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Investment Securities
 6 Months Ended
Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
The amortized cost, estimated fair values and allowance for credit losses of investments in debt securities are summarized in the following tables:
June 30, 2020
(in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesEstimated
Fair
Value
Debt Securities Available for Sale
Obligations of U.S. government agencies$414,494  $20,320  $—  $—  $434,814  
Obligations of states and political subdivisions104,811  4,835  —  —  109,646  
Corporate bonds2,444  126  —  —  2,570  
Asset backed securities465,746  37  (16,533) —  449,250  
Total debt securities available for sale$987,495  $25,318  $(16,533) $—  $996,280  
June 30, 2020
(in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value		Allowance for Credit Losses
Debt Securities Held to Maturity
Obligations of U.S. government agencies$324,976  $16,596  $—  $341,572  $—  
Obligations of states and political subdivisions12,189  418  —  12,607  —  
Total debt securities held to maturity$337,165  $17,014  $—  $354,179  $—  


December 31, 2019
(in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
Debt Securities Available for Sale
Obligations of U.S. government agencies$466,139  $7,261  $(420) $472,980  
Obligations of states and political subdivisions106,373  3,229  (1) 109,601  
Corporate bonds2,430  102  —  2,532  
Asset backed securities371,809  129  (6,913) 365,025  
Total debt securities available for sale$946,751  $10,721  $(7,334) $950,138  
Debt Securities Held to Maturity
Obligations of U.S. government agencies361,785  6,072  (480) 367,377  
Obligations of states and political subdivisions13,821  327  —  14,148  
Total debt securities held to maturity$375,606  $6,399  $(480) $381,525  
There were no sales of investment securities during the three and six months ended June 30, 2020 and 2019, respectively. Investment securities with an aggregate carrying value of $479,242,000 and $466,321,000 at June 30, 2020 and December 31, 2019, respectively, were pledged as collateral for specific borrowings, lines of credit or local agency deposits.
The amortized cost and estimated fair value of debt securities at June 30, 2020 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. At June 30, 2020, obligations of U.S. government corporations and agencies with a cost basis totaling $739,470,000 consist almost entirely of residential real estate mortgage-backed securities whose contractual maturity, or principal repayment, will follow the repayment of the underlying mortgages. For purposes of the following table, the entire outstanding balance of these mortgage-backed securities issued by U.S. government corporations and agencies is categorized based on final maturity date. At June 30, 2020, the Company estimates the average remaining life of these mortgage-backed securities issued by U.S. government corporations and agencies to be approximately 3.26 years. Average remaining life is defined as the time span after which the principal balance has been reduced by half.
As of June 30, 2020, the contractual final maturity for available for sale and held to maturity investment securities is as follows:
Debt SecuritiesAvailable for SaleHeld to Maturity
(in thousands)Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Due in one year$600  $600  $1,287  $1,289  
Due after one year through five years17,981  18,690  —  —  
Due after five years through ten years114,403  113,718  21,156  22,231  
Due after ten years854,511  863,272  314,722  330,659  
Totals$987,495  $996,280  $337,165  $354,179  
Gross unrealized losses on debt securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:
June 30, 2020:Less than 12 months12 months or moreTotal
(in thousands)Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Debt Securities Available for Sale
Asset backed securities$153,086  $(2,742) $291,893  $(13,791) $444,979  $(16,533) 

December 31, 2019:Less than 12 months12 months or moreTotal
(in thousands)Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Debt Securities Available for Sale
Obligations of U.S. government agencies$36,709  $(309) $23,852  $(111) $60,561  $(420) 
Obligations of states and political subdivisions778  (1) —  —  778  (1) 
Asset backed securities237,463  (4,535) 99,981  (2,378) 337,444  (6,913) 
Total debt securities available for sale$274,950  $(4,845) $123,833  $(2,489) $398,783  $(7,334) 
Debt Securities Held to Maturity
Obligations of U.S. government agencies18,813  (142) 62,952  (338) 81,765  (480) 
Asset backed securities: The unrealized losses on investments in asset backed securities were caused by increases in required yields by investors for these types of securities. At the time of purchase, each of these securities was rated AA or AAA and through June 30, 2020 has not experienced any deterioration in credit rating. At June 30, 2020, 13 asset backed securities had unrealized losses with aggregate depreciation of 3.58% from the Company’s amortized cost basis. The Company continues to monitor these securities for changes in credit rating or other indications of credit deterioration. Because management believes the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell and more likely than not will not be required to sell, there is no impairment on these securities and there has been no allowance for credit losses recorded as of June 30, 2020.
The Company monitors credit quality of debt securities held-to-maturity through the use of credit rating. The Company monitors the credit rating on a monthly basis. The following table summarizes the amortized cost of debt securities held-to-maturity at the dates indicated, aggregated by credit quality indicator:
June 30, 2020December 31, 2019
AAA/AA/ABBB/BB/BAAA/AA/ABBB/BB/B
(In thousands)(In thousands)
Debt Securities Held to Maturity
Obligations of U.S. government agencies$324,976  $—  $361,785  $—  
Obligations of states and political subdivisions11,496  693  13,136  685  
Total debt securities held to maturity$336,472  $693  $374,921  $685