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Available for Sale Debt Securities | 12 Months Ended
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Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract] |
Available for Sale Debt Securities | Available for Sale Debt Securities On January 1, 2020, the Company adopted CECL which replaces the incurred loss methodology with an expected loss methodology. The Company did not record an allowance for credit losses on available for sale debt securities as this portfolio consisted primarily of debt securities explicitly or implicitly backed by the U.S. Government for which credit risk is deemed immaterial. The impact going forward will depend on the composition, characteristics, and credit quality of the securities portfolio as well as the economic conditions at future reporting periods. The Company adopted CECL using the prospective transition approach for debt securities for which other-than-temporary impairment had been recognized prior to January 1, 2020. As a result, the amortized cost basis remains the same before and after the effective date of CECL. Available for sale debt securities at December 31, 2020 and 2019 are summarized as follows (in thousands):
| 2020
| Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
Agency obligations | $ | 1,001 |  |  | 8 |  |  | — |  |  | 1,009 |
Mortgage-backed securities | 910,393 |  |  | 28,872 |  |  | (852) |  |  | 938,413 |
Asset-backed securities | 52,295 |  |  | 1,535 |  |  |  |  | 53,830 |
State and municipal obligations | 69,687 |  |  | 1,666 |  |  | (95) |  |  | 71,258 |
Corporate obligations | 40,194 |  |  | 809 |  |  | (24) |  |  | 40,979 |
| $ | 1,073,570 |  |  | 32,890 |  |  | (971) |  |  | 1,105,489 |
| 2019
| Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
Mortgage-backed securities | $ | 936,196 |  |  | 12,367 |  |  | (1,133) |  |  | 947,430 |
State and municipal obligations | 3,907 |  |  | 172 |  |  | — |  |  | 4,079 |
Corporate obligations | 25,032 |  |  | 393 |  |  | (15) |  |  | 25,410 |
| $ | 965,135 |  |  | 12,932 |  |  | (1,148) |  |  | 976,919 |
Available for sale debt securities having a carrying value of $618.0 million and $536.4 million at December 31, 2020 and 2019, respectively, are pledged to secure securities sold under repurchase agreements and municipal deposits. The amortized cost and fair value of available for sale debt securities at December 31, 2020, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
| 2020
| Amortized cost |  | Fair value
Due after one year through five years | $ | 5,676 |  |  | 5,791 |
Due after five years through ten years | 38,046 |  |  | 38,780 |
Due after ten years | 66,159 |  |  | 67,666 |
| $ | 109,881 |  |  | 112,237 |
Investments which pay principal on a periodic basis totaling $963.7 million at amortized cost and $993.3 million at fair value are excluded from the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. During 2020, proceeds from calls on securities in the available for sale debt securities portfolio totaled $13.9 million, with no gain or loss recognized. For 2019, there were no sales or calls of securities from the available for sale debt securities. The following tables represent the Company's disclosure on available for sale debt securities in an unrealized loss position (in thousands):
| December 31, 2020 Unrealized Losses
| Less than 12 months |  | 12 months or longer |  | Total
| Fair value |  | Gross unrealized losses |  | Fair value |  | Gross unrealized losses |  | Fair value |  | Gross unrealized losses
Mortgage-backed securities | $ | 127,600 |  |  | (824) |  |  | 8,007 |  |  | (28) |  |  | 135,607 |  |  | (852) |
State and municipal obligations | 5,275 |  |  | (95) |  |  | — |  |  | — |  |  | 5,275 |  |  | (95) |
Corporate obligations | — |  |  | — |  |  | 2,000 |  |  | (24) |  |  | 2,000 |  |  | (24) |
| $ | 132,875 |  |  | (919) |  |  | 10,007 |  |  | (52) |  |  | 142,882 |  |  | (971) |
| December 31, 2019 Unrealized Losses
| Less than 12 months |  | 12 months or longer |  | Total
| Fair value |  | Gross unrealized losses |  | Fair value |  | Gross unrealized losses |  | Fair value |  | Gross unrealized losses
Mortgage-backed securities | $ | 136,270 |  |  | (629) |  |  | 46,819 |  |  | (504) |  |  | 183,089 |  |  | (1,133) |
Corporate obligations | 2,013 |  |  | (15) |  |  | — |  |  | — |  |  | 2,013 |  |  | (15) |
| $ | 138,283 |  |  | (644) |  |  | 46,819 |  |  | (504) |  |  | 185,102 |  |  | (1,148) |
The number of securities in an unrealized loss position as of December 31, 2020 totaled 42, compared with 50 at December 31, 2019. The decrease in the number of securities in an unrealized loss position at December 31, 2020 was due to lower current market interest rates compared to rates at December 31, 2019. All securities in an unrealized loss position were investment grade at December 31, 2020. There was one private-label mortgage-backed security in an unrealized loss position at December 31, 2020, with an amortized cost of $17,445 and unrealized loss of $1,300. This private-label mortgage-backed security was investment grade at December 31, 2020.

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