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Investment Securities
 3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities Available-For-Sale
The following table shows investment securities available-for-sale.
(Dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
March 31, 2020    
U.S. Treasury and Federal agencies securities$525,959  $11,488  $(26) $537,421  
U.S. States and political subdivisions securities79,724  1,370  (80) 81,014  
Mortgage-backed securities — Federal agencies382,200  10,483  (374) 392,309  
Corporate debt securities45,337  593  (205) 45,725  
Foreign government and other securities700  —  —  700  
Total debt securities available-for-sale$1,033,920  $23,934  $(685) $1,057,169  
December 31, 2019    
U.S. Treasury and Federal agencies securities$524,896  $2,538  $(470) $526,964  
U.S. States and political subdivisions securities83,566  1,048  (109) 84,505  
Mortgage-backed securities — Federal agencies372,458  3,948  (1,017) 375,389  
Corporate debt securities52,151  890  (16) 53,025  
Foreign government and other securities700  —  —  700  
Total debt securities available-for-sale$1,033,771  $8,424  $(1,612) $1,040,583  
At March 31, 2020 and December 31, 2019, the residential mortgage-backed securities held by the Company consisted primarily of GNMA, FNMA and FHLMC pass-through certificates which are guaranteed by those respective agencies of the United States government (Government Sponsored Enterprise, GSEs).
The following table shows the contractual maturities of investments in debt securities available-for-sale at March 31, 2020. Expected maturities will differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
(Dollars in thousands)Amortized CostFair Value
Due in one year or less$168,808  $170,311  
Due after one year through five years462,563  473,762  
Due after five years through ten years19,769  20,253  
Due after ten years580  534  
Mortgage-backed securities382,200  392,309  
Total debt securities available-for-sale$1,033,920  $1,057,169  
The following table summarizes gross unrealized losses and fair value by investment category and age. At March 31, 2020, the Company’s available-for-sale securities portfolio consisted of 609 securities, 70 of which were in an unrealized loss position.
 Less than 12 Months12 months or LongerTotal
(Dollars in thousands) Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
March 31, 2020      
U.S. Treasury and Federal agencies securities$25,129  $(26) $—  $—  $25,129  $(26) 
U.S. States and political subdivisions securities2,337  (80) —  —  2,337  (80) 
Mortgage-backed securities - Federal agencies13,989  (101) 16,447  (273) 30,436  (374) 
Corporate debt securities12,530  (179) 3,059  (26) 15,589  (205) 
Foreign government and other securities500  —  —  —  500  —  
Total debt securities available-for-sale$54,485  $(386) $19,506  $(299) $73,991  $(685) 
December 31, 2019      
U.S. Treasury and Federal agencies securities$87,352  $(171) $69,053  $(299) $156,405  $(470) 
U.S. States and political subdivisions securities9,283  (107) 1,042  (2) 10,325  (109) 
Mortgage-backed securities - Federal agencies81,951  (383) 51,165  (634) 133,116  (1,017) 
Corporate debt securities—  —  8,091  (16) 8,091  (16) 
Foreign government and other securities—  —  —  —  —  —  
Total debt securities available-for-sale$178,586  $(661) $129,351  $(951) $307,937  $(1,612) 
The initial indication of potential other-than-temporary-impairment (OTTI) for debt securities is a decline in fair value below amortized cost. Quarterly, the impaired securities are analyzed on a qualitative and quantitative basis in determining OTTI. Declines in the fair value of debt securities available-for-sale below their cost that are deemed to be other-than-temporary are reflected in earnings as realized losses to the extent the impairment is related to credit losses. The amount of impairment related to other factors is recognized in other comprehensive income. In estimating OTTI losses, the Company considers among other things, (i) the length of time and the extent to which fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer, and (iii) whether it is more likely than not that the Company will not have to sell any such securities before a recovery of cost.
At March 31, 2020, the Company does not have the intent to sell any of the debt securities available-for-sale in the table above and believes that it is more likely than not, that it will not have to sell any such securities before an anticipated recovery of cost. Primarily the unrealized losses on debt securities are due to increases in market rates over the yields available at the time the underlying securities were purchased. The fair value is expected to recover on all debt securities as they approach their maturity date or re-pricing date or if market yields for such investments decline. The Company does not believe any of the securities are impaired due to reasons of credit quality.
The following table shows the gross realized gains and losses from the available-for-sale debt securities portfolio. Realized gains and losses of all securities are computed using the specific identification cost basis.
Three Months Ended
March 31,
(Dollars in thousands)20202019
Gross realized gains$280  $—  
Gross realized losses—  —  
OTTI losses—  —  
Net realized gains (losses)$280  $—  
At March 31, 2020 and December 31, 2019, investment securities available-for-sale with carrying values of $336.38 million and $281.38 million, respectively, were pledged as collateral for security repurchase agreements and for other purposes.