Securities

6 Months Ended

Jun. 30, 2019

Investments Debt And Equity Securities [Abstract]

3. Securities

The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available for sale and held to maturity at June 30, 2019 and December 31, 2018 follow.

Securities Available for Sale
(in thousands)	June 30, 2019								December 31, 2018
			Gross		Gross						Gross		Gross
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
U.S. Treasury and government agency securities	$	80,935		1,078		149	$	81,864	$	74,339	$	—	$	2,633	$	71,706
Municipal obligations		244,600		4,744		3		249,341		246,713		360		6,646		240,427
Residential mortgage-backed securities		1,357,580		16,847		6,776		1,367,651		1,468,912		4,284		29,794		1,443,402
Commercial mortgage-backed securities		919,756		17,199		2,380		934,575		799,060		1,953		30,936		770,077
Collateralized mortgage obligations		152,352		1,463		278		153,537		163,282		903		2,260		161,925
Corporate debt securities		3,500		—		—		3,500		3,500		—		—		3,500
	$	2,758,723	$	41,331	$	9,586	$	2,790,468	$	2,755,806	$	7,500	$	72,269	$	2,691,037

Securities Held to Maturity
(in thousands)	June 30, 2019								December 31, 2018
			Gross		Gross						Gross		Gross
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
U.S. Treasury and government agency securities	$	50,000		—		119	$	49,881	$	50,000	$	—	$	478	$	49,522
Municipal obligations		653,105		21,047		86		674,066		688,201		2,347		9,503		681,045
Residential mortgage-backed securities		582,429		9,126		791		590,764		640,393		1,461		6,117		635,737
Commercial mortgage-backed securities		511,138		11,685		619		522,204		357,175		376		10,882		346,669
Collateralized mortgage obligations		1,138,595		7,720		3,829		1,142,486		1,243,778		1,598		22,493		1,222,883
	$	2,935,267	$	49,578	$	5,444	$	2,979,401	$	2,979,547	$	5,782	$	49,473	$	2,935,856

The following tables present the amortized cost and estimated fair value of debt securities available for sale and held to maturity at June 30, 2019 by contractual maturity. Actual maturities will differ from contractual maturities because of rights to call or repay obligations with or without penalties and scheduled and unscheduled principal payments on mortgage-backed securities and collateralized mortgage obligations.

Debt Securities Available for Sale	Amortized		Fair
(in thousands)	Cost		Value
Due in one year or less	$	190	$	194
Due after one year through five years		235,774		239,806
Due after five years through ten years		1,178,941		1,198,484
Due after ten years		1,343,818		1,351,984
Total available for sale debt securities	$	2,758,723	$	2,790,468

Debt Securities Held to Maturity	Amortized		Fair
(in thousands)	Cost		Value
Due in one year or less	$	62,394	$	62,356
Due after one year through five years		92,045		93,495
Due after five years through ten years		1,490,042		1,525,907
Due after ten years		1,290,786		1,297,643
Total held to maturity securities	$	2,935,267	$	2,979,401

The Company held no securities classified as trading at June 30, 2019 and December 31, 2018.

The fair value and gross unrealized losses for securities classified as available for sale with unrealized losses for the periods indicated follow.

Available for Sale
June 30, 2019	Losses < 12 months				Losses 12 months or >				Total
(in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury and government agency securities	$	—	$	—	$	21,215		149	$	21,215	$	149
Municipal obligations		2,292		3		—		—		2,292		3
Residential mortgage-backed securities		1		—		689,726		6,776		689,727		6,776
Commercial mortgage-backed securities		22,112		12		367,211		2,368		389,323		2,380
Collateralized mortgage obligations		—		—		57,800		278		57,800		278
Other debt obligation		700		—		—		—		700		—
	$	25,105	$	15	$	1,135,952	$	9,571	$	1,161,057	$	9,586

Available for Sale
December 31, 2018	Losses < 12 months				Losses 12 months or >				Total
			Gross				Gross		Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(in thousands)	Value		Losses		Value		Losses		Value		Losses
U.S. Treasury and government agency securities	$	—	$	—	$	71,706	$	2,633	$	71,706	$	2,633
Municipal obligations		41,203		591		170,883		6,054		212,086		6,645
Residential mortgage-backed securities		305,090		2,485		762,826		27,309		1,067,916		29,794
Commercial mortgage-backed securities		96,226		1,851		570,485		29,085		666,711		30,936
Collateralized mortgage obligations		254		1		111,804		2,259		112,058		2,260
	$	442,773	$	4,928	$	1,687,704	$	67,340	$	2,130,477	$	72,268

The fair value and gross unrealized losses for securities classified as held to maturity with unrealized losses for the periods indicated follow.

Held to maturity
June 30, 2019	Losses < 12 months				Losses 12 months or >				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(in thousands)	Value		Losses		Value		Losses		Value		Losses
U.S. Treasury and government agency securities	$	—	$	—	$	49,881	$	119	$	49,881	$	119
Municipal obligations		3,027		27		18,972		59		21,999		86
Residential mortgage-backed securities		—		—		177,953		791		177,953		791
Commercial mortgage-backed securities		—		—		74,946		619		74,946		619
Collateralized mortgage obligations		—		—		467,781		3,829		467,781		3,829
	$	3,027	$	27	$	789,533	$	5,417	$	792,560	$	5,444

Held to maturity
December 31, 2018	Losses < 12 months				Losses 12 months or >				Total
			Gross		Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(in thousands)	Value		Losses		Value		Losses		Value		Losses
U.S. Treasury and government agency securities	$	—	$	—	$	49,521	$	478	$	49,521	$	478
Municipal obligations		233,469		2,256		233,280		7,247		466,749		9,503
Residential mortgage-backed securities		90,730		123		235,251		5,994		325,981		6,117
Commercial mortgage-backed securities		—		—		305,419		10,882		305,419		10,882
Collateralized mortgage obligations		77,394		281		897,153		22,212		974,547		22,493
	$	401,593	$	2,660	$	1,720,624	$	46,813	$	2,122,217	$	49,473

The unrealized losses relate primarily to changes in market rates on fixed rate debt securities since the respective purchase dates. In all cases, the indicated impairment on these debt securities would be recovered no later than the security’s maturity date or possibly earlier if the market price for the security increases with a reduction in the yield required by the market. None of the unrealized losses relate to the marketability of the securities or the issuers’ abilities to meet contractual obligations. The Company had adequate liquidity as of June 30, 2019 and December 31, 2018 and did not intend to nor believe that it would be required to sell these securities before recovery of the indicated impairment. Accordingly, the unrealized losses on these securities were determined to be temporary. Should the Company’s intent to sell these securities change, the difference between the amortized cost and the fair value will be recognized into earnings at that time.

There were no sales of securities during the six months ended June 30, 2019 and 2018.

Securities with carrying values totaling $3.5 billion and $3.4 billion at June 30, 2019 and December 31, 2018, respectively, were pledged as collateral, primarily to secure public deposits or securities sold under agreements to repurchase.