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Securities | 6 Months Ended
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Jun. 30, 2021
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 in the tables below. There was no allowance for credit losses allocated to any of the Company’s available for sale securities as of June 30, 2021 or December 31, 2020.
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Fair Value
June 30, 2021 |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 3,021 |  |  | $ | 16 |  |  | $ | — |  |  |  |  | $ | 3,037 |
Obligations of states and political subdivisions | 314,675 |  |  | 11,270 |  |  | (425) |  |  |  |  | 325,520 |
Residential mortgage backed securities: |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 742,392 |  |  | 13,670 |  |  | (1,572) |  |  |  |  | 754,490 |
Government agency collateralized mortgage obligations | 800,299 |  |  | 2,267 |  |  | (4,324) |  |  |  |  | 798,242 |
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 21,461 |  |  | 795 |  |  | — |  |  |  |  | 22,256 |
Government agency collateralized mortgage obligations | 197,401 |  |  | 1,729 |  |  | (1,571) |  |  |  |  | 197,559 |
Other debt securities | 59,523 |  |  | 3,193 |  |  | — |  |  |  |  | 62,716 |
| $ | 2,138,772 |  |  | $ | 32,940 |  |  | $ | (7,892) |  |  |  |  | $ | 2,163,820 |
| 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 |
Securities sold were as set forth in the tables below. There were no securities sold during the three months ended June 30, 2021 and 2020.
| Carrying Value |  | Net Proceeds |  | Gain/(Loss)
Six months ended June 30, 2021 |  |  |  |  |
Obligations of states and political subdivisions | $ | 47 |  |  | $ | 50 |  |  | $ | 3 |
Residential mortgage backed securities: |  |  |  |  |
Government agency mortgage backed securities | 136,340 |  |  | 139,735 |  |  | 3,395 |
Government agency collateralized mortgage obligations | 5,626 |  |  | 5,646 |  |  | 20 |
Trust preferred securities | 12,021 |  |  | 9,960 |  |  | (2,061) |
| $ | 154,034 |  |  | $ | 155,391 |  |  | $ | 1,357 |
| Carrying Value |  | Net Proceeds |  | Gain/(Loss)
Six months ended June 30, 2020 |  |  |  |  |
Obligations of states and political subdivisions | $ | 2,696 |  |  | $ | 2,561 |  |  | $ | (135) |
Residential mortgage backed securities: |  |  |  |  |
Government agency mortgage backed securities | 6,046 |  |  | 6,212 |  |  | 166 |
| $ | 8,742 |  |  | $ | 8,773 |  |  | $ | 31 |
Gross realized gains and losses on sales of securities available for sale for the three and six months ended June 30, 2021 were as follows:
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Gross gains on sales of securities available for sale | $ | — |  |  | $ | 166 |  |  | $ | 3,508 |  |  | $ | 166 |
Gross losses on sales of securities available for sale | — |  |  | (135) |  |  | (2,151) |  |  | (135) |
Gains on sales of securities available for sale, net | $ | — |  |  | $ | 31 |  |  | $ | 1,357 |  |  | $ | 31 |
At June 30, 2021 and December 31, 2020, securities with a carrying value of $596,836 and $582,338, respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $20,873 and $32,272 were pledged as collateral for short-term borrowings and derivative instruments at June 30, 2021 and December 31, 2020, respectively. The amortized cost and fair value of securities at June 30, 2021 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 |  |  |  |  | $ | 36,914 |  |  | $ | 39,268 |
Due after one year through five years |  |  |  |  | 23,273 |  |  | 24,061 |
Due after five years through ten years |  |  |  |  | 57,089 |  |  | 59,654 |
Due after ten years |  |  |  |  | 228,196 |  |  | 234,605 |
Residential mortgage backed securities: |  |  |  |  |  |  |
Government agency mortgage backed securities |  |  |  |  | 742,392 |  |  | 754,490 |
Government agency collateralized mortgage obligations |  |  |  |  | 800,299 |  |  | 798,242 |
Commercial mortgage backed securities: |  |  |  |  |  |  |
Government agency mortgage backed securities |  |  |  |  | 21,461 |  |  | 22,256 |
Government agency collateralized mortgage obligations |  |  |  |  | 197,401 |  |  | 197,559 |
Other debt securities |  |  |  |  | 31,747 |  |  | 33,685 |
|  |  |  |  | $ | 2,138,772 |  |  | $ | 2,163,820 |
The following table presents the age of gross unrealized losses and fair value by investment category for which an allowance for credit losses has not been recorded 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
June 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | 20 |  | $ | 40,176 |  |  | $ | (414) |  |  | 1 |  | $ | 2,166 |  |  | $ | (11) |  |  | 21 |  | $ | 42,342 |  |  | $ | (425) |
Residential mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 25 |  | 210,509 |  |  | (1,572) |  |  | — |  | — |  |  | — |  |  | 25 |  | 210,509 |  |  | (1,572) |
Government agency collateralized mortgage obligations | 25 |  | 537,594 |  |  | (4,324) |  |  | — |  | — |  |  | — |  |  | 25 |  | 537,594 |  |  | (4,324) |
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | — |  | — |  |  | — |  |  | 1 |  | 446 |  |  | — |  |  | 1 |  | 446 |  |  | — |
Government agency collateralized mortgage obligations | — |  | — |  |  | — |  |  | 13 |  | 115,433 |  |  | (1,571) |  |  | 13 |  | 115,433 |  |  | (1,571) |
Other debt securities | 1 |  | 1,000 |  |  | — |  |  | — |  | — |  |  | — |  |  | 1 |  | 1,000 |  |  | — |
Total | 71 |  | $ | 789,279 |  |  | $ | (6,310) |  |  | 15 |  | $ | 118,045 |  |  | $ | (1,582) |  |  | 86 |  | $ | 907,324 |  |  | $ | (7,892) |
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) |
The Company evaluates its investment portfolio for impairment related to credit losses on a quarterly basis. Impairment is assessed at the individual security level. The Company considers an investment security impaired if the fair value of the security is less than its cost or amortized cost basis. If the Company intends to sell the investment security or if the Company does not expect to recover the entire amortized cost basis of the security before the Company is required to sell the security or before the security’s maturity, the security is impaired and written down to fair value with all losses recognized in earnings. The Company does not intend to sell any securities in an unrealized loss position that it holds, 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 at maturity. Furthermore, even though a number of these securities have been in a continuous unrealized loss position for a period longer than twelve months, the Company is collecting principal and interest payments from the respective issuers as scheduled. As a result, no allowance for credit losses for securities was needed at June 30, 2021.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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