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Securities
 12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Securities Securities
The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity at December 31, 2019 and December 31, 2018 are summarized as follows:
 
 
December 31, 2019
(In thousands)
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Debt Securities Available-for-Sale
 
 

 
 

 
 

 
 

U.S. Treasury securities and obligations of U.S. government agencies
 
$
9,914

 
$
204

 
$
(4
)
 
$
10,114

Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities
 
604,934

 
5,784

 
(1,511
)
 
609,207

Private mortgage-backed securities and collateralized mortgage obligations
 
56,005

 
1,561

 
(5
)
 
57,561

Collateralized loan obligations
 
239,364

 
7

 
(1,153
)
 
238,218

Obligations of state and political subdivisions
 
30,548

 
1,208

 
(1
)
 
31,755

Totals
 
$
940,765

 
$
8,764

 
$
(2,674
)
 
$
946,855

 
 
 
 
 
 
 
 
 
Debt Securities Held-to-Maturity
 
 

 
 

 
 

 
 

Mortgage-backed securities of U.S. government sponsored entities
 
$
261,369

 
$
2,717

 
$
(1,873
)
 
$
262,213

Totals
 
$
261,369

 
$
2,717

 
$
(1,873
)
 
$
262,213

 
 
 
December 31, 2018
(In thousands)
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Debt Securities Available-for-Sale
 
 

 
 

 
 

 
 

U.S. Treasury securities and obligations of U.S. government agencies
 
$
7,200

 
$
106

 
$
(6
)
 
$
7,300

Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities
 
567,753

 
300

 
(14,047
)
 
554,006

Private mortgage-backed securities and collateralized mortgage obligations
 
55,569

 
560

 
(401
)
 
55,728

Collateralized loan obligations
 
212,807

 
1

 
(3,442
)
 
209,366

Obligations of state and political subdivisions
 
39,543

 
339

 
(451
)
 
39,431

Totals
 
$
882,872

 
$
1,306

 
$
(18,347
)
 
$
865,831

 
 
 
 
 
 
 
 
 
Debt Securities Held-to-Maturity
 
 
 
 
 
 
 
 
Mortgage-backed securities of U.S. government sponsored entities
 
$
304,423

 
$
—

 
$
(7,324
)
 
$
297,099

Private mortgage-backed securities and collateralized mortgage obligations
 
21,526

 
277

 
(130
)
 
21,673

Collateralized loan obligations
 
32,000

 
—

 
(877
)
 
31,123

Totals
 
$
357,949

 
$
277

 
$
(8,331
)
 
$
349,895


Proceeds from sales of debt securities during 2019 were $202.7 million, with gross gains of $2.9 million and gross losses of $1.8 million. Proceeds from sales of debt securities during 2018 were $64.4 million with gross gains of $0.2 million and gross losses of $0.7 million. Proceeds from sales of debt securities during 2017 were $235.6 million with gross gains of $1.6 million and gross losses of $1.5 million. Included in "Securities gains (losses) net" is an increase of $0.2 million and a decrease of $0.1 million, respectively, in the value of an investment in shares of a mutual fund that invests in CRA-qualified debt securities in 2019 and 2018.
At December 31, 2019, debt securities with a fair value of $133.4 million were pledged as collateral for United States Treasury deposits, other public deposits and trust deposits. Debt securities with a fair value of $94.4 million were pledged as collateral for repurchase agreements.
The amortized cost and fair value of securities at December 31, 2019, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because prepayments of the underlying collateral for these securities may occur, due to the right to call or repay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
 
 
Held-to-Maturity
 
Available-for-Sale
(In thousands)
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
Due in less than one year
 
$
—

 
$
—

 
$
3,472

 
$
3,523

Due after one year through five years
 
—

 
—

 
8,582

 
8,698

Due after five years through ten years
 
—

 
—

 
10,488

 
10,979

Due after ten years
 
—

 
—

 
17,920

 
18,669

 
 
—

 
—

 
40,462

 
41,869

Mortgage-backed securities of U.S. government sponsored entities
 
261,369

 
262,213

 
604,934

 
609,207

Private mortgage-backed securities and collateralized mortgage obligations
 
—

 
—

 
56,005

 
57,561

Collateralized loan obligations
 
—

 
—

 
239,364

 
238,218

Totals
 
$
261,369

 
$
262,213

 
$
940,765

 
$
946,855


The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flows analyses, using observable market data where available. The tables below indicate the fair value of debt securities with unrealized losses and the period of time for which these losses were outstanding at December 31, 2019 and December 31, 2018, respectively. 
 
