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Securities
 3 Months Ended
Mar. 31, 2020
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, the allowance for credit losses and the resulting fair value of debt securities available for sale:
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Allowance for Credit
Losses
 
Fair Value
March 31, 2020
 
(in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
2,643,659

 
$
123,926

 
$
(1,448
)
 
$
—

 
$
2,766,137

Other asset-backed securities
 
196,250

 
7,309

 
(47
)
 
—

 
203,512

State and municipal securities
 
437,957

 
10,387

 
(284
)
 
—

 
448,060

U.S. government agency and government-sponsored enterprise securities
 
128,626

 
6,793

 
—

 
—

 
135,419

Total
 
$
3,406,492

 
$
148,415

 
$
(1,779
)
 
$
—

 
$
3,553,128

December 31, 2019
 
 
 
 
 
 
 
 
 
 
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
2,864,949

 
$
47,223

 
$
(19,222
)
 
$
—

 
$
2,892,950

Other asset-backed securities
 
194,563

 
2,476

 
(989
)
 
—

 
196,050

State and municipal securities
 
478,366

 
10,660

 
(224
)
 
—

 
488,802

U.S. government agency and government-sponsored enterprise securities
 
165,218

 
3,127

 
(5
)
 
—

 
168,340

Total
 
$
3,703,096

 
$
63,486

 
$
(20,440
)
 
$
—

 
$
3,746,142


Accrued interest receivable for securities available for sale is included in “Interest receivable” on the Company’s Consolidated Balance Sheet and is not reflected in the balances in the table above. At March 31, 2020 and December 31, 2019, accrued interest receivable for securities was $12.3 million and $13.9 million, respectively. The Company does not measure an allowance for credit losses for accrued interest receivable.
A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on nonaccrual is reversed against interest income. There were no amounts of accrued interest reversed against interest income for the three months ended March 31, 2020 and 2019.
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 March 31,
 
 
2020
 
2019
 
 
(in thousands)
Proceeds from sales of debt securities available for sale
 
$
194,105

 
$
83,968

 
 
 
 
 
Gross realized gains from sales of debt securities available for sale
 
$
435

 
$
1,847

Gross realized losses from sales of debt securities available for sale
 
(186
)
 
—

Investment securities gains, net
 
$
249

 
$
1,847


The scheduled contractual maturities of debt securities available for sale at March 31, 2020 are presented as follows:
 
 
March 31, 2020
 
 
Amortized Cost
 
Fair Value
 
 
(in thousands)
Due within one year
 
$
34,642

 
$
34,693

Due after one year through five years
 
361,355

 
372,492

Due after five years through ten years
 
1,892,926

 
1,996,364

Due after ten years
 
1,117,569

 
1,149,579

Total debt securities available for sale
 
$
3,406,492

 
$
3,553,128


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:
 
 
March 31, 2020
 
 
(in thousands)
To secure public funds
 
$
317,706

To secure borrowings
 
109,060

Other securities pledged
 
155,647

Total securities pledged as collateral
 
$
582,413


The following table shows the gross unrealized losses and fair value of the Company’s debt securities available for sale for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2020 and December 31, 2019:
 
 
Less than 12 Months
 
12 Months or More
 
Total
 
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
March 31, 2020
 
(in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
5,653

 
$
(73
)
 
$
69,916

 
$
(1,375
)
 
$
75,569

 
$
(1,448
)
Other asset-backed securities
 
15,105

 
(44
)
 
626

 
(3
)
 
15,731

 
(47
)
State and municipal securities
 
43,187

 
(281
)
 
1,632

 
(3
)
 
44,819

 
(284
)
Total
 
$
63,945

 
$
(398
)
 
$
72,174

 
$
(1,381
)
 
$
136,119

 
$
(1,779
)
December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
1,055,903

 
$
(12,424
)
 
$
491,539

 
$
(6,798
)
 
$
1,547,442

 
$
(19,222
)
Other asset-backed securities
 
89,508

 
(880
)
 
6,799

 
(109
)
 
96,307

 
(989
)
State and municipal securities
 
12,363

 
(142
)
 
12,587

 
(82
)
 
24,950

 
(224
)
U.S. government agency and government-sponsored enterprise securities
 
—

 
—

 
10,495

 
(5
)
 
10,495

 
(5
)
Total
 
$
1,157,774

 
$
(13,446
)
 
$
521,420

 
$
(6,994
)
 
$
1,679,194

 
$
(20,440
)

At March 31, 2020, there were 64 U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligation securities in an unrealized loss position. 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 concluded an allowance for credit losses is unnecessary at March 31, 2020.
At March 31, 2020, there were five other asset-backed securities in an unrealized loss position. 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 concluded an allowance for credit losses is unnecessary at March 31, 2020.
At March 31, 2020, there were 41 state and municipal government securities in an unrealized loss position. 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 March 31, 2020, 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 concluded an allowance for credit losses is unnecessary at March 31, 2020.
At March 31, 2020, there were no U.S. government agency and government-sponsored enterprise securities in an unrealized loss position.
Visa Class B Restricted Shares

In 2008, the Company received Visa Class B restricted shares as part of Visa’s initial public offering. These shares are transferable only under limited circumstances until they can be converted into publicly traded Visa Class A common shares. This conversion will not occur until the settlement of certain litigation which is indemnified by Visa members, including the Company. Visa funded an escrow account from its initial public offering to settle these litigation claims. Should this escrow account not be sufficient to cover these litigation claims, Visa is entitled to fund additional amounts to the escrow account by reducing each member bank’s Visa Class B conversion ratio to unrestricted Visa Class A shares. At March 31, 2020, the Company owned 95,043 shares of Visa Class B shares which are carried at a zero cost basis.