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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Values of Investment Securities

The following table presents the amortized cost and estimated fair values of investment securities:
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
June 30, 2019
(in thousands)
Available for Sale
 
 
 
 
 
 
 
State and municipal securities
$
307,911

 
$
8,508

 
$
(85
)
 
$
316,334

Corporate debt securities
194,858

 
4,885

 
(2,321
)
 
197,422

Collateralized mortgage obligations
889,053

 
12,190

 
(2,126
)
 
899,117

Residential mortgage-backed securities
331,566

 
1,623

 
(3,914
)
 
329,275

Commercial mortgage-backed securities
433,027

 
7,406

 
(152
)
 
440,281

Auction rate securities
107,410

 
—

 
(4,045
)
 
103,365

   Total
$
2,263,825

 
$
34,612

 
$
(12,643
)
 
$
2,285,794

 
 
 
 
 
 
 
 
Held to Maturity
 
 
 
 
 
 
 
State and municipal securities
$
155,861

 
$
8,700

 
$
—

 
$
164,561

Residential mortgage-backed securities
411,703

 
13,464

 
—

 
425,167

Total
$
567,564

 
$
22,164

 
$
—

 
$
589,728

 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
December 31, 2018
(in thousands)
Available for Sale
 
 
 
 
 
 
 
U.S. Government sponsored agency securities
$
31,586

 
$
185

 
$
(139
)
 
$
31,632

State and municipal securities
282,383

 
2,178

 
(5,466
)
 
279,095

Corporate debt securities
111,454

 
1,432

 
(3,353
)
 
109,533

Collateralized mortgage obligations
841,294

 
2,758

 
(11,972
)
 
832,080

Residential mortgage-backed securities
476,973

 
1,583

 
(15,212
)
 
463,344

Commercial mortgage-backed securities
264,165

 
524

 
(3,073
)
 
261,616

Auction rate securities
107,410

 
—

 
(4,416
)
 
102,994

   Total
$
2,115,265

 
$
8,660

 
$
(43,631
)
 
$
2,080,294

 
 
 
 
 
 
 
 
Held to Maturity
 
 
 
 
 
 
 
State and municipal securities
$
156,134

 
$
1,166

 
$
(93
)
 
$
157,207

Residential mortgage-backed securities
450,545

 
3,667

 
—

 
454,212

Total
$
606,679

 
$
4,833

 
$
(93
)
 
$
611,419
Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities
The amortized cost and estimated fair values of debt securities as of June 30, 2019, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities as certain investment securities are subject to call or prepayment with or without call or prepayment penalties.
 
 
Available for Sale
 
Held to Maturity
 
 
Amortized
Cost
 
Estimated
Fair Value
 
Amortized
Cost
 
Estimated
Fair Value
 
(in thousands)
Due in one year or less
 
$
5,828

 
$
5,828

 
$
—

 
$
—

Due from one year to five years
 
38,664

 
39,900

 
—

 
—

Due from five years to ten years
 
175,654

 
178,922

 
2,154

 
2,277

Due after ten years
 
390,033

 
392,471

 
153,707

 
162,284

 
 
610,179

 
617,121

 
155,861

 
164,561

Residential mortgage-backed securities(1)
 
331,566

 
329,275

 
411,703

 
425,167

Commercial mortgage-backed securities(1)
 
433,027

 
440,281

 
—

 
—

Collateralized mortgage obligations(1)
 
889,053

 
899,117

 
—

 
—

  Total
 
$
2,263,825

 
$
2,285,794

 
$
567,564

 
$
589,728

 
 
 
 
 
 
 
 
 
(1) Maturities for mortgage-backed securities and collateralized mortgage obligations are dependent upon the interest rate environment and prepayments on the underlying loans.
Summary of Gains and Losses from Equity and Debt Securities, and Losses Recognized from Other-than-Temporary Impairment
The following table presents information related to the gross realized gains and losses on the sales of investment securities:
 
Gross
Realized
Gains
 
Gross
Realized
Losses
 
Net Gains
Three months ended June 30, 2019
(in thousands)
Debt securities
$
3,012

 
$
(2,836
)
 
$
176

Total
$
3,012

 
$
(2,836
)
 
$
176

Three months ended June 30, 2018
 
 
 
 
 
Debt securities
$
1,530

 
$
(1,526
)
 
$
4

Total
$
1,530

 
$
(1,526
)
 
$
4

 
 
 
 
 
 
Six months ended June 30, 2019
 
 
 
 
 
Debt securities
$
3,269

 
$
(3,028
)
 
