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INVESTMENT SECURITIES
 3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT SECURITIES
NOTE 3 – INVESTMENT SECURITIES
 
The amortized cost and estimated fair value of securities available for sale along with gross unrealized gains and losses are summarized as follows:
(dollars in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
March 31, 2020
U.S. government sponsored agencies$22,227  $484  $—  $22,711  
State, county and municipal securities94,318  2,785  —  97,103  
Corporate debt securities51,700  495  (127) 52,068  
SBA pool securities68,909  1,484  (118) 70,275  
Mortgage-backed securities1,065,512  45,552  (181) 1,110,883  
Total debt securities$1,302,666  $50,800  $(426) $1,353,040  
December 31, 2019
U.S. government sponsored agencies$22,246  $116  $—  $22,362  
State, county and municipal securities102,952  2,310  (2) 105,260  
Corporate debt securities51,720  1,281  (2) 52,999  
SBA pool securities73,704  617  (409) 73,912  
Mortgage-backed securities1,129,816  19,937  (883) 1,148,870  
Total debt securities$1,380,438  $24,261  $(1,296) $1,403,403  

The amortized cost and estimated fair value of debt securities available for sale securities as of March 31, 2020, by contractual maturity are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying these securities may be called or repaid without penalty. Therefore, these securities are not included in the maturity categories in the following maturity summary:
(dollars in thousands)
Amortized
Cost		Estimated
Fair
Value
Due in one year or less$32,753  $33,022  
Due from one year to five years60,227  61,576  
Due from five to ten years82,608  84,851  
Due after ten years61,566  62,708  
Mortgage-backed securities1,065,512  1,110,883  
 $1,302,666  $1,353,040  
 
Securities with a carrying value of approximately $658.5 million serve as collateral to secure public deposits, securities sold under agreements to repurchase and for other purposes required or permitted by law at March 31, 2020, compared with $679.6 million at December 31, 2019.
 
The following table shows the gross unrealized losses and estimated fair value of securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at March 31, 2020 and December 31, 2019.
 Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses
March 31, 2020      
State, county and municipal securities$548  $—  $—  $—  $548  $—  
Corporate debt securities13,438  (127) —  —  13,438  (127) 
SBA pool securities3,814  (13) 4,168  (105) 7,982  (118) 
Mortgage-backed securities12,250  (112) 2,297  (69) 14,547  (181) 
Total debt securities$30,050  $(252) $6,465  $(174) $36,515  $(426) 
December 31, 2019      
State, county and municipal securities$803  $(2) $—  $—  $803  $(2) 
Corporate debt securities2,573  (2) —  —  2,573  (2) 
SBA pool securities28,521  (285) 4,825  (124) 33,346  (409) 
Mortgage-backed securities99,279  (416) 52,326  (467) 151,605  (883) 
Total debt securities$131,176  $(705) $57,151  $(591) $188,327  $(1,296) 
 
As of March 31, 2020, the Company’s security portfolio consisted of 547 securities, 24 of which were in an unrealized loss position. At March 31, 2020, the Company held nine mortgage-backed securities that were in an unrealized loss position, all of which were issued by U.S. government-sponsored entities and agencies. At March 31, 2020, the Company held ten SBA pool securities, one state, county and municipal security and four corporate securities that were in an unrealized loss position.

During 2020 and 2019, the Company received timely and current interest and principal payments on all of the securities classified as corporate debt securities. The Company’s investments in subordinated debt include investments in regional and super-regional banks on which the Company prepares regular analysis through review of financial information and credit ratings. Investments in preferred securities are also concentrated in the preferred obligations of regional and super-regional banks through non-pooled investment structures. The Company did not have investments in “pooled” trust preferred securities at March 31, 2020 or December 31, 2019.
 
Management and the Company’s Asset and Liability Committee (the “ALCO Committee”) evaluate securities in an unrealized loss position on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation, to determine if credit-related impairment exists. Management first evaluates whether they intend to sell or more likely than not will be required to sell an impaired security before recovering its amortized cost basis. If either criteria is met, the entire amount of unrealized loss is recognized in earnings with a corresponding adjustment to the security's amortized cost basis. If either of the above criteria is not met, management evaluates whether the decline in fair value is attributable to credit or resulted from other factors. The Company does not intend to sell these investment securities at an unrealized loss position at March 31, 2020, and it is more likely than not that the Company will not be required to sell these securities prior to recovery or maturity. Based on the results of management's review, at March 31, 2020, management believes the unrealized losses have resulted from factors other than credit and no allowance for credit losses was recorded.
 
At March 31, 2020 and December 31, 2019, all of the Company’s mortgage-backed securities were obligations of government-sponsored agencies.
 
The following table is a summary of sales activities in the Company’s investment securities available for sale for the three months ended March 31, 2020 and 2019:
(dollars in thousands)March 31, 2020March 31, 2019
Gross gains on sales of securities$—  $522  
Gross losses on sales of securities—  (464) 
Net realized gains on sales of securities available for sale$—  $58  
Sales proceeds$—  $64,995  
Total gain (loss) on securities reported on the consolidated statements of income and comprehensive income is comprised of the following for the three months ended March 31, 2020 and 2019:
(dollars in thousands)March 31, 2020March 31, 2019
Net realized gains on sales of securities available for sale$—  $58  
Unrealized holding gains (losses) on equity securities(9) 8  
Total gain (loss) on securities$(9) $66