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Investment Securities
 9 Months Ended
Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
Note 2 – Investment Securities

The following tables present amortized cost and fair values of investment securities available-for-sale as of the periods indicated:
September 30, 2021
(Dollars in thousands)Amortized CostUnrealized GainUnrealized LossFair Value
United States government agency securities$42,226 $342 $(597)$41,971 
United States sponsored mortgage-backed securities85,754 401 (884)85,271 
United States treasury securities82,738 — (316)82,422 
Municipal securities202,717 5,182 (476)207,423 
Other debt securities7,500 — — 7,500 
Total debt securities420,935 5,925 (2,273)424,587 
Other securities14,282 177 (23)14,436 
Total investment securities available-for-sale$435,217 $6,102 $(2,296)$439,023 
December 31, 2020
(Dollars in thousands)Amortized CostUnrealized GainUnrealized LossFair Value
United States government agency securities$53,207 $872 $(210)$53,869 
United States sponsored mortgage-backed securities94,968 972 (171)95,769 
United States treasury securities3,000 123 — 3,123 
Municipal securities223,642 8,327 (82)231,887 
Other debt securities7,500 — — 7,500 
Total debt securities382,317 10,294 (463)392,148 
Other securities18,401 146 (71)18,476 
Total investment securities available-for-sale$400,718 $10,440 $(534)$410,624 
The following table presents amortized cost and fair values of available-for-sale debt securities by contractual maturity as of the period indicated:
September 30, 2021
(Dollars in thousands)Amortized CostFair Value
Within one year$5 $5 
After one year, but within five years86,798 86,542 
After five years, but within ten years34,205 35,079 
After ten years299,927 302,961 
Total$420,935 $424,587 

The table above reflects contractual maturities. Actual results will differ as the loans underlying the mortgage-backed securities may be repaid sooner than scheduled.

Investment securities with a carrying value of $280.0 million and $229.4 million at September 30, 2021 and December 31, 2020, respectively, were pledged to secure public funds, repurchase agreements and potential borrowings at the Federal Reserve Discount Window.

Our investment portfolio includes securities that are in an unrealized loss position as of September 30, 2021, the details of which are included in the following table. Although these securities would result in a pretax loss of $2.3 million if sold at September 30, 2021, we currently have no intention of selling the applicable securities at such fair values, and maintain that we have the ability to hold these securities until all principal has been recovered. It is more likely than not that we will not, for liquidity purposes, sell any securities at a loss. Declines in the fair values of these securities can be traced to general market conditions, which reflect the prospect for the economy as a whole. When determining other-than-temporary impairment on securities, we consider such factors as adverse conditions specifically related to a certain security or to specific conditions in an industry or geographic area, the time frame securities have been in an unrealized loss position, our ability to hold the security for a period of time sufficient to allow for anticipated recovery in value, whether or not the security has been downgraded by a rating agency and whether or not the financial condition of the security issuer has severely deteriorated. As of September 30, 2021, we consider all securities with unrealized loss positions to be temporarily impaired. As a result, we do not believe we will sustain any material realized losses as a result of the current decline in fair value.

The following tables present investments in an unrealized loss position as of the periods indicated:
September 30, 2021
(Dollars in thousands)Less than 12 months12 months or more
Description and number of positionsFair ValueUnrealized LossFair ValueUnrealized Loss
United States government agency securities (20)
$4,334 $(138)$18,113 $(459)
United States sponsored mortgage-backed securities (27)
57,861 (803)4,431 (81)
United States treasury securities (18)
82,423 (316)— — 
Municipal securities (56)
40,069 (430)2,898 (46)
Other securities (1)
— — 1,477 (23)
$184,687 $(1,687)$26,919 $(609)
December 31, 2020
(Dollars in thousands)Less than 12 months12 months or more
Description and number of positionsFair ValueUnrealized LossFair ValueUnrealized Loss
United States government agency securities (27)
$19,021 $(68)$12,574 $(142)
United States sponsored mortgage-backed securities (9)
15,331 (155)3,349 (16)
Municipal securities (14)
11,856 (82)— — 
Other securities (5)
3,947 (71)— — 
$50,155 $(376)$15,923 $(158)
The following table summarizes investment sales, related gains and losses and unrealized holding gains for the periods shown:
Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in thousands)2021202020212020
Sales of available-for-sale securities$28,049 $7,379 $103,365 $48,579 
Gains, gross547 69 3,411 899 
Losses, gross18 34 31 34 
Sales of equity securities$— $669 $61 $669 
Gain, gross— 18 5 48 
Losses, gross— — — — 
Unrealized holding gains on equity securities536 94 1,750 111 

Qualified Affordable Housing Projects

We have invested in limited partnerships that sponsor affordable housing projects utilizing low income house tax credits pursuant to Section 42 of the Internal Revenue Code. In exchange for these investments, we receive our pro-rata share of income, expense, gains and losses, including tax credits, that are received by the projects using the proportional amortization method. As of both September 30, 2021 and December 31, 2020, we have recognized investments totaling $4.0 million between the five affordable housing investment limited partnerships and have recognized cumulative amortization of $1.5 million and $1.2 million from these funds as of September 30, 2021 and December 31, 2020, respectively.