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Securities (Tables)
 3 Months Ended
Mar. 31, 2020
Debt Securities, Available-for-sale [Abstract]  
Securities Available for Sale
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
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 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
Schedule of Contractual Maturities of Investment Securities Available for Sale
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
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:
 
 
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
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 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
)