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INVESTMENT SECURITIES | 9 Months Ended
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Sep. 30, 2017
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)
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 |
During the three months ended June 30, 2017, the Company evaluated its securities held-to-maturity and determined that certain securities no longer adhere to the Company’s strategic focus and could be sold or reinvested to potentially improve the Company’s liquidity position or duration profile. Accordingly, the Company was no longer able to assert that it had the intent to hold these securities until maturity. As a result, the Company transferred all $740.9 million of its securities held-to-maturity to securities available-for-sale, which resulted in a pre-tax increase to accumulated other comprehensive income of $22.0 million as of June 30, 2017. Due to the transfer, the Company’s ability to assert that it has the intent and ability to hold to maturity debt securities will be limited for the foreseeable future. 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 |
At September 30, 2017 and December 31, 2016, 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 the Company's stockholders’ equity. 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 |
Investment securities with carrying values of $719.0 million and $581.8 million as of September 30, 2017 and December 31, 2016, respectively, were pledged to secure FHLB advances, public deposits, repurchase agreements, 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)
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 | )
The Company did not record OTTI for investment securities for the three and nine months ended September 30, 2017 or 2016. At September 30, 2017, the Company’s securities available-for-sale portfolio consisted of 205 securities, 44 of which were in an unrealized loss position. At December 31, 2016, the Company’s securities available-for-sale portfolio consisted of 161 securities, 59 of which were in an unrealized loss position and securities held-to-maturity consisted of 87 securities, 15 of which were in an unrealized loss position. The Company monitors its securities portfolio to ensure it has adequate credit support. As of September 30, 2017, the Company believed there was no OTTI and did not have the intent to sell these securities and, for securities with fair value below amortized cost at September 30, 2017, 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 September 30, 2017, all of the Company's investment securities in an unrealized loss position received an investment grade credit rating.

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