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Securities | 12 Months Ended
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Dec. 31, 2019
Investments Debt And Equity Securities [Abstract] |
Securities | Note 3. Securities The amortized cost and fair value of securities classified as available for sale and held to maturity at December 31, 2019 and 2018 follow.
Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2019 |  |  | December 31, 2018 |
|  |  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |  |  |  |  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |  |  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(in thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |  |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
U.S. Treasury and government agency securities |  | $ |  | 98,320 |  |  | $ |  | 652 |  |  | $ |  | 300 |  |  | $ |  | 98,672 |  |  | $ |  | 74,339 |  |  | $ |  | — |  |  | $ |  | 2,633 |  |  | $ |  | 71,706 |
Municipal obligations |  |  |  | 242,016 |  |  |  |  | 7,789 |  |  |  |  | — |  |  |  |  | 249,805 |  |  |  |  | 246,713 |  |  |  |  | 360 |  |  |  |  | 6,646 |  |  |  |  | 240,427 |
Residential mortgage-backed securities |  |  |  | 1,910,909 |  |  |  |  | 20,268 |  |  |  |  | 7,020 |  |  |  |  | 1,924,157 |  |  |  |  | 1,468,912 |  |  |  |  | 4,284 |  |  |  |  | 29,794 |  |  |  |  | 1,443,402 |
Commercial mortgage-backed securities |  |  |  | 1,570,765 |  |  |  |  | 19,880 |  |  |  |  | 4,178 |  |  |  |  | 1,586,467 |  |  |  |  | 799,060 |  |  |  |  | 1,953 |  |  |  |  | 30,936 |  |  |  |  | 770,077 |
Collateralized mortgage obligations |  |  |  | 807,600 |  |  |  |  | 3,757 |  |  |  |  | 3,142 |  |  |  |  | 808,215 |  |  |  |  | 163,282 |  |  |  |  | 903 |  |  |  |  | 2,260 |  |  |  |  | 161,925 |
Corporate debt securities |  |  |  | 8,000 |  |  |  |  | 21 |  |  |  |  | 33 |  |  |  |  | 7,988 |  |  |  |  | 3,500 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 3,500 |
|  | $ |  | 4,637,610 |  |  | $ |  | 52,367 |  |  | $ |  | 14,673 |  |  | $ |  | 4,675,304 |  |  | $ |  | 2,755,806 |  |  | $ |  | 7,500 |  |  | $ |  | 72,269 |  |  | $ |  | 2,691,037 |
Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2019 |  |  | December 31, 2018 |
|  |  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |  |  |  |  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |  |  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(in thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |  |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
U.S. Treasury and government agency securities |  | $ |  | 50,000 |  |  | $ |  | 3 |  |  | $ |  | — |  |  | $ |  | 50,003 |  |  | $ |  | 50,000 |  |  | $ |  | — |  |  | $ |  | 478 |  |  | $ |  | 49,522 |
Municipal obligations |  |  |  | 641,019 |  |  |  |  | 27,146 |  |  |  |  | 69 |  |  |  |  | 668,096 |  |  |  |  | 688,201 |  |  |  |  | 2,347 |  |  |  |  | 9,503 |  |  |  |  | 681,045 |
Residential mortgage-backed securities |  |  |  | 29,687 |  |  |  |  | 883 |  |  |  |  | — |  |  |  |  | 30,570 |  |  |  |  | 640,393 |  |  |  |  | 1,461 |  |  |  |  | 6,117 |  |  |  |  | 635,737 |
Commercial mortgage-backed securities |  |  |  | 539,371 |  |  |  |  | 12,474 |  |  |  |  | 581 |  |  |  |  | 551,264 |  |  |  |  | 357,175 |  |  |  |  | 376 |  |  |  |  | 10,882 |  |  |  |  | 346,669 |
Collateralized mortgage obligations |  |  |  | 307,932 |  |  |  |  | 3,597 |  |  |  |  | 458 |  |  |  |  | 311,071 |  |  |  |  | 1,243,778 |  |  |  |  | 1,598 |  |  |  |  | 22,493 |  |  |  |  | 1,222,883 |
|  | $ |  | 1,568,009 |  |  | $ |  | 44,103 |  |  | $ |  | 1,108 |  |  | $ |  | 1,611,004 |  |  | $ |  | 2,979,547 |  |  | $ |  | 5,782 |  |  | $ |  | 49,473 |  |  | $ |  | 2,935,856 |
The Company held no securities classified as trading at December 31, 2019 or 2018. Under the provisions ASU 2019-04, the Company made a one-time election to transfer securities with an amortized cost of $1.2 billion from the held to maturity portfolio to the available for sale portfolio. The securities transferred are eligible to be hedged under the last of layer method; as such, the reclassification allows the Company to take advantage of the amended fair value hedging rules in the future, should it meet the Company’s investment strategy. The following tables present the amortized cost and fair value of debt securities at December 31, 2019 by contractual maturity. Actual maturities will differ from contractual maturities because of rights to call or repay obligations with or without penalties and scheduled and unscheduled principal payments on mortgage-backed securities and collateral mortgage obligations.
