The following tables present the amortized cost and fair value of investment securities available for sale at the dates indicated and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss):


	September 30, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
U.S. government and agency securities	$	50,752	$	1,165	$	(24)	$	51,893
Municipal securities	193,300		12,247		(237)		205,310

Residential CMO and MBS	216,719		6,129		(267)		222,581
Commercial CMO and MBS	292,163		12,785		(266)		304,682
Corporate obligations	19,947		231		(7)		20,171
Other asset-backed securities	29,510		460		(115)		29,855
Total	$	802,391	$	33,017	$	(916)	$	834,492


	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
U.S. government and agency securities	$	104,709	$	598	$	(84)	$	105,223
Municipal securities	128,183		4,933		(102)		133,014

Residential CMO and MBS	336,929		3,184		(505)		339,608
Commercial CMO and MBS	322,169		5,575		(649)		327,095
Corporate obligations	23,893		316		(15)		24,194
Other asset-backed securities	23,277		54		(153)		23,178
Total	$	939,160	$	14,660	$	(1,508)	$	952,312

For the three and nine months ended September 30, 2020, there was no provision for credit loss on investment securities available for sale recorded in the Condensed Consolidated Statements of Income. There was no ACL on investment securities available for sale at September 30, 2020.

The amortized cost and fair value of investment securities available for sale at September 30, 2020, by contractual maturity, are set forth below. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.


	Amortized Cost		Fair Value
	(In thousands)
Due in one year or less	$	63,147	$	63,749
Due after one year through five years	138,244		144,457
Due after five years through ten years	203,897		214,141
Due after ten years	397,103		412,145
Total	$	802,391	$	834,492

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 stockholders’ equity at September 30, 2020 and December 31, 2019.

The following tables show the gross unrealized losses and fair value of the Company's investment securities available for sale, for which an ACL has not been recorded, aggregated by investment category and length of time that the individual securities have been in continuous unrealized loss positions as of September 30, 2020 and December 31, 2019:


	September 30, 2020
	Less than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In thousands)
U.S. government and agency securities	$	3,976	$	(24)	$	—	$	—	$	3,976	$	(24)
Municipal securities	11,918		(237)		—		—		11,918		(237)

Residential CMO and MBS	543		(2)		26,344		(265)		26,887		(267)
Commercial CMO and MBS	11,124		(9)		18,125		(257)		29,249		(266)

Corporate obligations	1,993		(7)		—		—		1,993		(7)
Other asset-backed securities	6,914		(47)		4,666		(68)		11,580		(115)
Total	$	36,468	$	(326)	$	49,135	$	(590)	$	85,603	$	(916)


	December 31, 2019
	Less than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In thousands)
U.S. government and agency securities	$	45,999	$	(84)	$	—	$	—	$	45,999	$	(84)
Municipal securities	13,761		(102)		—		—		13,761		(102)

Residential CMO and MBS	14,272		(66)		60,232		(439)		74,504		(505)
Commercial CMO and MBS	56,263		(177)		43,623		(472)		99,886		(649)

Corporate obligations	998		(2)		1,987		(13)		2,985		(15)
Other asset-backed securities	14,383		(127)		1,609		(26)		15,992		(153)
Total	$	145,676	$	(558)	$	107,451	$	(950)	$	253,127	$	(1,508)

The Company has evaluated these investment securities available for sale as of September 30, 2020 and December 31, 2019 and determined that no ACL is necessary. Unrealized losses on investment securities available for sale have not been recognized into earnings because the issuers of bonds are investment grade, the securities carry governmental guarantees, management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery and the decline in fair value is largely due to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments on the bonds and the fair value is expected to recover as the bonds approach maturity.

The following table presents the gross realized gains and losses on the sale of securities available for sale for the three and nine months ended September 30, 2020 and 2019:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(In thousands)
Gross realized gains	$	40	$	281	$	1,482	$	557
Gross realized losses	—		—		(19)		(228)
Net realized gains	$	40	$	281	$	1,463	$	329

The following table summarizes the amortized cost and fair value of investment securities available for sale that are pledged as collateral for the following obligations at September 30, 2020 and December 31, 2019:


	September 30, 2020				December 31, 2019
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In thousands)
Washington and Oregon state public deposits	$	178,332	$	186,198	$	187,700	$	190,773

Securities sold under agreement to repurchase	43,557		44,822		22,156		22,294
Other securities pledged	31,688		32,724		19,333		19,850
Total	$	253,577	$	263,744	$	229,189	$	232,917

Accrued interest receivable excluded from amortized cost on investment securities available for sale totaled $3.3 million and $3.7 million at September 30, 2020 and December 31, 2019, respectively. No amounts of accrued interest receivable were reversed against interest income on investment securities available for sale during the three and nine months ended September 30, 2020 and 2019.