3) Securities

The amortized cost and estimated fair value of securities at year‑end were as follows:


			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
December 31, 2019	Cost		Gains		(Losses)		Value
	(Dollars in thousands)
Securities available-for-sale:
Agency mortgage-backed securities	$	283,598	$	934	$	(171)	$	284,361
U.S. Treasury		118,939		1,525		—		120,464
Total	$	402,537	$	2,459	$	(171)	$	404,825

Securities held-to-maturity:
Agency mortgage-backed securities	$	285,344	$	1,206	$	(968)	$	285,582
Municipals - exempt from Federal tax		81,216		1,313		(4)		82,525
Total	$	366,560	$	2,519	$	(972)	$	368,107


			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
December 31, 2018	Cost		Gains		(Losses)		Value
	(Dollars in thousands)
Securities available-for-sale:
Agency mortgage-backed securities	$	311,523	$	98	$	(8,767)	$	302,854
U.S. Treasury		147,823		930		—		148,753
U.S. Government sponsored entities		7,433		4		(1)		7,436
Total	$	466,779	$	1,032	$	(8,768)	$	459,043

Securities held-to-maturity:
Agency mortgage-backed securities	$	291,241	$	59	$	(9,153)	$	282,147
Municipals - exempt from Federal tax		85,957		312		(2,241)		84,028
Total	$	377,198	$	371	$	(11,394)	$	366,175

Securities with unrealized losses at year end, aggregated by investment category and length of time that individual securities have been in an unrealized loss position are as follows:


	Less Than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
December 31, 2019	Value		(Losses)		Value		(Losses)		Value		(Losses)
	(Dollars in thousands)
Securities available-for-sale:
Agency mortgage-backed securities	$	100,816	$	(105)	$	27,534	$	(66)	$	128,350	$	(171)
Total	$	100,816	$	(105)	$	27,534	$	(66)	$	128,350	$	(171)

Securities held-to-maturity:
Agency mortgage-backed securities	$	50,060	$	(178)	$	88,128	$	(790)	$	138,188	$	(968)
Municipals - exempt from Federal tax		1,556		(4)		—		—		1,556		(4)
Total	$	51,616	$	(182)	$	88,128	$	(790)	$	139,744	$	(972)


	Less Than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
December 31, 2018	Value		(Losses)		Value		(Losses)		Value		(Losses)
	(Dollars in thousands)
Securities available-for-sale:
Agency mortgage-backed securities	$	3,868	$	(21)	$	281,082	$	(8,746)	$	284,950	$	(8,767)
U.S. Government sponsored entities		3,974		(1)		—		—		3,974		(1)
Total	$	7,842	$	(22)	$	281,082	$	(8,746)	$	288,924	$	(8,768)

Securities held-to-maturity:
Agency mortgage-backed securities	$	16,088	$	(103)	$	255,917	$	(9,050)	$	272,005	$	(9,153)
Municipals - exempt from Federal tax		5,019		(27)		57,301		(2,214)		62,320		(2,241)
Total	$	21,107	$	(130)	$	313,218	$	(11,264)	$	334,325	$	(11,394)

There were no holdings of securities of any one issuer, other than the U.S. Government and its sponsored entities, in an amount greater than 10% of shareholders’ equity. At December 31, 2019, the Company held 463 securities (141 available-for-sale and 322 held-to-maturity), of which 86 had fair values below amortized cost. At December 31, 2019, there were $27,534,000 of agency mortgage-backed securities available-for-sale, and $88,128,000 of agency mortgage-backed securities held-to-maturity, carried with an unrealized loss for 12 months or greater. The total unrealized loss for securities 12 months or greater was $856,000 at December 31, 2019. The unrealized losses were due to higher interest rates. The issuers are of high credit quality and all principal amounts are expected to be paid when securities mature. The fair value is expected to recover as the securities approach their maturity date and/or market rates decline. The Company does not believe that it is more likely than not that the Company will be required to sell a security in an unrealized loss position prior to recovery in value. The Company does not consider these securities to be other-than-temporarily impaired at December 31, 2019.

The proceeds from sales of securities and the resulting gains and losses are listed below:




	2019		2018		2017
	(Dollars in thousands)
Proceeds	$	167,551	$	94,291	$	6,536
Gross gains		1,094		1,243		—
Gross losses		(433)		(977)		(6)

The amortized cost and fair value of debt securities as of December 31, 2019, by contractual maturity, are shown below. The expected maturities will 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.


	Available-for-sale
	Amortized		Estimated
	Cost		Fair Value
	(Dollars in thousands)
Due after 3 months through one year	$	54,649		55,085
Due after one through five years		64,290		65,379
Agency mortgage-backed securities		283,598		284,361
Total	$	402,537	$	404,825


	Held-to-maturity
	Amortized		Estimated
	Cost		Fair Value
	(Dollars in thousands)
Due 3 months or less	$	125		125
Due after 3 months through one year		1,449		1,457
Due after one through five years		5,206		5,358
Due after five through ten years		31,698		32,279
Due after ten years		42,738		43,306
Agency mortgage-backed securities		285,344		285,582
Total	$	366,560	$	368,107

Securities with amortized cost of $32,773,000 and $36,229,000 as of December 31, 2019 and 2018 were pledged to secure public deposits and for other purposes as required or permitted by law or contract.