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Securities | 9 Months Ended
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Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract] |
Securities | Securities (In Thousands, Except Number of Securities) The amortized cost, fair value and allowance for credit losses of securities available for sale were as follows as of the dates presented:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
September 30, 2020 |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 7,067 |  |  | $ | 45 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,112 |
Obligations of other U.S. Government agencies and corporations | 1,505 |  |  | 10 |  |  | — |  |  | — |  |  | 1,515 |
Obligations of states and political subdivisions | 267,067 |  |  | 11,224 |  |  | (651) |  |  | — |  |  | 277,640 |
Residential mortgage backed securities: |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 649,383 |  |  | 23,601 |  |  | (64) |  |  | — |  |  | 672,920 |
Government agency collateralized mortgage obligations | 133,993 |  |  | 2,181 |  |  | (29) |  |  | — |  |  | 136,145 |
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 29,198 |  |  | 1,316 |  |  | (1) |  |  | — |  |  | 30,513 |
Government agency collateralized mortgage obligations | 90,523 |  |  | 3,306 |  |  | (77) |  |  | — |  |  | 93,752 |
Trust preferred securities | 12,042 |  |  | — |  |  | (3,550) |  |  | — |  |  | 8,492 |
Other debt securities | 62,495 |  |  | 2,935 |  |  | (131) |  |  | — |  |  | 65,299 |
| $ | 1,253,273 |  |  | $ | 44,618 |  |  | $ | (4,503) |  |  | $ | — |  |  | $ | 1,293,388 |
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Fair Value
December 31, 2019 |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 498 |  |  | $ | 1 |  |  | $ | — |  |  |  |  | $ | 499 |
Obligations of other U.S. Government agencies and corporations | 2,518 |  |  | 16 |  |  | (3) |  |  |  |  | 2,531 |
Obligations of states and political subdivisions | 218,362 |  |  | 5,134 |  |  | (365) |  |  |  |  | 223,131 |
Residential mortgage backed securities: |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 708,970 |  |  | 8,951 |  |  | (1,816) |  |  |  |  | 716,105 |
Government agency collateralized mortgage obligations | 172,178 |  |  | 1,322 |  |  | (262) |  |  |  |  | 173,238 |
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 30,372 |  |  | 659 |  |  | (24) |  |  |  |  | 31,007 |
Government agency collateralized mortgage obligations | 76,456 |  |  | 1,404 |  |  | (109) |  |  |  |  | 77,751 |
Trust preferred securities | 12,153 |  |  | — |  |  | (2,167) |  |  |  |  | 9,986 |
Other debt securities | 55,364 |  |  | 1,133 |  |  | (132) |  |  |  |  | 56,365 |
| $ | 1,276,871 |  |  | $ | 18,620 |  |  | $ | (4,878) |  |  |  |  | $ | 1,290,613 |
Securities sold were as follows for the periods presented: There were no securities sold during the three months ended September 30, 2020.
