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Investment Securities
 12 Months Ended
Dec. 31, 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:
December 31,
 20202019
GrossGrossGrossGross
AmortizedUnrealizedUnrealizedFairAmortizedUnrealizedUnrealizedFair
Security TypeCostGainsLossesValueCostGainsLossesValue
 (In thousands)
Municipal securities$1,438,004 $93,631 $(18)$1,531,617 $691,647 $43,851 $(339)$735,159 
Agency commercial MBS1,207,676 74,238 (37)1,281,877 1,083,182 25,579 (537)1,108,224 
Agency residential CMOs1,172,166 47,994 (280)1,219,880 1,112,573 24,403 (579)1,136,397 
Agency residential MBS329,488 12,483 (897)341,074 294,606 10,593 (1)305,198 
Corporate debt securities308,803 3,490 (404)311,889 17,000 3,748 — 20,748 
Asset-backed securities248,739 1,534 (770)249,503 216,133 320 (1,670)214,783 
Collateralized loan obligations136,777 23 (924)135,876 124,134 25 (403)123,756 
Private label residential CMOs110,891 6,076 (21)116,946 96,066 3,430 (13)99,483 
SBA securities39,437 2,217 (27)41,627 47,765 506 (13)48,258 
U.S. Treasury securities4,989 313 — 5,302 4,985 196 — 5,181 
Total$4,996,970 $241,999 $(3,378)$5,235,591 $3,688,091 $112,651 $(3,555)$3,797,187 
See Note 14. Fair Value Measurements for information on fair value measurements and methodology.
As of December 31, 2020, securities available‑for‑sale with a fair value of $449.3 million were pledged as collateral for borrowings, 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:
Year Ended December 31,
Sales of Securities Available-for-Sale202020192018
(In thousands)
Amortized cost of securities sold $160,254 $1,559,415 $563,624 
Gross realized gains$13,222 $29,584 $9,225 
Gross realized losses(51)(4,139)(1,049)
Net realized gains $13,171 $25,445 $8,176 
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:
December 31, 2020
 Less Than 12 Months12 Months or MoreTotal
GrossGrossGross
FairUnrealizedFairUnrealizedFairUnrealized
Security TypeValueLossesValueLossesValueLosses
 (In thousands)
Municipal securities$5,919 $(18)$— $— $5,919 $(18)
Agency commercial MBS58,408 (37)— — 58,408 (37)
Agency residential CMOs97,863 (280)— — 97,863 (280)
Agency residential MBS90,722 (897)— — 90,722 (897)
Corporate debt securities87,596 (404)— — 87,596 (404)
Asset-backed securities17,694 (63)61,031 (707)78,725 (770)
Collateralized loan obligations96,442 (729)28,972 (195)125,414 (924)
Private label residential CMOs788 (19)74 (2)862 (21)
SBA securities2,127 (27)— — 2,127 (27)
Total$457,559 $(2,474)$90,077 $(904)$547,636 $(3,378)

December 31, 2019
 Less Than 12 Months12 Months or MoreTotal
GrossGrossGross
FairUnrealizedFairUnrealizedFairUnrealized
Security TypeValueLossesValueLossesValueLosses
 (In thousands)
Municipal securities$38,667 $(339)$— $— $38,667 $(339)
Agency commercial MBS214,862 (537)— — 214,862 (537)
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 December 31, 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 available-for-sale securities portfolio based on amortized cost and carrying value as of the date indicated.
December 31, 2020
AmortizedFair
MaturityCostValue
 (In thousands)
Due in one year or less$6,063 $6,091 
Due after one year through five years575,561 606,388 
Due after five years through ten years1,306,179 1,368,746 
Due after ten years3,109,167 3,254,366 
Total securities available-for-sale$4,996,970 $5,235,591 
MBS and CMOs 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.
FHLB Stock
In connection with outstanding FHLB advances, the Bank owned FHLB stock carried at cost of $17.3 million and $40.9 million at December 31, 2020 and 2019. At December 31, 2020 and 2019, the Bank was required to own FHLB stock equal to a percentage of outstanding FHLB advances. During the year ended December 31, 2020, FHLB stock decreased by $23.7 million due mainly to $68.5 million in redemptions, offset partially by $44.8 million in purchases. We evaluated the carrying value of our FHLB stock investment at December 31, 2020 and determined that it was not impaired. Our evaluation considered the long-term nature of the investment, the current financial and liquidity position of the FHLB, repurchase activity of excess stock by the FHLB at its carrying value, the return on the investment from recurring dividends, and our intent and ability to hold this investment for a period of time sufficient to recover our recorded investment.
Interest Income on Investment Securities
The following table presents the composition of our interest income on investment securities for the years indicated:
Year Ended December 31,
202020192018
(In thousands)
Taxable interest$80,426 $85,968 $68,504 
Non-taxable interest24,771 27,955 41,376 
Dividend income1,573 1,646 1,739 
Total interest income on investment securities$106,770 $115,569 $111,619