
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
September 30, 2020	(in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	2,957,028	$	168,271	$	(3,657)	$	—	$	3,121,642
Other asset-backed securities	284,499		9,055		(530)		—		293,024
State and municipal securities	536,861		21,396		(813)		—		557,444
U.S. government agency and government-sponsored enterprise securities	302,730		6,932		(52)		—		309,610

Total	$	4,081,118	$	205,654	$	(5,052)	$	—	$	4,281,720
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

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 and nine months ended September 30, 2020 and 2019.

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 September 30, 2020 and December 31, 2019, accrued interest receivable for securities was $13.3 million and $13.9 million, respectively. The Company does not measure an allowance for credit losses for accrued interest receivable.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in thousands)
Proceeds from sales of debt securities available for sale	$	—	$	—	$	194,105	$	259,554

Gross realized gains from sales of debt securities available for sale	$	—	$	—	$	435	$	3,357
Gross realized losses from sales of debt securities available for sale	—		—		(186)		(1,225)
Other securities gains (1)	—		—		16,425		—
Investment securities gains, net	$	—	$	—	$	16,674	$	2,132

(1) Other securities gains includes gain from sale of Visa Class B restricted stock and subsequent write up to fair value of remaining Visa Class B shares. For additional information, please see Note 13 to the Consolidated Financial Statements in “Item 1. Financial Statements (unaudited)” of this report.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in thousands)
Gains recognized during the period on equity securities (1)	$	—	$	—	$	16,425	$	—
Less: Gains recognized during the period on equity securities sold during the period (1)	—		—		(3,000)		—
Unrealized gains recognized during the reporting period on equity securities still held at the reporting date (1)	$	—	$	—	$	13,425	$	—

(1) Visa Class B restricted stock owned by the Company was previously carried at a zero-cost basis due to existing transfer restrictions and uncertainty of covered litigation. The sale of shares by the Company of Visa Class B restricted shares during the second quarter of 2020 resulted in an observable market price. As a result, the Company adjusted the carrying value of its remaining shares of Visa Class B restricted shares upward to this observable market price.


	September 30, 2020
	Amortized Cost		Fair Value
	(in thousands)
Due within one year	$	92,028	$	92,931
Due after one year through five years	595,979		626,018
Due after five years through ten years	2,000,662		2,133,751
Due after ten years	1,392,449		1,429,020
Total debt securities available for sale	$	4,081,118	$	4,281,720

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 September 30, 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
September 30, 2020	(in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	318,868	$	(2,817)	$	23,084	$	(840)	$	341,952	$	(3,657)
Other asset-backed securities	71,552		(530)		95		—		71,647		(530)
State and municipal securities	90,620		(813)		—		—		90,620		(813)
U.S. government agency and government-sponsored enterprise securities	99,946		(52)		—		—		99,946		(52)

Total	$	580,986	$	(4,212)	$	23,179	$	(840)	$	604,165	$	(5,052)
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 September 30, 2020, there were 62 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 September 30, 2020.

At September 30, 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 September 30, 2020.

At September 30, 2020, there were 29 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 September 30, 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 September 30, 2020.

At September 30, 2020, there were four U.S. government 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 September 30, 2020.

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.