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Securities (Tables)
 3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Amortized cost and fair value of securities available for sale
The amortized cost, fair value and allowance for credit losses of securities available for sale were as follows as of the dates presented:
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Allowance for Credit Losses
 
Fair
Value
March 31, 2020
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
$
7,605

 
$
67

 
$
—

 
$
—

 
$
7,672

Obligations of other U.S. Government agencies and corporations
2,514

 
31

 
—

 
—

 
2,545

Obligations of states and political subdivisions
256,974

 
6,399

 
(1,872
)
 
—

 
261,501

Residential mortgage backed securities:
 
 
 
 
 
 
 
 
 
Government agency mortgage backed securities
709,117

 
24,296

 
—

 
—

 
733,413

Government agency collateralized mortgage obligations
159,940

 
4,653

 
—

 
—

 
164,593

Commercial mortgage backed securities:
 
 
 
 
 
 
 
 
 
Government agency mortgage backed securities
32,625

 
1,967

 
(2
)
 
—

 
34,590

Government agency collateralized mortgage obligations
85,752

 
2,825

 
(178
)
 
—

 
88,399

Trust preferred securities
12,091

 
—

 
(3,487
)
 
—

 
8,604

Other debt securities
56,380

 
1,677

 
(245
)
 
—

 
57,812

 
$
1,322,998

 
$
41,915

 
$
(5,784
)
 
$
—

 
$
1,359,129

 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
December 31, 2019
 
 
 
 
 
 
 
U.S. Treasury securities
$
498

 
$
1

 
$
—

 
$
499

Obligations of other U.S. Government agencies and corporations
2,518

 
16

 
(3
)
 
2,531

Obligations of states and political subdivisions
218,362

 
5,134

 
(365
)
 
223,131

Residential mortgage backed securities:
 
 
 
 
 
 
 
Government agency mortgage backed securities
708,970

 
8,951

 
(1,816
)
 
716,105

Government agency collateralized mortgage obligations
172,178

 
1,322

 
(262
)
 
173,238

Commercial mortgage backed securities:
 
 
 
 
 
 
 
Government agency mortgage backed securities
30,372

 
659

 
(24
)
 
31,007

Government agency collateralized mortgage obligations
76,456

 
1,404

 
(109
)
 
77,751

Trust preferred securities
12,153

 
—

 
(2,167
)
 
9,986

Other debt securities
55,364

 
1,133

 
(132
)
 
56,365

 
$
1,276,871

 
$
18,620

 
$
(4,878
)
 
$
1,290,613
Schedule of realized gain (loss)
There were no sales of securities for the three months ended March 31, 2020. Securities sold for the three months ended March 31, 2019 were as follows :
 
Carrying Value
 
Net Proceeds
 
Gain/(Loss)
Obligations of states and political subdivisions
$
10,368

 
$
10,384

 
$
16

Residential mortgage backed securities:
 
 
 
 
 
Government agency mortgage backed securities
230

 
227

 
(3
)
 
$
10,598

 
$
10,611

 
$
13


Gross realized gains and losses on sales of securities available for sale for the three months ended March 31, 2019 were as follows:
 
 
 
Three Months Ended
 
March 31,
 
2019
Gross gains on sales of securities available for sale
$
45

Gross losses on sales of securities available for sale
(32
)
Gains on sales of securities available for sale, net
$
13
Amortized cost and fair value of securities by contractual maturity
The amortized cost and fair value of securities at March 31, 2020 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.
 
 
 
Available for Sale
 
 
Amortized
Cost
 
Fair
Value
Due within one year
 
$
19,647

 
$
19,786

Due after one year through five years
 
34,038

 
34,948

Due after five years through ten years
 
81,750

 
84,830

Due after ten years
 
160,241

 
157,388

Residential mortgage backed securities:
 
 
 
 
Government agency mortgage backed securities
 
709,117

 
733,413

Government agency collateralized mortgage obligations
 
159,940

 
164,593

Commercial mortgage backed securities:
 
 
 
 
Government agency mortgage backed securities
 
32,625

 
34,590

Government agency collateralized mortgage obligations
 
85,752

 
88,399

Other debt securities
 
39,888

 
41,182

 
 
$
1,322,998

 
$
1,359,129
Gross unrealized losses and fair value by investment category


The following table presents the age of gross unrealized losses and fair value by investment category for which an allowance for credit losses has not been recorded as of the dates presented:
 
 
Less than 12 Months
 
12 Months or More
 
Total
 
#
 
Fair
Value
 
Unrealized
Losses
 
#
 
Fair
Value
 
Unrealized
Losses
 
#
 
Fair
Value
 
Unrealized
Losses
Available for Sale:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and political subdivisions
29
 
$
47,604

 
$
(1,872
)
 
0
 
$
—

 
$
—

 
29
 
$
47,604

 
$
(1,872
)
Residential mortgage backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government agency mortgage backed securities
1
 
106

 
—

 
0
 
—

 
—

 
1
 
106

 
—

Government agency collateralized mortgage obligations
0
 
—

 
—

 
0
 
—

 
—

 
0
 
—

 
—

Commercial mortgage backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government agency mortgage backed securities
0
 
—

 
—

 
2
 
1,176

 
(2
)
 
2
 
1,176

 
(2
)
Government agency collateralized mortgage obligations
3
 
12,376

 
(178
)
 
0
 
—

 
—

 
3
 
12,376

 
(178
)
Trust preferred securities
2
 
8,604

 
(3,487
)
 
0
 
—

 
—

 
2
 
8,604

 
(3,487
)
Other debt securities
5
 
11,987

 
(245
)
 
0
 
—

 
—

 
5
 
11,987

 
(245
)
Total
40
 
$
80,677

 
$
(5,782
)
 
2
 
$
1,176

 
$
(2
)
 
42
 
$
81,853

 
$
(5,784
)
December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of other U.S. Government agencies and corporations
0
 
$
—

 
$
—

 
1
 
$
1,008

 
$
(3
)
 
1
 
$
1,008

 
$
(3
)
Obligations of states and political subdivisions
26
 
33,902

 
(365
)
 
0
 
—

 
—

 
26
 
33,902

 
(365
)
Residential mortgage backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government agency mortgage backed securities
37
 
233,179

 
(1,504
)
 
16
 
20,775

 
(312
)
 
53
 
253,954

 
(1,816
)
Government agency collateralized mortgage obligations
11
 
45,319

 
(262
)
 
0
 
—

 
—

 
11
 
45,319

 
(262
)
Commercial mortgage backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government agency mortgage backed securities
1
 
4,976

 
(23
)
 
2
 
1,190

 
(1
)
 
3
 
6,166

 
(24
)
Government agency collateralized mortgage obligations
1
 
4,910

 
(109
)
 
0
 
—

 
—

 
1
 
4,910

 
(109
)
Trust preferred securities
0
 
—

 
—

 
2
 
9,986

 
(2,167
)
 
2
 
9,986

 
(2,167
)
Other debt securities
3
 
8,737

 
(131
)
 
1
 
741

 
(1
)
 
4
 
9,478

 
(132
)
Total
79
 
$
331,023

 
$
(2,394
)
 
22
 
$
33,700

 
$
(2,484
)
 
101
 
$
364,723

 
$
(4,878
)