Investment Securities (Tables)

6 Months Ended

Jun. 30, 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:

	June 30, 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	$	1,060,551	$	72,587	$	(52)	$	1,133,086	$	1,083,182	$	25,579	$	(537)	$	1,108,224
Agency residential CMOs	993,696		56,055		(9)		1,049,742		1,112,573		24,403		(579)		1,136,397
Municipal securities	825,446		62,976		(84)		888,338		691,647		43,851		(339)		735,159
Agency residential MBS	236,134		12,847		(47)		248,934		294,606		10,593		(1)		305,198
Asset-backed securities	232,081		556		(5,431)		227,206		216,133		320		(1,670)		214,783
Collateralized loan obligations	142,080		—		(5,417)		136,663		124,134		25		(403)		123,756
Private label residential CMOs	95,629		2,245		(1,099)		96,775		96,066		3,430		(13)		99,483
SBA securities	42,375		2,236		(35)		44,576		47,765		506		(13)		48,258
Corporate debt securities	17,000		3,458		—		20,458		17,000		3,748		—		20,748
U.S. Treasury securities	4,987		376		—		5,363		4,985		196		—		5,181
Total	$	3,649,979	$	213,336	$	(12,174)	$	3,851,141	$	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				Six Months Ended
	June 30,				June 30,
Sales of Securities Available-for-Sale	2020		2019		2020		2019
	(In thousands)
Amortized cost of securities sold	$	122,334	$	980,395	$	137,100	$	1,386,157
Gross realized gains	$	7,747	$	24,154	$	7,929	$	28,213
Gross realized losses	(32)		(1,962)		(32)		(3,860)
Net realized gains	$	7,715	$	22,192	$	7,897	$	24,353

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:

	June 30, 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	$	9,281	$	(52)	$	—	$	—	$	9,281	$	(52)
Agency residential CMOs	—		—		1,308		(9)		1,308		(9)
Municipal securities	20,448		(84)		—		—		20,448		(84)
Agency residential MBS	2,403		(47)		—		—		2,403		(47)
Asset-backed securities	116,863		(3,400)		36,800		(2,031)		153,663		(5,431)
Collateralized loan obligations	104,062		(3,352)		32,601		(2,065)		136,663		(5,417)
Private label residential CMOs	52,839		(1,096)		78		(3)		52,917		(1,099)
SBA securities	1,971		(35)		—		—		1,971		(35)
Total	$	307,867	$	(8,066)	$	70,787	$	(4,108)	$	378,654	$	(12,174)

	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:

	June 30, 2020
	Amortized		Fair
Maturities	Cost		Value
	(In thousands)
Due in one year or less	$	8,979	$	9,110
Due after one year through five years	328,227		344,634
Due after five years through ten years	967,544		1,032,710
Due after ten years	2,345,229		2,464,687
Total securities available-for-sale	$	3,649,979	$	3,851,141

Investment income

The following table presents the composition of our interest income on investment securities for the periods indicated:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
	(In thousands)
Taxable interest	$	19,836	$	20,944	$	41,622	$	40,686
Non-taxable interest	5,612		7,547		10,841		17,140
Dividend income	590		457		1,021		802
Total interest income on investment securities	$	26,038	$	28,948	$	53,484	$	58,628