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Investment Securities
 9 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Investment Securities 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:
 September 30, 2020December 31, 2019
GrossGrossGrossGross
AmortizedUnrealizedUnrealizedFairAmortizedUnrealizedUnrealizedFair
Security TypeCostGainsLossesValueCostGainsLossesValue
 (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 CMOs1,111,235 54,900 (263)1,165,872 1,112,573 24,403 (579)1,136,397 
Agency residential MBS233,513 13,018 (33)246,498 294,606 10,593 (1)305,198 
Asset-backed securities236,081 554 (2,532)234,103 216,133 320 (1,670)214,783 
Corporate debt securities173,707 726 (151)174,282 17,000 3,748 — 20,748 
Collateralized loan obligations138,966 — (3,633)135,333 124,134 25 (403)123,756 
Private label residential CMOs115,101 6,089 (28)121,162 96,066 3,430 (13)99,483 
SBA securities40,515 2,194 (25)42,684 47,765 506 (13)48,258 
U.S. Treasury securities4,988 347 — 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 
As of September 30, 2020, securities available-for-sale with a fair value of $605.3 million were pledged as collateral for 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 for the years indicated:
Three Months EndedNine Months Ended
September 30,September 30,
Sales of Securities Available-for-Sale2020201920202019
(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 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 as of the dates indicated:
September 30, 2020
 Less Than 12 Months12 Months or MoreTotal
GrossGrossGross
FairUnrealizedFairUnrealizedFairUnrealized
Security TypeValueLossesValueLossesValueLosses
 (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 CMOs77,168 (263)— — 77,168 (263)
Agency residential MBS1,753 (33)— — 1,753 (33)
Asset-backed securities44,658 (339)122,729 (2,193)167,387 (2,532)
Corporate debt securities60,056 (151)— — 60,056 (151)
Collateralized loan obligations102,396 (1,938)32,937 (1,695)135,333 (3,633)
Private label residential CMOs8,510 (26)76 (2)8,586 (28)
SBA securities1,964 (25)— — 1,964 (25)
Total$488,734 $(4,318)$164,983 $(3,940)$653,717 $(8,258)
December 31, 2019
 Less Than 12 Months12 Months or MoreTotal
GrossGrossGross
FairUnrealizedFairUnrealizedFairUnrealized
Security TypeValueLossesValueLossesValueLosses
 (In thousands)
Agency commercial MBS$214,862 $(537)$— $— $214,862 $(537)
Municipal securities 38,667 (339)— — 38,667 (339)
Agency residential CMOs180,071 (572)1,456 (7)181,527 (579)
Agency residential MBS— — 186 (1)186 (1)
Asset-backed securities165,575 (1,670)— — 165,575 (1,670)
Collateralized loan obligations102,469 (403)— — 102,469 (403)
Private label residential CMOs9,872 (11)114 (2)9,986 (13)
SBA securities4,565 (13)— — 4,565 (13)
Total$716,081 $(3,545)$1,756 $(10)$717,837 $(3,555)
The securities that were in an unrealized loss position at September 30, 2020, were considered impaired and required further review to determine if the unrealized losses were credit-related. We 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. We also considered the seniority of the tranches and U.S. government agency guarantees, if any, to assess whether an unrealized loss was credit-related. Accordingly, we determined the unrealized losses were not credit-related and recognized the unrealized losses in "other comprehensive income" in stockholders' equity. Although we periodically sell securities for portfolio management purposes, we do not foresee having to sell any impaired securities strictly for liquidity needs and believe that it is more likely than not we would not be required to sell any impaired securities before recovery of their amortized cost.
Contractual Maturities of Securities Available-for-Sale
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
AmortizedFair
MaturitiesCostValue
 (In thousands)
Due in one year or less$8,226 $8,310 
Due after one year through five years508,645 532,309 
Due after five years through ten years1,067,818 1,135,249 
Due after ten years2,732,288 2,856,746 
Total securities available-for-sale$4,316,977 $4,532,614 
CMBS, CMOs, and MBS have contractual maturity dates, but require periodic payments based upon scheduled amortization terms. Actual principal collections on these securities usually occur more rapidly than the scheduled amortization terms because of prepayments made by obligors of the underlying loan collateral.
Interest Income on Investment Securities
The following table presents the composition of our interest income on investment securities for the periods indicated:
Three Months EndedNine Months Ended
September 30,September 30,
2020201920202019
(In thousands)
Taxable interest$17,835 $22,829 $59,457 $63,515 
Non-taxable interest6,272 5,565 17,113 22,705 
Dividend income336 412 1,357 1,214 
Total interest income on investment securities$24,443 $28,806 $77,927 $87,434