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Investment Securities
 12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Investment Securities INVESTMENT SECURITIES
The amortized cost and estimated fair values of investment securities, with gross unrealized gains and losses, consisted of the following:
 
December 31, 2019
(in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
39,916

 
$
281

 
$
—

 
$
40,197

Obligations of state and political subdivisions
160,873

 
7,607

 
—

 
168,480

Mortgage-backed securities:
 
 
 
 
 
 
 
         Residential agency
2,876,069

 
27,423

 
(3,836
)
 
2,899,656

         Commercial agency
704,661

 
17,202

 
(404
)
 
721,459

Other securities
101,022

 
2,779

 
(233
)
 
103,568

Total securities available for sale
$
3,882,541

 
$
55,292

 
$
(4,473
)
 
$
3,933,360

Securities held to maturity:
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
166,386

 
$
7,147

 
$
—

 
$
173,533

Mortgage-backed securities:
 
 
 
 
 
 
 
         Residential agency
16,575

 
30

 
(239
)
 
16,366

Total securities held to maturity
$
182,961

 
$
7,177

 
$
(239
)
 
$
189,899



 
December 31, 2018
(in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
995

 
$
3

 
$
—

 
$
998

Obligations of state and political subdivisions
177,566

 
2,045

 
(723
)
 
178,888

Mortgage-backed securities:
 
 
 
 
 
 
 
         Residential agency
3,837,584

 
8,886

 
(57,073
)
 
3,789,397

         Commercial agency
730,148

 
2,363

 
(14,799
)
 
717,712

Other securities
97,020

 
351

 
(787
)
 
96,584

Total securities available for sale
$
4,843,313

 
$
13,648

 
$
(73,382
)
 
$
4,783,579

Securities held to maturity:
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
188,684

 
$
309

 
$
(2,497
)
 
$
186,496

Mortgage-backed securities:
 
 
 
 
 
 
 
         Residential agency
18,762

 
30

 
(1,011
)
 
17,781

Total securities held to maturity
$
207,446

 
$
339

 
$
(3,508
)
 
$
204,277


Securities with carrying values of $2.2 billion and $2.4 billion were pledged to support repurchase transactions, public funds deposits, and certain long-term borrowings at December 31, 2019 and 2018, respectively.



Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, was as follows:
 
December 31, 2019
 
Less Than Twelve Months
 
Twelve Months or More
 
Total
(in thousands)
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
Securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
—

 
$
590

 
$
—

 
$
—

 
$
—

 
$
590

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
         Residential agency
(1,893
)
 
441,332

 
(1,943
)
 
268,383

 
(3,836
)
 
709,715

         Commercial agency
(252
)
 
56,728

 
(152
)
 
10,301

 
(404
)
 
67,029

Other securities
(133
)
 
13,241

 
(100
)
 
4,492

 
(233
)
 
17,733

Total securities available for sale
$
(2,278
)
 
$
511,891

 
$
(2,195
)
 
$
283,176

 
$
(4,473
)
 
$
795,067

 
 
 
 
 
 
 
 
 
 
 
 
Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
         Residential agency
$
(52
)
 
$
6,308

 
$
(187
)
 
$
9,074

 
$
(239
)
 
$
15,382

Total securities held to maturity
$
(52
)
 
$
6,308

 
$
(187
)
 
$
9,074

 
$
(239
)
 
$
15,382


 
December 31, 2018
 
Less Than Twelve Months
 
Twelve Months or More
 
Total
(in thousands)
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
Securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
(9
)
 
$
4,112

 
$
(714
)
 
$
30,268

 
$
(723
)
 
$
34,380

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
         Residential agency
(816
)
 
197,057

 
(56,257
)
 
2,193,862

 
(57,073
)
 
2,390,919

         Commercial agency
(43
)
 
18,190

 
(14,756
)
 
483,565

 
(14,799
)
 
501,755

Other securities
(94
)
 
18,025

 
(693
)
 
32,577

 
(787
)
 
50,602

Total securities available for sale
$
(962
)
 
$
237,384

 
$
(72,420
)
 
$
2,740,272

 
$
(73,382
)
 
$
2,977,656

 
 
 
 
 
 
 
 
 
 
 
 
Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
(3
)
 
$
2,059

 
$
(2,494
)
 
$
151,699

 
$
(2,497
)
 
$
153,758

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
         Residential agency
—

 
—

 
(1,011
)
 
