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SECURITIES
12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
SECURITIES SECURITIES
The amortized cost, gross unrealized gains and losses and estimated fair value of securities at December 31, 2020 and December 31, 2019 are summarized as follows (in thousands):
 December 31, 2020
 Amortized CostFair
Value
Trading:
Corporate bonds$27,203 $24,980 
$27,203 $24,980 
 December 31, 2020
 Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair
Value
Available-for-Sale:
U.S. Government and agency obligations$141,668 $1,002 $(935)$— $141,735 
Municipal bonds283,997 19,523 (2)— 303,518 
Corporate bonds219,086 2,762 (79)— 221,769 
Mortgage-backed or related securities1,602,033 45,179 (1,060)— 1,646,152 
Asset-backed securities9,405 77 (63)— 9,419 
 $2,256,189 $68,543 $(2,139)$— $2,322,593 
 December 31, 2020
 Amortized CostGross Unrealized GainsGross Unrealized LossesFair
Value
Allowance for Credit Losses
Held-to-Maturity:
U.S. Government and agency obligations$340 $$— $347 $— 
Municipal bonds370,998 24,130 (94)395,034 (59)
Corporate bonds3,222 — (12)3,210 (35)
Mortgage-backed or related securities47,247 2,843 — 50,090 — 
$421,807 $26,980 $(106)$448,681 $(94)
December 31, 2019
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Trading:
Corporate bonds$27,203 $25,636 
Available-for-Sale:
U.S. Government and agency obligations$90,468 $286 $(1,156)$89,598 
Municipal bonds101,927 5,233 (3)107,157 
Corporate bonds4,357 14 (6)4,365 
Mortgage-backed or related securities1,324,999 20,325 (3,013)1,342,311 
Asset-backed securities8,195 — (69)8,126 
 $1,529,946 $25,858 $(4,247)$1,551,557 
Held-to-Maturity:
U.S. Government and agency obligations$385 $$— $389 
Municipal bonds177,208 3,733 (2,213)178,728 
Corporate bonds3,353 — (11)3,342 
Mortgage-backed or related securities55,148 921 (723)55,346 
$236,094 $4,658 $(2,947)$237,805 

Accrued interest receivable on held-to-maturity debt securities was $3.0 million and $1.1 million as of December 31, 2020 and December 31, 2019, respectively, and was $6.9 million and $4.8 million on available-for-sale debt securities as of December 31, 2020 and December 31, 2019, respectively. Accrued interest receivable on securities is reported in accrued interest receivable on the consolidated statements of financial condition and is excluded from the calculation of the allowance for credit losses.

At December 31, 2020, the gross unrealized losses and the fair value for securities available-for-sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position were as follows (in thousands):
 December 31, 2020
 Less Than 12 Months12 Months or MoreTotal
 Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Available-for-Sale:
U.S. Government and agency obligations$3,126 $(8)$50,603 $(927)$53,729 $(935)
Municipal bonds495 (2)— — 495 (2)
Corporate bonds3,586 (79)— — 3,586 (79)
Mortgage-backed or related securities181,871 (1,046)2,337 (14)184,208 (1,060)
Asset-backed securities— — 5,676 (63)5,676 (63)
 $189,078 $(1,135)$58,616 $(1,004)$247,694 $(2,139)
At December 31, 2019, the gross unrealized losses and the fair value for securities available-for-sale and held-to-maturity aggregated by the length of time that individual securities have been in a continuous unrealized loss position were as follows (in thousands): 
 December 31, 2019
 Less Than 12 Months12 Months or MoreTotal
 Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Available-for-Sale:
U.S. Government and agency obligations$2,747 $(20)$60,979 $(1,136)$63,726 $(1,156)
Municipal bonds1,902 — 494 (3)2,396 (3)
Corporate bonds594 (6)— — 594 (6)
Mortgage-backed or related securities300,852 (2,829)33,360 (184)334,212 (3,013)
Asset-backed securities1,204 (17)5,989 (52)7,193 (69)
 $307,299 $(2,872)$100,822 $(1,375)$408,121 $(4,247)
Held-to-Maturity:
U.S. Government and agency obligations$— $— $— $— $— $— 
Municipal bonds44,605 (1,889)19,017 (324)63,622 (2,213)
Corporate bonds— — 489 (11)489 (11)
Mortgage-backed or related securities11,117 (723)— — 11,117 (723)
$55,722 $(2,612)$19,506 $(335)$75,228 $(2,947)

