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Investment Securities
 9 Months Ended
Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities 
 
The following tables present the amortized costs, unrealized gains, unrealized losses and approximate fair values of debt securities at September 30, 2019 and December 31, 2018: 
 (in thousands)September 30, 2019
Amortized CostUnrealized GainsUnrealized LossesFair Value
AVAILABLE FOR SALE:            
U.S. Treasury and agencies$576,089  $11,379  $(268) $587,200  
Obligations of states and political subdivisions258,853  10,212  (35) 269,030  
Residential mortgage-backed securities and collateralized mortgage obligations
1,968,346  22,424  (4,924) 1,985,846  
 $2,803,288  $44,015  $(5,227) $2,842,076  
HELD TO MATURITY:    
Residential mortgage-backed securities and collateralized mortgage obligations
$3,320  $1,018  $—  $4,338  
 $3,320  $1,018  $—  $4,338  

 (in thousands)
December 31, 2018
Amortized CostUnrealized GainsUnrealized LossesFair Value
AVAILABLE FOR SALE:    
U.S. Treasury and agencies$40,002  $—  $(346) $39,656  
Obligations of states and political subdivisions308,972  2,785  (2,586) 309,171  
Residential mortgage-backed securities and collateralized mortgage obligations
2,696,913  3,590  (72,222) 2,628,281  
 $3,045,887  $6,375  $(75,154) $2,977,108  
HELD TO MATURITY:    
Residential mortgage-backed securities and collateralized mortgage obligations
$3,606  $1,038  $—  $4,644  
 $3,606  $1,038  $—  $4,644  

Debt securities that were in an unrealized loss position as of September 30, 2019 and December 31, 2018 are presented in the following tables, based on the length of time individual securities have been in an unrealized loss position.
 (in thousands)
September 30, 2019
Less than 12 Months12 Months or LongerTotal
 Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
AVAILABLE FOR SALE:      
U.S. Treasury and agencies$47,566  $226  $19,956  $42  $67,522  $268  
Obligations of states and political subdivisions
5,764  21  1,911  14  7,675  35  
Residential mortgage-backed securities and collateralized mortgage obligations
104,014  160  522,391  4,764  626,405  4,924  
Total temporarily impaired securities$157,344  $407  $544,258  $4,820  $701,602  $5,227  
 (in thousands)
December 31, 2018
Less than 12 Months12 Months or LongerTotal
 Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
AVAILABLE FOR SALE:      
U.S. Treasury and agencies$—  $—  $39,656  $346  $39,656  $346  
Obligations of states and political subdivisions
59,963  800  38,691  1,786  98,654  2,586  
Residential mortgage-backed securities and collateralized mortgage obligations
332,103  5,432  1,992,546  66,790  2,324,649  72,222  
Total temporarily impaired securities$392,066  $6,232  $2,070,893  $68,922  $2,462,959  $75,154  
 
The unrealized losses on U.S. Treasury and agencies securities are due to increases in market interest rates since acquisition of each security and are not due to the underlying credit of the issuers. The unrealized losses on obligations of states and political subdivisions were caused by changes in market interest rates or the widening of market spreads subsequent to the initial purchase of these securities. Management monitors the published credit ratings of these securities for material rating or outlook changes. Substantially all of the Company's obligations of states and political subdivisions are general obligation issuances. All of the available for sale residential mortgage-backed securities and collateralized mortgage obligations portfolio in an unrealized loss position at September 30, 2019 are issued or guaranteed by government sponsored enterprises. The unrealized losses on residential mortgage-backed securities and collateralized mortgage obligations were caused by changes in market interest rates or the widening of market spreads subsequent to the initial purchase of these securities, and not concerns regarding the underlying credit of the issuers or the underlying collateral. It is expected that these securities will be settled at a price at least equal to the amortized cost of each investment.

Because the unrealized loss is attributable to changes in interest rates or widening market spreads and not credit quality, and because the Bank does not intend to sell the securities and it is not more likely than not that the Bank will be required to sell these securities before recovery of their amortized cost basis, which may include holding each security until maturity, these investments are not considered other-than-temporarily impaired. 

In June 2019, the Company completed a strategic restructuring of a portion of the available for sale debt securities portfolio. This restructuring resulted in the sale of certain securities at a gross loss of $7.3 million. This was a tactical effort to reduce interest rate sensitivity for a potentially decreasing interest rate environment and improve the cash liquidity position of the Company. The sales were primarily residential mortgage-backed securities and collateralized mortgage obligations and the purchases were non-callable agency bonds. The transaction resulted in an increased duration of the overall investment securities portfolio and a reduction in the portion of investments subject to prepayment.

The following table presents the contractual maturities of debt securities at September 30, 2019:  
 (in thousands)
Available For SaleHeld To Maturity
 Amortized CostFair ValueAmortized CostFair Value
Due within one year$24,236  $24,228  $—  $—  
Due after one year through five years52,813  53,341  —  —  
Due after five years through ten years796,964  811,297  16  16  
Due after ten years1,929,275  1,953,210  3,304  4,322  
 $2,803,288  $2,842,076  $3,320  $4,338  
The following table presents the gross realized gains and losses on the sale of debt securities available for sale for the nine months ended September 30, 2019 and 2018. There were no realized gains or losses on the sale of debt securities available for sale for the three months ended September 30, 2019 and 2018.
 (in thousands)
Nine Months Ended
September 30, 2019September 30, 2018
Gain  Loss  Gain  Loss  
Obligations of states and political subdivisions$16  $—  $—  $—  
Residential mortgage-backed securities and collateralized mortgage obligations143  (7,345) 14  —  
$159  $(7,345) $14  $—  

The following table presents the gains and losses on equity securities for the three and nine months ended September 30, 2019 and 2018:

 (in thousands)
Three Months EndedNine Months Ended
September 30, 2019September 30, 2018September 30, 2019September 30, 2018
Unrealized gain (loss) recognized on equity securities held at the end of the period$295  $(462) $1,744  $(1,894) 
Net gain (loss) recognized on equity securities sold during the period(38) —  81,815  —  
Total gain (loss) recognized on equity securities$257  $(462) $83,559  $(1,894) 

In June 2019, the Company completed the sale of all shares owned of Class B common stock of Visa Inc. resulting in a one-time gain of $81.9 million.

The following table presents, as of September 30, 2019, investment securities which were pledged to secure borrowings, public deposits, and repurchase agreements as permitted or required by law: 
 (in thousands)
Amortized CostFair Value
To state and local governments to secure public deposits$922,449  $934,186  
Other securities pledged principally to secure repurchase agreements490,393  498,739  
Total pledged securities$1,412,842  $1,432,925