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Investment Securities Available-for-Sale
 12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Available-for-Sale Investment Securities Available-for-Sale
Amortized cost and estimated fair value of securities available-for-sale are summarized as follows:
December 31, 2020Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Estimated
Fair
Value
(dollars in thousands)Credit Losses
U. S. agency securities$181,087 $1,461 $(627)$— $181,921 
Residential mortgage backed securities811,328 14,506 (833)— 825,001 
Municipal bonds102,259 5,872 — (18)108,113 
Corporate bonds34,383 1,624 (8)(149)35,850 
$1,129,057 $23,463 $(1,468)$(167)$1,150,885 
December 31, 2019Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
(dollars in thousands)
U. S. agency securities$180,228 $621 $(1,055)$179,794 
Residential mortgage backed securities541,490 4,337 (1,975)543,852 
Municipal bonds71,902 2,034 (5)73,931 
Corporate bonds10,530 203 — 10,733 
U.S. Treasury34,844 11 — 34,855 
$838,994 $7,206 $(3,035)$843,165 
In addition, at December 31, 2020 and December 31, 2019, the Company held $40.1 million and $35.2 million in equity securities, respectively, in a combination of FRB and FHLB stocks, which are required to be held for regulatory purposes and which are not marketable, and therefore are carried at cost.
The unrealized losses that exist at December 31, 2020 are generally the result of changes in market interest rates and interest spread relationships since original purchases. However, as of December 31, 2020, the Company determined that part of the unrealized loss positions in AFS corporate and municipal securities were due to credit-related events, and therefore, an ACL of $167 thousand was recorded. The weighted average duration of debt securities, which comprise 99.9% of total investment securities, is relatively short at 3.2 years. If quoted prices are not available, fair value is measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. The Company does not intend to sell the investments and it is more likely than not that the Company will not have to sell the securities before recovery of its amortized cost basis, which may be at maturity.

Gross unrealized losses and fair value by length of time that the individual available-for-sale securities have been in a continuous unrealized loss position as of December 31, 2020 and 2019 are as follows:
Less than
12 Months		12 Months
or Greater		Total
December 31, 2020Number of
Securities		Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses
(dollars in thousands)
U. S. agency securities28 $46,412 $67 $41,320 $560 $87,732 $627 
Residential mortgage backed securities35 170,178 782 6,419 51 176,597 833 
Corporate bonds3 5,764 8 — — 5,764 8 
66 $222,354 $857 $47,739 $611 $270,093 $1,468 
Less than
12 Months		12 Months
or Greater		Total
December 31, 2019Number of
Securities		Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses
(dollars in thousands)
U. S. agency securities36 $75,159 $439 $51,481 $616 $126,640 $1,055 
Residential mortgage backed securities111 197,794 1,148 90,742 827 288,536 1,975 
Municipal bonds1 1,994 5 — — 1,994 5 
148 $274,947 $1,592 $142,223 $1,443 $417,170 $3,035 
The amortized cost and estimated fair value of investments available-for-sale at December 31, 2020 and 2019 by contractual maturity are shown in the table below. Expected maturities for residential mortgage backed securities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
December 31, 2020December 31, 2019
(dollars in thousands)Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
U. S. agency securities maturing:
One year or less$53,916 $53,906 $96,332 $96,226 
After one year through five years110,083 110,777 76,121 75,821 
Five years through ten years17,087 17,240 7,775 7,747 
Residential mortgage backed securities811,328 825,001 541,490 543,852 
Municipal bonds maturing:
One year or less4,329 4,348 5,897 5,969 
After one year through five years26,622 28,272 21,416 21,953 
Five years through ten years69,309 73,389 42,589 44,015 
After ten years2,000 2,121 2,000 1,994 
Corporate bonds maturing:
One year or less5,218 5,220 502 508 
After one year through five years22,189 23,267 8,528 8,725 
Five years through ten years6,976 7,511 — — 
After ten years— — 1,500 1,500 
U.S. treasury— — 34,844 34,855 
Allowance for credit losses— (167)— — 
$1,129,057 $1,150,885 $838,994 $843,165 
In 2020, gross realized gains on sales of investment securities were $1.9 million and gross realized losses on sales of investment securities were $46 thousand. In 2019, gross realized gains on sales of investment securities were $1.7 million and gross realized losses on sales of investment securities were $153 thousand. In 2018, gross realized gains on sales of investment securities were $391 thousand and gross realized losses on sales of investment securities were $294 thousand.
Proceeds from sales and calls of investment securities for 2020, 2019 and 2018 were $124.1 million, $104.8 million, and $36.3 million, respectively.
The carrying value of securities pledged as collateral for certain government deposits, securities sold under agreements to repurchase, and certain lines of credit with correspondent banks at December 31, 2020 was $268.4 million, which is well in excess of required amounts in order to operationally provide significant reserve amounts for new business. As of December 31, 2020 and December 31, 2019, there were no holdings of securities of any one issuer, other than the U.S. Government and U.S. agency securities, which exceeded ten percent of shareholders’ equity.