Securities Available for Sale (Tables)

3 Months Ended

Mar. 31, 2016

Available-for-sale Securities [Abstract]

Summary of Securities Available for Sale

The following is a summary of securities available for sale as of the dates indicated:



	At March 31, 2016
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(In thousands)
Debt securities:
U.S. Government agency and U.S. Government sponsored enterprises
Collateralized mortgage obligations	$	493,539	$	5,189	$	(702	)	$	498,026
Mortgage-backed securities	520,254		7,245		(589		)	526,910
Trust preferred securities	4,549		—		(1,155		)	3,394
Municipal bonds	44,000		2,120		(7		)	46,113
Total debt securities	1,062,342		14,554		(2,453		)	1,074,443
Mutual funds	13,425		29		—			13,454
	$	1,075,767	$	14,583	$	(2,453	)	$	1,087,897

	At December 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(In thousands)
Debt securities:
U.S. Government agency and U.S. Government sponsored enterprises
Collateralized mortgage obligations	$	454,096	$	839	$	(4,955	)	$	449,980
Mortgage-backed securities	497,889		3,003		(2,845		)	498,047
Trust preferred securities	4,545		—		(796		)	3,749
Municipal bonds	44,105		1,406		—			45,511
Total debt securities	1,000,635		5,248		(8,596		)	997,287
Mutual funds	13,425		—		(156		)	13,269
	$	1,014,060	$	5,248	$	(8,752	)	$	1,010,556

Schedule of Realized Gain (Loss)

The proceeds from sales of securities and the associated gross gains and losses recorded in earnings are listed below:



	Three Months Ended March 31,
	2016		2015
	(In thousands)
Proceeds	$	—	$	22,510
Gross gains	—		437
Gross losses	—		(13		)

Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of investment securities at March 31, 2016, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.



	Amortized Cost		Estimated Fair Value
	(In thousands)
Available for sale:
Due within one year	$	—	$	—
Due after one year through five years	2,171		2,338
Due after five years through ten years	28,847		30,177
Due after ten years	17,531		16,992
U.S. Government agency and U.S. Government sponsored enterprises
Collateralized mortgage obligations	493,539		498,026
Mortgage-backed securities	520,254		526,910
Mutual funds	13,425		13,454
	$	1,075,767	$	1,087,897

Schedule of Unrealized Loss on Investments

The following tables show our investments’ gross unrealized losses and estimated fair value, aggregated by investment category and the length of time that the individual securities have been in a continuous unrealized loss position as of the dates indicated.



	As of March 31, 2016
	Less than 12 months						12 months or longer						Total
Description of Securities	Number of Securities	Fair Value		Gross Unrealized Losses			Number of Securities	Fair Value		Gross Unrealized Losses			Number of Securities	Fair Value		Gross Unrealized Losses
	(In thousands)
Collateralized mortgage obligations*	1	$	7,098	$	(26	)	9	$	78,032	$	(676	)	10	$	85,130	$	(702	)
Mortgage-backed securities*	7	13,612		(42		)	4	30,527		(547		)	11	44,139		(589		)
Trust preferred securities	—	—		—			1	3,394		(1,155		)	1	3,394		(1,155		)
Municipal bonds	2	1,076		(7		)	—	—		—			2	1,076		(7		)
Mutual funds	—	—		—			—	—		—			—	—		—
	10	$	21,786	$	(75	)	14	$	111,953	$	(2,378	)	24	$	133,739	$	(2,453	)

* Investments in U.S. Government agency and U.S. Government sponsored enterprises



	As of December 31, 2015
	Less than 12 months						12 months or longer						Total
Description of Securities	Number of Securities	Fair Value		Gross Unrealized Losses			Number of Securities	Fair Value		Gross Unrealized Losses			Number of Securities	Fair Value		Gross Unrealized Losses
	(In thousands)
Collateralized mortgage obligations*	31	$	300,202	$	(2,611	)	8	$	70,857	$	(2,344	)	39	$	371,059	$	(4,955	)
Mortgage-backed securities*	28	247,160		(1,487		)	3	27,947		(1,358		)	31	275,107		(2,845		)
Trust Preferred securities	—	—		—			1	3,750		(796		)	1	3,750		(796		)
Municipal bonds	1	127		—			—	—		—			1	127		—
Mutual funds	1	13,269		(156		)	—	—		—			1	13,269		(156		)
	61	$	560,758	$	(4,254	)	12	$	102,554	$	(4,498	)	73	$	663,312	$	(8,752	)

* Investments in U.S. Government agency and U.S. Government sponsored enterprises