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Investment Securities | 3 Months Ended
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Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities The following table presents the amortized cost and estimated fair values of investment securities for the periods presented:
| March 31, 2021
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Available for Sale | (in thousands)
State and municipal securities | $ | 953,601 |  |  | $ | 42,412 |  |  | $ | (1,253) |  |  | $ | 994,760 |
Corporate debt securities | 348,162 |  |  | 11,970 |  |  | (761) |  |  | 359,371 |
Collateralized mortgage obligations | 390,253 |  |  | 10,633 |  |  | (1,005) |  |  | 399,881 |
Residential mortgage-backed securities | 257,409 |  |  | 1,941 |  |  | (3,986) |  |  | 255,364 |
Commercial mortgage-backed securities | 668,144 |  |  | 12,455 |  |  | (7,582) |  |  | 673,017 |
Auction rate securities | 76,350 |  |  | — |  |  | (146) |  |  | 76,204 |
Total | $ | 2,693,919 |  |  | $ | 79,411 |  |  | $ | (14,733) |  |  | $ | 2,758,597 |
Held to Maturity |  |  |  |  |  |  |
Residential mortgage-backed securities | $ | 467,461 |  |  | $ | 16,303 |  |  | $ | (8,025) |  |  | $ | 475,739 |
Commercial mortgage-backed securities | 385,952 |  |  | — |  |  | (17,948) |  |  | 368,004 |
Total | $ | 853,413 |  |  | $ | 16,303 |  |  | $ | (25,973) |  |  | $ | 843,743 |
| December 31, 2020
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Available for Sale | (in thousands)
State and municipal securities | $ | 891,327 |  |  | $ | 61,286 |  |  | $ | — |  |  | $ | 952,613 |
Corporate debt securities | 348,391 |  |  | 19,445 |  |  | (691) |  |  | 367,145 |
Collateralized mortgage obligations | 491,321 |  |  | 12,560 |  |  | (115) |  |  | 503,766 |
Residential mortgage-backed securities | 373,779 |  |  | 4,246 |  |  | (27) |  |  | 377,998 |
Commercial mortgage-backed securities | 741,172 |  |  | 22,384 |  |  | (1,141) |  |  | 762,415 |
Auction rate securities | 101,510 |  |  | — |  |  | (3,304) |  |  | 98,206 |
Total | $ | 2,947,500 |  |  | $ | 119,921 |  |  | $ | (5,278) |  |  | $ | 3,062,143 |
Held to Maturity |  |  |  |  |  |  |
Residential mortgage-backed securities | $ | 278,281 |  |  | $ | 18,576 |  |  | $ | — |  |  | $ | 296,857 |
During the first quarter of 2021, the Corporation transferred residential and commercial mortgage backed securities from the AFS classification to the HTM classification. The amortized cost and estimated fair value of the securities transferred were both $376.2 million. Securities carried at $1.1 billion at March 31, 2021 and $520.5 million at December 31, 2020 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 March 31, 2021, 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.
