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Securities | 12 Months Ended
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Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract] |
Securities | Securities (In Thousands, Except Number of Securities)
The amortized cost and fair value of securities available for sale were as follows as of the dates presented:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2020 |  |  |  |  |  |  |
U.S. Treasury securities | $ | 7,047 |  |  | $ | 32 |  |  | $ | — |  |  | $ | 7,079 |
Obligations of other U.S. Government agencies and corporations | 1,003 |  |  | 6 |  |  | — |  |  | 1,009 |
Obligations of states and political subdivisions | 291,231 |  |  | 14,015 |  |  | (45) |  |  | 305,201 |
Residential mortgage backed securities: |  |  |  |  |  |  |
Government agency mortgage backed securities | 581,105 |  |  | 21,564 |  |  | (23) |  |  | 602,646 |
Government agency collateralized mortgage obligations | 218,373 |  |  | 1,946 |  |  | (51) |  |  | 220,268 |
Commercial mortgage backed securities: |  |  |  |  |  |  |
Government agency mortgage backed securities | 29,053 |  |  | 1,235 |  |  | (1) |  |  | 30,287 |
Government agency collateralized mortgage obligations | 99,377 |  |  | 2,992 |  |  | (21) |  |  | 102,348 |
Trust preferred securities | 12,013 |  |  | — |  |  | (3,001) |  |  | 9,012 |
Other debt securities | 62,771 |  |  | 2,909 |  |  | (73) |  |  | 65,607 |
| $ | 1,301,973 |  |  | $ | 44,699 |  |  | $ | (3,215) |  |  | $ | 1,343,457 |
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2019 |  |  |  |  |  |  |
U.S. Treasury securities | $ | 498 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 499 |
Obligations of other U.S. Government agencies and corporations | 2,518 |  |  | 16 |  |  | (3) |  |  | 2,531 |
Obligations of states and political subdivisions | 218,362 |  |  | 5,134 |  |  | (365) |  |  | 223,131 |
Residential mortgage backed securities: |  |  |  |  |  |  |
Government agency mortgage backed securities | 708,970 |  |  | 8,951 |  |  | (1,816) |  |  | 716,105 |
Government agency collateralized mortgage obligations | 172,178 |  |  | 1,322 |  |  | (262) |  |  | 173,238 |
Commercial mortgage backed securities: |  |  |  |  |  |  |
Government agency mortgage backed securities | 30,372 |  |  | 659 |  |  | (24) |  |  | 31,007 |
Government agency collateralized mortgage obligations | 76,456 |  |  | 1,404 |  |  | (109) |  |  | 77,751 |
Trust preferred securities | 12,153 |  |  | — |  |  | (2,167) |  |  | 9,986 |
Other debt securities | 55,364 |  |  | 1,133 |  |  | (132) |  |  | 56,365 |
| $ | 1,276,871 |  |  | $ | 18,620 |  |  | $ | (4,878) |  |  | $ | 1,290,613 |
Securities sold were as follows for the periods presented:
| Carrying Value |  | Net Proceeds |  | Gain/(Loss)
Twelve months ended December 31, 2020 |  |  |  |  |
Obligations of states and political subdivisions | $ | 2,696 |  |  | $ | 2,561 |  |  | $ | (135) |
Residential mortgage backed securities: |  |  |  |  |
Government agency mortgage backed securities | 16,093 |  |  | 16,294 |  |  | 201 |
Government agency collateralized mortgage obligations | 26,071 |  |  | 26,051 |  |  | (20) |
| $ | 44,860 |  |  | $ | 44,906 |  |  | $ | 46 |
| Carrying Value |  | Net Proceeds |  | Gain/(Loss)
Twelve months ended December 31, 2019 |  |  |  |  |
Obligations of states and political subdivisions | $ | 11,799 |  |  | $ | 11,813 |  |  | $ | 14 |
Residential mortgage backed securities: |  |  |  |  |
Government agency mortgage backed securities | 72,556 |  |  | 71,944 |  |  | (612) |
Government agency collateralized mortgage obligations | 122,692 |  |  | 120,892 |  |  | (1,800) |
Commercial mortgage backed securities: |  |  |  |  |
Government agency collateralized mortgage obligations | 4,838 |  |  | 4,720 |  |  | (118) |
Other debt securities | 252 |  |  | 257 |  |  | 5 |
Other equity securities | — |  |  | 2,859 |  |  | 2,859 |
| $ | 212,137 |  |  | $ | 212,485 |  |  | $ | 348 |
| Carrying Value |  | Net Proceeds |  | Loss
Twelve months ended December 31, 2018 |  |  |  |  |
Obligations of states and political subdivisions | $ | 901 |  |  | $ | 893 |  |  | $ | (8) |
Residential mortgage backed securities: |  |  |  |  |
Government agency mortgage backed securities | 943 |  |  | 942 |  |  | (1) |
Government agency collateralized mortgage obligations | 559 |  |  | 552 |  |  | (7) |
| $ | 2,403 |  |  | $ | 2,387 |  |  | $ | (16) |
The sales of other equity securities included in the table above for the twelve months ended December 31, 2019 represent the Company’s sale of its shares of Visa Class B common stock during the third quarter of 2019. Gross realized gains and gross realized losses on sales of securities available for sale were as follows for the periods presented:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
Gross gains on sales of securities available for sale | $ | 230 |  |  | $ | 2,979 |  |  | $ | 11 |
Gross losses on sales of securities available for sale | (184) |  |  | (2,631) |  |  | (27) |
Gain (losses) on sales of securities available for sale, net | $ | 46 |  |  | $ | 348 |  |  | $ | (16) |
At December 31, 2020 and 2019, securities with a carrying value of approximately $582,338 and $416,849, respectively, were pledged to secure government, public, trust, and other deposits. Securities with a carrying value of $32,272 and $27,754 were pledged as collateral for short-term borrowings and derivative instruments at December 31, 2020 and 2019, respectively. The amortized cost and fair value of securities at December 31, 2020 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.
