The Company held equity securities with fair values of $6,040,000 and $5,437,000 at September 30, 2020 and December 31, 2019, respectively. The gross realized and unrealized losses recognized on equity securities with readily determinable fair values in noninterest income in the Company’s consolidated statements of income were as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
(Dollars in thousands)	2020		2019		2020		2019
Unrealized gains (losses) on equity securities still held at the reporting date	$	(371)	$	64	$	603	$	499
Realized gains (losses) on equity securities sold during the period	—		—		—		—
	$	(371)	$	64	$	603	$	499

Debt securities have been classified in the financial statements as available for sale or held to maturity. The following table summarizes the amortized cost, fair value, and allowance for credit losses of debt securities and the corresponding amounts of gross unrealized gains and losses of available for sale securities recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses of held to maturity securities:


(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
September 30, 2020
Available for sale securities:
U.S. Government agency obligations	$	18,227	$	221	$	—	$	—	$	18,448
Mortgage-backed securities, residential	28,604		1,189		(3)		—		29,790
Asset-backed securities	7,173		—		(82)		—		7,091
State and municipal	42,034		1,328		—		—		43,362
CLO securities	113,795		4,058		(362)		—		117,491
Corporate bonds	22,615		319		(7)		—		22,927
SBA pooled securities	3,536		162		(5)		—		3,693
Total available for sale securities	$	235,984	$	7,277	$	(459)	$	—	$	242,802


(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrecognized Losses		Fair Value
September 30, 2020
Held to maturity securities:
CLO securities	$	8,057	$	—	$	(2,584)	$	5,473
Allowance for credit losses	(1,961)
Total held to maturity securities, net of ACL	$	6,096


(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2019
Available for sale securities:
U.S. Government agency obligations	$	39,679	$	115	$	(34)	$	39,760
Mortgage-backed securities, residential	37,324		728		(36)		38,016
Asset-backed securities	8,039		—		(80)		7,959
State and municipal	31,746		327		(8)		32,065
CLO Securities	75,592		39		(358)		75,273
Corporate bonds	50,889		695		(1)		51,583
SBA pooled securities	4,112		53		(1)		4,164
Total available for sale securities	$	247,381	$	1,957	$	(518)	$	248,820


(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrecognized Losses		Fair Value
December 31, 2019
Held to maturity securities:
CLO securities	$	8,417	$	—	$	(1,510)	$	6,907

The amortized cost and estimated fair value of securities at September 30, 2020, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Available for Sale Securities						Held to Maturity Securities
(Dollars in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	38,449	$	38,799	$	—	$	—
Due from one year to five years	19,799		20,264		—		—
Due from five years to ten years	24,878		26,456		8,057		5,473
Due after ten years	113,545		116,709		—		—
	196,671		202,228		8,057		5,473
Mortgage-backed securities, residential	28,604		29,790		—		—
Asset-backed securities	7,173		7,091		—		—
SBA pooled securities	3,536		3,693		—		—
	$	235,984	$	242,802	$	8,057	$	5,473


	Three Months Ended September 30,						Nine Months Ended September 30,
(Dollars in thousands)	2020		2019		2020		2019
Proceeds	$	65,184	$	—	$	65,184	$	40,617
Gross gains	3,217		—		3,217		133
Gross losses	(140)		—		(140)		(130)
Net gains and losses from calls of securities	32		19		133		19

Debt securities with a carrying amount of approximately $83,013,000 and $48,237,000 at September 30, 2020 and December 31, 2019, respectively, were pledged to secure public deposits, customer repurchase agreements, and for other purposes required or permitted by law.

Accrued interest on available for sale securities totaled $1,316,000 and $1,685,000 at September 30, 2020 and December 31, 2019, respectively, and was included in other assets in the consolidated balance sheets.

The following table summarizes available for sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position:


	Less than 12 Months						12 Months or More						Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
September 30, 2020
Available for sale securities:
U.S. Government agency obligations	$	—	$	—	$	—	$	—	$	—	$	—
Mortgage-backed securities, residential	127		(1)		288		(2)		415		(3)
Asset-backed securities	150		(1)		6,941		(81)		7,091		(82)
State and municipal	—		—		—		—		—		—
CLO securities	16,591		(144)		34,739		(218)		51,330		(362)
Corporate bonds	996		(7)		150		0		1,146		(7)
SBA pooled securities	726		(5)		32		0		758		(5)
	$	18,590	$	(158)	$	42,150	$	(301)	$	60,740	$	(459)


	Less than 12 Months						12 Months or More						Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
December 31, 2019
Available for sale securities:
U.S. Government agency obligations	$	—	$	—	$	12,331	$	(34)	$	12,331	$	(34)
Mortgage-backed securities, residential	3,549		(29)		777		(7)		4,326		(36)
Asset-backed securities	2,986		(36)		4,973		(44)		7,959		(80)
State and municipal	562		—		3,426		(8)		3,988		(8)
CLO Securities	58,160		(358)		—		—		58,160		(358)
Corporate bonds	—		—		149		(1)		149		(1)
SBA pooled securities	354		—		9		(1)		363		(1)
	$	65,611	$	(423)	$	21,665	$	(95)	$	87,276	$	(518)

Management evaluates available for sale debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to (1)the extent to which the 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.

At September 30, 2020, the Company had 45 available for sale debt securities in an unrealized loss position without an allowance for credit losses. Management does not have the intent to sell any of these securities and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, as of September 30, 2020, management believes that the unrealized losses detailed in the previous table are due to noncredit-related factors, including changes in interest rates and other market conditions, and therefore no losses have been recognized in the Company’s consolidated statements of income.


(Dollars in thousands)	Three Months Ended September 30, 2020		Nine Months Ended September 30, 2020
Held to Maturity CLO Securities
Allowance for credit losses:
Beginning balance	$	1,855	$	—
Impact of adopting ASC 326	—		126
Credit loss expense	106		1,835
Allowance for credit losses ending balance	$	1,961	$	1,961