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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 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:
 
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.
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:
 
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
)
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:
 
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
Investment income
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