|  |  | Available for Sale
|  |  |  |  | Amortized Cost |  | Fair Value
Due within one year |  |  |  |  | $ | 9,438 |  |  | $ | 9,520 |
Due after one year through five years |  |  |  |  | 45,943 |  |  | 48,017 |
Due after five years through ten years |  |  |  |  | 74,337 |  |  | 78,271 |
Due after ten years |  |  |  |  | 215,924 |  |  | 221,836 |
Residential mortgage backed securities: |  |  |  |  |  |  |
Government agency mortgage backed securities |  |  |  |  | 581,105 |  |  | 602,646 |
Government agency collateralized mortgage obligations |  |  |  |  | 218,373 |  |  | 220,268 |
Commercial mortgage backed securities: |  |  |  |  |  |  |
Government agency mortgage backed securities |  |  |  |  | 29,053 |  |  | 30,287 |
Government agency collateralized mortgage obligations |  |  |  |  | 99,377 |  |  | 102,348 |
Other debt securities |  |  |  |  | 28,423 |  |  | 30,264 |
|  |  |  |  | $ | 1,301,973 |  |  | $ | 1,343,457 |
The following table presents the gross unrealized losses and fair value of investment securities, aggregated by investment category and the length of time the investments have been in a continuous unrealized loss position, as of the dates presented:
| Less than 12 Months |  | 12 Months or More |  | Total
| # |  | Fair Value |  | Unrealized Losses |  | # |  | Fair Value |  | Unrealized Losses |  | # |  | Fair Value |  | Unrealized Losses
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | 6 |  | $ | 9,403 |  |  | $ | (45) |  |  | — |  | $ | — |  |  | $ | — |  |  | 6 |  | $ | 9,403 |  |  | $ | (45) |
Residential mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 2 |  | 19,755 |  |  | (23) |  |  | — |  | — |  |  | — |  |  | 2 |  | 19,755 |  |  | (23) |
Government agency collateralized mortgage obligations | 5 |  | 27,143 |  |  | (51) |  |  | — |  | — |  |  | — |  |  | 5 |  | 27,143 |  |  | (51) |
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 1 |  | 1,538 |  |  | (1) |  |  | 1 |  | 459 |  |  | — |  |  | 2 |  | 1,997 |  |  | (1) |
Government agency collateralized mortgage obligations | 3 |  | 14,190 |  |  | (21) |  |  | — |  | — |  |  | — |  |  | 3 |  | 14,190 |  |  | (21) |
Trust preferred securities | — |  | — |  |  | — |  |  | 2 |  | 9,012 |  |  | (3,001) |  |  | 2 |  | 9,012 |  |  | (3,001) |
Other debt securities | 4 |  | 3,330 |  |  | (70) |  |  | 1 |  | 566 |  |  | (3) |  |  | 5 |  | 3,896 |  |  | (73) |
Total | 21 |  | $ | 75,359 |  |  | $ | (211) |  |  | 4 |  | $ | 10,037 |  |  | $ | (3,004) |  |  | 25 |  | $ | 85,396 |  |  | $ | (3,215) |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of other U.S. Government agencies and corporations | — |  | $ | — |  |  | $ | — |  |  | 1 |  | $ | 1,008 |  |  | $ | (3) |  |  | 1 |  | $ | 1,008 |  |  | $ | (3) |
Obligations of states and political subdivisions | 26 |  | 33,902 |  |  | (365) |  |  | — |  | — |  |  | — |  |  | 26 |  | 33,902 |  |  | (365) |
Residential mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 37 |  | 233,179 |  |  | (1,504) |  |  | 16 |  | 20,775 |  |  | (312) |  |  | 53 |  | 253,954 |  |  | (1,816) |
Government agency collateralized mortgage obligations | 11 |  | 45,319 |  |  | (262) |  |  | — |  | — |  |  | — |  |  | 11 |  | 45,319 |  |  | (262) |
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 1 |  | 4,976 |  |  | (23) |  |  | 2 |  | 1,190 |  |  | (1) |  |  | 3 |  | 6,166 |  |  | (24) |
Government agency collateralized mortgage obligations | 1 |  | 4,910 |  |  | (109) |  |  | — |  | — |  |  | — |  |  | 1 |  | 4,910 |  |  | (109) |
Trust preferred securities | — |  | — |  |  | — |  |  | 2 |  | 9,986 |  |  | (2,167) |  |  | 2 |  | 9,986 |  |  | (2,167) |
Other debt securities | 3 |  | 8,737 |  |  | (131) |  |  | 1 |  | 741 |  |  | (1) |  |  | 4 |  | 9,478 |  |  | (132) |
Total | 79 |  | $ | 331,023 |  |  | $ | (2,394) |  |  | 22 |  | $ | 33,700 |  |  | $ | (2,484) |  |  | 101 |  | $ | 364,723 |  |  | $ | (4,878) |
The Company does not intend to sell any of the securities in an unrealized loss position, and it is not more likely than not that the Company will be required to sell any such security prior to the recovery of its amortized cost basis, which may be maturity. Furthermore, even though a number of these securities have been in a continuous unrealized loss position for a period greater than twelve months, the Company is collecting principal and interest payments from the respective issuers as scheduled. As such, the Company did not record any impairment for the years ended December 31, 2020 and 2019 (determined in accordance with the accounting standards in effect prior to the Company’s adoption of CECL).

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