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Investment Securities Available-For-Sale
 12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities Available-For-Sale
The following table shows investment securities available-for-sale.
(Dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
December 31, 2020    
U.S. Treasury and Federal agencies securities$610,195 $9,521 $(234)$619,482 
U.S. States and political subdivisions securities78,812 2,346 (31)81,127 
Mortgage-backed securities - Federal agencies442,748 11,237 (196)453,789 
Corporate debt securities40,813 1,556 — 42,369 
Foreign government securities700 — — 700 
Total investment securities available-for-sale$1,173,268 $24,660 $(461)$1,197,467 
December 31, 2019    
U.S. Treasury and Federal agencies securities$524,896 $2,538 $(470)$526,964 
U.S. States and political subdivisions securities83,566 1,048 (109)84,505 
Mortgage-backed securities - Federal agencies372,458 3,948 (1,017)375,389 
Corporate debt securities52,151 890 (16)53,025 
Foreign government securities700 — — 700 
Total investment securities available-for-sale$1,033,771 $8,424 $(1,612)$1,040,583 
Amortized cost excludes accrued interest receivable which is included in Accrued Income and Other Assets on the Consolidated Statements of Financial Condition. At December 31, 2020 and 2019, accrued interest receivable on investment securities available for sale was $3.84 million and $4.24 million, respectively.
At December 31, 2020, the residential mortgage-backed securities held by the Company consisted primarily of GNMA, FNMA and FHLMC pass-through certificates which are guaranteed by those respective agencies of the United States government (Government Sponsored Enterprise, GSEs).
The Company did not hold any marketable equity securities at December 31, 2020 and 2019.
The following table shows the contractual maturities of investments in debt securities available-for-sale at December 31, 2020. 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.
(Dollars in thousands)Amortized CostFair Value
Due in one year or less$115,555 $116,556 
Due after one year through five years525,017 537,183 
Due after five years through ten years89,368 89,359 
Due after ten years580 580 
Mortgage-backed securities442,748 453,789 
Total debt securities available-for-sale$1,173,268 $1,197,467 
The following table summarizes gross unrealized losses and fair value by investment category and age. At December 31, 2020, the Company’s available-for-sale securities portfolio consisted of 623 securities, 54 of which were in an unrealized loss position.
 Less than 12 Months12 months or LongerTotal
(Dollars in thousands) Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
December 31, 2020      
U.S. Treasury and Federal agencies securities$136,534 $(234)$— $— $136,534 $(234)
U.S. States and political subdivisions securities6,391 (30)199 (1)6,590 (31)
Mortgage-backed securities - Federal agencies67,736 (187)3,274 (9)71,010 (196)
Corporate debt securities— — — — — — 
Foreign government securities200 — — — 200 — 
Total debt securities available-for-sale$210,861 $(451)$3,473 $(10)$214,334 $(461)
December 31, 2019      
U.S. Treasury and Federal agencies securities$87,352 $(171)$69,053 $(299)$156,405 $(470)
U.S. States and political subdivisions securities9,283 (107)1,042 (2)10,325 (109)
Mortgage-backed securities - Federal agencies81,951 (383)51,165 (634)133,116 (1,017)
Corporate debt securities— — 8,091 (16)8,091 (16)
Foreign government securities— — — — — — 
Total debt securities available-for-sale$178,586 $(661)$129,351 $(951)$307,937 $(1,612)
The Company does not consider available-for-sale securities with unrealized losses at December 31, 2020 to be experiencing credit losses and recognized no resulting allowance for credit losses. The Company does not intend to sell these investments and it is more likely than not that the Company will not be required to sell these investments before recovery of the amortized cost basis, which may be the maturity dates of the securities. The unrealized losses occurred as a result of changes in interest rates, market spreads and market conditions subsequent to purchase.
The following table shows the gross realized gains and losses from the securities available-for-sale portfolio, including marketable equity securities.
(Dollars in thousands)202020192018
Gross realized gains$285 $— $2 
Gross realized losses(6)— (347)
Net realized gains (losses)$279 $— $(345)
At December 31, 2020 and 2019, investment securities with carrying values of $338.68 million and $281.38 million, respectively, were pledged as collateral for security repurchase agreements and for other purposes.