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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2020
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, 2020
 
December 31, 2019
 
 
 
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 commercial MBS
$
1,068,810

 
$
57,997

 
$
(1,375
)
 
$
1,125,432

 
$
1,083,182

 
$
25,579

 
$
(537
)
 
$
1,108,224

Agency residential CMOs
1,069,657

 
40,124

 
(7,684
)
 
1,102,097

 
1,112,573

 
24,403

 
(579
)
 
1,136,397

Municipal securities
687,603

 
46,310

 
(29
)
 
733,884

 
691,647

 
43,851

 
(339
)
 
735,159

Agency residential MBS
277,213

 
12,733

 
(115
)
 
289,831

 
294,606

 
10,593

 
(1
)
 
305,198

Asset-backed securities
220,624

 
41

 
(9,966
)
 
210,699

 
216,133

 
320

 
(1,670
)
 
214,783

Collateralized loan obligations
142,144

 
—

 
(12,062
)
 
130,082

 
124,134

 
25

 
(403
)
 
123,756

Private label residential CMOs
99,021

 
1,096

 
(2,255
)
 
97,862

 
96,066

 
3,430

 
(13
)
 
99,483

SBA securities
44,508

 
998

 
(65
)
 
45,441

 
47,765

 
506

 
(13
)
 
48,258

Corporate debt securities
17,000

 
—

 
(43
)
 
16,957

 
17,000

 
3,748

 
—

 
20,748

U.S. Treasury securities
4,986

 
392

 
—

 
5,378

 
4,985

 
196

 
—

 
5,181

Total
$
3,631,566

 
$
159,691

 
$
(33,594
)
 
$
3,757,663

 
$
3,688,091

 
$
112,651

 
$
(3,555
)
 
$
3,797,187
Schedule of 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 for the years indicated:
 
Three Months Ended
 
March 31,
Sales of Securities Available-for-Sale
2020
 
2019
 
(In thousands)
Amortized cost of securities sold
$
14,766

 
$
405,765

 
 
 
 
Gross realized gains
$
182

 
$
4,059

Gross realized losses
—

 
(1,898
)
Net realized gains
$
182

 
$
2,161
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 as of the dates indicated:
 
March 31, 2020
 
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 commercial MBS
$
109,101

 
$
(1,375
)
 
$
—

 
$
—

 
$
109,101

 
$
(1,375
)
Agency residential CMOs
263,858

 
(6,921
)
 
37,560

 
(763
)
 
301,418

 
(7,684
)
Municipal securities
7,521

 
(29
)
 
—

 
—

 
7,521

 
(29
)
Agency residential MBS
9,523

 
(115
)
 
—

 
—

 
9,523

 
(115
)
Asset-backed securities
171,096

 
(7,547
)
 
36,993

 
(2,419
)
 
208,089

 
(9,966
)
Collateralized loan obligations
130,082

 
(12,062
)
 
—

 
—

 
130,082

 
(12,062
)
Private label residential CMOs
86,880

 
(2,247
)
 
105

 
(8
)
 
86,985

 
(2,255
)
SBA securities
1,958

 
(65
)
 
—

 
—

 
1,958

 
(65
)
Corporate debt securities
16,958

 
(42
)
 
1

 
(1
)
 
16,959

 
(43
)
Total
$
796,977

 
$
(30,403
)
 
$
74,659

 
$
(3,191
)
 
$
871,636

 
$
(33,594
)

 
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 commercial MBS
$
214,862

 
$
(537
)
 
$
—

 
$
—

 
$
214,862

 
$
(537
)
Agency residential CMOs
180,071

 
(572
)
 
1,456

 
(7
)
 
181,527

 
(579
)
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
)
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, 2020
 
Amortized
 
Fair
Maturities
Cost
 
Value
 
(In thousands)
Due in one year or less
$
9,898

 
$
10,026

Due after one year through five years
300,638

 
309,312

Due after five years through ten years
975,907

 
1,024,183

Due after ten years
2,345,123

 
2,414,142

Total securities available-for-sale
$
3,631,566

 
$
3,757,663
Investment income
The following table presents the composition of our interest income on investment securities for the periods indicated:
 
Three Months Ended
 
March 31,
 
2020
 
2019
 
(In thousands)
Taxable interest
$
21,786

 
$
19,742

Non-taxable interest
5,229

 
9,593

Dividend income
431

 
345

Total interest income on investment securities
$
27,446

 
$
29,680