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Investment securities | 9 Months Ended
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Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract] |
Investment securities | Investment securities: The following tables summarize the amortized cost, allowance for credit losses and fair value of the available-for-sale debt securities and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive income at September 30, 2020 and December 31, 2019:
|  | September 30, 2020
|  | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Allowance for credit losses for investments |  | Fair Value
Investment Securities |  |  |  |  |  |  |  |  |  |
Available-for-sale debt securities |  |  |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 2,000 |  |  | $ | — |  |  | $ | (6) |  |  | $ | — |  |  | $ | 1,994 |
Mortgage-backed securities - residential |  | 723,333 |  |  | 15,093 |  |  | (320) |  |  | — |  |  | 738,106 |
Mortgage-backed securities - commercial |  | 20,478 |  |  | 1,376 |  |  | — |  |  | — |  |  | 21,854 |
Municipals, tax exempt |  | 359,761 |  |  | 15,813 |  |  | (694) |  |  | — |  |  | 374,880 |
Treasury securities |  | 21,482 |  |  | 218 |  |  | — |  |  | — |  |  | 21,700 |
Corporate securities |  | 1,999 |  |  | 3 |  |  | (15) |  |  | — |  |  | 1,987 |
Total |  | $ | 1,129,053 |  |  | $ | 32,503 |  |  | $ | (1,035) |  |  | $ | — |  |  | $ | 1,160,521 |
|  | December 31, 2019 |  |
|  | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair Value |  |
Investment Securities |  |  |  |  |  |  |  |  |  |
Available-for-sale debt securities |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  | $ | 474,144 |  |  | $ | 4,829 |  |  | $ | (1,661) |  |  | $ | 477,312 |  |  |
Mortgage-backed securities - commercial |  | 12,957 |  |  | 407 |  |  | — |  |  | 13,364 |  |  |
Municipals, tax exempt |  | 181,178 |  |  | 8,287 |  |  | (230) |  |  | 189,235 |  |  |
Treasury securities |  | 7,426 |  |  | 22 |  |  | — |  |  | 7,448 |  |  |
Corporate securities |  | 1,000 |  |  | 22 |  |  | — |  |  | 1,022 |  |  |
Total |  | $ | 676,705 |  |  | $ | 13,567 |  |  | $ | (1,891) |  |  | $ | 688,381 |  |  |
The components of amortized cost for debt securities on the consolidated balance sheets excludes accrued interest receivable since the Company elected to present accrued interest receivable separately on the consolidated balance sheets. As of September 30, 2020 and December 31, 2019, total accrued interest receivable on debt securities was $4,753 and $2,843, respectively. As of September 30, 2020 and December 31, 2019, the Company had $4,389 and $3,295 in marketable equity securities recorded at fair value, respectively. Securities pledged at September 30, 2020 and December 31, 2019 had carrying amounts of $607,304 and $373,674, respectively, and were pledged to secure a Federal Reserve Bank line of credit, public deposits and repurchase agreements. There were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of shareholders' equity during any period presented. At September 30, 2020 and December 31, 2019, there were $1,214 and $0, respectively, in trade date payables that related to purchases settled after period end. The amortized cost and fair value of debt securities by contractual maturity at September 30, 2020 and December 31, 2019 are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgage underlying the security may be called or repaid without any penalties. Therefore, mortgage-backed securities are not included in the maturity categories in the following maturity summary.