At December 31, 2020, there were 54 securities—available-for-sale with unrealized losses, compared to 90 at December 31, 2019.  At December 31, 2020, there were two securities—held-to-maturity with unrealized losses, compared to 17 at December 31, 2019.  Management does not believe that any individual unrealized loss as of December 31, 2020 resulted from credit loss or that any individual unrealized loss represented other-than-temporary impairment (OTTI) as of December 31, 2019.  The decline in fair market value of these securities was generally due to changes in interest rates and changes in market-desired spreads subsequent to their purchase.

There were no sales of securities—trading for the years ended December 31, 2020, 2019 or 2018. There were no securities—trading in a nonaccrual status at December 31, 2020 or December 31, 2019.  Net unrealized holding losses of $656,000 and $208,000 were recognized in 2020 and 2019, respectively.

Sales of securities—available-for-sale totaled $150.4 million with a resulting net gain of $464,000 for the year ended December 31, 2020.  Sales of securities—available-for-sale totaled $66.3 million with a resulting net gain of $46,000 for the year ended December 31, 2019. In addition, partial calls of securities resulted in net losses of $10,000 and $12,000 for the years ended December 31, 2020 and December 31, 2019, respectively. Sales of securities—available-for-sale totaled $214.6 million with a resulting net loss of $839,000 for the year ended December 31, 2018.  There were no securities—available-for-sale in a nonaccrual status at December 31, 2020 and 2019.

There were no sales of securities—held-to-maturity during the years ended December 31, 2020, 2019 or 2018 although there were partial calls of securities that resulted in a net gain of $216,000 for the year ended December 31, 2020, a net loss of $1,000 for the year ended December 31, 2019 and a net gain of $2,000 for the year ended December 31, 2018. There were no securities—held-to-maturity in a nonaccrual status at December 31, 2020 and 2019.

There were two sales of equity securities totaling $1.06 billion for the year ended December 31, 2020 with a resulting net loss of $177,000 and no sales of equity securities for the years ended December 31, 2019 or 2018.

The Company also sold Visa Class B stock during the year ended December 31, 2020, with a net gain of $519,000. The stock was previously carried at a zero-cost basis due to transfer restrictions and uncertainty of litigation.
The amortized cost and estimated fair value of securities at December 31, 2020, by contractual maturity, are shown below (in thousands).  Expected maturities will differ from contractual maturities because some securities may be called or prepaid with or without call or prepayment penalties.
 December 31, 2020
TradingAvailable-for-SaleHeld-to-Maturity
 Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
Maturing in one year or less$— $— $135,129 $135,161 $4,644 $4,704 
Maturing after one year through five years— — 243,448 253,585 62,091 64,900 
Maturing after five years through ten years— — 618,608 630,855 34,072 36,966 
Maturing after ten years through twenty years27,203 24,980 264,414 281,913 137,015 143,756 
Maturing after twenty years— — 994,590 1,021,079 183,985 198,355 
$27,203 $24,980 $2,256,189 $2,322,593 $421,807 $448,681 

The following table presents, as of December 31, 2020, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands):
 Carrying ValueAmortized CostFair Value
Purpose or beneficiary:  
State and local governments public deposits$184,837 $184,134 $198,351 
Interest rate swap counterparties28,729 27,846 28,935 
Repurchase transaction accounts207,586 200,195 207,586 
Other2,609 2,608 2,686 
Total pledged securities$423,761 $414,783 $437,558