(in thousands) |  | Amortized Cost |  |  | Fair Value |
Debt Securities Available for Sale |  |  |  |  |  |  |  |  |  |
Due in one year or less |  | $ |  | 356 |  |  | $ |  | 363 |
Due after one year through five years |  |  |  | 151,871 |  |  |  |  | 154,646 |
Due after five years through ten years |  |  |  | 1,764,275 |  |  |  |  | 1,778,398 |
Due after ten years |  |  |  | 2,721,108 |  |  |  |  | 2,741,897 |
Total available for sale debt securities |  | $ |  | 4,637,610 |  |  | $ |  | 4,675,304 |
(in thousands) |  | Amortized Cost |  |  | Fair Value |
Debt Securities Held to Maturity |  |  |  |  |  |  |  |  |  |
Due in one year or less |  | $ |  | 50,000 |  |  | $ |  | 50,003 |
Due after one year through five years |  |  |  | 140,009 |  |  |  |  | 141,929 |
Due after five years through ten years |  |  |  | 672,094 |  |  |  |  | 694,992 |
Due after ten years |  |  |  | 705,906 |  |  |  |  | 724,080 |
Total held to maturity debt securities |  | $ |  | 1,568,009 |  |  | $ |  | 1,611,004 |
The details for securities classified as available for sale with unrealized losses at December 31, 2019 follow.
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Losses < 12 Months |  |  | Losses 12 Months or > |  |  | Total |
|  |  |  |  |  |  | Gross |  |  |  |  |  |  |  | Gross |  |  |  |  |  |  |  | Gross |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(in thousands) |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
U.S. Treasury and government agency securities |  | $ |  | 28,235 |  |  | $ |  | 300 |  |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 28,235 |  |  | $ |  | 300 |
Municipal obligations |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |
Residential mortgage-backed securities |  |  |  | 420,066 |  |  |  |  | 5,042 |  |  |  |  | 399,787 |  |  |  |  | 1,978 |  |  |  |  | 819,853 |  |  |  |  | 7,020 |
Commercial mortgage-backed securities |  |  |  | 458,855 |  |  |  |  | 3,971 |  |  |  |  | 14,896 |  |  |  |  | 207 |  |  |  |  | 473,751 |  |  |  |  | 4,178 |
Collateralized mortgage obligations |  |  |  | 89,689 |  |  |  |  | 1,315 |  |  |  |  | 184,389 |  |  |  |  | 1,827 |  |  |  |  | 274,078 |  |  |  |  | 3,142 |
Corporate debt securities |  |  |  | 1,467 |  |  |  |  | 33 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 1,467 |  |  |  |  | 33 |
. |  | $ |  | 998,312 |  |  | $ |  | 10,661 |  |  | $ |  | 599,072 |  |  | $ |  | 4,012 |  |  | $ |  | 1,597,384 |  |  | $ |  | 14,673 |
The details for securities classified as available for sale with unrealized losses at December 31, 2018 follow.
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Losses < 12 Months |  |  | Losses 12 Months or > |  |  | Total |
|  |  |  |  |  |  | Gross |  |  |  |  |  |  |  | Gross |  |  |  |  |  |  |  | Gross |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(in thousands) |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
U.S. Treasury and government agency securities |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 71,706 |  |  | $ |  | 2,633 |  |  | $ |  | 71,706 |  |  | $ |  | 2,633 |
Municipal obligations |  |  |  | 41,203 |  |  |  |  | 591 |  |  |  |  | 170,883 |  |  |  |  | 6,054 |  |  |  |  | 212,086 |  |  |  |  | 6,645 |
Residential mortgage-backed securities |  |  |  | 305,090 |  |  |  |  | 2,485 |  |  |  |  | 762,826 |  |  |  |  | 27,309 |  |  |  |  | 1,067,916 |  |  |  |  | 29,794 |
Commercial mortgage-backed securities |  |  |  | 96,226 |  |  |  |  | 1,851 |  |  |  |  | 570,485 |  |  |  |  | 29,085 |  |  |  |  | 666,711 |  |  |  |  | 30,936 |
Collateralized mortgage obligations |  |  |  | 254 |  |  |  |  | 1 |  |  |  |  | 111,804 |  |  |  |  | 2,259 |  |  |  |  | 112,058 |  |  |  |  | 2,260 |
|  | $ |  | 442,773 |  |  | $ |  | 4,928 |  |  | $ |  | 1,687,704 |  |  | $ |  | 67,340 |  |  | $ |  | 2,130,477 |  |  | $ |  | 72,268 |
The details for securities classified as held to maturity with unrealized losses at December 31, 2019 follow.
