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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2020 | Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract] |  |
Cumulative Roll Forward of Credit Losses Recognized in Earnings for Debt Securities Held and Not Intended to be Sold | There was no expected credit related impairment recognized on investment securities during the twelve months ended December 31, 2020. Prior to 2020, investment securities were evaluated for other-than-temporary impairment. During 2018, all of our pooled trust preferred collateralized debt obligations were liquidated either through a successful auction call or sale. Other-than-temporary impairment charges were recognized on the pooled trust preferred securities in 2008, 2009 and 2010. The following table provides a cumulative roll forward of credit losses recognized in earnings for the trust preferred securities for the years ended December 31:
|  |  | 2019 |  | 2018
|  |  | (dollars in thousands)
Balance, beginning (a) |  |  | $ | — |  |  | $ | 12,208 |
Credit losses on debt securities for which other-than-temporary impairment was not previously recognized |  |  | — |  |  | — |
Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized |  |  | — |  |  | — |
Increases in cash flows expected to be collected, recognized over the remaining life of the securities (b) |  |  | — |  |  | (223) |
Reduction for debt securities sold during the period |  |  | — |  |  | (9,164) |
Reduction for debt securities called during the period |  |  | — |  |  | (2,821) |
Balance, ending |  |  | $ | — |  |  | $ | — |
(a)The beginning balance represents credit related losses included in other-than-temporary impairment charges recognized on debt securities in prior periods. (b)Represents the increase in cash flows recognized either as principal payments or interest income during the period. |
Held-to-maturity Securities | Below is an analysis of the amortized cost and fair values of debt securities held to maturity at December 31:
| 2020 |  | 2019
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
| (dollars in thousands)
Obligations of U.S. Government Agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-Backed Securities – Residential | $ | 2,766 |  |  | $ | 138 |  |  | $ | — |  |  | $ | 2,904 |  |  | $ | 3,392 |  |  | $ | 57 |  |  | $ | — |  |  | $ | 3,449 |
Mortgage-Backed Securities – Commercial | 36,799 |  |  | 1,441 |  |  | — |  |  | 38,240 |  |  | 51,291 |  |  | 18 |  |  | (184) |  |  | 51,125 |
Obligations of U.S. Government-Sponsored Enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-Backed Securities – Residential | 277,351 |  |  | 5,389 |  |  | (10) |  |  | 282,730 |  |  | 229,667 |  |  | 1,377 |  |  | (294) |  |  | 230,750 |
Mortgage-Backed Securities – Commercial | 9,737 |  |  | 344 |  |  | — |  |  | 10,081 |  |  | 12,081 |  |  | 67 |  |  | — |  |  | 12,148 |
Obligations of States and Political Subdivisions | 34,391 |  |  | 705 |  |  | — |  |  | 35,096 |  |  | 40,092 |  |  | 554 |  |  | — |  |  | 40,646 |
Debt Securities Issued by Foreign Governments | 800 |  |  | — |  |  | — |  |  | 800 |  |  | 600 |  |  | — |  |  | — |  |  | 600 |
Total Securities Held to Maturity | $ | 361,844 |  |  | $ | 8,017 |  |  | $ | (10) |  |  | $ | 369,851 |  |  | $ | 337,123 |  |  | $ | 2,073 |  |  | $ | (478) |  |  | $ | 338,718 |
Analysis of Amortized Cost and Estimated Fair Values of Securities Available for Sale | Below is an analysis of the amortized cost and fair values of securities available for sale at December 31:
| 2020 |  | 2019
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
| (dollars in thousands)
Obligations of U.S. Government Agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-Backed Securities – Residential | $ | 6,492 |  |  | $ | 738 |  |  | $ | — |  |  | $ | 7,230 |  |  | $ | 7,745 |  |  | $ | 596 |  |  | $ | — |  |  | $ | 8,341 |
Mortgage-Backed Securities – Commercial | 182,823 |  |  | 8,357 |  |  | — |  |  | 191,180 |  |  | 186,316 |  |  | 2,983 |  |  | (166) |  |  | 189,133 |
Obligations of U.S. Government-Sponsored Enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-Backed Securities – Residential | 481,109 |  |  | 14,924 |  |  | — |  |  | 496,033 |  |  | 660,777 |  |  | 4,113 |  |  | (2,943) |  |  | 661,947 |
Other Government-Sponsored Enterprises | 100,996 |  |  | 2 |  |  | — |  |  | 100,998 |  |  | 1,000 |  |  | — |  |  | — |  |  | 1,000 |
Obligations of States and Political Subdivisions | 11,154 |  |  | 243 |  |  | — |  |  | 11,397 |  |  | 17,738 |  |  | 171 |  |  | — |  |  | 17,909 |
Corporate Securities | 22,941 |  |  | 1,444 |  |  | — |  |  | 24,385 |  |  | 22,919 |  |  | 1,043 |  |  | — |  |  | 23,962 |
