
	September 30, 2020
(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	$	8,518	$	534	$	(1)	$	9,051

Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	916,231		23,676		(646)		939,261

Private mortgage-backed securities and collateralized mortgage obligations	98,984		2,099		(298)		100,785

Collateralized loan obligations	203,834		157		(2,613)		201,378

Obligations of state and political subdivisions	34,312		2,168		(97)		36,383

Totals	$	1,261,879	$	28,634	$	(3,655)	$	1,286,858


Debt securities held-to-maturity
Mortgage-backed securities of U.S. government-sponsored entities	$	207,376	$	8,642	$	(18)	$	216,000

Totals	$	207,376	$	8,642	$	(18)	$	216,000


	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

Proceeds from sales of securities during the three months ended September 30, 2020 were $4.4 million. During this period, the Company recorded nominal gross gains and no gross losses. For the three months ended September 30, 2019, proceeds from sales of securities were $49.6 million, which resulted in gross losses of $0.9 million on available-for-sale debt securities and an increase of $0.1 million in the value of an investment in shares of a mutual fund that invests primarily in CRA-qualified debt securities are included in "Securities gains (losses), net".

Proceeds from sales of securities during the nine months ended September 30, 2020 and 2019 were $96.7 million and $122.9 million, respectively. Included in "Securities gains (losses), net" are gross gains of $2.4 million and gross losses of $1.3 million for the nine months ended September 30, 2020, and gross gains of $0.3 million and gross losses of $1.8 million for the nine months ended September 30, 2019. "Securities gains (losses), net" also includes an increase of $0.2 million for each of the nine

The amortized cost and fair value of debt securities held-to-maturity and available-for-sale at September 30, 2020, 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	$	—	$	—	$	2,096	$	2,107

Due after one year through five years	—		—		10,986		11,612

Due after five years through ten years	—		—		10,118		10,871

Due after ten years	—		—		19,630		20,844

	—		—		42,830		45,434

Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	207,376		216,000		916,231		939,261

Private mortgage-backed securities and collateralized mortgage obligations	—		—		98,984		100,785

Collateralized loan obligations	—		—		203,834		201,378

Totals	$	207,376	$	216,000	$	1,261,879	$	1,286,858

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, or using observable market data. The tables below indicate, at September 30, 2020, the fair value of available-for-sale debt securities with unrealized losses for which no allowance for credit losses has been recorded, and at December 31, 2019, the fair value of available-for-sale and held-to-maturity debt securities with unrealized losses for which no allowance has been recorded.


	September 30, 2020
	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	$	—	—		$	258	$	(1)	$	258	$	(1)

Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	248,463		(628)		351		(18)		248,814		(646)

Private mortgage-backed securities and collateralized mortgage obligations	28,276		(298)		—		—		28,276		(298)

Collateralized loan obligations	66,037		(699)		110,500		(1,914)		176,537		(2,613)

Obligations of state and political subdivisions	6,782		(97)		—		—		6,782		(97)

Totals	$	349,558	$	(1,722)	$	111,109	$	(1,933)	$	460,667	$	(3,655)


	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)
Totals	$	312,988	$	(2,041)	$	214,951	$	(2,506)	$	527,939	$	(4,547)

At September 30, 2020, the Company had $2.6 million in unrealized losses in uncapped 3-month LIBOR floating rate collateralized loan obligations ("CLOs") having a fair value of $176.5 million. CLOs are special purpose vehicles and those in which the Company has invested acquire nearly all first-lien, broadly syndicated corporate loans across a diversified band of industries while providing support to senior tranche investors. As of September 30, 2020, all positions held by the Company are in AAA and AA tranches, with average credit support of 36% and 26%, respectively. The Company evaluates the securities for potential credit losses by modeling expected loan-level defaults, recoveries, and prepayments for each CLO security. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at September 30, 2020, no allowance for credit losses has been recorded.

At September 30, 2020, the Company had $0.6 million of unrealized losses on mortgage-backed securities and collateralized mortgage obligations issued by government-sponsored entities having a fair value of $248.8 million. These securities are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. The implied government guarantee of principal and interest payments and the high credit rating of the portfolio provide sufficient basis for the current expectation that there is no risk of loss if default were to occur. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at September 30, 2020, no allowance for credit losses has been recorded.

At September 30, 2020, the Company had $0.3 million of unrealized losses on private label residential and commercial mortgage-backed securities and collateralized mortgage obligations having a fair value of $28.3 million. The collateral underlying these mortgage investments is primarily residential real estate. The securities have average credit support of 23%. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at September 30, 2020, no allowance for credit losses has been recorded.

All HTM debt securities are issued by government-sponsored entities, which are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. While the potential for default on these securities may be something greater than zero, the long history with no credit losses, the implied government guarantee of principal and interest payments and the high credit rating of the HTM portfolio provide sufficient basis for the current expectation that there is no risk of loss if default were to occur. Despite the emergence of significant market changes and increasing degrees of uncertainty in the U.S. economy in 2020, there has to date been no specific impact on the agencies or changes in the nature or quality of the guarantee they provide. As a result, as of September 30, 2020, no allowance for credit losses has been recorded.

Included in other assets at September 30, 2020 is $34.0 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 that may have a significant adverse effect on the fair value of these cost method investment securities. Also included in other assets is a $6.5 million investment in a CRA-qualified mutual fund carried at fair value. Accrued interest receivable on AFS and HTM debt securities of $3.2 million and $0.5 million at September 30, 2020, respectively, and $3.8 million and $0.6 million at December 31, 2019, respectively, is also included in other assets.