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INVESTMENTS
 3 Months Ended
Mar. 31, 2021
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:
 March 31, 2021December 31, 2020
(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$47,641 $447 $(2)$48,086 $42,750 $549 $(2)$43,297 
State and municipal362,815 7,926 (4,709)366,032 377,108 13,470 (211)390,367 
Mortgage-backed and asset-backed1,001,475 15,222 (10,518)1,006,179 881,201 24,078 (847)904,432 
Corporate debt7,000 583 — 7,583 9,100 825 — 9,925 
Total investments available-for-sale$1,418,931 $24,178 $(15,229)$1,427,880 $1,310,159 $38,922 $(1,060)$1,348,021 
 
Any unrealized losses in the U.S. treasuries and government agencies, state and municipal, mortgage-backed and asset-backed investment securities at March 31, 2021 are due to changes in interest rates and not credit-related events. As such, no allowance for credit losses is required at March 31, 2021. Unrealized losses on investment securities are expected to recover over time as these securities approach maturity. The Company does not intend to sell, nor is it more likely than not it will be required to sell, these securities and has sufficient liquidity to hold these securities for an adequate period of time, which may be maturity, to allow for any anticipated recovery in fair value.

The mortgage-backed securities portfolio at March 31, 2021 is composed entirely of either the most senior tranches of GNMA, FNMA or FHLMC collateralized mortgage obligations ($318.5 million), GNMA, FNMA or FHLMC mortgage-backed securities ($626.0 million) or SBA asset-backed securities ($61.7 million).
 
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:
 March 31, 2021
 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 agencies1 $4,972 $2 $— $— $4,972 $2 
State and municipal43 115,530 4,709 — — 115,530 4,709 
Mortgage-backed and asset-backed46 373,235 10,509 4,968 9 378,203 10,518 
Total90 $493,737 $15,220 $4,968 $9 $498,705 $15,229 

 December 31, 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 agencies2 $25,369 $2 $— $— $25,369 $2 
State and municipal8 22,753 211 — — 22,753 211 
Mortgage-backed and asset-backed24 44,746 154 76,879 693 121,625 847 
Total34 $92,868 $367 $76,879 $693 $169,747 $1,060 
 
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.

March 31, 2021December 31, 2020
(In thousands)Fair ValueAmortized CostFair ValueAmortized Cost
U.S. treasuries and government agencies:
One year or less$36,904 $36,744 $33,963 $33,833 
One to five years11,182 10,897 9,334 8,917 
Five to ten years— — — — 
After ten years— — — — 
State and municipal:
One year or less13,175 13,098 16,581 16,458 
One to five years38,077 36,965 44,910 43,857 
Five to ten years49,417 47,569 59,059 56,130 
After ten years265,363 265,183 269,817 260,663 
Mortgage-backed and asset-backed:
One year or less1,923 1,905 1 1 
One to five years20,180 19,822 21,637 21,229 
Five to ten years67,401 66,718 74,142 72,481 
After ten years916,675 913,030 808,652 787,490 
Corporate debt:
One year or less— — — — 
One to five years— — 2,318 2,100 
Five to ten years7,583 7,000 7,607 7,000 
After ten years— — — — 
Total available-for-sale debt securities$1,427,880 $1,418,931 $1,348,021 $1,310,159 
At March 31, 2021 and December 31, 2020, investments available-for-sale with a book value of $454.0 million and $465.7 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 March 31, 2021 and December 31, 2020.
 
Equity securities
Other equity securities at the dates indicated are presented in the following table:
(In thousands)March 31, 2021December 31, 2020
Federal Reserve Bank stock$34,028 $38,650 
Federal Home Loan Bank of Atlanta stock10,142 26,433 
Marketable equity securities677 677 
Total equity securities$44,847 $65,760