INVESTMENT SECURITIES

Securities Available-for-Sale

The following table presents amortized cost, gross unrealized gains and losses, and fair values of securities available-for-sale as of the dates indicated:



	March 31, 2019									December 31, 2018
			Gross		Gross							Gross		Gross
	Amortized		Unrealized		Unrealized			Fair		Amortized		Unrealized		Unrealized			Fair
Security Type	Cost		Gains		Losses			Value		Cost		Gains		Losses			Value
	(In thousands)
Residential MBS and CMOs:
Agency MBS	$	340,184	$	3,990	$	(998	)	$	343,176	$	281,486	$	1,902	$	(2,300	)	$	281,088
Agency CMOs	712,090		8,625		(2,939		)	717,776		634,774		3,448		(5,372		)	632,850
Private label CMOs	121,981		2,205		(939		)	123,247		101,313		1,985		(2,093		)	101,205
Municipal securities	1,145,963		40,748		(1,710		)	1,185,001		1,298,514		21,000		(7,320		)	1,312,194
Agency commercial MBS	1,079,816		4,460		(5,365		)	1,078,911		1,133,846		383		(21,525		)	1,112,704
U.S. Treasury securities	287,721		2,996		—			290,717		401,056		2,437		(88		)	403,405
Asset-backed securities	185,592		80		(516		)	185,156		81,762		104		(481		)	81,385
SBA securities	52,361		2		(339		)	52,024		68,158		—		(1,111		)	67,047
Corporate debt securities	17,000		1,700		—			18,700		17,000		553		—			17,553
Total	$	3,942,708	$	64,806	$	(12,806	)	$	3,994,708	$	4,017,909	$	31,812	$	(40,290	)	$	4,009,431

See Note 11. Fair Value Measurements for information on fair value measurements and methodology.

As of March 31, 2019, securities available-for-sale with a fair value of $495.4 million were pledged as collateral for borrowings, public deposits, and other purposes as required by various statutes and agreements.

Realized Gains and Losses on Securities Available-for-Sale

During the three months ended March 31, 2019, we sold $405.8 million of securities available-for-sale for a gross realized gain of $4.1 million and a gross realized loss of $1.9 million. During the three months ended March 31, 2018, we sold $299.9 million of securities available-for-sale for a gross realized gain of $6.8 million and a gross realized loss of $515,000.

Unrealized Losses on Securities Available-for-Sale

The following tables present the gross unrealized losses and fair values of securities available-for-sale that were in unrealized loss positions, for which other-than-temporary impairments have not been recognized in earnings, as of the dates indicated:



	March 31, 2019
	Less Than 12 Months					12 Months or More					Total
			Gross					Gross					Gross
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
Security Type	Value		Losses			Value		Losses			Value		Losses
	(In thousands)
Residential MBS and CMOs:
Agency MBS	$	—	$	—		$	80,472	$	(998	)	$	80,472	$	(998	)
Agency CMOs	—		—			148,729		(2,939		)	148,729		(2,939		)
Private label CMOs	10,003		(6		)	74,242		(933		)	84,245		(939		)
Municipal securities	—		—			119,130		(1,710		)	119,130		(1,710		)
Agency commercial MBS	—		—			611,315		(5,365		)	611,315		(5,365		)
Asset-backed securities	80,287		(321		)	19,136		(195		)	99,423		(516		)
SBA securities	—		—			50,239		(339		)	50,239		(339		)
Total	$	90,290	$	(327	)	$	1,103,263	$	(12,479	)	$	1,193,553	$	(12,806	)



	December 31, 2018
	Less Than 12 Months					12 Months or More					Total
			Gross					Gross					Gross
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
Security Type	Value		Losses			Value		Losses			Value		Losses
	(In thousands)
Residential MBS and CMOs:
Agency MBS	$	60,164	$	(169	)	$	85,245	$	(2,131	)	$	145,409	$	(2,300	)
Agency CMOs	69,859		(326		)	164,097		(5,046		)	233,956		(5,372		)
Private label CMOs	32,170		(831		)	49,237		(1,262		)	81,407		(2,093		)
Municipal securities	52,386		(238		)	284,915		(7,082		)	337,301		(7,320		)
Agency commercial MBS	40,641		(341		)	1,020,684		(21,184		)	1,061,325		(21,525		)
U.S. Treasury securities	49,729		(88		)	—		—			49,729		(88		)
Asset-backed securities	11,548		(38		)	35,859		(443		)	47,407		(481		)
SBA securities	249		(1		)	66,798		(1,110		)	67,047		(1,111		)
Total	$	316,746	$	(2,032	)	$	1,706,835	$	(38,258	)	$	2,023,581	$	(40,290	)

We reviewed the securities that were in an unrealized loss position at March 31, 2019, and concluded their unrealized losses were a result of the level of market interest rates relative to the types of securities and pricing changes caused by shifting supply and demand dynamics and not a result of downgraded credit ratings or other indicators of deterioration of the underlying issuers' ability to repay. Accordingly, we determined the securities were temporarily impaired and we did not recognize such impairment in the condensed consolidated statements of earnings. Although we periodically sell securities for portfolio management purposes, we do not foresee having to sell any temporarily impaired securities strictly for liquidity needs and believe that it is more likely than not we would not be required to sell any temporarily impaired securities before recovery of their amortized cost.

Contractual Maturities of Securities Available-for-Sale

The following table presents the contractual maturities of our securities available-for-sale portfolio based on amortized cost and carrying value as of the date indicated:



	March 31, 2019
	Amortized		Fair
Maturities	Cost		Value
	(In thousands)
Due in one year or less	$	28,716	$	28,703
Due after one year through five years	539,423		543,189
Due after five years through ten years	1,010,453		1,013,236
Due after ten years	2,364,116		2,409,580
Total securities available-for-sale	$	3,942,708	$	3,994,708

Mortgage-backed securities have contractual terms to maturity, but require periodic payments to reduce principal. In addition, expected maturities may differ from contractual maturities because obligors and/or issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

Interest Income on Investment Securities

The following table presents the composition of our interest income on investment securities for the periods indicated:



	Three Months Ended
	March 31,		December 31,		March 31,
	2019		2018		2018
	(In thousands)
Taxable interest	$	19,742	$	19,181	$	14,599
Non-taxable interest	9,593		9,866		11,107
Dividend income	345		643		432
Total interest income on investment securities	$	29,680	$	29,690	$	26,138