 
December 31, 2019
 
 
Less than 12 months
 
12 months or longer
 
Total
(In thousands)
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
U.S. Treasury securities and obligations of U.S. government agencies
 
$
758

 
$
(4
)
 
$
—

 
$
—

 
$
758

 
$
(4
)
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities
 
220,057

 
(1,461
)
 
104,184

 
(1,923
)
 
324,241

 
(3,384
)
Private mortgage-backed securities and collateralized mortgage obligations
 
2,978

 
(5
)
 
—

 
—

 
2,978

 
(5
)
Collateralized loan obligations
 
88,680

 
(570
)
 
110,767

 
(583
)
 
199,447

 
(1,153
)
Obligations of state and political subdivisions
 
515

 
(1
)
 
—

 
—

 
515

 
(1
)
Total temporarily impaired securities
 
$
312,988

 
$
(2,041
)
 
$
214,951

 
$
(2,506
)
 
$
527,939

 
$
(4,547
)
 
 
December 31, 2018
 
 
Less than 12 months
 
12 months or longer
 
Total
(In thousands)
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
U.S. Treasury securities and obligations of U.S. government agencies
 
$
99

 
$
(1
)
 
$
642

 
$
(5
)
 
$
741

 
$
(6
)
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities
 
200,184

 
(2,235
)
 
623,420

 
(19,136
)
 
823,604

 
(21,371
)
Private mortgage-backed securities and collateralized mortgage obligations
 
20,071

 
(344
)
 
12,739

 
(187
)
 
32,810

 
(531
)
Collateralized loan obligations
 
238,894

 
(4,319
)
 
—

 
—

 
238,894

 
(4,319
)
Obligations of state and political subdivisions
 
19,175

 
(241
)
 
9,553

 
(210
)
 
28,728

 
(451
)
Total temporarily impaired securities
 
$
478,423

 
$
(7,140
)
 
$
646,354

 
$
(19,538
)
 
$
1,124,777

 
$
(26,678
)

At December 31, 2019, the Company had $3.4 million of unrealized losses on mortgage backed securities and collateralized mortgage obligations of government sponsored entities having a fair value of $324.2 million that were attributable to a combination of factors, including relative changes in interest rates since the time of purchase. The contractual cash flows for these securities are guaranteed by U.S. government agencies and U.S. government sponsored entities. Based on the assessment of these mitigating factors, management believes that the unrealized losses on these debt security holdings are a function of changes in investment spreads and interest rate movements and not changes in credit quality. Management expects to recover the entire amortized cost basis of these securities.
At December 31, 2019, the Company had unrealized losses of $1.2 million on collateralized loan obligations with a fair value of $199.4 million. The collateral for these securities is first lien senior secured corporate debt. The Company holds senior tranches rated credit A or higher. Management expects to recover the entire amortized cost basis of these securities.
At December 31, 2019, the Company does not intend to sell debt securities that are in an unrealized loss position and it is not more than likely than not that the Company will be required to sell these securities before recovery of the amortized cost basis. Therefore, management does not consider any investment to be other than temporarily impaired at December 31, 2019.
Included in other assets at December 31, 2019 is $44.3 million of Federal Home Loan Bank and Federal Reserve Bank stock stated at par value. The Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of these cost method investment securities. Also included in other assets is a $6.4 million investment in a mutual fund carried at fair value.
The Company holds 11,330 shares of Visa Class B stock, which following resolution of Visa litigation will be converted to Visa Class A shares. Under the current conversion ratio that became effective September 27, 2019, the Company would receive 1.6228 shares of Class A stock for each share of Class B stock for a total of 18,386 shares of Visa Class A stock. The ownership of Visa stock is related to prior ownership in Visa's network, while Visa operated as a cooperative. This ownership is recorded on the Company's financial records at zero basis.