|  | March 31, 2021
|  | Available for Sale |  | Held to Maturity
|  | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
| (in thousands)
Due in one year or less |  | $ | 13,107 |  |  | $ | 13,171 |  |  | $ | — |  |  | $ | — |
Due from one year to five years |  | 37,176 |  |  | 38,417 |  |  | — |  |  | — |
Due from five years to ten years |  | 343,642 |  |  | 355,683 |  |  | — |  |  | — |
Due after ten years |  | 984,188 |  |  | 1,023,064 |  |  | — |  |  | — |
|  | 1,378,113 |  |  | 1,430,335 |  |  | — |  |  | — |
Residential mortgage-backed securities(1) |  | 257,409 |  |  | 255,364 |  |  | 467,461 |  |  | 475,739 |
Commercial mortgage-backed securities(1) |  | 668,144 |  |  | 673,017 |  |  | 385,952 |  |  | 368,004 |
Collateralized mortgage obligations(1) |  | 390,253 |  |  | 399,881 |  |  | — |  |  | — |
Total |  | $ | 2,693,919 |  |  | $ | 2,758,597 |  |  | $ | 853,413 |  |  | $ | 843,743 |
(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 for the periods presented:
| Gross Realized Gains |  | Gross Realized Losses |  |  |  | Net Gains
Three months ended | (in thousands)
March 31, 2021 | $ | 34,016 |  |  | $ | (541) |  |  |  |  | $ | 33,475 |
March 31, 2020 | 117 |  |  | (71) |  |  |  |  | 46 |
During the first quarter of 2021, the Corporation completed a balance sheet restructuring that included a $34.0 million gain on the sale of Visa Shares, offset by net losses on other securities of $400,000, primarily in connection with the sale of $24.6 million of ARCs. In addition, debt extinguishment costs of $32.2 million included in non-interest expense and a write-off of $841,000 in unamortized discounts was recognized in net interest income in connection with the cash tender offer for certain of its outstanding senior and subordinated notes and the prepayment of certain term FHLB advances. See Note 14, "Long-Term Debt" for further details. The following tables present the gross unrealized losses and estimated fair values of investment securities, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position for the periods presented:
| March 31, 2021
| 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 | 21 |  |  | $ | 88,141 |  |  | $ | (1,253) |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | 88,141 |  |  | $ | (1,253) |
Corporate debt securities | 7 |  |  | 41,956 |  |  | (582) |  |  | 2 |  |  | 15,328 |  |  | (179) |  |  | 57,284 |  |  | (761) |
Collateralized mortgage obligations | 2 |  |  | 55,305 |  |  | (1,005) |  |  | — |  |  | — |  |  | — |  |  | 55,305 |  |  | (1,005) |
Residential mortgage-backed securities | 8 |  |  | 173,908 |  |  | (3,986) |  |  | — |  |  | — |  |  | — |  |  | 173,908 |  |  | (3,986) |
Commercial mortgage-backed securities | 10 |  |  | 183,175 |  |  | (7,582) |  |  | — |  |  | — |  |  | — |  |  | 183,175 |  |  | (7,582) |
Auction rate securities | — |  |  | — |  |  | — |  |  | 118 |  |  | 76,204 |  |  | (146) |  |  | 76,204 |  |  | (146) |
Total available for sale | 48 |  |  | $ | 542,485 |  |  | $ | (14,408) |  |  | 120 |  |  | $ | 91,532 |  |  | $ | (325) |  |  | $ | 634,017 |  |  | $ | (14,733) |
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities | 12 |  |  | $ | 205,072 |  |  | $ | (8,025) |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | 205,072 |  |  | $ | (8,025) |
Commercial mortgage-backed securities | 21 |  |  | 368,004 |  |  | (17,948) |  |  | — |  |  | — |  |  | — |  |  | 368,004 |  |  | (17,948) |
Total | 33 |  |  | $ | 573,076 |  |  | $ | (25,973) |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | 573,076 |  |  | $ | (25,973) |
| December 31, 2020
| 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)
Corporate debt securities | 9 |  |  | $ | 44,528 |  |  | $ | (377) |  |  | 1 |  |  | $ | 6,871 |  |  | $ | (314) |  |  | $ | 51,399 |  |  | $ | (691) |
Collateralized mortgage obligations | 3 |  |  | 57,601 |  |  | (115) |  |  | — |  |  | — |  |  | — |  |  | 57,601 |  |  | (115) |
Residential mortgage-backed securities | 1 |  |  | 20,124 |  |  | (27) |  |  | — |  |  | — |  |  | — |  |  | 20,124 |  |  | (27) |
Commercial mortgage-backed securities | 9 |  |  | 144,383 |  |  | (1,141) |  |  | — |  |  | — |  |  | — |  |  | 144,383 |  |  | (1,141) |
Auction rate securities | — |  |  | — |  |  | — |  |  | 162 |  |  | 98,206 |  |  | (3,304) |  |  | 98,206 |  |  | (3,304) |
Total available for sale(1) | 22 |  |  | $ | 266,636 |  |  | $ | (1,660) |  |  | 163 |  |  | $ | 105,077 |  |  | $ | (3,618) |  |  | $ | 371,713 |  |  | $ | (5,278) |
(1) No HTM securities were in an unrealized loss position as of December 31, 2020. 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. 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 have an ACL for these investments as of March 31, 2021. Based on management’s evaluations, no ACL was required for municipal securities, corporate debt securities or ARCs as of March 31, 2021. 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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