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Investment Securities
 12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Investment
NOTE 4.  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:
 
December 31,
 
2019
 
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
$
1,112,573

 
$
24,403

 
$
(579
)
 
$
1,136,397

 
$
634,774

 
$
3,448

 
$
(5,372
)
 
$
632,850

Agency commercial MBS
1,083,182

 
25,579

 
(537
)
 
1,108,224

 
1,133,846

 
383

 
(21,525
)
 
1,112,704

Municipal securities
691,647

 
43,851

 
(339
)
 
735,159

 
1,298,514

 
21,000

 
(7,320
)
 
1,312,194

Agency residential MBS
294,606

 
10,593

 
(1
)
 
305,198

 
281,486

 
1,902

 
(2,300
)
 
281,088

Asset-backed securities
216,133

 
320

 
(1,670
)
 
214,783

 
81,762

 
104

 
(481
)
 
81,385

Collateralized loan obligations
124,134

 
25

 
(403
)
 
123,756

 
—

 
—

 
—

 
—

Private label residential CMOs
96,066

 
3,430

 
(13
)
 
99,483

 
101,313

 
1,985

 
(2,093
)
 
101,205

SBA securities
47,765

 
506

 
(13
)
 
48,258

 
68,158

 
—

 
(1,111
)
 
67,047

Corporate debt securities
17,000

 
3,748

 
—

 
20,748

 
17,000

 
553

 
—

 
17,553

U.S. Treasury securities
4,985

 
196

 
—

 
5,181

 
401,056

 
2,437

 
(88
)
 
403,405

Total
$
3,688,091

 
$
112,651

 
$
(3,555
)
 
$
3,797,187

 
$
4,017,909

 
$
31,812

 
$
(40,290
)
 
$
4,009,431


See Note 14. Fair Value Measurements for information on fair value measurements and methodology.
As of December 31, 2019, securities available‑for‑sale with a fair value of $486.2 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
The following table presents the amortized cost of securities sold with related gross realized gains, gross realized losses, and net realized gains (losses) for the years indicated:
 
Year Ended December 31,
Sales of Securities Available-for-Sale
2019
 
2018
 
2017
 
(In thousands)
Amortized cost of securities sold (1)
$
1,559,415

 
$
563,625

 
$
759,841

 
 
 
 
 
 
Gross realized gains
$
29,584

 
$
9,225

 
$
3,295

Gross realized losses
(4,139
)
 
(1,049
)
 
(3,836
)
Net realized gains (losses)
$
25,445

 
$
8,176

 
$
(541
)

_______________________________-
(1)
The securities sold in 2017 included $404.5 million of the $447.0 million of securities obtained in the CUB acquisition that were sold for no gain or loss as they were marked to fair value at the time of acquisition.

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:
 
December 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)
Agency residential CMOs
$
180,071

 
$
(572
)
 
$
1,456

 
$
(7
)
 
$
181,527

 
$
(579
)
Agency commercial MBS
214,862

 
(537
)
 
—

 
—

 
214,862

 
(537
)
Municipal securities
38,667

 
(339
)
 
—

 
—

 
38,667

 
(339
)
Agency residential MBS
—

 
—

 
186

 
(1
)
 
186

 
(1
)
Asset-backed securities
165,575

 
(1,670
)
 
—

 
—

 
165,575

 
(1,670
)
Collateralized loan obligations
102,469

 
(403
)
 
—

 
—

 
102,469

 
(403
)
Private label residential CMOs
9,872

 
(11
)
 
114

 
(2
)
 
9,986

 
(13
)
SBA securities
4,565

 
(13
)
 
—

 
—

 
4,565

 
(13
)
Total
$
716,081

 
$
(3,545
)
 
$
1,756

 
$
(10
)
 
$
717,837

 
$
(3,555
)
 
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 December 31, 2019 and 2018, 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 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 available-for-sale securities portfolio based on amortized cost and carrying value as of the date indicated.
 
December 31, 2019
 
Amortized
 
Fair
Maturity
Cost
 
Value
 
(In thousands)
Due in one year or less
$
7,870

 
$
7,897

Due after one year through five years
278,393

 
283,059

Due after five years through ten years
988,421

 
1,013,054

Due after ten years
2,413,407

 
2,493,177

Total securities available-for-sale
$
3,688,091

 
$
3,797,187


Mortgage-backed securities have contractual maturity dates that reflect the scheduled amortization terms of underlying loan collateral. Actual principal collections on mortgage-backed securities usually occur more rapidly than the scheduled amortization terms because of prepayments made by obligors of the underlying loan collateral.
FHLB Stock
In connection with outstanding FHLB advances, the Bank owned FHLB stock carried at cost of $40.9 million and $32.1 million at December 31, 2019 and 2018. At December 31, 2019 and 2018, the Bank was required to own FHLB stock equal to a percentage of outstanding FHLB advances. During the year ended December 31, 2019, FHLB stock increased by $8.8 million due to $159.0 million in purchases, offset partially by $150.1 million in redemptions. We evaluated the carrying value of our FHLB stock investment at December 31, 2019 and determined that it was not impaired. Our evaluation considered the long-term nature of the investment, the current financial and liquidity position of the FHLB, repurchase activity of excess stock by the FHLB at its carrying value, the return on the investment from recurring dividends, and our intent and ability to hold this investment for a period of time sufficient to recover our recorded investment.
Interest Income on Investment Securities
The following table presents the composition of our interest income on investment securities for the years indicated:
 
Year Ended December 31,
 
2019
 
2018
 
2017
 
(In thousands)
Taxable interest
$
85,968

 
$
68,504

 
$
52,981

Non-taxable interest
27,955

 
41,376

 
43,355

Dividend income
1,646

 
1,739

 
1,866

Total interest income on investment securities
$
115,569

 
$
111,619

 
$
98,202