$
241

Total
$
3,269

 
$
(3,028
)
 
$
241

Six months ended June 30, 2018
 
 
 
 
 
Equity securities
$
9

 
$
—

 
$
9

Debt securities
1,540

 
(1,526
)
 
14

Total
$
1,549

 
$
(1,526
)
 
$
23
Summary of Cumulative Credit Related Other-Than-Temporary Impairment Charges Recognized As Components of Earnings
The following table presents a summary of the cumulative credit related other-than-temporary impairment charges, recognized as components of earnings, for debt securities held by the Corporation at June 30, 2019 and 2018:
 
Three months ended June 30
 
Six months ended June 30
 
2019
 
2018
 
2019
 
2018
 
(in thousands)
Balance of cumulative credit losses on debt securities, beginning of period
$
(11,510
)
 
$
(11,510
)
 
$
(11,510
)
 
$
(11,510
)
Reductions for securities sold during the period
10,520

 
—

 
10,520

 
—

Balance of cumulative credit losses on debt securities, end of period
$
(990
)
 
$
(11,510
)
 
$
(990
)
 
$
(11,510
)
Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in Continuous Unrealized Loss Position
The following table presents the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2019 and December 31, 2018:
 
Less than 12 months
 
12 months or longer
 
Total
June 30, 2019
Number of Securities
 
Estimated
Fair Value
 
Unrealized
Losses
 
Number of Securities
 
Estimated
Fair Value
 
Unrealized
Losses
 
Estimated
Fair Value
 
Unrealized
Losses
Available for Sale
 
 
(in thousands)
State and municipal securities
3

 
$
15,714

 
$
(44
)
 
4

 
$
17,403

 
$
(41
)
 
$
33,117

 
$
(85
)
Corporate debt securities
3

 
7,054

 
(8
)
 
14

 
25,988

 
(2,313
)
 
33,042

 
(2,321
)
Collateralized mortgage obligations
—

 
—

 
—

 
39

 
110,517

 
(2,126
)
 
110,517

 
(2,126
)
Residential mortgage-backed securities
—

 
—

 
—

 
61

 
285,675

 
(3,914
)
 
285,675

 
(3,914
)
Commercial mortgage-backed securities
1

 
11,926

 
(143
)
 
2

 
17,475

 
(9
)
 
29,401

 
(152
)
Auction rate securities
—

 
—

 
—

 
177

 
103,365

 
(4,045
)
 
103,365

 
(4,045
)
Total
7

 
$
34,694

 
$
(195
)
 
297

 
$
560,423

 
$
(12,448
)
 
$
595,117

 
$
(12,643
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

No Held to Maturity investments were in an unrealized loss position at June 30, 2019.
 
Less than 12 months
 
12 months or longer
 
Total
December 31, 2018
Number of Securities
 
Estimated
Fair Value
 
Unrealized
Losses
 
Number of Securities
 
Estimated
Fair Value
 
Unrealized
Losses
 
Estimated
Fair Value
 
Unrealized
Losses
Available for Sale
(in thousands)
U.S. Government sponsored agency securities
1

 
$
4,961

 
$
(31
)
 
1

 
$
5,770

 
$
(108
)
 
$
10,731

 
$
(139
)
State and municipal securities
33

 
72,950

 
(1,292
)
 
38

 
83,770

 
(4,174
)
 
156,720

 
(5,466
)
Corporate debt securities
8

 
24,419

 
(227
)
 
14

 
25,642

 
(3,126
)
 
50,061

 
(3,353
)
Collateralized mortgage obligations
39

 
136,563

 
(1,050
)
 
89

 
388,173

 
(10,922
)
 
524,736

 
(11,972
)
Residential mortgage-backed securities
17

 
18,220

 
(222
)
 
110

 
402,779

 
(14,990
)
 
420,999

 
(15,212
)
Commercial mortgage-backed securities
1

 
9,778

 
(35
)
 
25

 
197,326

 
(3,038
)
 
207,104

 
(3,073
)
Auction rate securities
—

 
—

 
—

 
177

 
102,994

 
(4,416
)
 
102,994

 
(4,416
)
Total
99

 
$
266,891

 
$
(2,857
)
 
454

 
$
1,206,454

 
$
(40,774
)
 
$
1,473,345

 
$
(43,631
)
Held to Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
State and municipal securities
6

 
$
20,601

 
$
(93
)
 
—

 
$
—

 
$
—

 
$
20,601

 
$
(93
)
    Total
6

 
$
20,601

 
$
(93
)
 
—

 
$
—

 
$
—

 
$
20,601

 
$
(93
)