SECURITIES

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Amortized cost and estimated fair value of securities available for sale are as follows (in thousands):


	June 30, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
U.S. Treasury notes and bonds	$	20,548	$	1	$	30	$	20,519
Mortgage-backed securities, residential	552,066		6,745		5,216		553,595
Obligations of states and political subdivisions	40,364		2,308		—		42,672
Corporate bonds and notes	10,000		129		35		10,094
SBA loan pools	60,734		307		327		60,714

Total	$	683,712	$	9,490	$	5,608	$	687,594


	December 31, 2020
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value

Mortgage-backed securities, residential	$	458,245	$	9,822	$	201	$	467,866

Obligations of states and political subdivisions	40,662		2,743		—		43,405
Corporate bonds and notes	9,000		47		12		9,035
SBA loan pools	34,455		42		192		34,305


Total	$	542,362	$	12,654	$	405	$	554,611

Amortized cost and estimated fair value of securities held to maturity are as follows (in thousands):


	June 30, 2021
	Amortized Cost		Unrecognized Gains		Unrecognized Losses		Estimated Fair Value
Obligations of states and political subdivisions	$	1,338	$	—	$	—	$	1,338
Time deposits with other financial institutions	1,643		19		—		1,662
Total	$	2,981	$	19	$	—	$	3,000


	December 31, 2020
	Amortized Cost		Unrecognized Gains		Unrecognized Losses		Estimated Fair Value
Obligations of states and political subdivisions	$	326	$	—	$	—	$	326
Time deposits with other financial institutions	2,143		32		—		2,175
Total	$	2,469	$	32	$	—	$	2,501

The amortized cost and estimated fair value of debt securities are shown below by expected maturity. Expected maturities may differ from contractual maturities if borrowers 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 (in thousands):


	June 30, 2021
	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Within one year	$	687	$	691	$	1,093	$	1,108
After one, but within five years	55,036		56,703		1,088		1,092
After five, but within ten years	14,719		15,388		800		800
After ten years	470		503		—		—
	70,912		73,285		2,981		3,000
Mortgage-backed securities, residential	552,066		553,595		—		—

SBA loan pools	60,734		60,714		—		—
Total	$	683,712	$	687,594	$	2,981	$	3,000

There were no proceeds from sales and calls of securities resulting in gains or losses for the three and six month periods ended June 30, 2021 and 2020.

The following tables summarize the investment securities available for sale with unrealized losses at June 30, 2021 and December 31, 2020 by aggregated major security type and length of time in a continuous unrealized loss position (in thousands):


	Less than 12 months				12 months or longer				Total
June 30, 2021	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury notes and bonds	$	19,909	$	30	$	—	$	—	$	19,909	$	30
Mortgage-backed securities, residential	340,858		5,216		—		—		340,858		5,216

Corporate bonds and notes	3,965		35		—		—		3,965		35
SBA loan pools	31,467		253		6,500		74		37,967		327

Total temporarily impaired securities	$	396,199	$	5,534	$	6,500	$	74	$	402,699	$	5,608


	Less than 12 months				12 months or longer				Total
December 31, 2020	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

Mortgage-backed securities, residential	$	70,037	$	200	$	970	$	1	$	71,007	$	201

Corporate bonds and notes	2,988		12		—		—		2,988		12
SBA loan pools	15,245		156		3,636		36		18,881		192
Total temporarily impaired securities	$	88,270	$	368	$	4,606	$	37	$	92,876	$	405

Other-Than-Temporary Impairment

As of June 30, 2021, the majority of the Corporation's unrealized losses in the investment securities portfolio related to mortgage-backed securities. At June 30, 2021, all of the unrealized losses related to mortgage-backed securities were issued by U.S. government sponsored entities, Fannie Mae and Freddie Mac. Because the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Corporation does not have the intent to sell these securities and it is not likely that it will be required to sell these securities before their anticipated recovery, the Corporation does not consider these securities to be other-than-temporarily impaired at June 30, 2021.