|  | September 30, |  | December 31,
|  | 2020 |  |  | 2019 |
|  | Available-for-sale |  | Available-for-sale
|  | Amortized cost |  | Fair value |  | Amortized cost |  | Fair value
Due in one year or less |  | $ | 18,861 |  |  | $ | 19,009 |  |  | $ | 1,148 |  |  | $ | 1,152 |
Due in one to five years |  | 29,353 |  |  | 29,811 |  |  | 11,553 |  |  | 11,676 |
Due in five to ten years |  | 30,513 |  |  | 31,676 |  |  | 18,287 |  |  | 18,887 |
Due in over ten years |  | 306,515 |  |  | 320,065 |  |  | 158,616 |  |  | 165,990 |
|  | 385,242 |  |  | 400,561 |  |  | 189,604 |  |  | 197,705 |
Mortgage-backed securities - residential |  | 723,333 |  |  | 738,106 |  |  | 474,144 |  |  | 477,312 |
Mortgage-backed securities - commercial |  | 20,478 |  |  | 21,854 |  |  | 12,957 |  |  | 13,364 |
Total debt securities |  | $ | 1,129,053 |  |  | $ | 1,160,521 |  |  | $ | 676,705 |  |  | $ | 688,381 |
Sales and other dispositions of available-for-sale securities were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |  |  |
Proceeds from sales | $ | 28,257 |  |  | $ | 22,740 |  |  | $ | 28,257 |  |  | $ | 24,498 |  |  |
Proceeds from maturities, prepayments and calls | 67,886 |  |  | 28,694 |  |  | 140,246 |  |  | 78,861 |  |  |
Gross realized gains | 563 |  |  | 1 |  |  | 563 |  |  | 7 |  |  |
Gross realized losses | 39 |  |  | 76 |  |  | 39 |  |  | 83 |  |  |
Additionally, net gains on the change in fair value of equity securities of $59 and $94 were recognized in the three and nine months ended September 30, 2020, respectively and $55 and $151 were recognized in the three and nine months ended September 30, 2019, respectively. The following tables show gross unrealized losses for which an allowance for credit losses has not been recorded at September 30, 2020 and December 31, 2019, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:
|  | September 30, 2020
|  | Less than 12 months |  | 12 months or more |  | Total
|  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
U.S. government agency securities |  | $ | 1,994 |  |  | $ | (6) |  |  | $ | — |  |  | $ | — |  |  | $ | 1,994 |  |  | $ | (6) |
Mortgage-backed securities - residential |  | 107,236 |  |  | (320) |  |  | — |  |  | — |  |  | 107,236 |  |  | (320) |
Municipals, tax exempt |  | 56,923 |  |  | (694) |  |  | — |  |  | — |  |  | 56,923 |  |  | (694) |
Corporate securities |  | 985 |  |  | (15) |  |  | — |  |  | — |  |  | 985 |  |  | (15) |
Total |  | $ | 167,138 |  |  | $ | (1,035) |  |  | $ | — |  |  | $ | — |  |  | $ | 167,138 |  |  | $ | (1,035) |
|  | December 31, 2019
|  | Less than 12 months |  | 12 months or more |  | Total
|  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized loss
Mortgage-backed securities - residential |  | $ | 47,641 |  |  | $ | (164) |  |  | $ | 175,730 |  |  | $ | (1,497) |  |  | $ | 223,371 |  |  | $ | (1,661) |
Municipals, tax exempt |  | 15,433 |  |  | (230) |  |  | — |  |  | — |  |  | 15,433 |  |  | (230) |
Total |  | $ | 63,074 |  |  | $ | (394) |  |  | $ | 175,730 |  |  | $ | (1,497) |  |  | $ | 238,804 |  |  | $ | (1,891) |
As of September 30, 2020 and December 31, 2019, the Company’s securities portfolio consisted of 553 and 365 securities, 33 and 58 of which were in an unrealized loss position, respectively. As of September 30, 2020, Company evaluated available-for-sale debt securities with unrealized losses for expected credit loss and recorded no allowance for credit loss as the majority of the investment portfolio was either government guaranteed or an issuance of a government sponsored entity, was highly rated by major credit rating agencies and have a long history of zero losses. As such, no provision for credit losses was recorded during the three and nine months ended September 30, 2020. Prior to the adoption of ASC 326, the Company evaluated available-for-sale debt securities with unrealized losses for OTTI and recorded no OTTI for the three and nine months ended September 30, 2019.

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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 + Details
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