Investment Securities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2020
U.S. Treasury	$	598	$	2	$	—	$	600
U.S. Government-sponsored agency securities	2,385		68		—		2,453
State and municipal	1,026,917		67,439		138		1,094,218
U.S. Government-sponsored mortgage-backed securities	761,391		28,870		27		790,234
Corporate obligations	3,031		57		—		3,088
Total available for sale	1,794,322		96,436		165		1,890,593
Held to maturity at June 30, 2020
U.S. Government-sponsored agency securities	10,100		3		—		10,103
State and municipal	374,214		23,779		43		397,950
U.S. Government-sponsored mortgage-backed securities	512,972		18,932		31		531,873
Foreign investment	1,500		—		—		1,500
Total held to maturity	898,786		42,714		74		941,426
Total Investment Securities	$	2,693,108	$	139,150	$	239	$	2,832,019



	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 June 30, 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 June 30,2020:
Due in one year or less	$	1,947	$	1,961	$	12,191	$	12,217
Due after one through five years	4,589		4,718		23,639		24,224
Due after five through ten years	49,425		52,485		95,694		101,354
Due after ten years	976,970		1,041,195		254,290		271,758
	1,032,931		1,100,359		385,814		409,553
U.S. Government-sponsored mortgage-backed securities	761,391		790,234		512,972		531,873
Total Investment Securities	$	1,794,322	$	1,890,593	$	898,786	$	941,426



	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 and six months ended June 30, 2020 and 2019 are shown below.



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Sales and Redemptions of Available for Sale Securities:
Gross gains	$	3,068	$	1,843	$	7,680	$	2,983
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 June 30, 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 June 30, 2020
State and municipal	$	23,745	$	138	$	—	$	—	$	23,745	$	138
U.S. Government-sponsored mortgage-backed securities	15,239		27		—		—		15,239		27
Total Temporarily Impaired Available for Sale Securities	38,984		165		—		—		38,984		165
Temporarily Impaired Held to Maturity Securities at June 30,2020
State and municipal	2,633		43		—		—		2,633		43
U.S. Government-sponsored mortgage-backed securities	10,198		31		—		—		10,198		31
Total Temporarily Impaired Held to Maturity Securities	12,831		74		—		—		12,831		74
Total Temporarily Impaired Investment Securities	$	51,815	$	239	$	—	$	—	$	51,815	$	239



	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.



	June 30, 2020			December 31, 2019
Investments reported at less than historical cost:
Historical cost	$	52,054		$	398,172
Fair value	51,815			395,416
Gross unrealized losses	$	239		$	2,756
Percent of the Corporation's investment portfolio	1.9		%	15.2		%