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Investment Securities
 9 Months Ended
Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Investment Securities 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:
 
September 30, 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)
Agency residential CMOs
$
1,141,332

 
$
31,627

 
$
(404
)
 
$
1,172,555

 
$
634,774

 
$
3,448

 
$
(5,372
)
 
$
632,850

Agency commercial MBS
1,063,659

 
36,539

 
(181
)
 
1,100,017

 
1,133,846

 
383

 
(21,525
)
 
1,112,704

Municipal securities
675,645

 
46,336

 
—

 
721,981

 
1,298,514

 
21,000

 
(7,320
)
 
1,312,194

Agency residential MBS
313,935

 
10,995

 
(1
)
 
324,929

 
281,486

 
1,902

 
(2,300
)
 
281,088

Asset-backed securities
214,153

 
700

 
(702
)
 
214,151

 
81,762

 
104

 
(481
)
 
81,385

Collateralized loan obligations
114,149

 
23

 
(298
)
 
113,874

 
—

 
—

 
—

 
—

Private label residential CMOs
89,859

 
4,011

 
(2
)
 
93,868

 
101,313

 
1,985

 
(2,093
)
 
101,205

SBA securities
48,805

 
941

 
—

 
49,746

 
68,158

 
—

 
(1,111
)
 
67,047

Corporate debt securities
17,000

 
4,024

 
—

 
21,024

 
17,000

 
553

 
—

 
17,553

U.S. Treasury securities
4,984

 
219

 
—

 
5,203

 
401,056

 
2,437

 
(88
)
 
403,405

Total
$
3,683,521

 
$
135,415

 
$
(1,588
)
 
$
3,817,348

 
$
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 September 30, 2019, securities available-for-sale with a fair value of $495.0 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 September 30, 2019, we sold $143.4 million of securities available-for-sale for a gross realized gain of $1.2 million and a gross realized loss of $0.3 million. During the three months ended September 30, 2018, we sold $130.5 million of securities available-for-sale for a gross realized gain of $1.0 million and a gross realized loss of $0.1 million.
During the nine months ended September 30, 2019, we sold $1.5 billion of securities available-for-sale for a gross realized gain of $29.4 million and a gross realized loss of $4.1 million. During the nine months ended September 30, 2018, we sold $492.7 million of securities available-for-sale for a gross realized gain of $8.1 million and a gross realized loss of $0.7 million.
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:
 
September 30, 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)
Agency residential CMOs
$
172,738

 
$
(389
)
 
$
2,127

 
$
(15
)
 
$
174,865

 
$
(404
)
Agency commercial MBS
176,063

 
(181
)
 
—

 
—

 
176,063

 
(181
)
Agency residential MBS
—

 
—

 
435

 
(1
)
 
435

 
(1
)
Asset-backed securities
115,481

 
(702
)
 
—

 
—

 
115,481

 
(702
)
Collateralized loan obligations
82,606

 
(298
)
 
—

 
—

 
82,606

 
(298
)
Private label residential CMOs
—

 
—

 
121

 
(2
)
 
121

 
(2
)
Total
$
546,888

 
$
(1,570
)
 
$
2,683

 
$
(18
)
 
$
549,571

 
$
(1,588
)

 
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)
Agency residential CMOs
$
69,859

 
$
(326
)
 
$
164,097

 
$
(5,046
)
 
$
233,956

 
$
(5,372
)
Agency commercial MBS
40,641

 
(341
)
 
1,020,684

 
(21,184
)
 
1,061,325

 
(21,525
)
Municipal securities
52,386

 
(238
)
 
284,915

 
(7,082
)
 
337,301

 
(7,320
)
Agency residential MBS
60,164

 
(169
)
 
85,245

 
(2,131
)
 
145,409

 
(2,300
)
Asset-backed securities
11,548

 
(38
)
 
35,859

 
(443
)
 
47,407

 
(481
)
Private label residential CMOs
32,170

 
(831
)
 
49,237

 
(1,262
)
 
81,407

 
(2,093
)
SBA securities
249

 
(1
)
 
66,798

 
(1,110
)
 
67,047

 
(1,111
)
U.S. Treasury securities
49,729

 
(88
)
 
—

 
—

 
49,729

 
(88
)
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 September 30, 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:
 
September 30, 2019
 
Amortized
 
Fair
Maturities
Cost
 
Value
 
(In thousands)
Due in one year or less
$
3,240

 
$
3,248

Due after one year through five years
227,670

 
232,238

Due after five years through ten years
1,020,128

 
1,056,640

Due after ten years
2,432,483

 
2,525,222

Total securities available-for-sale
$
3,683,521

 
$
3,817,348


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
 
Nine Months Ended
 
September 30,
 
June 30,
 
September 30,
 
September 30,
 
2019
 
2019
 
2018
 
2019
 
2018
 
(In thousands)
Taxable interest
$
22,829

 
$
20,944

 
$
17,618

 
$
63,515

 
$
49,323

Non-taxable interest
5,565

 
7,547

 
10,127

 
22,705

 
31,510

Dividend income
412

 
457

 
316

 
1,214

 
1,096

Total interest income on investment securities
$
28,806

 
$
28,948

 
$
28,061

 
$
87,434

 
$
81,929