17,478

 
(1,011
)
 
17,478

Total securities held to maturity
$
(3
)
 
$
2,059

 
$
(3,505
)
 
$
169,177

 
$
(3,508
)
 
$
171,236








The Company held certain investment securities where amortized cost exceeded fair value, resulting in unrealized loss positions, as shown in the tables above. Management evaluates securities for other-than-temporary impairment on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Impairment is considered to be other-than-temporary if the Company (1) intends to sell the security, (2) more likely than not will be required to sell the security before recovering its cost, or (3) does not expect to recover the security's entire amortized cost basis. As of December 31, 2019, the Company did not intend to sell any of these securities, did not expect to be required to sell these securities, and expected to recover the entire amortized cost of all these securities. As a result of the Company's analysis, no declines in the estimated fair value of the Company's investment securities were deemed to be other-than-temporary at December 31, 2019 or 2018.

At December 31, 2019, 123 debt securities had unrealized losses of 0.58% of the securities’ amortized cost basis. At December 31, 2018, 488 debt securities had unrealized losses of 2.38% of the securities’ amortized cost basis. The unrealized losses for each of the securities related to market interest rate changes and not credit concerns of the issuers. Additional information on securities that have been in a continuous loss position for over twelve months at December 31 is presented in the following table.
(in thousands)
2019
 
2018
Number of securities
 
 
 
Mortgage-backed securities:
 
 
 
         Residential agency
59

 
302

         Commercial agency
6

 
72

Obligations of state and political subdivisions
—

 
60

Other securities
4

 
7

 
69

 
441

Amortized Cost Basis
 
 
 
Mortgage-backed securities:
 
 
 
         Residential agency
$
279,587

 
$
2,268,608

         Commercial agency
10,453

 
498,321

Obligations of state and political subdivisions
—

 
185,175

Other securities
4,591

 
33,270

 
$
294,631

 
$
2,985,374

Unrealized Loss
 
 
 
Mortgage-backed securities:
 
 
 
         Residential agency
$
2,130

 
$
57,268

         Commercial agency
152

 
14,756

Obligations of state and political subdivisions
—

 
3,208

Other securities
100

 
693

 
$
2,382

 
$
75,925


The amortized cost and estimated fair value of investment securities by maturity at December 31, 2019 are presented in the following table. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities. Weighted average yields are calculated on the basis of the yield to maturity based on the amortized cost of each security.
 
Securities Available for Sale
 
Securities Held to Maturity
(in thousands)
Weighted
Average
Yield
 
Amortized
Cost
 
Estimated
Fair
Value
 
Weighted
Average
Yield
 
Amortized
Cost
 
Estimated
Fair
Value
Within one year or less
2.61
%
 
$
40,875

 
$
41,158

 
3.29
%
 
$
330

 
$
331

One through five years
2.52

 
127,588

 
130,809

 
2.60

 
5,350

 
5,380

After five through ten years
2.72

 
706,365

 
725,592

 
2.37

 
42,775

 
44,314

Over ten years
2.45

 
3,007,713

 
3,035,801

 
2.57

 
134,506

 
139,874

 
2.50
%
 
$
3,882,541

 
$
3,933,360

 
2.53
%
 
$
182,961

 
$
189,899


The following is a summary of realized gains and losses from the sale of securities classified as available for sale. Gains or losses on securities sold are recorded on the trade date, using the specific identification method.
 
Years Ended December 31,
(in thousands)
2019
 
2018
 
2017
Realized gains
$
1,332

 
$
40

 
$
1,651

Realized losses
(2,311
)
 
(49,940
)
 
(1,799
)
 
$
(979
)
 
$
(49,900
)
 
$
(148
)

In addition to the gains above, the Company realized certain gains on calls of securities held to maturity that were not significant to the consolidated financial statements.
Other Equity Securities
The Company accounts for the following securities at cost less impairment plus or minus any observable price changes, which approximates fair value, with the exception of CRA and Community Development Investment Funds, which are recorded at fair value. Other equity securities, which are presented in other assets on the consolidated balance sheets, were as follows:
(in thousands)
2019
 
2018
Federal Home Loan Bank stock
$
70,386

 
$
95,213

Federal Reserve Bank stock
85,630

 
85,630

CRA and Community Development Investment Funds
1,948

 
1,884

Other investments
21,118

 
9,709

 
$
179,082

 
$
192,436