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Investment Securities
 9 Months Ended
Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
 
The amortized cost and fair value of investment securities were as follows:
 
Investment Securities Available-for-sale, At Fair Value
(In thousands)
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
At September 30, 2019
 
 
 
 
 
 
 
Debt securities:
 

 
 

 
 

 
 

Government and government-sponsored enterprises
$
247,666

 
$
2

 
$
521

 
$
247,147

Obligations of states and political subdivisions
779,263

 
11,017

 
609

 
789,671

Mortgage-backed:
 

 
 

 
 

 
 

Agency mortgage-backed securities
3,456,110

 
66,929

 
4,327

 
3,518,712

Non-agency mortgage-backed securities
—

 
—

 
—

 
—

Agency collateralized mortgage obligations
565,959

 
12,484

 
101

 
578,342

Non-agency collateralized mortgage obligations
445,174

 
934

 
570

 
445,538

Total mortgage-backed debt securities
4,467,243

 
80,347

 
4,998

 
4,542,592

Corporate debt and trust preferred securities
450

 
—

 
25

 
425

Total debt securities available-for-sale
5,494,622

 
91,366

 
6,153

 
5,579,835

Total investment securities available-for-sale
$
5,494,622

 
$
91,366

 
$
6,153

 
$
5,579,835

At December 31, 2018
 
 
 
 
 
 
 
Debt securities:
 

 
 

 
 

 
 

Government and government-sponsored enterprises
$
—

 
$
—

 
$
—

 
$
—

Obligations of states and political subdivisions
566,304

 
46

 
9,479

 
556,871

Mortgage-backed:
 

 
 

 
 

 
 

Agency mortgage-backed securities
1,845,451

 
8,026

 
26,728

 
1,826,749

Non-agency mortgage-backed securities
—

 
—

 
—

 
—

Agency collateralized mortgage obligations
85,245

 
1,196

 
—

 
86,441

Non-agency collateralized mortgage obligations
4

 
—

 
—

 
4

Total mortgage-backed debt securities
1,930,700

 
9,222

 
26,728

 
1,913,194

Corporate debt and trust preferred securities
—

 
—

 
—

 
—

Total debt securities available-for-sale
2,497,004

 
9,268

 
36,207

 
2,470,065

Total investment securities available-for-sale
$
2,497,004

 
$
9,268

 
$
36,207

 
$
2,470,065



 
Investment Securities Held-to-Maturity
(In thousands)
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
At September 30, 2019
 
 
 
 
 
 
 
Agency mortgage-backed securities
$
140,324

 
$
6,122

 
$
194

 
$
146,252

Corporate debt and trust preferred securities
3,676

 
—

 
—

 
3,676

Total investment securities held-to-maturity
$
144,000

 
$
6,122

 
$
194

 
$
149,928

At December 31, 2018
 
 
 
 
 
 
 
Agency mortgage-backed securities
$
146,052

 
$
1,460

 
$
1,045

 
$
146,467

Corporate debt and trust preferred securities
2,800

 
—

 
—

 
2,800

Total investment securities held-to-maturity
$
148,852

 
$
1,460

 
$
1,045

 
$
149,267



Gross unrealized losses and fair value of investment securities aggregated by investment category and the length of time the securities were in a continuous loss position were as follows: 
 
At September 30, 2019
 
Less than 12 months
 
12 months or more
 
Total
(In thousands)
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
Investment securities available-for-sale
 
 
 
 
 
 
 
 
 
 
 
Debt securities:
 

 
 

 
 

 
 

 
 

 
 

Government and government sponsored enterprises
$
233,756

 
$
521

 
$
—

 
$
—

 
$
233,756

 
$
521

Obligations of states and political subdivisions
273,967

 
609

 
—

 
—

 
273,967

 
609

Mortgage-backed:
 
 
 
 
 
 
 
 
 
 
 
