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Securities
 3 Months Ended
Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Securities Securities
The fair value of securities is as follows:
March 31, 2021
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Available for sale
U.S. Treasury and federal agencies$40,155 $— $(553)$39,602 
State and municipal992,461 22,182 (9,592)1,005,051 
Federal agency collateralized mortgage obligations116,072 3,019 (3)119,088 
Federal agency mortgage-backed pools84,609 2,866 (124)87,351 
Corporate notes10,015 1,072 (4)11,083 
Total available for sale investment securities$1,243,312 $29,139 $(10,276)$1,262,175 
Held to maturity
State and municipal$151,474 $9,109 $— $160,583 
Federal agency collateralized mortgage obligations1,959 22 (2)1,979 
Federal agency mortgage-backed pools8,217 171 (1)8,387 
Total held to maturity investment securities$161,650 $9,302 $(3)$170,949 

December 31, 2020
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Available for sale
U.S. Treasury and federal agencies$19,750 $— $(35)$19,715 
State and municipal803,100 35,014 (271)837,843 
Federal agency collateralized mortgage obligations144,022 3,448 (17)147,453 
Federal agency mortgage-backed pools114,484 4,315 — 118,799 
Corporate notes9,007 1,208 — 10,215 
Total available for sale investment securities$1,090,363 $43,985 $(323)$1,134,025 
Held to maturity
State and municipal$157,421 $11,035 $— $168,456 
Federal agency collateralized mortgage obligations2,661 36 — 2,697 
Federal agency mortgage-backed pools8,594 243 — 8,837 
Total held to maturity investment securities$168,676 $11,314 $— $179,990 

The amortized cost and fair value of securities available for sale and held to maturity at March 31, 2021 and December 31, 2020, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
March 31, 2021December 31, 2020
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Available for sale
Within one year$48,715 $48,714 $44,206 $44,192 
One to five years72,803 74,114 61,594 63,006 
Five to ten years204,419 207,260 136,857 145,102 
After ten years716,694 725,648 589,200 615,473 
1,042,631 1,055,736 831,857 867,773 
Federal agency collateralized mortgage obligations116,072 119,088 144,022 147,453 
Federal agency mortgage–backed pools84,609 87,351 114,484 118,799 
Total available for sale investment securities$1,243,312 $1,262,175 $1,090,363 $1,134,025 
Held to maturity
Within one year$6,303 $6,329 $7,302 $7,327 
One to five years43,736 45,317 42,742 44,358 
Five to ten years77,214 82,247 82,087 88,300 
After ten years24,221 26,690 25,290 28,471 
151,474 160,583 157,421 168,456 
Federal agency collateralized mortgage obligations1,959 1,979 2,661 2,697 
Federal agency mortgage–backed pools8,217 8,387 8,594 8,837 
Total held to maturity investment securities$161,650 $170,949 $168,676 $179,990 
The following table shows the gross unrealized losses and the fair value of the Company’s investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
March 31, 2021
Less than 12 Months12 Months or MoreTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Investment Securities
U.S. Treasury and federal agencies$37,697 $(553)$— $— $37,697 $(553)
State and municipal459,377 (9,485)1,458 (107)460,835 (9,592)
Federal agency collateralized mortgage obligations2,380 (5)— — 2,380 (5)
Federal agency mortgage-backed pools12,081 (125)— — 12,081 (125)
Corporate notes996 (4)— — 996 (4)
Total temporarily impaired securities$512,531 $(10,172)$1,458 $(107)$513,989 $(10,279)
December 31, 2020
Less than 12 Months12 Months or MoreTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Investment Securities
U.S. Treasury and federal agencies$17,215 $(35)$— $— $17,215 $(35)
State and municipal56,287 (242)1,245 (29)57,532 (271)
Federal agency collateralized mortgage obligations6,358 (17)— — 6,358 (17)
Federal agency mortgage–backed pools— — — — — — 
Total temporarily impaired securities$79,860 $(294)$1,245 $(29)$81,105 $(323)
No allowance for credit losses for available for sale debt securities or held to maturity securities was needed at March 31, 2021 or December 31, 2020. Accrued interest receivable on available for sale debt securities and held to maturity securities totaled $8.7 million at March 31, 2021 and $8.1 million at December 31, 2020 and is excluded from the estimate of credit losses.
The U.S. government sponsored entities and agencies and mortgage–backed securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major credit rating agencies, and have a long history of no credit losses. Therefore, for those securities, we do not record expected credit losses.
Based on an evaluation of available evidence, management believes the unrealized losses on state and municipal securities were due to changes in interest rates. Due to the contractual terms, the issuers of state and municipal securities are not allowed to settle for less than the amortized cost of the security. In addition, the Company does not intend to sell these securities prior to the recovery of the amortized cost, which may not occur until maturity.
Information regarding security proceeds, gross gains and gross losses are presented below.
Three Months Ended
March 31
20212020
Sales of securities available for sale
Proceeds$27,514 $32,036 
Gross gains914 389 
Gross losses— (50)