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Investment Securities
 12 Months Ended
Dec. 31, 2019
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 December 31, 2020 and 2019: 

December 31, 2020
(in thousands)Amortized CostUnrealized GainsUnrealized LossesFair Value
Available for sale:    
U.S. Treasury and agencies$698,243 $64,271 $(312)$762,202 
Obligations of states and political subdivisions263,546 15,996 (31)279,511 
Residential mortgage-backed securities and collateralized mortgage obligations1,839,711 51,583 (449)1,890,845 
Total available for sale securities$2,801,500 $131,850 $(792)$2,932,558 
Held to maturity:    
Residential mortgage-backed securities and collateralized mortgage obligations$3,034 $849 $— $3,883 
Total held to maturity securities$3,034 $849 $— $3,883 
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 obligations1,896,708 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 $8.9 million and $9.8 million as of December 31, 2020 and 2019, respectively, and is included in Other Assets.

Debt securities that were in an unrealized loss position as of December 31, 2020 and 2019 are presented in the following tables, based on the length of time individual securities have been in an unrealized loss position.
 
December 31, 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$29,493 $312 $— $— $29,493 $312 
Obligations of states and political subdivisions4,357 31 — — 4,357 31 
Residential mortgage-backed securities and collateralized mortgage obligations215,165 449 — — 215,165 449 
Total temporarily impaired securities$249,015 $792 $— $— $249,015 $792 

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 subdivisions4,611 30 1,906 7 6,517 37 
Residential mortgage-backed securities and collateralized mortgage obligations288,866 1,628 402,802 4,058 691,668 5,686 
Total temporarily impaired securities$606,646 $5,982 $404,708 $4,065 $1,011,354 $10,047 
These unrealized losses on the Company's debt securities are due to increases in average market interest rates and are not due to the underlying credit of the issuers. The unrealized losses 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 the Company's 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 December 31, 2020 are issued or guaranteed by government sponsored enterprises. It is expected that these securities will be settled at a price at least equal to the amortized cost of each investment. 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 December 31, 2020.
 
The following table presents the contractual maturities of debt securities at December 31, 2020: 
Available For SaleHeld To Maturity
(in thousands)Amortized CostFair ValueAmortized CostFair Value
Amounts maturing in:    
Due within one year$7,369 $7,441 $— $— 
Due after one year through five years85,999 89,172 3 3 
Due after five years through ten years892,947 963,994 10 10 
Due after ten years1,815,185 1,871,951 3,021 3,870 
Total securities$2,801,500 $2,932,558 $3,034 $3,883 

The following table presents the gross realized gains and losses on the sale of debt securities available for sale for the years ended December 31, 2020, and 2019:
20202019
(in thousands)
GainLossGainLoss
Obligations of states and political subdivisions$— $— $17 $— 
Residential mortgage-backed securities and collateralized mortgage obligations386 196 144 7,345 
Total gains and losses on sale of debt securities$386 $196 $161 $7,345 

The following table presents the gains and losses on equity securities for the years ended December 31, 2020 and 2019:
(in thousands)20202019
Unrealized gain recognized on equity securities held at the end of the period$769 $1,660 
Net gain recognized on equity securities sold during the period— 81,815 
Total gain on equity securities, net$769 $83,475 

In 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 December 31, 2020, 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$260,684 $271,661 
Other securities pledged principally to secure repurchase agreements569,733 605,466 
Total pledged securities$830,417 $877,127