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SECURITIES (Tables) | 9 Months Ended
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Sep. 30, 2020
Amortized Cost of HTM Securities by Security Type and Credit Rating | The following table presents the amortized cost of HTM securities as of September 30, 2020 by security type and credit rating (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, 2020
​ |  | U.S. Government and Agency |  | Obligations of states and political |  | Mortgage-backed | ​ | Total HTM
​ | ​ | securities | ​ | subdivisions | ​ | securities | ​ | securities
Credit Rating: | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
AAA/AA/A | ​ | $ | — | ​ | $ | 533,742 | ​ | $ | — | ​ | $ | 533,742
Not Rated - Agency(1) | ​ | ​ | 2,767 | ​ | ​ | — | ​ | ​ | 5,542 | ​ | ​ | 8,309
Not Rated - Non-Agency | ​ | ​ | — | ​ |  | 4,610 | ​ | ​ | — | ​ | ​ | 4,610
Total | ​ | $ | 2,767 | ​ | $ | 538,352 | ​ | $ | 5,542 | ​ | $ | 546,661
(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 and nine months ended September 30, 2020 and 2019 (dollars in thousands).
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended |  | Nine Months Ended
​ | ​ | September 30, 2020 | ​ | September 30, 2020
Realized gains (losses): |  | ​ |  |  | ​ |
Gross realized gains | ​ | $ | 18 | ​ | $ | 12,522
Gross realized losses | ​ |  | — | ​ |  | (229)
Net realized gains | ​ | $ | 18 | ​ | $ | 12,293
​ | ​ | ​ | ​ | ​ | ​ | ​
Proceeds from sales of securities | ​ | $ | 4,675 | ​ | $ | 232,946
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended |  | Nine Months Ended
​ | ​ | September 30, 2019 | ​ | September 30, 2019
Realized gains (losses): |  | ​ |  |  | ​ |
Gross realized gains | ​ | $ | 7,104 | ​ | $ | 9,161
Gross realized losses | ​ |  | — | ​ |  | (1,855)
Net realized gains | ​ | $ | 7,104 | ​ | $ | 7,306
​ | ​ | ​ | ​ | ​ | ​ | ​
Proceeds from sales of securities | ​ | $ | 98,975 | ​ | $ | 486,925
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 September 30, 2020 are summarized as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Gross Unrealized | ​ | Estimated
​ |  | Cost |  | Gains |  | (Losses) |  | Fair Value
September 30, 2020 |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |
U.S. government and agency securities | ​ | $ | 13,463 | ​ | $ | 465 | ​ | $ | (50) | ​ | $ | 13,878
Obligations of states and political subdivisions | ​ |  | 759,936 | ​ |  | 39,033 | ​ |  | (2,113) | ​ |  | 796,856
Corporate and other bonds (1) | ​ |  | 147,438 | ​ |  | 2,217 | ​ |  | (737) | ​ |  | 148,918
Commercial mortgage-backed securities | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​
Agency | ​ | ​ | 340,706 | ​ |  | 17,945 | ​ |  | (116) | ​ | ​ | 358,535
Non-agency | ​ | ​ | 30,359 | ​ |  | 71 | ​ |  | — | ​ | ​ | 30,430
Total commercial mortgage-backed securities | ​ | ​ | 371,065 | ​ |  | 18,016 | ​ |  | (116) | ​ | ​ | 388,965
Residential mortgage-backed securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency | ​ | ​ | 960,141 | ​ |  | 35,275 | ​ |  | (1,410) | ​ | ​ | 994,006
Non-agency | ​ | ​ | 99,252 | ​ |  | 587 | ​ |  | (743) | ​ | ​ | 99,096
Total residential mortgage-backed securities | ​ | ​ | 1,059,393 | ​ |  | 35,862 | ​ |  | (2,153) | ​ | ​ | 1,093,102
Other securities | ​ |  | 1,621 | ​ |  | — | ​ |  | — | ​ |  | 1,621
Total AFS securities | ​ | $ | 2,352,916 | ​ | $ | 95,593 | ​ | $ | (5,169) | ​ | $ | 2,443,340
(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
Commercial mortgage-backed securities | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Agency | ​ | ​ | 405,731 | ​ | ​ | 8,786 | ​ | ​ | (619) | ​ | ​ | 413,898
Non-agency | ​ | ​ | 11,173 | ​ | ​ | — | ​ | ​ | (24) | ​ | ​ | 11,149
Total commercial mortgage-backed securities | ​ | ​ | 416,904 | ​ | ​ | 8,786 | ​ | ​ | (643) | ​ | ​ | 425,047
Residential mortgage-backed securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency | ​ | ​ | 852,300 | ​ | ​ | 16,680 | ​ | ​ | (816) | ​ | ​ | 868,164
Non-agency | ​ | ​ | 44,309 | ​ | ​ | 476 | ​ | ​ | — | ​ | ​ | 44,785
Total residential mortgage-backed securities | ​ | ​ | 896,609 | ​ | ​ | 17,156 | ​ | ​ | (816) | ​ | ​ | 912,949
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 September 30, 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
September 30, 2020 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. government and agency securities | ​ | $ | — | ​ | $ | — | ​ | $ | 5,956 | ​ | $ | (50) | ​ | $ | 5,956 | ​ | ​ | (50)
Obligations of states and political subdivisions | ​ | ​ | 175,282 | ​ | ​ | (2,113) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 175,282 | ​ | $ | (2,113)
Corporate and other bonds(1) | ​ |  | 38,137 | ​ |  | (477) | ​ |  | 20,283 | ​ |  | (260) | ​ |  | 58,420 | ​ |  | (737)
Commercial mortgage-backed securities | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency | ​ | ​ | 33,827 | ​ | ​ | (115) | ​ | ​ | 446 | ​ | ​ | (1) | ​ | ​ | 34,273 | ​ | ​ | (116)
