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Debt Securities (Tables)

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Amortized cost, gross unrealized gains and losses and fair value of 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:


	March 31, 2020
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains	Gross Unrealized Losses	Fair Value
Available-for-sale
U.S. government and federal agency	$	44,112	489	(34)	44,567
U.S. government sponsored enterprises	31,083		168	—	31,251
State and local governments	1,198,841		60,006	(505)	1,258,342
Corporate bonds	330,982		2,601	(2,399)	331,184
Residential mortgage-backed securities	771,841		22,907	(15)	794,733
Commercial mortgage-backed securities	919,460		50,442	(89)	969,813
Total available-for-sale	$	3,296,319	136,613	(3,042)	3,429,890
Held-to-maturity
State and local governments	$	203,814	10,221	(5)	214,030
Total held-to-maturity	$	203,814	10,221	(5)	214,030


	December 31, 2019
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains	Gross Unrealized Losses	Fair Value
Available-for-sale
U.S. government and federal agency	$	20,061	48	(65)	20,044
U.S. government sponsored enterprises	42,724		953	—	43,677
State and local governments	679,784		22,694	(80)	702,398
Corporate bonds	155,665		1,938	(1)	157,602
Residential mortgage-backed securities	731,766		7,507	(549)	738,724
Commercial mortgage-backed securities	891,374		22,825	(1,392)	912,807
Total available-for-sale	$	2,521,374	55,965	(2,087)	2,575,252
Held-to-maturity
State and local governments	$	224,611	9,785	—	234,396
Total held-to-maturity	$	224,611	9,785	—	234,396

Amortized cost and fair value of securities by contractual maturity

The following table presents the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by contractual maturity at March 31, 2020. Actual maturities may differ from expected or contractual maturities since some issuers have the right to prepay obligations with or without prepayment penalties.


	March 31, 2020
	Available-for-Sale				Held-to-Maturity
(Dollars in thousands)	Amortized Cost		Fair Value	Amortized Cost	Fair Value
Due within one year	$	125,320	125,118	—	—
Due after one year through five years	280,574		282,188	12,153	12,637
Due after five years through ten years	241,013		250,182	72,466	76,544
Due after ten years	958,111		1,007,856	119,195	124,849
	1,605,018		1,665,344	203,814	214,030
Mortgage-backed securities ¹	1,691,301		1,764,546	—	—
Total	$	3,296,319	3,429,890	203,814	214,030

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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

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
(Dollars in thousands)	March 31, 2020		March 31, 2019
Available-for-sale
Proceeds from sales and calls of debt securities	$	77,073	304,048
Gross realized gains ¹	962		2,937
Gross realized losses ¹	(100)		(2,716)
Held-to-maturity
Proceeds from calls of debt securities	20,250		29,945
Gross realized gains ¹	1		2
Gross realized losses ¹	—		(10)

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

AFS debt securities in an unrealized loss position with no ACL recorded

The following table summarizes available-for-sale debt securities that were in an unrealized loss position for which an allowance for credit losses has not been recorded, based on the length of time the individual securities have been in an unrealized loss position. The number of available-for-sale debt securities in an unrealized position is also disclosed.


	March 31, 2020
	Number of Securities	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	13	$	835		(5)		5,442		(29)		6,277		(34)

State and local governments	64	38,635			(505)		—		—		38,635		(505)
Corporate bonds	36	137,831			(2,399)		—		—		137,831		(2,399)
Residential mortgage-backed securities	15	2,855			(15)		27		—		2,882		(15)
Commercial mortgage-backed securities	2	4,974			(89)		—		—		4,974		(89)
Total available-for-sale	130	$	185,130		(3,013)		5,469		(29)		190,599		(3,042)


	December 31, 2019
	Number of Securities	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	20	$	464		—		9,902		(65)		10,366		(65)

State and local governments	12	19,044			(80)		—		—		19,044		(80)
Corporate bonds	2	7,378			(1)		—		—		7,378		(1)
Residential mortgage-backed securities	35	85,562			(234)		29,038		(315)		114,600		(549)
Commercial mortgage-backed securities	19	177,051			(1,293)		7,697		(99)		184,748		(1,392)
Total available-for-sale	88	$	289,499		(1,608)		46,637		(479)		336,136		(2,087)

Credit Quality Indictors for HTM Debt Securities

The following table summarizes the amortized cost of held-to-maturity debt securities aggregated by NRSRO credit rating:


(Dollars in thousands)	March 31, 2020		December 31, 2019
Held-to-maturity
S&P: AAA / Moody’s: Aaa	$	47,511	65,217
S&P: AA+, AA, AA- / Moody’s: Aa1, Aa2, Aa3	128,616		130,316
S&P: A+, A, A- / Moody’s: A1, A2, A3	27,301		28,689

Not rated by either entity	386		389

Total held-to-maturity	$	203,814	224,611