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Securities
 9 Months Ended
Sep. 30, 2019
Debt Securities, Available-for-sale [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
Securities
The following table summarizes the amortized cost, gross unrealized gains and losses and the resulting fair value of debt securities available for sale:
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
September 30, 2019
 
(in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations (1)
 
$
2,432,873

 
$
61,024

 
$
(11,062
)
 
$
2,482,835

Other asset-backed securities (1)
 
166,482

 
5,149

 
(53
)
 
171,578

State and municipal securities
 
488,273

 
9,471

 
(430
)
 
497,314

U.S. government agency and government-sponsored enterprise securities
 
212,265

 
3,382

 
(52
)
 
215,595

U.S. government securities
 
250

 
—

 
—

 
250

Total
 
$
3,300,143

 
$
79,026

 
$
(11,597
)
 
$
3,367,572

December 31, 2018
 
 
 
 
 
 
 
 
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations (1)
 
$
2,045,728

 
$
8,473

 
$
(40,846
)
 
$
2,013,355

Other asset-backed securities (1)
 
176,793

 
763

 
(2,621
)
 
174,935

State and municipal securities
 
579,755

 
2,328

 
(7,760
)
 
574,323

U.S. government agency and government-sponsored enterprise securities
 
408,088

 
1,235

 
(4,736
)
 
404,587

U.S. government securities
 
251

 
—

 
(3
)
 
248

Total
 
$
3,210,615

 
$
12,799

 
$
(55,966
)
 
$
3,167,448


__________
(1) Beginning July 2019, other asset-backed securities were presented separately in this table. Prior period amounts that were previously reported in U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations have been reclassified to conform to current period presentation.

The following table provides the proceeds and both gross realized gains and losses on sales of debt securities available for sale as well as other securities gains and losses for the periods indicated:
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
(in thousands)
Proceeds from sales of debt securities available for sale
 
$
—

 
$
—

 
$
259,554

 
$
32,330

 
 
 
 
 
 
 
 
 
Gross realized gains from sales of debt securities available for sale
 
$
—

 
$
—

 
$
3,357

 
$
235

Gross realized losses from sales of debt securities available for sale
 
—

 
—

 
(1,225
)
 
(129
)
Other securities losses, net (1)
 
—

 
(62
)
 
—

 
(179
)
Investment securities gains, net
 
$
—

 
$
(62
)
 
$
2,132

 
$
(73
)

__________
(1) Other securities losses, net includes net unrealized loss activity associated with equity securities for the periods ended September 30, 2018. There were no sales of equity securities during the periods presented.
The scheduled contractual maturities of debt securities available for sale at September 30, 2019 are presented as follows:
 
 
September 30, 2019
 
 
Amortized Cost
 
Fair Value
 
 
(in thousands)
Due within one year
 
$
112,412

 
$
112,594

Due after one year through five years
 
412,269

 
416,294

Due after five years through ten years
 
1,592,778

 
1,650,631

Due after ten years
 
1,182,684

 
1,188,053

Total debt securities available for sale
 
$
3,300,143

 
$
3,367,572


The following table summarizes the carrying value of securities pledged as collateral to secure public funds, borrowings and other purposes as permitted or required by law:
 
 
September 30, 2019
 
 
(in thousands)
To secure public funds
 
$
443,320

To secure borrowings
 
111,421

Other securities pledged
 
155,727

Total securities pledged as collateral
 
$
710,468


The following table shows the gross unrealized losses and fair value of the Company’s debt securities available for sale with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2019 and December 31, 2018:
 
 
Less than 12 Months
 
12 Months or More
 
Total
 
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
September 30, 2019
 
(in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations (1)
 
$
478,690

 
$
(4,017
)
 
$
528,228

 
$
(7,045
)
 
$
1,006,918

 
$
(11,062
)
Other asset-backed securities (1)
 
—

 
—

 
6,926

 
(53
)
 
6,926

 
(53
)
State and municipal securities
 
52,763

 
(255
)
 
23,237

 
(175
)
 
76,000

 
(430
)
U.S. government agency and government-sponsored enterprise securities
 
—

 
—

 
57,448

 
(52
)
 
57,448

 
(52
)
U.S. government securities
 
—

 
—

 
250

 
—

 
250

 
—

Total
 
$
531,453

 
$
(4,272
)
 
$
616,089

 
$
(7,325
)
 
$
1,147,542

 
$
(11,597
)
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations (1)
 
$
114,551

 
$
(750
)
 
$
1,207,020

 
$
(40,096
)
 
$
1,321,571

 
$
(40,846
)
Other asset-backed securities (1)
 
40,071

 
(222
)
 
94,367

 
(2,399
)
 
134,438

 
(2,621
)
State and municipal securities
 
106,292

 
(581
)
 
280,496

 
(7,179
)
 
386,788

 
(7,760
)
U.S. government agency and government-sponsored enterprise securities
 
15,392

 
(45
)
 
291,435

 
(4,691
)
 
306,827

 
(4,736
)
U.S. government securities
 
—

 
—

 
247

 
(3
)
 
247

 
(3
)
Total
 
$
276,306

 
$
(1,598
)
 
$
1,873,565

 
$
(54,368
)
 
$
2,149,871

 
$
(55,966
)

__________
(1) Beginning July 2019, other asset-backed securities were presented separately in this table. Prior period amounts that were previously reported in U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations have been reclassified to conform to current period presentation.
At September 30, 2019, there were 211 U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations securities in an unrealized loss position, of which 170 were in a continuous loss position for 12 months or more. The decline in fair value is attributable to changes in interest rates relative to where these investments fall within the yield curve and their individual characteristics. Because the Company does not intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider these investments to be other-than-temporarily impaired at September 30, 2019.
At September 30, 2019, there were six other asset-backed securities in an unrealized loss position, all of which were in a continuous loss position for 12 months or more. The decline in fair value is attributable to changes in interest rates relative to where these investments fall within the yield curve and their individual characteristics. Because the Company does not intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider these investments to be other-than-temporarily impaired at September 30, 2019.
At September 30, 2019, there were 81 state and municipal government securities in an unrealized loss position, of which 27 were in a continuous loss position for 12 months or more. The unrealized losses on state and municipal securities were caused by interest rate changes or widening of market spreads subsequent to the purchase of the individual securities. Management monitors published credit ratings of these securities for adverse changes. As of September 30, 2019, none of the rated obligations of state and local government entities held by the Company had a below investment grade credit rating. Because the credit quality of these securities are investment grade and the Company does not intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider these investments to be other-than-temporarily impaired at September 30, 2019.
At September 30, 2019, there were seven U.S. government agency and government-sponsored enterprise securities in an unrealized loss position, all of which were in a continuous loss position for 12 months or more. The decline in fair value is attributable to changes in interest rates relative to where these investments fall within the yield curve and their individual characteristics. Because the Company does not currently intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider these investments to be other-than-temporarily impaired at September 30, 2019.
At September 30, 2019, there was one U.S. government security in an unrealized loss position, which was also in a continuous loss position for more than 12 months. The decline in fair value is attributable to changes in interest rates relative to where this investment falls within the yield curve and its individual characteristics. Because the Company does not currently intend to sell this security nor does the Company consider it more likely than not that it will be required to sell this security before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider this investment to be other-than-temporarily impaired at September 30, 2019.