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Securities (Tables)
 9 Months Ended
Sep. 30, 2019
Debt Securities, Available-for-sale [Abstract]  
Securities Available for Sale
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.
Schedule of gross realized gains and losses on sales and calls of securities available for sale
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.
Schedule of Contractual Maturities of Investment Securities Available for Sale
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
Carrying Value of Securities Pledged As Collateral
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
Summary of Gross Unrealized Losses and Fair Value of the Investments with Unrealized Losses
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.