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INVESTMENTS
 9 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
Investments available-for-sale
The amortized cost and estimated fair values of investments available-for-sale at the dates indicated are presented in the following table:
 September 30, 2020December 31, 2019
(In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value		Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
U.S. treasuries and government agencies$140,454 $914 $(1,963)$139,405 $260,294 $887 $(2,686)$258,495 
State and municipal344,168 9,435 (616)352,987 229,309 4,377 (37)233,649 
Mortgage-backed and asset-backed826,450 25,967 (103)852,314 568,373 3,268 (882)570,759 
Corporate debt12,112 394 (7)12,499 9,100 452 — 9,552 
Trust preferred— — — — 310 — — 310 
Total debt securities1,323,184 36,710 (2,689)1,357,205 1,067,386 8,984 (3,605)1,072,765 
Marketable equity securities— — — — 568 — — 568 
Total investments available-for-sale$1,323,184 $36,710 $(2,689)$1,357,205 $1,067,954 $8,984 $(3,605)$1,073,333 
 
Any unrealized losses in the U.S. treasuries and government agencies, state and municipal, mortgage-backed and asset-backed investment securities at September 30, 2020 are due to changes in interest rates and not credit-related events. As such, no allowance for credit losses is required at September 30, 2020. Unrealized losses on investment securities are expected to recover over time as these securities approach maturity.

The mortgage-backed securities portfolio at September 30, 2020 is composed entirely of either the most senior tranches of GNMA, FNMA or FHLMC collateralized mortgage obligations ($328.7 million), GNMA, FNMA or FHLMC mortgage-backed securities ($455.8 million) or SBA asset-backed securities ($67.8 million). The Company does not intend to sell these securities and has sufficient liquidity to hold these securities for an adequate period of time to allow for any anticipated recovery in fair value.
 
Gross unrealized losses and fair value by length of time that the individual available-for-sale securities have been in an unrealized loss position at the dates indicated are presented in the following tables:
 September 30, 2020
 Number
of
Securities		Less Than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. treasuries and government agencies7 $— $— $91,193 $1,963 $91,193 $1,963 
State and municipal19 57,024 616 — — 57,024 616 
Mortgage-backed and asset-backed13 28,862 77 7,030 26 35,892 103 
Corporate debt2 3,005 7 — — 3,005 7 
Total41 $88,891 $700 $98,223 $1,989 $187,114 $2,689 

 December 31, 2019
 Number
of
Securities		Less Than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. treasuries and government agencies12 $133,221 $2,211 $17,911 $475 $151,132 $2,686 
State and municipal3 7,227 37 — — 7,227 37 
Mortgage-backed and asset-backed35 107,917 508 76,867 374 184,784 882 
Total50 $248,365 $2,756 $94,778 $849 $343,143 $3,605 
 
The estimated fair values and amortized costs of debt securities available-for-sale by contractual maturity at the dates indicated are provided in the following table. The Company has allocated mortgage-backed securities into the four maturity groupings reflected in the following tables using the expected average life of the individual securities based on statistics provided by independent third party industry sources. Expected maturities will differ from contractual maturities as borrowers may have the right to prepay obligations with or without prepayment penalties.
September 30, 2020December 31, 2019
(In thousands)Fair ValueAmortized CostFair ValueAmortized Cost
U.S. treasuries and government agencies:
One year or less$28,139 $27,974 $69,799 $69,330 
One to five years11,902 11,380 96,709 96,507 
Five to ten years— — — — 
After ten years99,364 101,100 91,987 94,457 
State and municipal:
One year or less18,663 18,457 33,311 33,054 
One to five years47,558 46,440 76,723 75,432 
Five to ten years59,670 56,731 75,820 73,741 
After ten years227,096 222,540 47,795 47,082 
Mortgage-backed and asset-backed:
One year or less2 2 852 822 
One to five years21,191 20,800 7,125 6,969 
Five to ten years58,878 57,430 55,226 54,799 
After ten years772,243 748,218 507,556 505,783 
Corporate debt:
One year or less— — — — 
One to five years— — — — 
Five to ten years12,499 12,112 9,552 9,100 
After ten years— — — — 
Trust preferred:
One year or less— — — — 
One to five years— — — — 
Five to ten years— — — — 
After ten years— — 310 310 
Total available-for-sale debt securities$1,357,205 $1,323,184 $1,072,765 $1,067,386 

At September 30, 2020 and December 31, 2019, investments available-for-sale with a book value of $421.0 million and $424.8 million, respectively, were pledged as collateral for certain government deposits and for other purposes as required or permitted by law. The outstanding balance of no single issuer, except for U.S. Agencies securities, exceeded ten percent of stockholders' equity at September 30, 2020 and December 31, 2019.
 
Equity securities
Other equity securities at the dates indicated are presented in the following table:
(In thousands)September 30, 2020December 31, 2019
Federal Reserve Bank stock$38,650 $22,559 
Federal Home Loan Bank of Atlanta stock29,201 29,244 
Marketable equity securities677 — 
Total equity securities$68,528 $51,803