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SECURITIES (Tables) | 3 Months Ended
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Mar. 31, 2020
Amortized Cost of AFS Securities by Security Type and Credit Rating | The following table presents the amortized cost of AFS securities as of March 31, 2020 by security type and credit rating (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, 2020
​ |  | U.S. Government and Agency |  | Obligations of states and political |  | Corporate and |  | Mortgage-backed |  | Other |  | Total AFS
​ | ​ | securities | ​ | subdivisions | ​ | other bonds | ​ | securities | ​ | securities | ​ | securities
Credit Rating: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
AAA/AA/A | ​ | $ | 2,497 | ​ | $ | 514,374 | ​ | $ | 32,288 | ​ | $ | 38,859 | ​ | $ | — | ​ | $ | 588,018
BBB/BB/B | ​ |  | — | ​ |  | 1,033 | ​ |  | 22,853 | ​ | ​ | — | ​ |  | — | ​ |  | 23,886
Not Rated - Agency(1) | ​ | ​ | 15,134 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,153,495 | ​ | ​ | 1,608 | ​ | ​ | 1,170,237
Not Rated - Non-Agency | ​ | ​ | — | ​ | ​ | 507 | ​ | ​ | 67,091 | ​ | ​ | 49,092 | ​ | ​ | 1,482 | ​ | ​ | 118,172
Total | ​ | $ | 17,631 | ​ | $ | 515,914 | ​ | $ | 122,232 | ​ | $ | 1,241,446 | ​ | $ | 3,090 | ​ | $ | 1,900,313
(1) Generally considered not to have credit risk given the government guarantees associated with these agencies
Amortized Cost of HTM Securities by Security Type and Credit Rating | The following table presents the amortized cost of HTM securities as of March 31, 2020 by security type and credit rating (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, 2020
​ |  | U.S. Government and Agency |  | Obligations of states and political |  | Mortgage-backed | ​ | Total HTM
​ | ​ | securities | ​ | subdivisions | ​ | securities | ​ | securities
Credit Rating: | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
AAA/AA/A | ​ | $ | — | ​ | $ | 536,747 | ​ | $ | — | ​ | $ | 536,747
Not Rated - Agency(1) | ​ | ​ | 2,797 | ​ | ​ | — | ​ | ​ | 5,862 | ​ | ​ | 8,659
Not Rated - Non-Agency | ​ | ​ | — | ​ |  | 6,770 | ​ | ​ | — | ​ | ​ | 6,770
Total | ​ | $ | 2,797 | ​ | $ | 543,517 | ​ | $ | 5,862 | ​ | $ | 552,176
(1) Generally considered not to have credit risk given the government guarantees associated with these agencies
Gross Realized Gain and Losses on the Sale of Securities | The following table presents the gross realized gains and losses on and the proceeds from the sale of securities during the three months ended March 31, 2020 and 2019 (dollars in thousands).
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended |  | Three Months Ended
​ | ​ | March 31, 2020 | ​ | March 31, 2019
Realized gains (losses): |  | ​ |  |  | ​ |
Gross realized gains | ​ | $ | 2,164 | ​ | $ | 1,213
Gross realized losses | ​ |  | (228) | ​ |  | (1,062)
Net realized gains | ​ | $ | 1,936 | ​ | $ | 151
​ | ​ | ​ | ​ | ​ | ​ | ​
Proceeds from sales of securities | ​ | $ | 120,701 | ​ | $ | 208,249
Available-for-sale Securities |
Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities | The amortized cost, gross unrealized gains and losses, and estimated fair values of AFS securities as of March 31, 2020 are summarized as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Gross Unrealized | ​ | Estimated
​ |  | Cost |  | Gains |  | (Losses) |  | Fair Value
March 31, 2020 |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |
U.S. government and agency securities | ​ | $ | 17,631 | ​ | $ | 365 | ​ | $ | (34) | ​ | $ | 17,962
Obligations of states and political subdivisions | ​ |  | 515,914 | ​ |  | 31,367 | ​ |  | (555) | ​ |  | 546,726
Corporate and other bonds (1) | ​ |  | 122,232 | ​ |  | 2,185 | ​ |  | (3,449) | ​ |  | 120,968
Mortgage-backed securities | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Commercial | ​ | ​ | 353,684 | ​ | ​ | 13,819 | ​ | ​ | (56) | ​ | ​ | 367,447
Residential | ​ | ​ | 887,762 | ​ | ​ | 33,820 | ​ | ​ | (4,872) | ​ | ​ | 916,710
Total mortgage-backed securities | ​ | ​ | 1,241,446 | ​ | ​ | 47,639 | ​ | ​ | (4,928) | ​ | ​ | 1,284,157
Other securities | ​ |  | 3,090 | ​ |  | — | ​ |  | — | ​ |  | 3,090
Total AFS securities | ​ | $ | 1,900,313 | ​ | $ | 81,556 | ​ | $ | (8,966) | ​ | $ | 1,972,903
(1) | Other bonds include asset-backed securities.
