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Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract] |
Schedule of amortized cost, gross unrealized gains, gross unrealized losses and approximate fair value of investment securities | The amortized cost, gross unrealized gains, gross unrealized losses and approximate market value of the Corporation's investment securities at the dates indicated were:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available for sale at March 31, 2020 |  |  |  |  |  |  |
U.S. Treasury | $ | 596 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 600 |
U.S. Government-sponsored agency securities | 12,398 |  |  | 80 |  |  | — |  |  | 12,478 |
State and municipal | 898,991 |  |  | 50,523 |  |  | 306 |  |  | 949,208 |
U.S. Government-sponsored mortgage-backed securities | 820,263 |  |  | 33,296 |  |  | 101 |  |  | 853,458 |
Corporate obligations | 31 |  |  | — |  |  | — |  |  | 31 |
Total available for sale | 1,732,279 |  |  | 83,903 |  |  | 407 |  |  | 1,815,775 |
Held to maturity at March 31, 2020 |  |  |  |  |  |  |
U.S. Government-sponsored agency securities | 35,050 |  |  | 8 |  |  | — |  |  | 35,058 |
State and municipal | 358,479 |  |  | 18,030 |  |  | 28 |  |  | 376,481 |
U.S. Government-sponsored mortgage-backed securities | 487,150 |  |  | 19,989 |  |  | — |  |  | 507,139 |
Foreign investment | 1,500 |  |  | — |  |  | — |  |  | 1,500 |
Total held to maturity | 882,179 |  |  | 38,027 |  |  | 28 |  |  | 920,178 |
Total Investment Securities | $ | 2,614,458 |  |  | $ | 121,930 |  |  | $ | 435 |  |  | $ | 2,735,953 |
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available for sale at December 31, 2019 |  |  |  |  |  |  |
U.S. Government-sponsored agency securities | $ | 38,529 |  |  | $ | 346 |  |  | $ | — |  |  | $ | 38,875 |
State and municipal | 859,511 |  |  | 41,092 |  |  | 807 |  |  | 899,796 |
U.S. Government-sponsored mortgage-backed securities | 842,349 |  |  | 10,378 |  |  | 1,404 |  |  | 851,323 |
Corporate obligations | 31 |  |  | — |  |  | — |  |  | 31 |
Total available for sale | 1,740,420 |  |  | 51,816 |  |  | 2,211 |  |  | 1,790,025 |
Held to maturity at December 31, 2019 |  |  |  |  |  |  |  |
U.S. Government-sponsored agency securities | 15,619 |  |  | 1 |  |  | 37 |  |  | 15,583 |
State and municipal | 354,115 |  |  | 15,151 |  |  | 107 |  |  | 369,159 |
U.S. Government-sponsored mortgage-backed securities | 434,804 |  |  | 6,921 |  |  | 401 |  |  | 441,324 |
Foreign investment | 1,500 |  |  | — |  |  | — |  |  | 1,500 |
Total held to maturity | 806,038 |  |  | 22,073 |  |  | 545 |  |  | 827,566 |
Total Investment Securities | $ | 2,546,458 |  |  | $ | 73,889 |  |  | $ | 2,756 |  |  | $ | 2,617,591 |
Schedule of amortized cost and fair value of available for sale securities and held to maturity securities | The amortized cost and fair value of available for sale and held to maturity securities at March 31, 2020 and December 31, 2019, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
| Available for Sale |  | Held to Maturity
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Maturity Distribution at March 31,2020: |  |  |  |  |  |  |
Due in one year or less | $ | 1,945 |  |  | $ | 1,965 |  |  | $ | 8,740 |  |  | $ | 8,762 |
Due after one through five years | 4,800 |  |  | 4,932 |  |  | 33,393 |  |  | 33,947 |
Due after five through ten years | 47,807 |  |  | 49,833 |  |  | 107,482 |  |  | 111,986 |
Due after ten years | 857,464 |  |  | 905,587 |  |  | 245,414 |  |  | 258,344 |
| 912,016 |  |  | 962,317 |  |  | 395,029 |  |  | 413,039 |
U.S. Government-sponsored mortgage-backed securities | 820,263 |  |  | 853,458 |  |  | 487,150 |  |  | 507,139 |
Total Investment Securities | $ | 1,732,279 |  |  | $ | 1,815,775 |  |  | $ | 882,179 |  |  | $ | 920,178 |
| Available for Sale |  | Held to Maturity
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Maturity Distribution at December 31, 2019 |  |  |  |  |  |  |
Due in one year or less | $ | 1,134 |  |  | $ | 1,136 |  |  | $ | 9,920 |  |  | $ | 10,105 |
Due after one through five years | 5,031 |  |  | 5,141 |  |  | 45,197 |  |  | 45,654 |
Due after five through ten years | 74,745 |  |  | 76,920 |  |  | 84,153 |  |  | 88,844 |
Due after ten years | 817,161 |  |  | 855,505 |  |  | 231,964 |  |  | 241,639 |
| 898,071 |  |  | 938,702 |  |  | 371,234 |  |  | 386,242 |
U.S. Government-sponsored mortgage-backed securities | 842,349 |  |  | 851,323 |  |  | 434,804 |  |  | 441,324 |
Total Investment Securities | $ | 1,740,420 |  |  | $ | 1,790,025 |  |  | $ | 806,038 |  |  | $ | 827,566 |
Schedule of gross gains on sales and redemptions of available for sale securities | Gross gains on the sales and redemptions of available for sale securities for the three months ended March 31, 2020 and 2019 are shown below.
