Investment securities:

The amortized cost of securities and their fair values at December 31, 2019 and December 31, 2018 are shown below:



	December 31, 2019
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair Value
Investment Securities
Available-for-sale debt securities
Mortgage-backed securities - residential	$	487,101	$	5,236	$	(1,661	)	$	490,676
Municipals, tax exempt	181,178		8,287		(230		)	189,235
Treasury securities	7,426		22		—			7,448
Corporate securities	1,000		22		—			1,022
Total	$	676,705	$	13,567	$	(1,891	)	$	688,381



	December 31, 2018
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair Value
Investment Securities
Available-for-sale debt securities
U.S. government agency securities	$	1,000	$	—	$	(11	)	$	989
Mortgage-backed securities - residential	520,654		1,191		(13,265		)	508,580
Municipals, tax exempt	138,994		1,565		(1,672		)	138,887
Treasury securities	7,385		—		(143		)	7,242
Total	$	668,033	$	2,756	$	(15,091	)	$	655,698

As of December 31, 2019 and December 31, 2018, the Company had $3,295 and $3,107 in marketable equity securities recorded at fair value, respectively.

Securities pledged at December 31, 2019 and December 31, 2018 had carrying amounts of $373,674 and $326,215, respectively, and were pledged to secure a Federal Reserve Bank line of credit, public deposits and repurchase agreements.

There were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of shareholders' equity during any period presented.

At December 31, 2019 and December 31, 2018, there were $0 and $2,120, respectively, in trade date payables that related to purchases settled after period end.

The amortized cost and fair value of debt securities by contractual maturity at December 31, 2019 and December 31, 2018 are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgage underlying the security may be called or repaid without any penalties. Therefore, mortgage-backed securities are not included in the maturity categories in the following maturity summary.



	2019				2018
	Available-for-sale				Available-for-sale
	Amortized cost		Fair value		Amortized cost		Fair value
Due in one year or less	$	1,148	$	1,152	$	15,883	$	16,028
Due in one to five years	11,553		11,676		13,806		13,740
Due in five to ten years	18,287		18,887		18,539		18,387
Due in over ten years	158,616		165,990		99,151		98,963
	189,604		197,705		147,379		147,118
Mortgage-backed securities - residential	487,101		490,676		520,654		508,580
Total debt securities	$	676,705	$	688,381	$	668,033	$	655,698

Sales and other dispositions of available-for-sale securities were as follows:



	Year Months Ended December 31,
	2019		2018		2017
Proceeds from sales	$	24,498	$	2,742	$	94,743
Proceeds from maturities, prepayments and calls	113,018		73,066		83,344
Gross realized gains	7		9		1,278
Gross realized losses	98		44		48

Additionally, net gains on the change in fair value of equity securities of $148 were recognized during the year ended December 31, 2019. Net losses on the change in fair value of equity securities of $81 were recognized in the year ended December 31, 2018.

The following tables show gross unrealized losses at December 31, 2019 and December 31, 2018, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:



	December 31, 2019
	Less than 12 months					12 months or more					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized loss
Mortgage-backed securities - residential	$	47,641	$	(164	)	$	175,730	$	(1,497	)	$	223,371	$	(1,661	)
Municipals, tax exempt	15,433		(230		)	—		—			15,433		(230		)
Total	$	63,074	$	(394	)	$	175,730	$	(1,497	)	$	238,804	$	(1,891	)



	December 31, 2018
	Less than 12 months					12 months or more					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized loss
U.S. government agency securities	$	—	$	—		$	989	$	(11	)	$	989	$	(11	)
Mortgage-backed securities - residential	60,347		(478		)	335,769		(12,787		)	396,116		(13,265		)
Municipals, tax exempt	27,511		(366		)	25,343		(1,306		)	52,854		(1,672		)
Treasury securities	—		—			7,242		(143		)	7,242		(143		)
Total	$	87,858	$	(844	)	$	369,343	$	(14,247	)	$	457,201	$	(15,091	)

As of December 31, 2019 and December 31, 2018, the Company’s securities portfolio consisted of 365 and 360 securities, 58 and 174 of which were in an unrealized loss position, respectively.

The Company evaluates available-for-sale debt securities with unrealized losses for other-than-temporary impairment ("OTTI") on a quarterly basis and recorded no OTTI for the year ended December 31, 2019 and 2018. During the year ended December 31, 2017, the Company recognized impairment of $945 on one of the equity securities without readily determinable market value. On January 1, 2018, this investment was reclassified to other assets.The Company considers an investment security impaired if the fair value of the security is less than its cost or amortized cost basis. For debt securities, the unrealized losses associated with these investment securities are primarily driven by interest rates and are not due to the credit quality of the securities. The Company currently does not intend to sell those investments with unrealized losses, and it is unlikely that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity.