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Debt Securities
 6 Months Ended
Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Debt Securities Debt Securities

The following tables present the amortized cost, the gross unrealized gains and losses and the fair value of the Company’s debt securities:
 
June 30, 2019
 
Amortized Cost
 
Gross Unrealized
 
Fair Value
(Dollars in thousands)
 
Gains
 
Losses
 
Available-for-sale
 
 
 
 
 
 
 
U.S. government and federal agency
$
19,603

 
25

 
(141
)
 
19,487

U.S. government sponsored enterprises
117,911

 
2,039

 
—

 
119,950

State and local governments
671,714

 
28,506

 
(27
)
 
700,193

Corporate bonds
177,812

 
1,895

 
(23
)
 
179,684

Residential mortgage-backed securities
697,041

 
5,432

 
(1,684
)
 
700,789

Commercial mortgage-backed securities
719,436

 
31,294

 
(199
)
 
750,531

Total available-for-sale
2,403,517

 
69,191

 
(2,074
)
 
2,470,634

Held-to-maturity
 
 
 
 
 
 
 
State and local governments
252,097

 
8,597

 
—

 
260,694

Total held-to-maturity
252,097

 
8,597

 
—

 
260,694

Total debt securities
$
2,655,614

 
77,788

 
(2,074
)
 
2,731,328


 
December 31, 2018
 
Amortized Cost
 
Gross Unrealized
 
Fair Value
(Dollars in thousands)
 
Gains
 
Losses
 
Available-for-sale
 
 
 
 
 
 
 
U.S. government and federal agency
$
23,757

 
54

 
(162
)
 
23,649

U.S. government sponsored enterprises
120,670

 
52

 
(514
)
 
120,208

State and local governments
844,636

 
18,936

 
(11,322
)
 
852,250

Corporate bonds
292,052

 
378

 
(1,613
)
 
290,817

Residential mortgage-backed securities
808,537

 
628

 
(16,250
)
 
792,915

Commercial mortgage-backed securities
490,868

 
3,312

 
(2,356
)
 
491,824

Total available-for-sale
2,580,520

 
23,360

 
(32,217
)
 
2,571,663

Held-to-maturity
 
 
 
 
 
 
 
State and local governments
297,915

 
1,380

 
(11,039
)
 
288,256

Total held-to-maturity
297,915

 
1,380

 
(11,039
)
 
288,256

Total debt securities
$
2,878,435

 
24,740

 
(43,256
)
 
2,859,919



The following table presents the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by contractual maturity at June 30, 2019. Actual maturities may differ from expected or contractual maturities since issuers have the right to prepay obligations with or without prepayment penalties.

 
June 30, 2019
 
Available-for-Sale
 
Held-to-Maturity
(Dollars in thousands)
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
Due within one year
$
50,668

 
50,748

 
—

 
—

Due after one year through five years
241,525

 
245,014

 
8,391

 
8,678

Due after five years through ten years
285,233

 
298,290

 
78,886

 
82,526

Due after ten years
409,614

 
425,262

 
164,820

 
169,490

 
987,040

 
1,019,314

 
252,097

 
260,694

Mortgage-backed securities 1
1,416,477

 
1,451,320

 
—

 
—

Total
$
2,403,517

 
2,470,634

 
252,097

 
260,694


______________________________
1 Mortgage-backed securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds.

Proceeds from sales and calls of debt securities and the associated gains and losses that have been included in earnings are listed below:
 
Three Months ended
 
Six Months ended
(Dollars in thousands)
June 30,
2019
 
June 30,
2018
 
June 30,
2019
 
June 30,
2018
Available-for-sale
 
 
 
 
 
 
 
Proceeds from sales and calls of debt securities
$
172,323

 
4,765

 
476,371

 
233,446

Gross realized gains 1
1,347

 
9

 
4,284

 
15

Gross realized losses 1
(1,213
)
 
(73
)
 
(3,929
)
 
(361
)
Held-to-maturity
 
 
 
 
 
 
 
Proceeds from calls of debt securities
2,630

 
13,470

 
32,575

 
28,935

Gross realized gains 1
—

 
10

 
2

 
64

Gross realized losses 1
—

 
(2
)
 
(10
)
 
(107
)

______________________________
1 The gain or loss on the sale or call of each debt security is determined by the specific identification method.

Debt securities with an unrealized loss position are summarized as follows:

 
June 30, 2019
 
Less than 12 Months
 
12 Months or More
 
Total
(Dollars in thousands)
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
Available-for-sale
 
 
 
 
 
 
 
 
 
 
 
U.S. government and federal agency
$
5,149

 
(57
)
 
8,790

 
(84
)
 
13,939

 
(141
)
State and local governments
—

 
—

 
5,237

 
(27
)
 
5,237

 
(27
)
Corporate bonds
5,054

 
(4
)
 
13,519

 
(19
)
 
18,573

 
(23
)
Residential mortgage-backed securities
3,169

 
(23
)
 
237,479

 
(1,661
)
 
240,648

 
(1,684
)
Commercial mortgage-backed securities
—

 
—

 
17,956

 
(199
)
 
17,956

 
(199
)
Total available-for-sale
$
13,372

 
(84
)
 
282,981

 
(1,990
)
 
296,353

 
(2,074
)
Held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
State and local governments
$
—

 
—

 
21

 
—

 
21

 
—

Total held-to-maturity
$
—

 
—

 
21

 
—

 
21

 
—

 
 
December 31, 2018
 
Less than 12 Months
 
12 Months or More
 
Total
(Dollars in thousands)
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
Available-for-sale
 
 
 
 
 
 
 
 
 
 
 
U.S. government and federal agency
$
4,287

 
(27
)
 
10,519

 
(135
)
 
14,806

 
(162
)
U.S. government sponsored enterprises
43,400

 
(103
)
 
35,544

 
(411
)
 
78,944

 
(514
)
State and local governments
72,080

 
(922
)
 
232,244

 
(10,400
)
 
304,324

 
(11,322
)
Corporate bonds
119,111

 
(937
)
 
114,800

 
(676
)
 
233,911

 
(1,613
)
Residential mortgage-backed securities
132,405

 
(833
)
 
537,202

 
(15,417
)
 
669,607

 
(16,250
)
Commercial mortgage-backed securities
73,118

 
(402
)
 
86,504

 
(1,954
)
 
159,622

 
(2,356
)
Total available-for-sale
$
444,401

 
(3,224
)
 
1,016,813

 
(28,993
)
 
1,461,214

 
(32,217
)
Held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
State and local governments
$
87,392

 
(2,778
)
 
126,226

 
(8,261
)
 
213,618

 
(11,039
)
Total held-to-maturity
$
87,392

 
(2,778
)
 
126,226

 
(8,261
)
 
213,618

 
(11,039
)


Based on an analysis of its debt securities with unrealized losses as of June 30, 2019 and December 31, 2018, the Company determined that none of such securities had other-than-temporary impairment and the unrealized losses were primarily the result of interest rate changes and market spreads subsequent to acquisition. The fair value of the debt securities is expected to recover as payments are received and the securities approach maturity. At June 30, 2019, management determined that it did not intend to sell debt securities with unrealized losses, and there was no expected requirement to sell any of its debt securities with unrealized losses before recovery of their amortized cost.