The amortized cost, gross unrealized gains and losses, and estimated fair values of AFS securities as of December 31, 2019 are summarized as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Gross Unrealized | ​ | Estimated
December 31, 2019 |  | Cost |  | Gains |  | (Losses) |  | Fair Value
U.S. government and agency securities | ​ | $ | 21,149 | ​ | $ | 209 | ​ | $ | (38) | ​ | $ | 21,320
Obligations of states and political subdivisions | ​ | ​ | 421,344 | ​ | ​ | 25,776 | ​ | ​ | (29) | ​ | ​ | 447,091
Corporate and other bonds (1) | ​ |  | 134,342 | ​ |  | 1,991 | ​ |  | (374) | ​ |  | 135,959
Mortgage-backed securities | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Commercial | ​ | ​ | 416,904 | ​ | ​ | 8,786 | ​ | ​ | (643) | ​ | ​ | 425,047
Residential | ​ | ​ | 896,609 | ​ | ​ | 17,156 | ​ | ​ | (816) | ​ | ​ | 912,949
Total mortgage-backed securities | ​ | ​ | 1,313,513 | ​ | ​ | 25,942 | ​ | ​ | (1,459) | ​ | ​ | 1,337,996
Other securities | ​ |  | 3,079 | ​ |  | — | ​ |  | — | ​ |  | 3,079
Total AFS securities | ​ | $ | 1,893,427 | ​ | $ | 53,918 | ​ | $ | (1,900) | ​ | $ | 1,945,445
(1) Other bonds include asset-backed securities ​
Schedule of Gross Unrealized Losses and Fair Value of Investments | The following table shows the gross unrealized losses and fair value of the Company’s AFS securities with unrealized losses for which an allowance for credit losses has not been recorded at March 31, 2020 and that are not deemed to be other than temporarily impaired as of December 31, 2019. These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position (dollars in thousands). ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 months | ​ | More than 12 months | ​ | Total
​ |  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
​ | ​ | Value | ​ | Losses | ​ | Value | ​ | Losses | ​ | Value | ​ | Losses
March 31, 2020 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. government and agency securities | ​ | $ | 5,338 | ​ | $ | (23) | ​ | $ | 1,619 | ​ | $ | (11) | ​ | $ | 6,957 | ​ | ​ | (34)
Obligations of states and political subdivisions | ​ | ​ | 24,757 | ​ | ​ | (555) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 24,757 | ​ | $ | (555)
Corporate and other bonds(1) | ​ |  | 40,409 | ​ |  | (2,854) | ​ |  | 19,922 | ​ |  | (595) | ​ |  | 60,331 | ​ |  | (3,449)
Mortgage-backed securities | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ | ​ | 14,667 | ​ | ​ | (56) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 14,667 | ​ | ​ | (56)
Residential | ​ | ​ | 135,577 | ​ | ​ | (4,436) | ​ | ​ | 14,880 | ​ | ​ | (436) | ​ | ​ | 150,457 | ​ | ​ | (4,872)
Total mortgage-backed securities | ​ | ​ | 150,244 | ​ | ​ | (4,492) | ​ | ​ | 14,880 | ​ | ​ | (436) | ​ | ​ | 165,124 | ​ | ​ | (4,928)
Total AFS securities | ​ | $ | 220,748 | ​ | $ | (7,924) | ​ | $ | 36,421 | ​ | $ | (1,042) | ​ | $ | 257,169 | ​ | $ | (8,966)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2019 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. government and agency securities | ​ | $ | 7,638 | ​ | $ | (38) | ​ | $ | — | ​ | $ | — | ​ | $ | 7,638 | ​ | $ | (38)
Obligations of states and political subdivisions | ​ | ​ | 4,526 | ​ | ​ | (29) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,526 | ​ | ​ | (29)
Corporate and other bonds(1) | ​ |  | 17,323 | ​ |  | (83) | ​ |  | 19,901 | ​ |  | (291) | ​ |  | 37,224 | ​ |  | (374)
Mortgage-backed securities | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​
Commercial | ​ | ​ | 54,714 | ​ | ​ | (554) | ​ | ​ | 14,966 | ​ | ​ | (89) | ​ | ​ | 69,680 | ​ | ​ | (643)
Residential | ​ | ​ | 114,147 | ​ | ​ | (500) | ​ | ​ | 40,168 | ​ | ​ | (316) | ​ | ​ | 154,315 | ​ | ​ | (816)
Total mortgage-backed securities | ​ | ​ | 168,861 | ​ | ​ | (1,054) | ​ | ​ | 55,134 | ​ | ​ | (405) | ​ | ​ | 223,995 | ​ | ​ | (1,459)
Total AFS securities | ​ | $ | 198,348 | ​ | $ | (1,204) | ​ | $ | 75,035 | ​ | $ | (696) | ​ | $ | 273,383 | ​ | $ | (1,900)
(1) Other bonds includes asset-backed securities.
