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Securities
 6 Months Ended
Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Securities Securities
The amortized cost basis, unrealized gains and losses and fair value of debt securities held-to-maturity as of the dates indicated are as follows (in thousands).
Amortized
Cost		Gross Unrealized GainsGross Unrealized LossesFair
Value
As of June 30, 2020    
State and political subdivisions$87,840  $4,382  $95  $92,127  
Residential mortgage-backed securities, Agency137,416  6,051  —  143,467  
Residential mortgage-backed securities, Non-agency15,221  324  54  15,491  
Commercial mortgage-backed, Agency66,161  3,007  —  69,168  
Total$306,638  $13,764  $149  $320,253  
As of December 31, 2019
State and political subdivisions$45,479  $1,574  $9  $47,044  
Residential mortgage-backed securities, Agency153,967  2,014  694  155,287  
Commercial mortgage-backed, Agency84,087  1,627  141  85,573  
Total$283,533  $5,215  $844  $287,904  

The cost basis, unrealized gains and losses, and fair value of debt securities available-for-sale as of the dates indicated are presented below (in thousands).
Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Fair
Value
As of June 30, 2020    
U.S. Treasuries$123,392  $5,474  $—  $128,866  
U.S. Government agencies2,754  183  —  2,937  
State and political subdivisions212,767  17,942  —  230,709  
Residential mortgage-backed securities, Agency929,543  34,965  4  964,504  
Residential mortgage-backed securities, Non-agency237,614  9,903  —  247,517  
Commercial mortgage-backed, Agency253,517  8,161  —  261,678  
Corporate bonds172,023  1,659  206  173,476  
Asset-backed securities116,955  1,332  2,765  115,522  
Total$2,048,565  $79,619  $2,975  $2,125,209  
As of December 31, 2019
U.S. Treasuries$152,990  $1,628  $—  $154,618  
U.S. Government agencies2,848  188  1  3,035  
State and political subdivisions214,677  11,813  —  226,490  
Residential mortgage-backed securities, Agency1,030,948  12,022  726  1,042,244  
Residential mortgage-backed securities, Non-agency250,550  6,231  —  256,781  
Commercial mortgage-backed, Agency266,770  2,261  128  268,903  
Commercial mortgage-backed, Non-agency15,395  918  263  16,050  
Corporate bonds202,131  1,178  218  203,091  
Asset-backed securities104,298  743  1,672  103,369  
Total$2,240,607  $36,982  $3,008  $2,274,581  
 
Securities with a carrying value of $524 million and $918 million were pledged, primarily to secure public deposits, at June 30, 2020 and December 31, 2019, respectively.
 The following table summarizes debt securities held-to-maturity in an unrealized loss position as of the dates indicated (in thousands).
 Less than 12 Months12 Months or MoreTotal
Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss
As of June 30, 2020      
State and political subdivisions$4,905  $95  $—  $—  $4,905  $95  
Residential mortgage-backed securities, Agency127  —  —  —  127  —  
Residential mortgage-backed securities, Non-agency8,995  3  1,384  51  10,379  54  
Total unrealized loss position$14,027  $98  $1,384  $51  $15,411  $149  
As of December 31, 2019
State and political subdivisions$10,117  $9  $—  $—  $10,117  $9  
Residential mortgage-backed securities, Agency16,049  64  48,237  630  64,286  694  
Commercial mortgage-backed, Agency21,841  87  1,685  54  23,526  141  
Total unrealized loss position$48,007  $160  $49,922  $684  $97,929  $844  
 
