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Investment Securities
 3 Months Ended
Mar. 31, 2022
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, 2022December 31, 2021
GrossGrossGrossGross
AmortizedUnrealizedUnrealizedFairAmortizedUnrealizedUnrealizedFair
Security TypeCostGainsLossesValueCostGainsLossesValue
 (In thousands)
Agency residential MBS$2,982,056 $3,461 $(196,703)$2,788,814 $2,921,993 $8,866 $(32,649)$2,898,210 
Municipal securities 2,234,457 15,158 (124,454)2,125,161 2,248,749 75,192 (7,973)2,315,968 
Agency commercial MBS1,627,516 3,968 (69,147)1,562,337 1,660,516 37,664 (9,213)1,688,967 
Agency residential CMOs962,218 2,181 (23,685)940,714 1,021,716 22,288 (5,870)1,038,134 
U.S. Treasury securities973,803 57 (66,117)907,743 973,555 1,641 (8,298)966,898 
Corporate debt securities513,981 2,619 (7,444)509,156 514,077 13,774 (757)527,094 
Private label commercial MBS439,909 — (38,617)401,292 453,314 147 (3,244)450,217 
Collateralized loan obligations365,355 236 (1,785)363,806 385,410 396 (444)385,362 
Private label residential CMOs256,274 88 (18,202)238,160 265,851 1,857 (3,291)264,417 
Asset-backed securities112,875 375 (373)112,877 129,387 484 (324)129,547 
SBA securities25,655 — (606)25,049 28,950 726 (32)29,644 
Total$10,494,099 $28,143 $(547,133)$9,975,109 $10,603,518 $163,035 $(72,095)$10,694,458 
As of March 31, 2022, the Company had not recorded an allowance for credit losses on securities available-for-sale. The Company does not consider unrealized losses on such securities to be attributable to credit-related factors, as the unrealized losses have occurred as a result of changes in non-credit related factors such as interest rates, market spreads, and market conditions subsequent to purchase.
As of March 31, 2022, securities available-for-sale with a fair value of $558.0 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-Sale20222021
(In thousands)
Amortized cost of securities sold $206,088 $44,551 
Gross realized gains$1,190 $101 
Gross realized losses(1,086)— 
Net realized gains $104 $101 
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, 2022
 Less Than 12 Months12 Months or MoreTotal
GrossGrossGross
FairUnrealizedFairUnrealizedFairUnrealized
Security TypeValueLossesValueLossesValueLosses
 (In thousands)
Agency residential MBS$2,559,148 $(189,302)$98,722 $(7,401)$2,657,870 $(196,703)
Municipal securities 1,584,374 (120,665)31,483 (3,789)1,615,857 (124,454)
Agency commercial MBS993,615 (57,209)102,398 (11,938)1,096,013 (69,147)
Agency residential CMOs441,966 (14,558)96,639 (9,127)538,605 (23,685)
U.S. Treasury securities902,691 (66,117)— — 902,691 (66,117)
Corporate debt securities276,481 (7,444)— — 276,481 (7,444)
Private label commercial MBS390,858 (38,033)10,433 (584)401,291 (38,617)
Collateralized loan obligations189,361 (1,036)78,503 (749)267,864 (1,785)
Private label residential CMOs214,766 (18,202)— — 214,766 (18,202)
Asset-backed securities51,934 (373)— — 51,934 (373)
SBA securities23,249 (531)1,800 (75)25,049 (606)
Total$7,628,443 $(513,470)$419,978 $(33,663)$8,048,421 $(547,133)
December 31, 2021
 Less Than 12 Months12 Months or MoreTotal
GrossGrossGross
FairUnrealizedFairUnrealizedFairUnrealized
Security TypeValueLossesValueLossesValueLosses
 (In thousands)
Agency residential MBS$2,502,536 $(31,670)$57,329 $(979)$2,559,865 $(32,649)
Municipal securities 505,080 (6,965)29,726 (1,008)534,806 (7,973)
Agency commercial MBS440,938 (5,066)106,745 (4,147)547,683 (9,213)
Agency residential CMOs216,445 (3,757)67,340 (2,113)283,785 (5,870)
U.S. Treasury securities628,767 (8,298)— — 628,767 (8,298)
Corporate debt securities32,761 (757)— — 32,761 (757)
Private label commercial MBS397,619 (3,244)— — 397,619 (3,244)
Collateralized loan obligations137,619 (374)43,730 (70)181,349 (444)
Private label residential CMOs201,988 (3,291)— — 201,988 (3,291)
Asset-backed securities38,742 (137)15,762 (187)54,504 (324)
SBA securities— — 1,864 (32)1,864 (32)
Total$5,102,495 $(63,559)$322,496 $(8,536)$5,424,991 $(72,095)
The securities that were in an unrealized loss position at March 31, 2022, 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 (loss)" 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, 2022
AmortizedFair
MaturitiesCostValue
 (In thousands)
Due in one year or less$43,600 $43,705 
Due after one year through five years667,668 670,477 
Due after five years through ten years3,547,627 3,354,275 
Due after ten years6,235,204 5,906,652 
Total securities available-for-sale$10,494,099 $9,975,109 
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,
20222021
(In thousands)
Taxable interest$44,642 $21,970 
Non-taxable interest8,519 8,078 
Dividend income261 217 
Total interest income on investment securities$53,422 $30,265