Agency mortgage-backed securities
241,408

 
1,479

 
210,896

 
2,848

 
452,304

 
4,327

Agency collateralized mortgage obligations
37,750

 
101

 
—

 
—

 
37,750

 
101

Non-agency collateralized mortgage obligations
152,895

 
570

 
—

 
—

 
152,895

 
570

Total mortgage-backed debt securities
432,053

 
2,150

 
210,896

 
2,848

 
642,949

 
4,998

Corporate debt and trust preferred securities
425

 
25

 
—

 
—

 
425

 
25

Total debt securities available-for-sale
940,201

 
3,305

 
210,896

 
2,848

 
1,151,097

 
6,153

Total investment securities available-for-sale
$
940,201

 
$
3,305

 
$
210,896

 
$
2,848

 
$
1,151,097

 
$
6,153

Investment securities held-to-maturity
 

 
 

 
 

 
 

 
 

 
 

Agency mortgage-backed securities
4,031

 
52

 
11,674

 
142

 
15,705

 
194

Total investment securities held-to-maturity
$
4,031

 
$
52

 
$
11,674

 
$
142

 
$
15,705

 
$
194

 
At December 31, 2018
 
Less than 12 months
 
12 months or more
 
Total
(In thousands)
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
Investment securities carried at fair value
 
 
 
 
 
 
 
 
 
 
 
Debt securities:
 

 
 

 
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
3,620

 
$
—

 
$
526,817

 
$
9,479

 
$
530,437

 
$
9,479

Agency mortgage-backed securities
102,709

 
184

 
838,482

 
26,544

 
941,191

 
26,728

Total debt securities available-for-sale
106,329

 
184

 
1,365,299

 
36,023

 
1,471,628

 
36,207

Total investment securities available-for-sale
$
106,329

 
$
184

 
$
1,365,299

 
$
36,023

 
$
1,471,628

 
$
36,207

Investment securities held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
Agency mortgage-backed securities
3,074

 
14

 
31,738

 
1,031

 
34,812

 
1,045

Total investment securities held-to-maturity
$
3,074

 
$
14

 
$
31,738

 
$
1,031

 
$
34,812

 
$
1,045



At September 30, 2019 there were 1,056 investment securities in an unrealized loss position. We have assessed each investment security with unrealized losses for credit impairment. As part of that assessment we evaluated and concluded that it is more likely than not that we will not be required and do not intend to sell any of the investment securities prior to recovery of the amortized cost. Unrealized losses on investment securities were primarily due to changes in interest rates.

The gross gains and losses on sales of investment securities were as follows: 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(In thousands)
2019
 
2018
 
2019
 
2018
Gross realized gains
$
7,717

 
$
—

 
$
10,872

 
$
—

Gross realized losses
1,849

 
—

 
3,491

 
—

Recoveries on previously impaired investment securities held-to-maturity
32

 
94

 
36

 
181

Net gains (losses) on investment securities
$
5,900

 
$
94

 
$
7,417

 
$
181



The amortized cost and fair value of investment securities by final contractual maturity were as follows. Securities with multiple maturity dates are classified in the period of final maturity. The final contractual maturities do not consider possible prepayments and therefore expected maturities may differ because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
At September 30, 2019
 
At December 31, 2018
(In thousands)
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
Investment Securities Available-for-Sale
 

 
 

 
 

 
 

Due in one year or less
$
60,739

 
$
60,652

 
$
—

 
$
—

Due in 1-5 years
199,777

 
199,399

 
24,464

 
24,375

Due in 5-10 years
483,336

 
492,755

 
509,832

 
503,768

Due after 10 years
4,750,770

 
4,827,029

 
1,962,708

 
1,941,922

Total investment securities available-for-sale
$
5,494,622

 
$
5,579,835

 
$
2,497,004

 
$
2,470,065

Investment Securities Held-to-Maturity
 

 
 

 
 

 
 

Due in 1-5 years
$
3,150

 
$
3,150

 
$
2,400

 
$
2,400

Due in 5-10 years
460

 
467

 
430

 
432

Due after 10 years
140,390

 
146,311

 
146,022

 
146,435

Total investment securities held-to-maturity
$
144,000

 
$
149,928

 
$
148,852

 
$
149,267



At September 30, 2019 and December 31, 2018, investment securities with a carrying value of $761.4 million and $1.6 million, respectively, were pledged as collateral to secure certain deposits and borrowings.