Held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Losses < 12 Months |  |  | Losses 12 Months or > |  |  | Total |
|  |  |  |  |  |  | Gross |  |  |  |  |  |  |  | Gross |  |  |  |  |  |  |  | Gross |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(in thousands) |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
U.S. Treasury and government agency securities |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | — |
Municipal obligations |  |  |  | 4,735 |  |  |  |  | 38 |  |  |  |  | 3,143 |  |  |  |  | 31 |  |  |  |  | 7,878 |  |  |  |  | 69 |
Residential mortgage-backed securities |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |
Commercial mortgage-backed securities |  |  |  | 28,426 |  |  |  |  | 581 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 28,426 |  |  |  |  | 581 |
Collateralized mortgage obligations |  |  |  | — |  |  |  |  | — |  |  |  |  | 49,110 |  |  |  |  | 458 |  |  |  |  | 49,110 |  |  |  |  | 458 |
|  | $ |  | 33,161 |  |  | $ |  | 619 |  |  | $ |  | 52,253 |  |  | $ |  | 489 |  |  | $ |  | 85,414 |  |  | $ |  | 1,108 |
The details for securities classified as held to maturity with unrealized losses as of December 31, 201 8 follow.
Held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Losses < 12 Months |  |  | Losses 12 Months or > |  |  | Total |
|  |  |  |  |  |  | Gross |  |  |  |  |  |  |  | Gross |  |  |  |  |  |  |  | Gross |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(in thousands) |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
U.S. Treasury and government agency securities |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 49,521 |  |  | $ |  | 478 |  |  | $ |  | 49,521 |  |  | $ |  | 478 |
Municipal obligations |  |  |  | 233,469 |  |  |  |  | 2,256 |  |  |  |  | 233,280 |  |  |  |  | 7,247 |  |  |  |  | 466,749 |  |  |  |  | 9,503 |
Residential mortgage-backed securities |  |  |  | 90,730 |  |  |  |  | 123 |  |  |  |  | 235,251 |  |  |  |  | 5,994 |  |  |  |  | 325,981 |  |  |  |  | 6,117 |
Commercial mortgage-backed securities |  |  |  | — |  |  |  |  | — |  |  |  |  | 305,419 |  |  |  |  | 10,882 |  |  |  |  | 305,419 |  |  |  |  | 10,882 |
Collateralized mortgage obligations |  |  |  | 77,394 |  |  |  |  | 281 |  |  |  |  | 897,153 |  |  |  |  | 22,212 |  |  |  |  | 974,547 |  |  |  |  | 22,493 |
|  | $ |  | 401,593 |  |  | $ |  | 2,660 |  |  | $ |  | 1,720,624 |  |  | $ |  | 46,813 |  |  | $ |  | 2,122,217 |  |  | $ |  | 49,473 |
The unrealized losses primarily relate to changes in market rates on fixed rate debt securities since the respective purchase date. In all cases, the indicated impairment on these debt securities would be recovered no later than the security’s maturity date or possibly earlier if the market price for the security increases with a reduction in the yield required by the market. None of the unrealized losses relate to the marketability of the securities or the issuers’ abilities to meet contractual obligations. The Company believes it has adequate liquidity and, therefore, does not plan to and, more likely than not, will not be required to sell these securities before recovery of the indicated impairment. Accordingly, the unrealized losses on these securities have been determined to be temporary. The following table presents the proceeds from, gross gains on, and gross losses on sales of securities during the years ended December 31, 2019, 2018 and 2017:
|  | Years Ended December 31, |
(in thousands) |  | 2019 |  |  | 2018 |  |  | 2017 |
Proceeds |  | $ | 268,413 |  |  | $ | 455,162 |  |  | $ | 213,877 |
Gross gains |  |  | — |  |  |  | — |  |  |  | — |
Gross losses |  |  | — |  |  |  | 25,480 |  |  |  | — |
Securities with carrying values totaling approximately $3.3 billion at December 31, 2019 and $3.4 billion at December 31, 2018 were pledged, primarily to secure public deposits or securities sold under agreements to repurchase.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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