Non-agency | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total commercial mortgage-backed securities | ​ | ​ | 33,827 | ​ | ​ | (115) | ​ | ​ | 446 | ​ | ​ | (1) | ​ | ​ | 34,273 | ​ | ​ | (116)
Residential mortgage-backed securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency | ​ | ​ | 198,687 | ​ | ​ | (1,407) | ​ | ​ | 1,121 | ​ | ​ | (3) | ​ | ​ | 199,808 | ​ | ​ | (1,410)
Non-agency | ​ | ​ | 57,044 | ​ | ​ | (743) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 57,044 | ​ | ​ | (743)
Total residential mortgage-backed securities | ​ | ​ | 255,731 | ​ | ​ | (2,150) | ​ | ​ | 1,121 | ​ | ​ | (3) | ​ | ​ | 256,852 | ​ | ​ | (2,153)
Total AFS securities | ​ | $ | 502,977 | ​ | $ | (4,855) | ​ | $ | 27,806 | ​ | $ | (314) | ​ | $ | 530,783 | ​ | $ | (5,169)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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)
Commercial mortgage-backed securities | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​
Agency | ​ | ​ | 43,552 | ​ | ​ | (530) | ​ | ​ | 14,966 | ​ | ​ | (89) | ​ | ​ | 58,518 | ​ | ​ | (619)
Non-agency | ​ | ​ | 11,162 | ​ | ​ | (24) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 11,162 | ​ | ​ | (24)
Total commercial mortgage-backed securities | ​ | ​ | 54,714 | ​ | ​ | (554) | ​ | ​ | 14,966 | ​ | ​ | (89) | ​ | ​ | 69,680 | ​ | ​ | (643)
Residential mortgage-backed securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency | ​ | ​ | 114,147 | ​ | ​ | (500) | ​ | ​ | 40,168 | ​ | ​ | (316) | ​ | ​ | 154,315 | ​ | ​ | (816)
Non-agency | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total residential mortgage-backed securities | ​ | ​ | 114,147 | ​ | ​ | (500) | ​ | ​ | 40,168 | ​ | ​ | (316) | ​ | ​ | 154,315 | ​ | ​ | (816)
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 September 30, 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).
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2020 | ​ | December 31, 2019
​ |  | Amortized |  | Estimated |  | Amortized |  | Estimated
​ | ​ | Cost | ​ | Fair Value | ​ | Cost | ​ | Fair Value
Due in one year or less | ​ | $ | 28,581 | ​ | $ | 28,834 | ​ | $ | 35,177 | ​ | $ | 35,329
Due after one year through five years | ​ |  | 140,844 | ​ |  | 148,114 | ​ |  | 164,605 | ​ |  | 166,873
Due after five years through ten years | ​ |  | 251,501 | ​ |  | 258,806 | ​ |  | 249,713 | ​ |  | 254,790
Due after ten years | ​ |  | 1,931,990 | ​ |  | 2,007,586 | ​ |  | 1,443,932 | ​ |  | 1,488,453
Total AFS securities | ​ | $ | 2,352,916 | ​ | $ | 2,443,340 | ​ | $ | 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 September 30, 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). ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2020 | ​ | December 31, 2019
​ |  | Carrying |  | Estimated |  | Carrying |  | Estimated
​ | ​ | Value | ​ | Fair Value | ​ | Value | ​ | Fair Value
Due in one year or less | ​ | $ | 1,005 | ​ | $ | 1,024 | ​ | $ | 502 | ​ | $ | 504
Due after one year through five years | ​ |  | 9,076 | ​ |  | 9,436 | ​ |  | 10,258 | ​ |  | 10,539
Due after five years through ten years | ​ |  | 1,749 | ​ |  | 1,796 | ​ |  | 1,768 | ​ |  | 1,800
Due after ten years | ​ |  | 534,831 | ​ |  | 601,917 | ​ |  | 542,616 | ​ |  | 590,660
Total HTM securities | ​ | $ | 546,661 | ​ | $ | 614,173 | ​ | $ | 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 September 30, 2020 are summarized as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying | ​ | Gross Unrealized | ​ | Estimated
​ |  | Value |  | Gains |  | (Losses) | ​ | Fair Value
September 30, 2020 |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |
U.S. government and agency securities | ​ | $ | 2,767 | ​ | $ | — | ​ | $ | (14) | ​ | $ | 2,753
Obligations of states and political subdivisions | ​ | ​ | 538,352 | ​ | ​ | 67,561 | ​ | ​ | — | ​ | ​ | 605,913
Commercial mortgage-backed securities | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency | ​ | ​ | 5,542 | ​ | ​ | 5 | ​ | ​ | (40) | ​ | ​ | 5,507
Non-agency | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total commercial mortgage-backed securities | ​ | ​ | 5,542 | ​ | ​ | 5 | ​ | ​ | (40) | ​ | ​ | 5,507
Total held-to-maturity securities | ​ | $ | 546,661 | ​ | $ | 67,566 | ​ | $ | (54) | ​ | $ | 614,173
​ 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
Commercial mortgage-backed securities | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Agency | ​ | ​ | 7,183 | ​ | ​ | 59 | ​ | ​ | — | ​ | ​ | 7,242
Non-agency | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total commercial mortgage-backed securities | ​ | ​ | 7,183 | ​ | ​ | 59 | ​ | ​ | — | ​ | ​ | 7,242
Total held-to-maturity securities | ​ | $ | 555,144 | ​ | $ | 48,359 | ​ | $ | — | ​ | $ | 603,503

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