
December 31, 2020	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available for sale:
Corporate bonds	$	29,608	$	1,382	$	8	$	30,982
Municipal securities		164,668		11,036		—		175,704
Mortgage-backed securities		104,210		3,041		87		107,164
Collateralized mortgage obligations		64,611		2,335		1		66,945

Total available for sale	$	363,097	$	17,794	$	96	$	380,795

There is no allowance for credit losses recorded for our available for sale debt securities as of June 30, 2021 or December 31, 2020.

Information pertaining to securities with gross unrealized losses as of June 30, 2021 and December 31, 2020, for which no allowance for credit losses has been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position is detailed in the following tables:


	Less Than 12 Months					12 Months or Longer				Total
June 30, 2021	Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value
Available for sale:
Corporate bonds	$	(78	)	$	7,708	$	—	$	—	$	(78	)	$	7,708
Municipal securities		(40	)		4,486		—		—		(40	)		4,486
Mortgage-backed securities		(794	)		81,619		—		—		(794	)		81,619
Collateralized mortgage obligations		(14	)		3,549		—		—		(14	)		3,549

Total available for sale	$	(926	)	$	97,362	$	—	$	—	$	(926	)	$	97,362


	Less Than 12 Months					12 Months or Longer					Total
December 31, 2020	Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value
Available for sale:
Corporate bonds	$	(8	)	$	2,493	$	—		$	—	$	(8	)	$	2,493
Mortgage-backed securities		(87	)		25,775		—			—		(87	)		25,775
Collateralized mortgage obligations		—			—		(1	)		106		(1	)		106

Total available for sale	$	(95	)	$	28,268	$	(1	)	$	106	$	(96	)	$	28,374

There were 25 investments in an unrealized loss position with no recorded allowance for credit losses at June 30, 2021. The securities in a loss position were composed of collateralized mortgage obligations, and mortgage backed securities. Management evaluates available for sale debt securities in an unrealized loss position to determine whether the impairment is due to credit-related factors or noncredit-related factors. With respect to the collateralized mortgage obligations and mortgage-backed securities issued by the U.S. Government and its agencies, the Company has determined that a decline in fair value is not due to credit-related factors. The Company monitors the credit quality of other debt securities through the use of credit ratings and other factors specific to an individual security in assessing whether or not the decline in fair value of municipal or corporate securities, relative to their amortized cost, is due to credit-related factors. Triggers to prompt further investigation of securities when the fair value is less than the amortized cost are when a security has been downgraded and falls below an A credit rating, and the security’s unrealized loss exceeds 20% of its book value. Consideration is given to (1) the extent to which fair value is less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value. Based on evaluation of available evidence, management believes the unrealized losses on the securities as of June 30, 2021 is not credit-related. Management does not have the intent to sell any of these securities and believes that it is more likely than not the Company will not have to sell any such securities before recovery of cost. The fair values are expected to recover as the securities approach their maturity date or repricing date or if market yields for the investments decline.

Mortgage-backed securities and collateralized mortgage obligations are backed by pools of mortgages that are insured or guaranteed by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association or the Government National Mortgage Association.

As of June 30, 2021, there were no holdings of securities of any one issuer, other than the collateralized mortgage obligations and mortgage-backed securities issued by the U.S. government and its agencies, in an amount greater than 10% of shareholders’ equity.

Securities with fair values of approximately $299,031 and $314,962 at June 30, 2021 and December 31, 2020, respectively, were pledged to secure public fund deposits and for other purposes as required or permitted by law.

There were no securities sold during the three or six months ended June 30, 2021 or 2020.

The contractual maturities at June 30, 2021 of available for sale securities at carrying value and estimated fair value are shown below. The Company invests in mortgage-backed securities and collateralized mortgage obligations that have expected maturities that differ from their contractual maturities. These differences arise because borrowers and/or issuers may have the right to call or prepay their obligation with or without call or prepayment penalties.


	Available for Sale
June 30, 2021	Amortized Cost		Estimated Fair Value
Due within one year	$	2,817	$	2,850
Due after one year through five years		54,849		57,225
Due after five years through ten years		78,842		82,309
Due after ten years		74,878		80,008
Mortgage-backed securities		155,970		157,316
Collateralized mortgage obligations		65,282		66,928

Total Securities	$	432,638	$	446,636