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Investment Securities
 9 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities 
 
The following tables present the amortized cost, unrealized gains, unrealized losses and approximate fair values of debt securities at September 30, 2020 and December 31, 2019: 
September 30, 2020
 (in thousands) Amortized CostUnrealized GainsUnrealized LossesFair Value
Available for sale:    
U.S. Treasury and agencies$689,137 $68,877 $(61)$757,953 
Obligations of states and political subdivisions249,423 15,121 (57)264,487 
Residential mortgage-backed securities and collateralized mortgage obligations
1,820,569 56,121 (430)1,876,260 
Total available for sale securities$2,759,129 $140,119 $(548)$2,898,700 
Held to maturity:    
Residential mortgage-backed securities and collateralized mortgage obligations
$3,088 $862 $— $3,950 
Total held to maturity securities$3,088 $862 $— $3,950 


December 31, 2019
 (in thousands) 
Amortized CostUnrealized GainsUnrealized LossesFair Value
Available for sale:    
U.S. Treasury and agencies$642,009 $5,919 $(4,324)$643,604 
Obligations of states and political subdivisions251,531 9,600 (37)261,094 
Residential mortgage-backed securities and collateralized mortgage obligations
1,896,708 18,962 (5,686)1,909,984 
Total available for sale securities$2,790,248 $34,481 $(10,047)$2,814,682 
Held to maturity:    
Residential mortgage-backed securities and collateralized mortgage obligations
$3,260 $1,003 $— $4,263 
Total held to maturity securities$3,260 $1,003 $— $4,263 

The Company elected to exclude accrued interest receivable from the amortized cost basis of debt securities disclosed throughout this note. Interest accrued on investment securities totaled $11.4 million and $9.8 million as of September 30, 2020 and December 31, 2019, respectively, and is included in Other Assets.
Debt securities that were in an unrealized loss position as of September 30, 2020 and December 31, 2019 are presented in the following tables, based on the length of time individual securities have been in an unrealized loss position.

September 30, 2020
Less than 12 Months12 Months or LongerTotal
  (in thousands) 
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Available for sale:      
U.S. Treasury and agencies$19,748 $61 $— $— $19,748 $61 
Obligations of states and political subdivisions
2,028 57 — — 2,028 57 
Residential mortgage-backed securities and collateralized mortgage obligations
214,879 430 — — 214,879 430 
Total $236,655 $548 $— $— $236,655 $548 

December 31, 2019
Less than 12 Months12 Months or LongerTotal
  (in thousands)
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Available for sale:      
U.S. Treasury and agencies$313,169 $4,324 $— $— $313,169 $4,324 
Obligations of states and political subdivisions
4,611 30 1,906 7 6,517 37 
Residential mortgage-backed securities and collateralized mortgage obligations
288,866 1,628 402,802 4,058 691,668 5,686 
Total$606,646 $5,982 $404,708 $4,065 $1,011,354 $10,047 

These unrealized losses on the Company's debt securities were caused by changes in market interest rates or the widening of market spreads subsequent to the initial purchase of these securities and are not due to the underlying credit of the issuers. Management monitors the published credit ratings of the Company's debt 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, 2020 are issued or guaranteed by government sponsored enterprises. Because the decline in fair value of the Company's debt securities is attributable to changes in interest rates or widening market spreads and not credit quality, these investments do not have an allowance for credit losses at September 30, 2020.

The following table presents the contractual maturities of debt securities at September 30, 2020:  

Available For SaleHeld To Maturity
  (in thousands) 
Amortized CostFair ValueAmortized CostFair Value
Due within one year$3,264 $3,298 $— $— 
Due after one year through five years71,383 73,499 3 3 
Due after five years through ten years904,677 979,854 10 10 
Due after ten years1,779,805 1,842,049 3,075 3,937 
Total securities$2,759,129 $2,898,700 $3,088 $3,950 

The following table presents, as of September 30, 2020, investment securities that 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$275,686 $286,052 
Other securities pledged principally to secure repurchase agreements604,045 643,522 
Total pledged securities$879,731 $929,574