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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Held-to-maturity Securities
Below is an analysis of the amortized cost and fair values of debt securities held to maturity at December 31:.
 
2019
 
2018
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
 
(dollars in thousands)
Obligations of U.S. Government Agencies:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-Backed Securities – Residential
$
3,392

 
$
57

 
$
—

 
$
3,449

 
$
3,635

 
$
—

 
$
(97
)
 
$
3,538

Mortgage-Backed Securities – Commercial
51,291

 
18

 
(184
)
 
51,125

 
55,221

 
—

 
(2,327
)
 
52,894

Obligations of U.S. Government-Sponsored Enterprises:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-Backed Securities – Residential
229,667

 
1,377

 
(294
)
 
230,750

 
279,109

 
212

 
(7,254
)
 
272,067

Mortgage-Backed Securities – Commercial
12,081

 
67

 
—

 
12,148

 
13,159

 
—

 
(258
)
 
12,901

Obligations of States and Political Subdivisions
40,092

 
554

 
—

 
40,646

 
42,331

 
175

 
(313
)
 
42,193

Debt Securities Issued by Foreign Governments
600

 
—

 
—

 
600

 
400

 
—

 
—

 
400

Total Securities Held to Maturity
$
337,123

 
$
2,073

 
$
(478
)
 
$
338,718

 
$
393,855

 
$
387

 
$
(10,249
)
 
$
383,993
Analysis of Amortized Cost and Estimated Fair Values of Securities Available for Sale
Below is an analysis of the amortized cost and fair values of securities available for sale at December 31:
 
2019
 
2018
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
 
(dollars in thousands)
Obligations of U.S. Government Agencies:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-Backed Securities – Residential
$
7,745

 
$
596

 
$
—

 
$
8,341

 
$
9,011

 
$
479

 
$
(84
)
 
$
9,406

Mortgage-Backed Securities – Commercial
186,316

 
2,983

 
(166
)
 
189,133

 
169,633

 
214

 
(2,103
)
 
167,744

Obligations of U.S. Government-Sponsored Enterprises:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-Backed Securities – Residential
660,777

 
4,113

 
(2,943
)
 
661,947

 
686,906

 
1,846

 
(15,391
)
 
673,361

Other Government-Sponsored Enterprises
1,000

 
—

 
—

 
1,000

 
10,000

 
12

 
—

 
10,012

Obligations of States and Political Subdivisions
17,738

 
171

 
—

 
17,909

 
27,592

 
126

 
(6
)
 
27,712

Corporate Securities
22,919

 
1,043

 
—

 
23,962

 
20,912

 
321

 
(221
)
 
21,012

Total Securities Available for Sale
$
896,495

 
$
8,906

 
$
(3,109
)
 
$
902,292

 
$
924,054

 
$
2,998

 
$
(17,805
)
 
$
909,247


The amortized cost and estimated fair value of debt securities available for sale at December 31, 2019, by contractual maturity, are shown below:
 
Amortized
Cost
 
Estimated
Fair Value
 
(dollars in thousands)
Due within 1 year
$
—

 
$
—

Due after 1 but within 5 years
35,886

 
36,554

Due after 5 but within 10 years
5,771

 
6,317

Due after 10 years
—

 
—

 
41,657

 
42,871

Mortgage-Backed Securities (a)
854,838

 
859,421

Total Debt Securities
$
896,495

 
$
902,292

 
(a)
Mortgage Backed Securities include an amortized cost of $194.1 million and a fair value of $197.5 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $660.8 million and a fair value of $661.9 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.
Proceeds from Sale, Gross Gains (Losses) Realized on Sales, Maturities and Other-Than-Temporary Impairment Charges Related to Securities Available for Sale
(a)
Mortgage Backed Securities include an amortized cost of $194.1 million and a fair value of $197.5 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $660.8 million and a fair value of $661.9 million
Investments Classified by Contractual Maturity Date
The amortized cost and estimated fair value of debt securities held to maturity at December 31, 2019, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties.
 
Amortized
Cost
 
Estimated
Fair Value
 
(dollars in thousands)
Due within 1 year
$
1,327

 
$
1,331

Due after 1 but within 5 years
7,541

 
7,621

Due after 5 but within 10 years
31,824

 
32,294

Due after 10 years
—

 
—

 
40,692

 
41,246

Mortgage-Backed Securities (a)
296,431

 
297,472

Total Debt Securities
$
337,123

 
$
338,718

(a)
Mortgage Backed Securities include an amortized cost of $54.7 million and a fair value of $54.6 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $241.7 million and a fair value of $242.9 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.