The following table summarizes debt securities available-for-sale in an unrealized loss position as of the dates indicated (in thousands).
 Less than 12 Months12 Months or MoreTotal
Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss
As of June 30, 2020      
Residential mortgage-backed securities, Agency$514  $3  $1,289  $1  $1,803  $4  
Commercial mortgage-backed, Agency9  —  —  —  9  —  
Corporate bonds14,794  206  —  —  14,794  206  
Asset-backed securities13,967  462  60,859  2,303  74,826  2,765  
Total unrealized loss position$29,284  $671  $62,148  $2,304  $91,432  $2,975  
As of December 31, 2019
U.S. Government agencies$404  $1  $—  $—  $404  $1  
Residential mortgage-backed securities, Agency228,611  576  18,294  150  246,905  726  
Commercial mortgage-backed, Agency—  —  33,517  128  33,517  128  
Commercial mortgage-backed, Non-agency—  —  4,864  263  4,864  263  
Corporate bonds19,742  216  998  2  20,740  218  
Asset-backed securities32,294  625  38,990  1,047  71,284  1,672  
Total unrealized loss position$281,051  $1,418  $96,663  $1,590  $377,714  $3,008  
 
At June 30, 2020, there were 21 debt securities available-for-sale and 4 debt securities held-to-maturity that were in an unrealized loss position. United does not intend to sell nor does it believe it will be required to sell securities in an unrealized loss position prior to the recovery of their amortized cost basis. Unrealized losses at June 30, 2020 were primarily attributable to changes in interest rates.

No impairment charges were recognized during the three and six months ended June 30, 2019. At adoption of CECL on January 1, 2020 and at June 30, 2020, calculated credit losses on held-to-maturity debt securities were not material due to the high credit quality of the portfolio, which included securities issued or guaranteed by U.S. Government agencies and high credit quality municipal securities. As a result, no ACL was recorded on the held-to-maturity portfolio at June 30, 2020. In addition, at June 30, 2020, there was no ACL related to the available-for-sale portfolio. See Note 1 for additional details on the adoption of CECL as it relates to the securities portfolio.
Realized gains and losses are derived using the specific identification method for determining the cost of securities sold. The following table summarizes available-for-sale securities sales activity for the three and six months ended June 30, 2020 and 2019 (in thousands).
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2020201920202019
Proceeds from sales$—  $47,279  $1,000  $225,883  
Gross gains on sales$—  $489  $—  $1,776  
Gross losses on sales—  (340) —  (1,894) 
Net gains (losses) on sales of securities$—  $149  $—  $(118) 
Income tax expense (benefit) attributable to sales$—  $38  $—  $(30) 

The amortized cost and fair value of debt securities available-for-sale and held-to-maturity at June 30, 2020, by contractual maturity, are presented in the following table (in thousands).
 Available-for-SaleHeld-to-Maturity
 Amortized CostFair ValueAmortized CostFair Value
U.S. Treasuries:    
1 to 5 years$123,392  $128,866  $—  $—  
123,392  128,866  —  —  
U.S. Government agencies:
1 to 5 years354  360  —  —  
More than 10 years2,400  2,577  —  —  
2,754  2,937  —  —  
State and political subdivisions:
Within 1 year—  —  1,350  1,350  
1 to 5 years54,483  57,120  14,260  15,226  
5 to 10 years23,810  25,808  10,789  12,244  
More than 10 years134,474  147,781  61,441  63,307  
212,767  230,709  87,840  92,127  
Corporate bonds:
Within 1 year140,008  140,217  —  —  
1 to 5 years27,515  28,644  —  —  
5 to 10 years4,500  4,615  —  —  
172,023  173,476  —  —  
Total securities other than asset-backed and
mortgage-backed securities:
Within 1 year140,008  140,217  1,350  1,350  
1 to 5 years205,744  214,990  14,260  15,226  
5 to 10 years28,310  30,423  10,789  12,244  
More than 10 years136,874  150,358  61,441  63,307  
Asset-backed securities116,955  115,522  —  —  
Residential mortgage-backed securities1,167,157  1,212,021  152,637  158,958  
Commercial mortgage-backed securities253,517  261,678  66,161  69,168  
 $2,048,565  $2,125,209  $306,638  $320,253  
Expected maturities may differ from contractual maturities because issuers and borrowers may have the right to call or prepay obligations.