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Debt Securities (Tables)
 6 Months Ended
Jun. 30, 2020
Debt Securities [Abstract]  
Schedule of Debt Securities, Available-for-sale
The amortized cost and fair value of investment debt securities AFS, with gross unrealized gains and losses, were as follows:
 As of June 30, 2020
(in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit Loss related to Debt SecuritiesEstimated Fair Value
U.S. Government agencies and corporations$402  $8  $—  $—  $410  
State and political subdivisions424,935  10,317  1,206  —  434,046  
Mortgage-backed securities
77,944  1,742  1  —  79,685  
Collateralized mortgage obligations352,318  8,148  438  —  360,028  
Corporate debt securities305,797  8,387  898  —  313,286  
Total debt securities
$1,161,396  $28,602  $2,543  $—  $1,187,455  
 
 As of December 31, 2019
(in thousands)
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
U.S. Government agencies and corporations$439  $2  $—  $441  
State and political subdivisions253,750  3,803  348  257,205  
Mortgage-backed securities
43,009  536  15  43,530  
Collateralized mortgage obligations293,911  1,000  1,965  292,946  
Corporate debt securities188,952  3,018  115  191,855  
Total debt securities
$780,061  $8,359  $2,443  $785,977  
Schedule of Temporary Impairment Losses
The following table presents debt securities AFS in an unrealized loss position for which an allowance for credit losses has not been recorded at June 30, 2020, aggregated by investment category and length of time in a continuous loss position:  
  As of June 30, 2020
Number
of
Securities
Less than 12 Months12 Months or MoreTotal
Available for Sale
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
(in thousands, except number of securities) 
State and political subdivisions63  $41,403  $1,206  $—  $—  $41,403  $1,206  
Mortgage-backed securities
5  286  1  16  —  302  1  
Collateralized mortgage obligations
3  31,044  438  —  —  31,044  438  
Corporate debt securities20  42,034  796  4,820  102  46,854  898  
Total
91  $114,767  $2,441  $4,836  $102  $119,603  $2,543  
The following table presents information pertaining to debt securities with gross unrealized losses as of December 31, 2019, aggregated by investment category and length of time that individual securities have been in a continuous loss position:  
  As of December 31, 2019
Available for Sale
Number
of
Securities
Less than 12 Months12 Months or MoreTotal
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
(in thousands, except number of securities) 
State and political subdivisions47  $27,161  $322  $2,112  $26  $29,273  $348  
Mortgage-backed securities
7  963  12  1,365  3  2,328  15  
Collateralized mortgage obligations33  103,395  719  65,604  1,246  168,999  1,965  
Corporate debt securities7  7,012  14  8,788  101  15,800  115  
Total
94  $138,531  $1,067  $77,869  $1,376  $216,400  $2,443  
Schedule Proceeds and Realized Gains (Losses)
Proceeds and gross realized gains and losses on debt securities available for sale for the three months and six months ended June 30, 2020 and 2019 were as follows:
Three Months EndedSix Months Ended
(in thousands)June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Proceeds from sales of debt securities available for sale$—  $118,134  $22,140  $125,414  
Gross realized gains from sales of debt securities available for sale—  79  155  105  
Gross realized losses from sales of debt securities available for sale—  (45) (113) (54) 
Net realized gain from sales of debt securities available for sale$—  $34  $42  $51  
Investments Classified by Contractual Maturity Date
The contractual maturity distribution of investment debt securities at June 30, 2020, is shown below. Expected maturities of MBS and CMO may differ from contractual maturities because the mortgages underlying the securities may be called or prepaid without any penalties. Therefore, these securities are not included in the maturity categories in the following summary.
 Available For Sale
(in thousands)Amortized CostFair Value
Due in one year or less$56,816  $57,396  
Due after one year through five years250,000  257,274  
Due after five years through ten years206,548  211,367  
Due after ten years217,770  221,705  
$731,134  $747,742  
Mortgage-backed securities77,944  79,685  
Collateralized mortgage obligations352,318  360,028  
Total$1,161,396  $1,187,455