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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Schedule of available-for-sale securities reconciliation
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.
Unrealized losses on investment securities
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
)
Investments classified by contractual maturity date
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
Investment income
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