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Securities (Tables)
 9 Months Ended
Sep. 30, 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
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 securities284,499 9,055 (530)— 293,024 
State and municipal securities536,861 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 securities194,563 2,476 (989)— 196,050 
State and municipal securities478,366 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 $(20,440)$— $3,746,142 
Schedule of gross realized gains and losses on sales and calls of securities available for sale
The following table provides the proceeds and both gross realized gains and losses on sales of debt securities available for sale as well as other securities gains and losses for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
(in thousands)
Proceeds from sales of debt securities available for sale$— $— $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 $2,132 
__________
(1) Other securities gains includes gain from sale of Visa Class B restricted stock and subsequent write up to fair value of remaining Visa Class B shares. For additional information, please see Note 13 to the Consolidated Financial Statements in “Item 1. Financial Statements (unaudited)” of this report.
Unrealized gains and losses on equity securities
The following table provides the unrealized gains and losses on equity securities at the reporting date:
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
(in thousands)
Gains recognized during the period on equity securities (1)$— $— $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.
Schedule of Contractual Maturities of Investment Securities Available for Sale
The scheduled contractual maturities of debt securities available for sale at September 30, 2020 are presented as follows:
September 30, 2020
Amortized CostFair Value
(in thousands)
Due within one year$92,028 $92,931 
Due after one year through five years595,979 626,018 
Due after five years through ten years2,000,662 2,133,751 
Due after ten years1,392,449 1,429,020 
Total debt securities available for sale$4,081,118 $4,281,720 
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, 2020
(in thousands)
To secure public funds$441,379 
To secure borrowings111,978 
Other securities pledged168,870 
Total securities pledged as collateral$722,227 
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 September 30, 2020 and December 31, 2019:
Less than 12 Months12 Months or MoreTotal
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 securities71,552 (530)95 — 71,647 (530)
State and municipal securities90,620 (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 securities89,508 (880)6,799 (109)96,307 (989)
State and municipal securities12,363 (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)