Investment Securities (Tables)

9 Months Ended

Sep. 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:

	September 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	$	1,129,060	$	75,309	$	(54)	$	1,204,315	$	1,083,182	$	25,579	$	(537)	$	1,108,224
Municipal securities	1,133,811		70,758		(1,539)		1,203,030		691,647		43,851		(339)		735,159
Agency residential CMOs	1,111,235		54,900		(263)		1,165,872		1,112,573		24,403		(579)		1,136,397
Agency residential MBS	233,513		13,018		(33)		246,498		294,606		10,593		(1)		305,198
Asset-backed securities	236,081		554		(2,532)		234,103		216,133		320		(1,670)		214,783
Corporate debt securities	173,707		726		(151)		174,282		17,000		3,748		—		20,748
Collateralized loan obligations	138,966		—		(3,633)		135,333		124,134		25		(403)		123,756
Private label residential CMOs	115,101		6,089		(28)		121,162		96,066		3,430		(13)		99,483
SBA securities	40,515		2,194		(25)		42,684		47,765		506		(13)		48,258
U.S. Treasury securities	4,988		347		—		5,335		4,985		196		—		5,181
Total	$	4,316,977	$	223,895	$	(8,258)	$	4,532,614	$	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				Nine Months Ended
	September 30,				September 30,
Sales of Securities Available-for-Sale	2020		2019		2020		2019
	(In thousands)
Amortized cost of securities sold	$	17,000	$	143,388	$	154,100	$	1,529,544
Gross realized gains	$	5,270	$	1,187	$	13,199	$	29,400
Gross realized losses	—		(279)		(32)		(4,139)
Net realized gains	$	5,270	$	908	$	13,167	$	25,261

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:

	September 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	$	3,066	$	(4)	$	9,241	$	(50)	$	12,307	$	(54)
Municipal securities	189,163		(1,539)		—		—		189,163		(1,539)
Agency residential CMOs	77,168		(263)		—		—		77,168		(263)
Agency residential MBS	1,753		(33)		—		—		1,753		(33)
Asset-backed securities	44,658		(339)		122,729		(2,193)		167,387		(2,532)
Corporate debt securities	60,056		(151)		—		—		60,056		(151)
Collateralized loan obligations	102,396		(1,938)		32,937		(1,695)		135,333		(3,633)
Private label residential CMOs	8,510		(26)		76		(2)		8,586		(28)
SBA securities	1,964		(25)		—		—		1,964		(25)
Total	$	488,734	$	(4,318)	$	164,983	$	(3,940)	$	653,717	$	(8,258)

	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)
Municipal securities	38,667		(339)		—		—		38,667		(339)
Agency residential CMOs	180,071		(572)		1,456		(7)		181,527		(579)
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:

	September 30, 2020
	Amortized		Fair
Maturities	Cost		Value
	(In thousands)
Due in one year or less	$	8,226	$	8,310
Due after one year through five years	508,645		532,309
Due after five years through ten years	1,067,818		1,135,249
Due after ten years	2,732,288		2,856,746
Total securities available-for-sale	$	4,316,977	$	4,532,614

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,				September 30,
	2020		2019		2020		2019
	(In thousands)
Taxable interest	$	17,835	$	22,829	$	59,457	$	63,515
Non-taxable interest	6,272		5,565		17,113		22,705
Dividend income	336		412		1,357		1,214
Total interest income on investment securities	$	24,443	$	28,806	$	77,927	$	87,434