| Carrying Value |  | Net Proceeds |  | Gain/(Loss)
Nine months ended September 30, 2020 |  |  |  |  |
Obligations of states and political subdivisions | $ | 2,696 |  |  | $ | 2,561 |  |  | $ | (135) |
Residential mortgage backed securities: |  |  |  |  |
Government agency mortgage backed securities | 6,046 |  |  | 6,212 |  |  | 166 |
| $ | 8,742 |  |  | $ | 8,773 |  |  | $ | 31 |
| Carrying Value |  | Net Proceeds |  | Gain/(Loss)
Three months ended September 30, 2019 |  |  |  |  |
Obligations of states and political subdivisions | $ | 1,112 |  |  | $ | 1,111 |  |  | $ | (1) |
Residential mortgage backed securities: |  |  |  |  |
Government agency mortgage backed securities | 70,926 |  |  | 70,322 |  |  | (604) |
Government agency collateralized mortgage obligations | 122,404 |  |  | 120,606 |  |  | (1,798) |
Commercial mortgage backed securities: |  |  |  |  |
Government agency mortgage backed securities | 4,838 |  |  | 4,720 |  |  | (118) |
Other debt securities | 252 |  |  | 257 |  |  | 5 |
Other equity securities | — |  |  | 2,859 |  |  | 2,859 |
| $ | 199,532 |  |  | $ | 199,875 |  |  | $ | 343 |
Nine months ended September 30, 2019 |  |  |  |  |
Obligations of states and political subdivisions | $ | 11,799 |  |  | $ | 11,813 |  |  | $ | 14 |
Residential mortgage backed securities: |  |  |  |  |
Government agency mortgage backed securities | 72,556 |  |  | 71,944 |  |  | (612) |
Government agency collateralized mortgage obligations | 122,692 |  |  | 120,892 |  |  | (1,800) |
Commercial mortgage backed securities: |  |  |  |  |
Government agency mortgage backed securities | 4,838 |  |  | 4,720 |  |  | (118) |
Other debt securities | 252 |  |  | 257 |  |  | 5 |
Other equity securities | — |  |  | 2,859 |  |  | 2,859 |
| $ | 212,137 |  |  | $ | 212,485 |  |  | $ | 348 |
The sale of other equity securities represents the Company's sale of all of its shares of Visa Class B common stock during the third quarter of 2019. Gross realized gains and losses on sales of securities available for sale for the three and nine months ended September 30, 2020 and 2019 were as follows:
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Gross gains on sales of securities available for sale | $ | — |  |  | $ | 2,933 |  |  | $ | 166 |  |  | $ | 2,979 |
Gross losses on sales of securities available for sale | — |  |  | (2,590) |  |  | (135) |  |  | (2,631) |
Gains on sales of securities available for sale, net | $ | — |  |  | $ | 343 |  |  | $ | 31 |  |  | $ | 348 |
At September 30, 2020 and December 31, 2019, securities with a carrying value of $534,408 and $416,849, respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $36,964 and $27,754 were pledged as collateral for short-term borrowings and derivative instruments at September 30, 2020 and December 31, 2019, respectively. The amortized cost and fair value of securities at September 30, 2020 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.
|  |  | Available for Sale
|  |  |  |  | Amortized Cost |  | Fair Value
Due within one year |  |  |  |  | $ | 9,258 |  |  | $ | 9,316 |
Due after one year through five years |  |  |  |  | 38,526 |  |  | 40,210 |
Due after five years through ten years |  |  |  |  | 71,434 |  |  | 75,283 |
Due after ten years |  |  |  |  | 194,270 |  |  | 196,052 |
Residential mortgage backed securities: |  |  |  |  |  |  |
Government agency mortgage backed securities |  |  |  |  | 649,383 |  |  | 672,920 |
Government agency collateralized mortgage obligations |  |  |  |  | 133,993 |  |  | 136,145 |
Commercial mortgage backed securities: |  |  |  |  |  |  |
Government agency mortgage backed securities |  |  |  |  | 29,198 |  |  | 30,513 |
Government agency collateralized mortgage obligations |  |  |  |  | 90,523 |  |  | 93,752 |
Other debt securities |  |  |  |  | 36,688 |  |  | 39,197 |
|  |  |  |  | $ | 1,253,273 |  |  | $ | 1,293,388 |
The following table presents the age of gross unrealized losses and fair value by investment category for which an allowance for credit losses has not been recorded as of the dates presented:
| Less than 12 Months |  | 12 Months or More |  | Total
| # |  | Fair Value |  | Unrealized Losses |  | # |  | Fair Value |  | Unrealized Losses |  | # |  | Fair Value |  | Unrealized Losses
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | 28 |  | $ | 45,111 |  |  | $ | (651) |  |  | 0 |  | $ | — |  |  | $ | — |  |  | 28 |  | $ | 45,111 |  |  | $ | (651) |
Residential mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 3 |  | 21,244 |  |  | (64) |  |  | 0 |  | — |  |  | — |  |  | 3 |  | 21,244 |  |  | (64) |
Government agency collateralized mortgage obligations | 6 |  | 18,206 |  |  | (29) |  |  | 0 |  | — |  |  | — |  |  | 6 |  | 18,206 |  |  | (29) |
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 1 |  | 1,546 |  |  | (1) |  |  | 1 |  | 465 |  |  | — |  |  | 2 |  | 2,011 |  |  | (1) |
Government agency collateralized mortgage obligations | 3 |  | 12,846 |  |  | (77) |  |  | 0 |  | — |  |  | — |  |  | 3 |  | 12,846 |  |  | (77) |
Trust preferred securities | 0 |  | — |  |  | — |  |  | 2 |  | 8,492 |  |  | (3,550) |  |  | 2 |  | 8,492 |  |  | (3,550) |
Other debt securities | 12 |  | 14,833 |  |  | (128) |  |  | 1 |  | 575 |  |  | (3) |  |  | 13 |  | 15,408 |  |  | (131) |
Total | 53 |  | $ | 113,786 |  |  | $ | (950) |  |  | 4 |  | $ | 9,532 |  |  | $ | (3,553) |  |  | 57 |  | $ | 123,318 |  |  | $ | (4,503) |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of other U.S. Government agencies and corporations | 0 |  | $ | — |  |  | $ | — |  |  | 1 |  | $ | 1,008 |  |  | $ | (3) |  |  | 1 |  | $ | 1,008 |  |  | $ | (3) |
Obligations of states and political subdivisions | 26 |  | 33,902 |  |  | (365) |  |  | 0 |  | — |  |  | — |  |  | 26 |  | 33,902 |  |  | (365) |
Residential mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 37 |  | 233,179 |  |  | (1,504) |  |  | 16 |  | 20,775 |  |  | (312) |  |  | 53 |  | 253,954 |  |  | (1,816) |
Government agency collateralized mortgage obligations | 11 |  | 45,319 |  |  | (262) |  |  | 0 |  | — |  |  | — |  |  | 11 |  | 45,319 |  |  | (262) |
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 1 |  | 4,976 |  |  | (23) |  |  | 2 |  | 1,190 |  |  | (1) |  |  | 3 |  | 6,166 |  |  | (24) |
Government agency collateralized mortgage obligations | 1 |  | 4,910 |  |  | (109) |  |  | 0 |  | — |  |  | — |  |  | 1 |  | 4,910 |  |  | (109) |
Trust preferred securities | 0 |  | — |  |  | — |  |  | 2 |  | 9,986 |  |  | (2,167) |  |  | 2 |  | 9,986 |  |  | (2,167) |
Other debt securities | 3 |  | 8,737 |  |  | (131) |  |  | 1 |  | 741 |  |  | (1) |  |  | 4 |  | 9,478 |  |  | (132) |
Total | 79 |  | $ | 331,023 |  |  | $ | (2,394) |  |  | 22 |  | $ | 33,700 |  |  | $ | (2,484) |  |  | 101 |  | $ | 364,723 |  |  | $ | (4,878) |
The Company evaluates its investment portfolio for impairment related to credit losses on a quarterly basis. Impairment is assessed at the individual security level. The Company considers an investment security impaired if the fair value of the security is less than its cost or amortized cost basis. If the Company intends to sell the investment security or if the Company does not expect to recover the entire amortized cost basis of the security before the Company is required to sell the security or before the security’s maturity the security is impaired and it is written down to fair value with all losses recognized in earnings. The Company does not intend to sell any securities in an unrealized loss position that it holds, and it is not more likely than not that the Company will be required to sell any such security prior to the recovery of its amortized cost basis, which may be at maturity. Furthermore, even though a number of these securities have been in a continuous unrealized loss position for a period longer than twelve months, the Company is collecting principal and interest payments from the respective issuers as scheduled. As a result, no allowance for credit losses for securities was needed at September 30, 2020. There was no other-than-temporary impairment recorded during the nine months ended September 30, 2019 (determined in accordance with the accounting standards in effect prior to the Company's adoption of CECL).

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