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INVESTMENT SECURITIES (Tables) | 9 Months Ended
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Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract] |
Summary of available for sale and held to maturity investment securities | are as follows:
(dollars in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | ACL
September 30, 2020 |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |
States and political subdivisions | $ | 163,642 |  |  | $ | 5,239 |  |  | $ | (292) |  |  | $ | 168,589 |  |  | $ | — |
Corporate securities | 50,318 |  |  | 471 |  |  | (231) |  |  | 50,558 |  |  | — |
U.S. Treasury obligations and direct obligations of U.S Government agencies | 35,115 |  |  | 41 |  |  | (212) |  |  | 34,944 |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored entities | 743,786 |  |  | 20,395 |  |  | (855) |  |  | 763,326 |  |  | — |
Commercial - U.S. Government agencies and sponsored entities | 71,335 |  |  | 2,451 |  |  | — |  |  | 73,786 |  |  | — |
Residential - Non-government agencies | 27,525 |  |  | 1,185 |  |  | (34) |  |  | 28,676 |  |  | — |
Commercial - Non-government agencies | 44,814 |  |  | 1,641 |  |  | (15) |  |  | 46,440 |  |  | — |
Total available-for-sale securities | $ | 1,136,535 |  |  | $ | 31,423 |  |  | $ | (1,639) |  |  | $ | 1,166,319 |  |  | $ | — |
The amortized cost, gross unrealized gains and losses and fair value of AFS debt securities are as follows:
(dollars in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  |
December 31, 2019 |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |
States and political subdivisions | $ | 119,755 |  |  | $ | 2,303 |  |  | $ | (40) |  |  | $ | 122,018 |  |  |
Corporate securities | 30,277 |  |  | 252 |  |  | — |  |  | 30,529 |  |  |
U.S. Treasury obligations and direct obligations of U.S Government agencies | 40,769 |  |  | 10 |  |  | (398) |  |  | 40,381 |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored entities | 673,918 |  |  | 6,003 |  |  | (2,099) |  |  | 677,822 |  |  |
Commercial - U.S. Government agencies and sponsored entities | 80,773 |  |  | 1,198 |  |  | (746) |  |  | 81,225 |  |  |
Residential - Non-government agencies | 36,377 |  |  | 830 |  |  | (16) |  |  | 37,191 |  |  |
Commercial - Non-government agencies | 134,676 |  |  | 3,141 |  |  | — |  |  | 137,817 |  |  |
Total available-for-sale securities | $ | 1,116,545 |  |  | $ | 13,737 |  |  | $ | (3,299) |  |  | $ | 1,126,983 |  |  |
The amortized cost and fair value of our equity investment securities is as follows:
(dollars in thousands) | Amortized Cost |  | Fair Value
September 30, 2020 |  |  |
Equity securities | $ | 1,027 |  |  | $ | 1,204 |
December 31, 2019 |  |  |
Equity securities | 935 |  |  | 1,127 |
Schedule of amortized cost and estimated fair value of investment securities by contractual maturity | The amortized cost and estimated fair value of our AFS debt securities at September 30, 2020 are shown below by contractual maturity. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
| September 30, 2020
(dollars in thousands) | Amortized Cost |  | Fair Value
Available-for-sale: |  |  |
Due in one year or less | $ | 27,260 |  |  | $ | 27,378 |
Due after one year through five years | 40,800 |  |  | 42,098 |
Due after five years through ten years | 89,879 |  |  | 92,226 |
Due after ten years | 91,136 |  |  | 92,389 |
Mortgage-backed securities: |  |  |
Residential - U.S. Government-sponsored entities | 743,786 |  |  | 763,326 |
Commercial - U.S. Government agencies and sponsored entities | 71,335 |  |  | 73,786 |
Residential - Non-government agencies | 27,525 |  |  | 28,676 |
Commercial - Non-government agencies | 44,814 |  |  | 46,440 |
Total available-for-sale securities | $ | 1,136,535 |  |  | $ | 1,166,319 |
Schedule of investment securities in an unrealized loss position | There were a total of 48 and 81 AFS debt securities which were in an unrealized loss position, without an ACL, at September 30, 2020 and December 31, 2019, respectively. The following tables summarize AFS debt securities which were in an unrealized loss position at September 30, 2020 and December 31, 2019, aggregated by major security type and length of time in a continuous unrealized loss position.
| Less Than 12 Months |  | 12 Months or Longer |  | Total
(dollars in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
September 30, 2020 |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions | $ | 39,297 |  |  | $ | (292) |  |  | $ | — |  |  | $ | — |  |  | $ | 39,297 |  |  | $ | (292) |
Corporate securities | 26,173 |  |  | (231) |  |  | — |  |  | — |  |  | 26,173 |  |  | (231) |
U.S. Treasury obligations and direct obligations of U.S Government agencies | 4,805 |  |  | (30) |  |  | 22,141 |  |  | (182) |  |  | 26,946 |  |  | (212) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored entities | 122,914 |  |  | (855) |  |  | — |  |  | — |  |  | 122,914 |  |  | (855) |
Residential - Non-government agencies | 994 |  |  | (34) |  |  | — |  |  | — |  |  | 994 |  |  | (34) |
Commercial - Non-government agencies | 3,495 |  |  | (15) |  |  | — |  |  | — |  |  | 3,495 |  |  | (15) |
Total temporarily impaired securities | $ | 197,678 |  |  | $ | (1,457) |  |  | $ | 22,141 |  |  | $ | (182) |  |  | $ | 219,819 |  |  | $ | (1,639) |
| Less Than 12 Months |  | 12 Months or Longer |  | Total
(dollars in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions | $ | 1,754 |  |  | $ | (9) |  |  | $ | 801 |  |  | $ | (31) |  |  | $ | 2,555 |  |  | $ | (40) |
U.S. Treasury obligations and direct obligations of U.S Government agencies | 18,882 |  |  | (143) |  |  | 19,031 |  |  | (255) |  |  | 37,913 |  |  | (398) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored entities | 54,335 |  |  | (283) |  |  | 214,295 |  |  | (1,816) |  |  | 268,630 |  |  | (2,099) |
Residential - Non-government agencies | 8,206 |  |  | (16) |  |  | — |  |  | — |  |  | 8,206 |  |  | (16) |
Commercial - U.S. Government-sponsored entities | 32,067 |  |  | (746) |  |  | — |  |  | — |  |  | 32,067 |  |  | (746) |
Total temporarily impaired securities | $ | 115,244 |  |  | $ | (1,197) |  |  | $ | 234,127 |  |  | $ | (2,102) |  |  | $ | 349,371 |  |  | $ | (3,299) |

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