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Investment Securities
 9 Months Ended
Sep. 30, 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:
 September 30, 2021December 31, 2020
GrossGrossGrossGross
AmortizedUnrealizedUnrealizedFairAmortizedUnrealizedUnrealizedFair
Security TypeCostGainsLossesValueCostGainsLossesValue
 (In thousands)
Agency residential MBS$2,185,544 $11,236 $(15,787)$2,180,993 $329,488 $12,483 $(897)$341,074 
Municipal securities 1,929,753 67,167 (6,991)1,989,929 1,438,004 93,631 (18)1,531,617 
Agency commercial MBS1,269,984 49,063 (5,023)1,314,024 1,207,676 74,238 (37)1,281,877 
Agency residential CMOs1,062,836 29,440 (3,739)1,088,537 1,172,166 47,994 (280)1,219,880 
U.S. Treasury securities973,307 2,060 (4,099)971,268 4,989 313 — 5,302 
Corporate debt securities505,800 11,976 (1,161)516,615 308,803 3,490 (404)311,889 
Private label commercial MBS389,030 716 (1,428)388,318 81,878 1,089 (10)82,957 
Collateralized loan obligations359,057 163 (673)358,547 136,777 23 (924)135,876 
Private label residential CMOs301,743 3,508 (1,570)303,681 110,891 6,076 (21)116,946 
Asset-backed securities132,421 855 (279)132,997 166,861 445 (760)166,546 
SBA securities30,849 1,185 (17)32,017 39,437 2,217 (27)41,627 
Total$9,140,324 $177,369 $(40,767)$9,276,926 $4,996,970 $241,999 $(3,378)$5,235,591 
As of September 30, 2021, securities available-for-sale with a fair value of $492.0 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 EndedNine Months Ended
September 30,September 30,
Sales of Securities Available-for-Sale2021202020212020
(In thousands)
Amortized cost of securities sold $76,184 $17,000 $120,735 $154,100 
Gross realized gains$517 $5,270 $618 $13,199 
Gross realized losses(2)— (2)(32)
Net realized gains $515 $5,270 $616 $13,167 
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, 2021
 Less Than 12 Months12 Months or MoreTotal
GrossGrossGross
FairUnrealizedFairUnrealizedFairUnrealized
Security TypeValueLossesValueLossesValueLosses
 (In thousands)
Agency residential MBS$1,697,399 $(15,779)$680 $(8)$1,698,079 $(15,787)
Municipal securities 583,499 (6,860)2,559 (131)586,058 (6,991)
Agency commercial MBS282,753 (5,023)— — 282,753 (5,023)
Agency residential CMOs189,684 (3,700)11,283 (39)200,967 (3,739)
U.S. Treasury securities632,950 (4,099)— — 632,950 (4,099)
Corporate debt securities127,786 (1,161)— — 127,786 (1,161)
Private label commercial MBS266,238 (1,428)— — 266,238 (1,428)
Collateralized loan obligations202,528 (600)43,930 (73)246,458 (673)
Private label residential CMOs234,541 (1,555)319 (15)234,860 (1,570)
Asset-backed securities25,044 (49)16,126 (230)41,170 (279)
SBA securities— — 1,897 (17)1,897 (17)
Total$4,242,422 $(40,254)$76,794 $(513)$4,319,216 $(40,767)
December 31, 2020
 Less Than 12 Months12 Months or MoreTotal
GrossGrossGross
FairUnrealizedFairUnrealizedFairUnrealized
Security TypeValueLossesValueLossesValueLosses
 (In thousands)
Agency residential MBS$90,722 $(897)$— $— $90,722 $(897)
Municipal securities 5,919 (18)— — 5,919 (18)
Agency commercial MBS58,408 (37)— — 58,408 (37)
Agency residential CMOs97,863 (280)— — 97,863 (280)
Corporate debt securities87,596 (404)— — 87,596 (404)
Private label commercial MBS3,058 (10)— — 3,058 (10)
Collateralized loan obligations96,442 (729)28,972 (195)125,414 (924)
Private label residential CMOs788 (19)74 (2)862 (21)
Asset-backed securities14,636 (53)61,031 (707)75,667 (760)
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 September 30, 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:
September 30, 2021
AmortizedFair
MaturitiesCostValue
 (In thousands)
Due in one year or less$40,903 $41,218 
Due after one year through five years578,943 606,629 
Due after five years through ten years2,991,339 3,029,128 
Due after ten years5,529,139 5,599,951 
Total securities available-for-sale$9,140,324 $9,276,926 
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,
2021202020212020
(In thousands)
Taxable interest$31,980 $17,835 $79,156 $59,457 
Non-taxable interest8,542 6,272 25,113 17,113 
Dividend income258 336 730 1,357 
Total interest income on investment securities$40,780 $24,443 $104,999 $77,927