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Investment Securities (Tables)
 12 Months Ended
Dec. 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:
 
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
Schedule of Realized Gain (Loss)
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 investment securities
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
)
Investments Classified by Contractual Maturity Date
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
Investment Income
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