| Three Months Ended March 31,
| 2020 |  | 2019
Sales and Redemptions of Available for Sale Securities: |  |  |
Gross gains | $ | 4,612 |  |  | $ | 1,140 |
Gross losses | — |  |  | — |
Schedule of investment securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position | The following tables show the Corporation’s gross unrealized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position at March 31, 2020, and December 31, 2019:
| Less than 12 Months |  | 12 Months or Longer |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Temporarily Impaired Available for Sale Securities at March 31, 2020 |  |  |  |  |  |  |  |  |  |  |
State and municipal | $ | 34,304 |  |  | $ | 306 |  |  | $ | — |  |  | $ | — |  |  | $ | 34,304 |  |  | $ | 306 |
U.S. Government-sponsored mortgage-backed securities | 17,011 |  |  | 101 |  |  | — |  |  | — |  |  | 17,011 |  |  | 101 |
Total Temporarily Impaired Available for Sale Securities | 51,315 |  |  | 407 |  |  | — |  |  | — |  |  | 51,315 |  |  | 407 |
Temporarily Impaired Held to Maturity Securities at March 31,2020 |  |  |  |  |  |  |  |  |  |  |
State and municipal | 6,815 |  |  | 28 |  |  | — |  |  | — |  |  | 6,815 |  |  | 28 |
Total Temporarily Impaired Held to Maturity Securities | 6,815 |  |  | 28 |  |  | — |  |  | — |  |  | 6,815 |  |  | 28 |
Total Temporarily Impaired Investment Securities | $ | 58,130 |  |  | $ | 435 |  |  | $ | — |  |  | $ | — |  |  | $ | 58,130 |  |  | $ | 435 |
| Less than 12 Months |  | 12 Months or Longer |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Temporarily Impaired Available for Sale Securities at December 31, 2019 |  |  |  |  |  |  |  |  |  |  |
State and municipal | $ | 76,273 |  |  | $ | 807 |  |  | $ | — |  |  | $ | — |  |  | $ | 76,273 |  |  | $ | 807 |
U.S. Government-sponsored mortgage-backed securities | 127,673 |  |  | 1,326 |  |  | 20,796 |  |  | 78 |  |  | 148,469 |  |  | 1,404 |
Total Temporarily Impaired Available for Sale Securities | 203,946 |  |  | 2,133 |  |  | 20,796 |  |  | 78 |  |  | 224,742 |  |  | 2,211 |
Temporarily Impaired Held to Maturity Securities at December 31, 2019 |  |  |  |  |  |  |  |  |  |  |
U.S. Government-sponsored agency securities | 3,016 |  |  | 4 |  |  | 12,467 |  |  | 33 |  |  | 15,483 |  |  | 37 |
State and municipal | 22,947 |  |  | 107 |  |  | — |  |  | — |  |  | 22,947 |  |  | 107 |
U.S. Government-sponsored mortgage-backed securities | 124,253 |  |  | 364 |  |  | 7,991 |  |  | 37 |  |  | 132,244 |  |  | 401 |
Total Temporarily Impaired Held to Maturity Securities | 150,216 |  |  | 475 |  |  | 20,458 |  |  | 70 |  |  | 170,674 |  |  | 545 |
Total Temporarily Impaired Investment Securities | $ | 354,162 |  |  | $ | 2,608 |  |  | $ | 41,254 |  |  | $ | 148 |  |  | $ | 395,416 |  |  | $ | 2,756 |
Schedule of investments in debt and equity securities reported in the financial statements at an amount less than their historical cost | Certain investments in debt and equity securities are reported in the financial statements at an amount less than their historical cost as indicated in the table below.
| March 31, 2020 |  | December 31, 2019
Investments reported at less than historical cost: |  |  |
Historical cost | $ | 58,565 |  |  | $ | 398,172 |
Fair value | 58,130 |  |  | 395,416 |
Gross unrealized losses | $ | 435 |  |  | $ | 2,756 |
Percent of the Corporation's investment portfolio | 2.2 | % |  | 15.2 | %

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