than ten years | 3,000 |  |  | 3,334 |
Collateralized loan obligations, SBA loan pool securities, and mortgage-backed securities | 2,618,579 |  |  | 2,621,149 |
Total | $ | 2,742,297 |  |  | $ | 2,755,664 |
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 September 30, |  | Nine Months Ended September 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
| (In thousands)
Gross realized gains on sales and calls of securities available-for-sale | $ | 7,625 |  |  | $ | 487 |  |  | $ | 12,080 |  |  | $ | 30,105 |
Gross realized losses on sales and calls of securities available-for-sale | — |  |  | — |  |  | — |  |  | (5 | )
Net realized gains on sales and calls of securities available-for-sale | $ | 7,625 |  |  | $ | 487 |  |  | $ | 12,080 |  |  | $ | 30,100 |
Proceeds from sales and calls of securities available-for-sale | $ | 312,961 |  |  | $ | 232,512 |  |  | $ | 1,199,551 |  |  | $ | 3,783,965 |
Tax expense on sales and calls of securities available-for-sale | $ | 3,171 |  |  | $ | 202 |  |  | $ | 5,024 |  |  | $ | 12,507 |
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)
September 30, 2017 |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities | $ | 119,103 |  |  | $ | (2,436 | ) |  | $ | 366,014 |  |  | $ | (11,660 | ) |  | $ | 485,117 |  |  | $ | (14,096 | )
Non-agency residential mortgage-backed securities | — |  |  | — |  |  | 209 |  |  | (1 | ) |  | 209 |  |  | (1 | )
Non-agency commercial mortgage-backed securities | 21,771 |  |  | (180 | ) |  | — |  |  | — |  |  | 21,771 |  |  | (180 | )
Collateralized loan obligations | 204,197 |  |  | (354 | ) |  | 10,962 |  |  | (10 | ) |  | 215,159 |  |  | (364 | )
Total securities available-for-sale | $ | 345,071 |  |  | $ | (2,970 | ) |  | $ | 377,185 |  |  | $ | (11,671 | ) |  | $ | 722,256 |  |  | $ | (14,641 | )
December 31, 2016 |  |  |  |  |  |  |  |  |  |  |
Securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
Non-agency commercial mortgage-backed securities | $ | 60,221 |  |  | $ | (1,781 | ) |  | $ | — |  |  | $ | — |  |  | $ | 60,221 |  |  | $ | (1,781 | )
Collateralized loan obligation | 10,056 |  |  | (6 | ) |  | 56,095 |  |  | (55 | ) |  | 66,151 |  |  | (61 | )
Corporate debt securities | 9,907 |  |  | (91 | ) |  | — |  |  | — |  |  | 9,907 |  |  | (91 | )
Total securities held-to-maturity | $ | 80,184 |  |  | $ | (1,878 | ) |  | $ | 56,095 |  |  | $ | (55 | ) |  | $ | 136,279 |  |  | $ | (1,933 | )
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |
SBA loan pool securities | $ | 1,221 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,221 |  |  | $ | — |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities | 805,803 |  |  | (23,410 | ) |  | 760 |  |  | (8 | ) |  | 806,563 |  |  | (23,418 | )
Non-agency residential mortgage-backed securities | 116,216 |  |  | (4,238 | ) |  | 230 |  |  | — |  |  | 116,446 |  |  | (4,238 | )
Collateralized loan obligations | 187,592 |  |  | (674 | ) |  | — |  |  | — |  |  | 187,592 |  |  | (674 | )
Corporate debt securities | — |  |  | — |  |  | 3,530 |  |  | (108 | ) |  | 3,530 |  |  | (108 | )
Total securities available-for-sale | $ | 1,110,832 |  |  | $ | (28,322 | ) |  | $ | 4,520 |  |  | $ | (116 | ) |  | $ | 1,115,352 |  |  | $ | (28,438 | )

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