Total Securities Available for Sale | $ | 805,515 |  |  | $ | 25,708 |  |  | $ | — |  |  | $ | 831,223 |  |  | $ | 896,495 |  |  | $ | 8,906 |  |  | $ | (3,109) |  |  | $ | 902,292 |
The amortized cost and estimated fair value of debt securities available for sale at December 31, 2020, by contractual maturity, are shown below:
| Amortized Cost |  | Estimated Fair Value
| (dollars in thousands)
Due within 1 year | $ | 104,995 |  |  | $ | 105,015 |
Due after 1 but within 5 years | 19,349 |  |  | 20,395 |
Due after 5 but within 10 years | 10,747 |  |  | 11,370 |
Due after 10 years | — |  |  | — |
| 135,091 |  |  | 136,780 |
Mortgage-Backed Securities (a) | 670,424 |  |  | 694,443 |
Total Debt Securities | $ | 805,515 |  |  | $ | 831,223 |
(a)Mortgage Backed Securities include an amortized cost of $189.3 million and a fair value of $198.4 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $481.1 million and a fair value of $496.0 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac. |
Proceeds from Sale, Gross Gains (Losses) Realized on Sales, Maturities and Other-Than-Temporary Impairment Charges Related to Securities Available for Sale | Mortgage Backed Securities include an amortized cost of $189.3 million and a fair value of $198.4 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $481.1 million and a fair value of $496.0 million |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of debt securities held to maturity at December 31, 2020, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties.
| Amortized Cost |  | Estimated Fair Value
| (dollars in thousands)
Due within 1 year | $ | 2,500 |  |  | $ | 2,525 |
Due after 1 but within 5 years | 7,669 |  |  | 7,742 |
Due after 5 but within 10 years | 20,126 |  |  | 20,689 |
Due after 10 years | 4,896 |  |  | 4,940 |
| 35,191 |  |  | 35,896 |
Mortgage-Backed Securities (a) | 326,653 |  |  | 333,955 |
Total Debt Securities | $ | 361,844 |  |  | $ | 369,851 |
(a)Mortgage Backed Securities include an amortized cost of $39.6 million and a fair value of $41.1 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $287.1 million and a fair value of $292.8 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac. |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The following table presents the gross unrealized losses and estimated fair values at December 31, 2020 for available for sale securities for which an allowance for credit losses has not been recorded and held to maturity securities by investment category and time frame for which the securities have been in a continuous unrealized loss position:
| Less Than 12 Months |  | 12 Months or More |  | Total
| Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses
| (dollars in thousands)
Obligations of U.S. Government-Sponsored Enterprises: |  |  |  |  |  |  |  |  |  |  |
Mortgage-Backed Securities – Residential | 3,755 |  |  | (10) |  |  | — |  |  | — |  |  | 3,755 |  |  | (10) |
Total Securities | $ | 3,755 |  |  | $ | (10) |  |  | $ | — |  |  | $ | — |  |  | $ | 3,755 |  |  | $ | (10) |
| The following table presents the gross unrealized losses and estimated fair value at December 31, 2019 for both available for sale and held to maturity securities by investment category and time frame for which the securities had been in a continuous unrealized loss position:
| Less Than 12 Months |  | 12 Months or More |  | Total
| Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses
| (dollars in thousands)
Obligations of U.S. Government Agencies: |  |  |  |  |  |  |  |  |  |  |
Mortgage-Backed Securities – Commercial | $ | 54,501 |  |  | $ | (201) |  |  | $ | 16,365 |  |  | $ | (149) |  |  | $ | 70,866 |  |  | $ | (350) |
Obligations of U.S. Government-Sponsored Enterprises: |  |  |  |  |  |  |  |  |  |  |
Mortgage-Backed Securities – Residential | 111,969 |  |  | (436) |  |  | 219,015 |  |  | (2,801) |  |  | 330,984 |  |  | (3,237) |
Total Securities | $ | 166,470 |  |  | $ | (637) |  |  | $ | 235,380 |  |  | $ | (2,950) |  |  | $ | 401,850 |  |  | $ | (3,587) |

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- Definition Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + References No definition available. + Details
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- Definition Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=118939692&loc=d3e27232-111563 + Details
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- Definition Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=118939692&loc=d3e27340-111563 + Details
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- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
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