Schedule of Amortized Cost and Estimated Fair Value of Securities | The following table presents the amortized cost and estimated fair value of AFS securities as of March 31, 2020 and December 31, 2019, by contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties (dollars in thousands).
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2020 | December 31, 2019
​ |  | Amortized |  | Estimated |  | Amortized |  | Estimated
​ | ​ | Cost | ​ | Fair Value | ​ | Cost | ​ | Fair Value
Due in one year or less | ​ | $ | 24,916 | ​ | $ | 25,080 | ​ | $ | 35,177 | ​ | $ | 35,329
Due after one year through five years | ​ |  | 157,141 | ​ |  | 162,774 | ​ |  | 164,605 | ​ |  | 166,873
Due after five years through ten years | ​ |  | 221,929 | ​ |  | 228,121 | ​ |  | 249,713 | ​ |  | 254,790
Due after ten years | ​ |  | 1,496,327 | ​ |  | 1,556,928 | ​ |  | 1,443,932 | ​ |  | 1,488,453
Total AFS securities | ​ | $ | 1,900,313 | ​ | $ | 1,972,903 | ​ | $ | 1,893,427 | ​ | $ | 1,945,445
Held-to-maturity Securities |
Schedule of Amortized Cost and Estimated Fair Value of Securities | The following table presents the amortized cost and estimated fair value of HTM securities as of March 31, 2020 and December 31, 2019, by contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties (dollars in thousands). ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2020 | ​ | December 31, 2019
​ |  | Carrying |  | Estimated |  | Carrying |  | Estimated
​ | ​ | Value | ​ | Fair Value | ​ | Value | ​ | Fair Value
Due in one year or less | ​ | $ | — | ​ | $ | — | ​ | $ | 502 | ​ | $ | 504
Due after one year through five years | ​ |  | 10,198 | ​ |  | 10,411 | ​ |  | 10,258 | ​ |  | 10,539
Due after five years through ten years | ​ |  | 1,760 | ​ |  | 1,767 | ​ |  | 1,768 | ​ |  | 1,800
Due after ten years | ​ |  | 540,218 | ​ |  | 592,602 | ​ |  | 542,616 | ​ |  | 590,660
Total HTM securities | ​ | $ | 552,176 | ​ | $ | 604,780 | ​ | $ | 555,144 | ​ | $ | 603,503
Schedule of Carrying Values, Gross Unrealized Gains and Losses and Estimated Fair Value of Securities | The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of March 31, 2020 are summarized as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying | ​ | Gross Unrealized | ​ | Estimated
​ |  | Value |  | Gains |  | (Losses) | ​ | Fair Value
March 31, 2020 |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |
U.S. government and agency securities | ​ | $ | 2,797 | ​ | $ | — | ​ | $ | (69) | ​ | $ | 2,728
Obligations of states and political subdivisions | ​ | ​ | 543,517 | ​ | ​ | 52,815 | ​ | ​ | — | ​ | ​ | 596,332
Mortgage-backed securities | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ | ​ | 5,862 | ​ | ​ | — | ​ | ​ | (142) | ​ | ​ | 5,720
Residential | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total mortgage-backed securities | ​ | ​ | 5,862 | ​ | ​ | — | ​ | ​ | (142) | ​ | ​ | 5,720
Total held-to-maturity securities | ​ | $ | 552,176 | ​ | $ | 52,815 | ​ | $ | (211) | ​ | $ | 604,780
​ The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of December 31, 2019 are summarized as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying | ​ | Gross Unrealized | ​ | Estimated
​ |  | Value |  | Gains |  | (Losses) |  | Fair Value
December 31, 2019 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. government and agency securities | ​ | $ | 2,813 | ​ | $ | 26 | ​ | $ | — | ​ | $ | 2,839
Obligations of states and political subdivisions | ​ | ​ | 545,148 | ​ | ​ | 48,274 | ​ | ​ | — | ​ | ​ | 593,422
Mortgage-backed securities | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Commercial | ​ | ​ | 7,183 | ​ | ​ | 59 | ​ | ​ | — | ​ | ​ | 7,242
Residential | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total mortgage-backed securities | ​ | ​ | 7,183 | ​ | ​ | 59 | ​ | ​ | — | ​ | ​ | 7,242
Total held-to-maturity securities | ​ | $ | 555,144 | ​ | $ | 48,359 | ​ | $ | — | ​ | $ | 603,503

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