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Investment Securities
 3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Investment Securities 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
March 31, 2020
(in thousands)
Available for Sale
 
 
 
 
 
 
 
State and municipal securities
$
825,863

 
$
23,790

 
$
(1,569
)
 
$
848,084

Corporate debt securities
375,141

 
5,378

 
(7,041
)
 
373,478

Collateralized mortgage obligations
638,458

 
29,194

 
—

 
667,652

Residential mortgage-backed securities
214,259

 
6,370

 
—

 
220,629

Commercial mortgage-backed securities
574,860

 
12,681

 
(216
)
 
587,325

Auction rate securities
107,410

 
—

 
(13,744
)
 
93,666

   Total
$
2,735,991

 
$
77,413

 
$
(22,570
)
 
$
2,790,834

 
 
 
 
 
 
 
 
Held to Maturity
 
 
 
 
 
 
 
Residential mortgage-backed securities
$
350,606

 
$
21,667

 
$
—

 
$
372,273

 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
December 31, 2019
(in thousands)
Available for Sale
 
 
 
 
 
 
 
State and municipal securities
$
638,125

 
$
15,826

 
$
(1,024
)
 
$
652,927

Corporate debt securities
370,401

 
8,490

 
(1,534
)
 
377,357

Collateralized mortgage obligations
682,307

 
11,726

 
(315
)
 
693,718

Residential mortgage-backed securities
177,183

 
1,078

 
(949
)
 
177,312

Commercial mortgage-backed securities
489,603

 
6,471

 
(1,777
)
 
494,297

Auction rate securities
107,410

 
—

 
(5,484
)
 
101,926

   Total
$
2,465,029

 
$
43,591

 
$
(11,083
)
 
$
2,497,537

 
 
 
 
 
 
 
 
Held to Maturity
 
 
 
 
 
 
 
Residential mortgage-backed securities
$
369,841

 
$
13,864

 
$
—

 
$
383,705



Securities carried at $497.8 million at March 31, 2020 and $462.6 million at December 31, 2019, were pledged as collateral to secure public and trust deposits and customer repurchase agreements.















The amortized cost and estimated fair values of debt securities as of March 31, 2020, 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
 
$
1,175

 
$
1,175

 
$
—

 
$
—

Due from one year to five years
 
34,996

 
35,936

 
—

 
—

Due from five years to ten years
 
355,584

 
355,472

 
—

 
—

Due after ten years
 
916,659

 
922,645

 
—

 
—

 
 
1,308,414

 
1,315,228

 
—

 
—

Residential mortgage-backed securities(1)
 
214,259

 
220,629

 
350,606

 
372,273

Commercial mortgage-backed securities(1)
 
574,860

 
587,325

 
—

 
—

Collateralized mortgage obligations(1)
 
638,458

 
667,652

 
—

 
—

  Total
 
$
2,735,991

 
$
2,790,834

 
$
350,606

 
$
372,273

 
 
 
 
 
 
 
 
 
(1) Mortgage-backed securities and collateralized mortgage obligations do not have stated maturities and are dependent upon the interest rate environment and prepayments on the underlying loans.

The following table presents information related to the gross realized gains and losses on the sales of debt securities for the three months ended:
 
Gross Realized
 
 
 

Gains
 

Losses
 
Net Gains
Three months ended March 31, 2020
(in thousands)
March 31, 2020
$
117

 
$
(71
)
 
$
46

Three months ended March 31, 2019
 
 
 
 
 
March 31, 2019
$
257

 
$
(192
)
 
$
65


The cumulative balance of credit-related OTTI charges previously recognized as components of earnings for debt securities held by the Corporation at March 31, 2019 were $11.5 million. There were no additional credit losses recognized for the three months ended March 31, 2020.
The following tables present 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 as of the following periods:
 
Less than 12 months
 
12 months or longer
 
Total
 
Number of Securities
 
Estimated
Fair Value
 
Unrealized
Losses
 
Number of Securities
 
Estimated
Fair Value
 
Unrealized
Losses
 
Estimated
Fair Value
 
Unrealized
Losses
March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available for Sale
 
 
(in thousands)
State and municipal securities
34

 
$
124,083

 
$
(1,569
)
 
—

 
$
—

 
$
—

 
$
124,083

 
$
(1,569
)
Corporate debt securities
15

 
159,999

 
(3,609
)
 
8

 
16,527

 
(3,432
)
 
176,526

 
(7,041
)
Commercial mortgage-backed securities
3

 
71,118

 
(216
)
 
—

 
—

 
—

 
71,118

 
(216
)
Auction rate securities
—

 
—

 
—

 
177

 
93,666

 
(13,744
)
 
93,666

 
(13,744
)
Total available for sale(1)
52

 
$
355,200

 
$
(5,394
)
 
185

 
$
110,193

 
$
(17,176
)
 
$
465,393

 
$
(22,570
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
Less than 12 months
 
12 months or longer
 
Total
 
Number of Securities
 
Estimated
Fair Value
 
Unrealized
Losses
 
Number of Securities
 
Estimated
Fair Value
 
Unrealized
Losses
 
Estimated
Fair Value
 
Unrealized
Losses
December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available for Sale
(in thousands)
State and municipal securities
44

 
$
136,344

 
$
(1,024
)
 
—

 
$
—

 
$
—

 
$
136,344

 
$
(1,024
)
Corporate debt securities
5

 
30,719

 
(346
)
 
8

 
18,759

 
(1,188
)
 
49,478

 
(1,534
)
Collateralized mortgage obligations
5

 
33,865

 
(190
)
 
1

 
5,330

 
(125
)
 
39,195

 
(315
)
Residential mortgage-backed securities
5

 
12,247

 
(40
)
 
26

 
127,373

 
(909
)
 
139,620

 
(949
)
Commercial mortgage-backed securities
7

 
121,340

 
(1,777
)
 
—

 
—

 
—

 
121,340

 
(1,777
)
Auction rate securities
—

 
—

 
—

 
177

 
101,926

 
(5,484
)
 
101,926

 
(5,484
)
Total available for sale(1)
66

 
$
334,515

 
$
(3,377
)
 
212

 
$
253,388

 
$
(7,706
)
 
$
587,903

 
$
(11,083
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(1) No HTM securities were in an unrealized loss position as of March 31, 2020 and December 31, 2019.

The Corporation’s collateralized mortgage obligations and mortgage-backed securities have contractual terms that generally do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. The change in fair value of these securities is attributable to changes in interest rates and not credit quality, and the Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost. Therefore, the Corporation does not have an ACL for these investments as of March 31, 2020.

Based on management’s evaluations, no ACL was required for ARCs or corporate debt securities as of March 31, 2020. The Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity.