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Investment Securities | 9 Months Ended
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Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities The following table presents the amortized cost and estimated fair values of investment securities:
September 30, 2019 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
| (in thousands)
Available for Sale |  |  |  |  |  |  |
State and municipal securities | $ | 530,448 |  |  | $ | 17,000 |  |  | $ | (104 | ) |  | $ | 547,344 |
Corporate debt securities | 353,771 |  |  | 7,030 |  |  | (2,395 | ) |  | 358,406 |
Collateralized mortgage obligations | 686,577 |  |  | 14,120 |  |  | (98 | ) |  | 700,599 |
Residential mortgage-backed securities | 183,696 |  |  | 1,162 |  |  | (1,073 | ) |  | 183,785 |
Commercial mortgage-backed securities | 413,011 |  |  | 9,145 |  |  | (47 | ) |  | 422,109 |
Auction rate securities | 107,410 |  |  | — |  |  | (4,112 | ) |  | 103,298 |
Total | $ | 2,274,913 |  |  | $ | 48,457 |  |  | $ | (7,829 | ) |  | $ | 2,315,541 |
Held to Maturity |  |  |  |  |  |  |
Residential mortgage-backed securities | 390,069 |  |  | 13,888 |  |  | — |  |  | 403,957 |
Total | $ | 390,069 |  |  | $ | 13,888 |  |  | $ | — |  |  | $ | 403,957 |
December 31, 2018 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
| (in thousands)
Available for Sale |  |  |  |  |  |  |
U.S. Government sponsored agency securities | $ | 31,586 |  |  | $ | 185 |  |  | $ | (139 | ) |  | $ | 31,632 |
State and municipal securities | 282,383 |  |  | 2,178 |  |  | (5,466 | ) |  | 279,095 |
Corporate debt securities | 111,454 |  |  | 1,432 |  |  | (3,353 | ) |  | 109,533 |
Collateralized mortgage obligations | 841,294 |  |  | 2,758 |  |  | (11,972 | ) |  | 832,080 |
Residential mortgage-backed securities | 476,973 |  |  | 1,583 |  |  | (15,212 | ) |  | 463,344 |
Commercial mortgage-backed securities | 264,165 |  |  | 524 |  |  | (3,073 | ) |  | 261,616 |
Auction rate securities | 107,410 |  |  | — |  |  | (4,416 | ) |  | 102,994 |
Total | $ | 2,115,265 |  |  | $ | 8,660 |  |  | $ | (43,631 | ) |  | $ | 2,080,294 |
Held to Maturity |  |  |  |  |  |  |
State and municipal securities | $ | 156,134 |  |  | $ | 1,166 |  |  | $ | (93 | ) |  | $ | 157,207 |
Residential mortgage-backed securities | 450,545 |  |  | 3,667 |  |  | — |  |  | 454,212 |
Total | $ | 606,679 |  |  | $ | 4,833 |  |  | $ | (93 | ) |  | $ | 611,419 |
On July 1, 2019, the Corporation transferred state and municipal securities from the held to maturity classification to the available for sale classification as permitted through the early adoption of ASU 2019-04, as disclosed in "Note 1 - Basis of Presentation." The amortized cost of the securities transferred was $158.9 million and the estimated fair value was $168.5 million. The Corporation still has the positive intent and ability to hold the remainder of the held to maturity portfolio (residential mortgage-backed securities) to maturity. Securities carried at $391.5 million at September 30, 2019 and $973.4 million at December 31, 2018, were pledged as collateral to secure public and trust deposits and customer repurchase agreements. The amortized cost and estimated fair values of debt securities as of September 30, 2019, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities as certain investment securities are subject to call or prepayment with or without call or prepayment penalties.
|  | Available for Sale |  | Held to Maturity
|  | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
| (in thousands)
Due in one year or less |  | $ | 3,722 |  |  | $ | 3,722 |  |  | $ | — |  |  | $ | — |
Due from one year to five years |  | 38,518 |  |  | 39,747 |  |  | — |  |  | — |
Due from five years to ten years |  | 332,514 |  |  | 337,519 |  |  | — |  |  | — |
Due after ten years |  | 616,875 |  |  | 628,060 |  |  | — |  |  | — |
|  | 991,629 |  |  | 1,009,048 |  |  | — |  |  | — |
Residential mortgage-backed securities(1) |  | 183,696 |  |  | 183,785 |  |  | 390,069 |  |  | 403,957 |
Commercial mortgage-backed securities(1) |  | 413,011 |  |  | 422,109 |  |  | — |  |  | — |
Collateralized mortgage obligations(1) |  | 686,577 |  |  | 700,599 |  |  | — |  |  | — |
Total |  | $ | 2,274,913 |  |  | $ | 2,315,541 |  |  | $ | 390,069 |  |  | $ | 403,957 |
(1) Mortgage-backed securities and collateralized mortgage obligations do not have stated maturities and are dependent upon the interest rate environment and prepayments on the underlying loans.
The following table presents information related to the gross realized gains and losses on the sales of investment securities:
| Gross Realized Gains |  | Gross Realized Losses |  | Net Gains
Three months ended September 30, 2019 | (in thousands)
Debt securities | $ | 7,938 |  |  | $ | (3,446 | ) |  | $ | 4,492 |
Total | $ | 7,938 |  |  | $ | (3,446 | ) |  | $ | 4,492 |
Three months ended September 30, 2018 |  |  |  |  |
Debt securities | $ | 116 |  |  | $ | (102 | ) |  | $ | 14 |
Total | $ | 116 |  |  | $ | (102 | ) |  | $ | 14 |
Nine months ended September 30, 2019 |  |  |  |  |
Debt securities | $ | 11,207 |  |  | $ | (6,474 | ) |  | $ | 4,733 |
Total | $ | 11,207 |  |  | $ | (6,474 | ) |  | $ | 4,733 |
Nine months ended September 30, 2018 |  |  |  |  |
Equity securities | $ | 9 |  |  | $ | — |  |  | $ | 9 |
Debt securities | 1,656 |  |  | (1,628 | ) |  | 28 |
Total | $ | 1,665 |  |  | $ | (1,628 | ) |  | $ | 37 |
The following table presents a summary of the cumulative credit related other-than-temporary impairment charges, recognized as components of earnings, for debt securities held by the Corporation at September 30, 2019 and 2018:
| Three months ended September 30 |  | Nine months ended September 30
| 2019 |  | 2018 |  | 2019 |  | 2018
| (in thousands)
Balance of cumulative credit losses on debt securities, beginning of period | $ | (990 | ) |  | $ | (11,510 | ) |  | $ | (11,510 | ) |  | $ | (11,510 | )
Reductions for securities sold during the period | — |  |  | — |  |  | 10,520 |  |  | — |
Balance of cumulative credit losses on debt securities, end of period | $ | (990 | ) |  | $ | (11,510 | ) |  | $ | (990 | ) |  | $ | (11,510 | )
The following table presents the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2019 and December 31, 2018:
September 30, 2019 | Less than 12 months |  | 12 months or longer |  | Total
| Number of Securities |  | Estimated Fair Value |  | Unrealized Losses |  | Number of Securities |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
Available for Sale |  |  | (in thousands)
State and municipal securities | 5 |  |  | $ | 17,058 |  |  | $ | (104 | ) |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | 17,058 |  |  | $ | (104 | )
Corporate debt securities | 9 |  |  | 72,569 |  |  | (313 | ) |  | 13 |  |  | 25,729 |  |  | (2,082 | ) |  | 98,298 |  |  | (2,395 | )
Collateralized mortgage obligations | 4 |  |  | 5,734 |  |  | (2 | ) |  | 5 |  |  | 5,886 |  |  | (96 | ) |  | 11,620 |  |  | (98 | )
Residential mortgage-backed securities | 3 |  |  | 9,159 |  |  | (29 | ) |  | 28 |  |  | 135,616 |  |  | (1,044 | ) |  | 144,775 |  |  | (1,073 | )
Commercial mortgage-backed securities | 1 |  |  | 11,843 |  |  | (47 | ) |  | — |  |  | — |  |  | — |  |  | 11,843 |  |  | (47 | )
Auction rate securities | — |  |  | — |  |  | — |  |  | 177 |  |  | 103,298 |  |  | (4,112 | ) |  | 103,298 |  |  | (4,112 | )
Total(1) | 22 |  |  | $ | 116,363 |  |  | $ | (495 | ) |  | 223 |  |  | $ | 270,529 |  |  | $ | (7,334 | ) |  | $ | 386,892 |  |  | $ | (7,829 | )
(1) No Held to Maturity investments were in an unrealized loss position at September 30, 2019.
December 31, 2018 | Less than 12 months |  | 12 months or longer |  | Total
| Number of Securities |  | Estimated Fair Value |  | Unrealized Losses |  | Number of Securities |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
Available for Sale | (in thousands)
U.S. Government sponsored agency securities | 1 |  |  | $ | 4,961 |  |  | $ | (31 | ) |  | 1 |  |  | $ | 5,770 |  |  | $ | (108 | ) |  | $ | 10,731 |  |  | $ | (139 | )
State and municipal securities | 33 |  |  | 72,950 |  |  | (1,292 | ) |  | 38 |  |  | 83,770 |  |  | (4,174 | ) |  | 156,720 |  |  | (5,466 | )
Corporate debt securities | 8 |  |  | 24,419 |  |  | (227 | ) |  | 14 |  |  | 25,642 |  |  | (3,126 | ) |  | 50,061 |  |  | (3,353 | )
Collateralized mortgage obligations | 39 |  |  | 136,563 |  |  | (1,050 | ) |  | 89 |  |  | 388,173 |  |  | (10,922 | ) |  | 524,736 |  |  | (11,972 | )
Residential mortgage-backed securities | 17 |  |  | 18,220 |  |  | (222 | ) |  | 110 |  |  | 402,779 |  |  | (14,990 | ) |  | 420,999 |  |  | (15,212 | )
Commercial mortgage-backed securities | 1 |  |  | 9,778 |  |  | (35 | ) |  | 25 |  |  | 197,326 |  |  | (3,038 | ) |  | 207,104 |  |  | (3,073 | )
Auction rate securities | — |  |  | — |  |  | — |  |  | 177 |  |  | 102,994 |  |  | (4,416 | ) |  | 102,994 |  |  | (4,416 | )
Total | 99 |  |  | $ | 266,891 |  |  | $ | (2,857 | ) |  | 454 |  |  | $ | 1,206,454 |  |  | $ | (40,774 | ) |  | $ | 1,473,345 |  |  | $ | (43,631 | )
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal securities | 6 |  |  | $ | 20,601 |  |  | $ | (93 | ) |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | 20,601 |  |  | $ | (93 | )
Total | 6 |  |  | $ | 20,601 |  |  | $ | (93 | ) |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | 20,601 |  |  | $ | (93 | )
The Corporation’s collateralized mortgage obligations and mortgage-backed securities have contractual terms that generally do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. The change in fair value of these securities is attributable to changes in interest rates and not credit quality, and the Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost. Therefore, the Corporation does not consider these investments to be other-than-temporarily impaired as of September 30, 2019. As of September 30, 2019, all of the auction rate securities ("ARCs") were rated above investment grade. Based on management’s evaluations, none of the ARCs were subject to any other-than-temporary impairment charges for the three and nine months ended September 30, 2019. The Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity. Based on management’s evaluations, no corporate debt securities were subject to any other-than-temporary impairment charges for the three and nine months ended September 30, 2019. The Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity.

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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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