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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]    
Schedule of Available-for-sale Securities Reconciliation
Investment securities include investment securities available for sale, marketable equity securities, and investment securities held to maturity. The investment securities portfolio consisted of the following at December 31, 2020 and 2019 (in thousands):
 2020
 Amortized CostGross Unrealized
Carrying Value (1)
 GainsLosses
Investment securities available for sale:
U.S. Treasury securities$79,919 $1,307 $(375)$80,851 
U.S. Government agency and sponsored enterprise residential MBS
2,389,450 19,148 (3,028)2,405,570 
U.S. Government agency and sponsored enterprise commercial MBS
531,724 9,297 (1,667)539,354 
Private label residential MBS and CMOs
982,890 16,274 (561)998,603 
Private label commercial MBS(2)
2,514,271 24,931 (12,848)2,526,354 
Single family rental real estate-backed securities
636,069 14,877 (58)650,888 
Collateralized loan obligations1,148,724 285 (8,735)1,140,274 
Non-mortgage asset-backed securities246,597 6,898 (234)253,261 
State and municipal obligations213,743 21,966 — 235,709 
SBA securities233,387 2,093 (3,935)231,545 
8,976,774 $117,076 $(31,441)9,062,409 
Investment securities held to maturity10,000 10,000 
$8,986,774 9,072,409 
Marketable equity securities 104,274 
$9,176,683 
 2019
 Amortized CostGross Unrealized
Carrying Value (1)
 GainsLosses
Investment securities available for sale:
U.S. Treasury securities$70,243 $219 $(137)$70,325 
U.S. Government agency and sponsored enterprise residential MBS
2,018,853 9,835 (6,513)2,022,175 
U.S. Government agency and sponsored enterprise commercial MBS
366,787 4,920 (731)370,976 
Private label residential MBS and CMOs
1,001,337 11,851 (1,011)1,012,177 
Private label commercial MBS
1,719,228 6,650 (1,194)1,724,684 
Single family rental real estate-backed securities
467,459 4,016 (1,450)470,025 
Collateralized loan obligations1,204,905 322 (7,861)1,197,366 
Non-mortgage asset-backed securities194,171 1,780 (1,047)194,904 
State and municipal obligations257,528 15,774 — 273,302 
SBA securities359,808 4,587 (1,664)362,731 
 7,660,319 $59,954 $(21,608)7,698,665 
Investment securities held to maturity10,000 10,000 
$7,670,319 7,708,665 
Marketable equity securities 60,572 
$7,769,237 
(1)At fair value except for securities held to maturity.
(2)Amortized cost is net of ACL totaling $0.4 million at December 31, 2020.
Investments Classified by Contractual Maturity Date
At December 31, 2020, contractual maturities of investment securities available for sale, adjusted for anticipated prepayments when applicable, were as follows (in thousands):
Amortized CostFair Value
Due in one year or less$913,305 $922,531 
Due after one year through five years5,415,656 5,441,360 
Due after five years through ten years2,137,170 2,180,434 
Due after ten years510,643 518,084 
 $8,976,774 $9,062,409 
  
Gain on Investment Securities, net
The following table provides information about gains and losses on investment securities for the years ended December 31, 2020, 2019 and 2018 (in thousands):
 202020192018
Proceeds from sale of investment securities available for sale
$1,503,498 $2,975,259 $1,030,810 
Gross realized gains:
Investment securities available for sale$14,441 $21,961 $8,617 
Gross realized losses:
Investment securities available for sale(440)(3,424)(2,514)
Net realized gain14,001 18,537 6,103 
Net unrealized gains (losses) on marketable equity securities recognized in earnings3,766 2,637 (2,944)
Gain on investment securities, net$17,767 $21,174 $3,159 
  
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value
The following tables present the aggregate fair value and the aggregate amount by which amortized cost exceeded fair value for investment securities available for sale in unrealized loss positions aggregated by investment category and length of time that individual securities had been in continuous unrealized loss positions at the December 31, 2020 and 2019 (in thousands):
2020
 Less than 12 Months12 Months or GreaterTotal
 Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. Treasury securities
$24,369 $(375)$— $— $24,369 $(375)
U.S. Government agency and sponsored enterprise residential MBS
220,179 (320)370,727 (2,708)590,906 (3,028)
U.S. Government agency and sponsored enterprise commercial MBS
152,233 (1,412)44,255 (255)196,488 (1,667)
Private label residential MBS and CMOs
141,407 (561)— — 141,407 (561)
Private label commercial MBS
1,268,381 (12,771)37,783 (77)1,306,164 (12,848)
Single family rental real estate-backed securities
28,758 (58)— — 28,758 (58)
Collateralized loan obligations304,051 (1,171)588,463 (7,564)892,514 (8,735)
Non-mortgage asset-backed securities
— — 12,327 (234)12,327 (234)
SBA securities26,240 (298)104,598 (3,637)130,838 (3,935)
 $2,165,618 $(16,966)$1,158,153 $(14,475)$3,323,771 $(31,441)
2019
 Less than 12 Months12 Months or GreaterTotal
 Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. Treasury securities
$20,056 $(137)$— $— $20,056 $(137)
U.S. Government agency and sponsored enterprise residential MBS
579,076 (3,862)243,839 (2,651)822,915 (6,513)
U.S. Government agency and sponsored enterprise commercial MBS
99,610 (696)6,477 (35)106,087 (731)
Private label residential MBS and CMOs
180,398 (838)41,636 (173)222,034 (1,011)
Private label commercial MBS
648,761 (1,060)76,302 (134)725,063 (1,194)
Single family rental real estate-backed securities
241,915 (1,445)5,460 (5)247,375 (1,450)
Collateralized loan obligations63,310 (846)682,076 (7,015)745,386 (7,861)
Non-mortgage asset-backed securities
78,964 (962)7,883 (85)86,847 (1,047)
SBA securities10,236 (2)142,204 (1,662)152,440 (1,664)
 $1,922,326 $(9,848)$1,205,877 $(11,760)$3,128,203 $(21,608)