
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
At June 30, 2020:
Government and Government Sponsored Entities:
Residential mortgage backed securities ('MBS") and collateralized mortgage obligations ("CMOs")	$	258,137	$	3,639	$	(159)	$	261,617
Commercial MBS and CMOs	352,247		6,594		(830)		358,011
Agency bonds	15,680		59		(43)		15,696
Total available for sale debt securities	$	626,064	$	10,292	$	(1,032)	$	635,324
At December 31, 2019:
Government and Government Sponsored Entities:
Residential MBS and CMOs	$	145,333	$	340	$	(481)	$	145,192
Commercial MBS and CMOs	353,727		3,267		(825)		356,169
Agency bonds	123,977		59		(323)		123,713

Total available for sale debt securities	$	623,037	$	3,666	$	(1,629)	$	625,074

Net unrealized gains on available for sale investment securities are recorded as accumulated other comprehensive income within stockholders’ equity and totaled $6.6 million and $1.4 million, net of $2.7 million and $593 thousand in tax liabilities, at June 30, 2020 and December 31, 2019, respectively. There were no sales or transfers of available for sale investment securities and no realized gains or losses on these securities during the three or six months ended June 30, 2020 and 2019.

The following tables summarize the gross unrealized losses and fair value of available for sale debt securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:


	June 30, 2020
	Less than 12 Months						12 Months or More						Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Government and Government Sponsored Entities:
Residential MBS and CMOs	$	19,570	$	(111)	$	19,713	$	(48)	$	39,283	$	(159)
Commercial MBS and CMOs	80,844		(345)		59,557		(485)		140,401		(830)
Agency bonds	12,637		(43)		—		—		12,637		(43)
Total available for sale debt securities	$	113,051	$	(499)	$	79,270	$	(533)	$	192,321	$	(1,032)

At June 30, 2020, the Company held 86 residential MBS and CMOs of which 22 were in a loss position and 14 had been in a loss position for twelve months or more. The Company held 44 commercial MBS and CMOs of which 19 were in a loss position and nine had been in a loss position for twelve months or more. The Company held three agency bonds of which two were in a loss position and none had been in a loss position for twelve months or more.


	December 31, 2019
	Less than 12 Months						12 Months or More						Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Government and Government Sponsored Entities:
Residential MBS and CMOs	$	43,623	$	(181)	$	54,870	$	(300)	$	98,493	$	(481)
Commercial MBS and CMOs	95,950		(339)		57,219		(486)		153,169		(825)
Agency bonds	29,471		(86)		87,405		(237)		116,876		(323)

Total available for sale debt securities	$	169,044	$	(606)	$	199,494	$	(1,023)	$	368,538	$	(1,629)

At December 31, 2019, the Company held 76 residential MBS and CMOs of which 45 were in a loss position and 25 had been in a loss position for twelve months or more. The Company held 42 commercial MBS and CMOs of which 19 were in a loss position and eight had been in a loss position for twelve months or more. The Company held 15 agency bonds of which 12 were in a loss position and nine had been in a loss position for twelve months or more.

The unrealized losses on the Company’s investments were caused by interest rate changes. In addition, the contractual cash flows of these investments are guaranteed by the U.S. government or agencies sponsored by the U.S. government. Accordingly, it is expected that the securities will not be settled at a price less than amortized cost. Because the decline in market value is attributable to changes in interest rates but not credit quality, and because the Company has the ability and intent to hold those investments until a recovery of fair value, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at June 30, 2020 and December 31, 2019.


(Dollars in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Estimated Fair Value
As of June 30, 2020:
Government Sponsored Entities:
Residential MBS	$	9,321	$	439	$	—	$	9,760
Other investments	79		—		—		79
Total held to maturity investment securities	$	9,400	$	439	$	—	$	9,839
As of December 31, 2019:
Government Sponsored Entities:
Residential MBS	$	10,087	$	205	$	(26)	$	10,266
Other investments	83		—		—		83
Total held to maturity investment securities	$	10,170	$	205	$	(26)	$	10,349

The following table summarizes the gross unrecognized losses and fair value of held to maturity investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrecognized loss position:


	Less than 12 Months						12 Months or More						Total
(Dollars in thousands)	Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses



As of December 31, 2019:
Government Sponsored Entities:
Residential MBS	$	—	$	—	$	2,253	$	(26)	$	2,253	$	(26)

At June 30, 2020, the Company held seven held to maturity residential MBS and none were in a loss position. At December 31, 2019, the Company held seven held to maturity residential MBS of which two had been in a loss position for twelve months or more.

The unrecognized losses on the Company’s held to maturity investments at December 31, 2019 were caused by interest rate changes. In addition, the contractual cash flows of these investments are guaranteed by agencies sponsored by the U.S. government. Accordingly, it is expected that the securities will not be settled at a price less than amortized cost. Because the decline in market value is attributable to changes in interest rates but not credit quality, and because the Company has the ability and intent to hold those investments until maturity, the Company does not consider those investments to be other-than-temporarily impaired at December 31, 2019.


	June 30, 2020
(Dollars in thousands)	Amortized Cost		Fair Value
Available for sale debt securities


Five to ten years	$	3,596	$	3,588
Beyond ten years	12,084		12,108
MBS and CMOs	610,384		619,628
Total available for sale debt securities	$	626,064	$	635,324
Held to maturity investments securities
Beyond ten years	$	79	$	79
MBS	9,321		9,760
Total held to maturity debt securities	$	9,400	$	9,839

The amortized cost and fair value of debt securities are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. As such, mortgage backed securities and collateralized mortgage obligations are not included in the maturity categories above and instead are shown separately. No securities were pledged as of June 30, 2020 and December 31, 2019.

Equity securities consist of investments in the CRA Qualified Investment Fund. At June 30, 2020 and December 31, 2019, the fair value of equity securities totaled $12.1 million and $11.8 million, respectively. Prior to January 1, 2019, equity securities were included with available for sale investment securities and stated at fair value with unrealized gains and losses reported in other comprehensive income. In conjunction with the adoption of ASU 2016-01, as of January 1, 2019, $399 thousand of unrealized losses on equity securities were reclassified from other comprehensive income to retained earnings. Subsequent changes in fair value are recognized in other noninterest income and totaled $100 thousand and $288 thousand during the three and six months ended June 30, 2020, respectively, compared to $166 thousand and $311 thousand during the three and six months ended June 30, 2019, respectively. There were no sales of equity securities during the three or six months ended June 30, 2020 and 2019.