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Investment Securities
 3 Months Ended
Mar. 31, 2021
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:
 March 31, 2021December 31, 2020
GrossGrossGrossGross
AmortizedUnrealizedUnrealizedFairAmortizedUnrealizedUnrealizedFair
Security TypeCostGainsLossesValueCostGainsLossesValue
 (In thousands)
Municipal securities $1,589,855 $65,063 $(8,864)$1,646,054 $1,438,004 $93,631 $(18)$1,531,617 
Agency commercial MBS1,227,960 51,944 (6,502)1,273,402 1,207,676 74,238 (37)1,281,877 
Agency residential CMOs1,073,402 38,771 (3,345)1,108,828 1,172,166 47,994 (280)1,219,880 
U.S. Treasury securities500,902 276 (9,820)491,358 4,989 313 — 5,302 
Agency residential MBS422,955 12,337 (2,192)433,100 329,488 12,483 (897)341,074 
Corporate debt securities377,280 5,674 (2,547)380,407 308,803 3,490 (404)311,889 
Collateralized loan obligations244,946 204 (910)244,240 136,777 23 (924)135,876 
Asset-backed securities222,709 1,848 (542)224,015 248,739 1,534 (770)249,503 
Private label residential CMOs98,958 4,728 (310)103,376 110,891 6,076 (21)116,946 
SBA securities35,726 1,218 (34)36,910 39,437 2,217 (27)41,627 
Total$5,794,693 $182,063 $(35,066)$5,941,690 $4,996,970 $241,999 $(3,378)$5,235,591 
As of March 31, 2021, securities available-for-sale with a fair value of $488.0 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 Ended
March 31,
Sales of Securities Available-for-Sale20212020
(In thousands)
Amortized cost of securities sold $44,551 $14,766 
Gross realized gains$101 $182 
Net realized gains $101 $182 
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:
March 31, 2021
 Less Than 12 Months12 Months or MoreTotal
GrossGrossGross
FairUnrealizedFairUnrealizedFairUnrealized
Security TypeValueLossesValueLossesValueLosses
 (In thousands)
Municipal securities $446,081 $(8,864)$— $— $446,081 $(8,864)
Agency commercial MBS177,833 (6,502)— — 177,833 (6,502)
Agency residential CMOs148,694 (3,345)— — 148,694 (3,345)
U.S. Treasury securities486,092 (9,820)— — 486,092 (9,820)
Agency residential MBS186,057 (2,172)1,330 (20)187,387 (2,192)
Corporate debt securities150,214 (2,547)— — 150,214 (2,547)
Collateralized loan obligations82,027 (593)48,694 (317)130,721 (910)
Asset-backed securities27,843 (72)44,246 (470)72,089 (542)
Private label residential CMOs29,344 (308)365 (2)29,709 (310)
SBA securities— — 1,917 (34)1,917 (34)
Total$1,734,185 $(34,223)$96,552 $(843)$1,830,737 $(35,066)
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)
Collateralized loan obligations96,442 (729)28,972 (195)125,414 (924)
Asset-backed securities17,694 (63)61,031 (707)78,725 (770)
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)
The securities that were in an unrealized loss position at March 31, 2021, were considered impaired and required further review to determine if the unrealized losses were credit-related. We concluded the 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:
March 31, 2021
AmortizedFair
MaturitiesCostValue
 (In thousands)
Due in one year or less$16,309 $16,075 
Due after one year through five years571,182 598,902 
Due after five years through ten years1,963,578 1,989,510 
Due after ten years3,243,624 3,337,203 
Total securities available-for-sale$5,794,693 $5,941,690 
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 Ended
March 31,
20212020
(In thousands)
Taxable interest$21,970 $21,786 
Non-taxable interest8,078 5,229 
Dividend income217 431 
Total interest income on investment securities$30,265 $27,446