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INVESTMENT SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Estimated Fair Value of Investment Securities Available for Sale
The amortized cost and estimated fair value of securities available for sale along with allowance for credit losses, gross unrealized gains and losses are summarized as follows:
(dollars in thousands)Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized Losses
Estimated
Fair
Value
December 31, 2020
U.S. government sponsored agencies$17,161 $— $343 $— $17,504 
State, county and municipal securities63,286 — 3,492 — 66,778 
Corporate debt securities51,639 (112)602 (233)51,896 
SBA pool securities59,973 — 2,620 (96)62,497 
Mortgage-backed securities748,521 — 35,797 (114)784,204 
Total debt securities$940,580 $(112)$42,854 $(443)$982,879 
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 
Amortized Cost and Fair Value of Available for Sale Securities by Contractual Maturity
The amortized cost and estimated fair value of debt securities available for sale as of December 31, 2020, by contractual maturity are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying the 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$29,918 $30,228 
Due from one year to five years49,109 51,276 
Due from five to ten years66,769 68,972 
Due after ten years46,263 48,199 
Mortgage-backed securities748,521 784,204 
$940,580 $982,879 
Schedule of Gross Unrealized Losses and Fair Value of Securities
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 December 31, 2020 and 2019.
Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)
Estimated
Fair
Value
Unrealized LossesEstimated
Fair
Value		Unrealized LossesEstimated
Fair
Value		Unrealized Losses
December 31, 2020
Corporate debt securities$10,159 $(233)$— $— $10,159 $(233)
SBA pool securities— — 3,948 (96)3,948 (96)
Mortgage-backed securities24,120 (114)2 — 24,122 (114)
Total debt securities$34,279 $(347)$3,950 $(96)$38,229 $(443)
Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)
Estimated
Fair
Value
Unrealized LossesEstimated
Fair
Value		Unrealized LossesEstimated
Fair
Value		Unrealized Losses
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)
Debt Securities, Available-for-sale, Allowance for Credit Loss
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 December 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 December 31, 2020, management determined $112,000 was attributable to credit impairment and increased the allowance for credit losses accordingly. The remaining $443,000 in unrealized loss was determined to be from factors other than credit.
(dollars in thousands)Year Ended
December 31, 2020
Allowance for credit losses
Beginning balance$— 
Current-period provision for expected credit losses112 
Ending balance$112 
At December 31, 2020 and 2019, all of the Company's mortgage-backed securities were obligations of government-sponsored agencies.
Gross Realized Gains And Losses On Sales Of Available For Sale Securities
The following table is a summary of sales activities in the Company's investment securities available for sale:
For the Years Ended December 31,
(dollars in thousands)202020192018
Gross gains on sales of securities$— $522 $390 
Gross losses on sales of securities— (464)(301)
Net realized gains on sales of securities available for sale$— $58 $89 
Sales proceeds$— $64,995 $68,727 
Gain (Loss) on Securities
Total gain (loss) on securities reported on the consolidated statements of income is comprised of the following:
For the Years Ended December 31,
(dollars in thousands)202020192018
Net realized gains on sales of securities available for sale$— $58 $89 
Unrealized holding gains (losses) on equity securities5 19 (126)
Net realized gains on sales of other investments— 61 — 
Total gain (loss) on securities$5 $138 $(37)