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Securities
 6 Months Ended
Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Securities
June 30, 2020
(Dollar amounts in thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair Value
U.S. Government agencies$92,391  $4,344  $(3) $96,732  
Mortgage Backed Securities - residential228,141  9,007  —  237,148  
Mortgage Backed Securities - commercial18,157  667  —  18,824  
Collateralized mortgage obligations243,703  6,306  (124) 249,885  
State and municipal obligations270,171  16,684  (107) 286,748  
Municipal taxable12,352  274  —  12,626  
U.S. Treasury2,501  24  —  2,525  
Collateralized debt obligations—  2,945  —  2,945  
TOTAL$867,416  $40,251  $(234) $907,433  
December 31, 2019
(Dollar amounts in thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair Value
U.S. Government agencies$102,490  $1,293  $(150) $103,633  
Mortgage Backed Securities-residential240,753  2,979  (350) 243,382  
Mortgage Backed Securities-commercial22,036  73  (5) 22,104  
Collateralized mortgage obligations280,797  1,735  (1,221) 281,311  
State and municipal obligations253,277  11,265  (108) 264,434  
Municipal taxable728  2  —  730  
U.S. Treasury7,494  10  —  7,504  
Collateralized debt obligations—  3,619  —  3,619  
TOTAL$907,575  $20,976  $(1,834) $926,717  
 
Contractual maturities of debt securities at June 30, 2020 were as follows. Securities not due at a single maturity or with no maturity date, primarily mortgage-backed and equity securities are shown separately.
 Available-for-Sale
 AmortizedFair
(Dollar amounts in thousands)CostValue
Due in one year or less$7,485  $7,530  
Due after one but within five years56,484  58,154  
Due after five but within ten years65,629  68,931  
Due after ten years247,817  266,961  
 377,415  401,576  
Mortgage-backed securities and collateralized mortgage obligations490,001  505,857  
TOTAL$867,416  $907,433  
 
There were $34 thousand and $278 thousand in gross gains and $3 thousand and $53 thousand in losses from investment sales/calls realized by the Corporation for the three and six months ended June 30, 2020. For the three and six months ended June 30, 2019 there were $16 thousand and $18 thousand in gross gains and zero and $6 thousand in losses on sales/calls of investment securities.
 
The following tables show the securities’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position, at June 30, 2020 and December 31, 2019. 
 June 30, 2020
 Less Than 12 MonthsMore Than 12 MonthsTotal
  Unrealized Unrealized Unrealized
(Dollar amounts in thousands)Fair ValueLossesFair ValueLossesFair ValueLosses
U.S. Government agencies$1,021  $(3) $—  $—  $1,021  $(3) 
Collateralized mortgage obligations3,827  (124) —  —  3,827  (124) 
State and municipal obligations7,361  (48) 446  (59) 7,807  (107) 
Total temporarily impaired securities$12,209  $(175) $446  $(59) $12,655  $(234) 
 
 December 31, 2019
 Less Than 12 MonthsMore Than 12 MonthsTotal
  Unrealized Unrealized Unrealized
(Dollar amounts in thousands)Fair ValueLossesFair ValueLossesFair ValueLosses
US Government agencies$29,183  $(150) $—  $—  $29,183  $(150) 
Mortgage Backed Securities - Residential$55,665  $(243) $18,724  $(107) $74,389  $(350) 
Mortgage Backed Securities - Commercial4,391  (5) —  —  4,391  (5) 
Collateralized mortgage obligations33,398  (314) 61,781  (907) 95,179  (1,221) 
State and municipal obligations8,996  (61) 461  (47) 9,457  (108) 
Total temporarily impaired securities$131,633  $(773) $80,966  $(1,061) $212,599  $(1,834) 
 
Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. The investment securities portfolio is evaluated for OTTI by segregating the portfolio into two general segments and applying the appropriate OTTI model. Investment securities are generally evaluated for OTTI under FASB ASC 320, Investments - Debt and Equity Securities. However, certain purchased beneficial interests, including non-agency mortgage-backed securities, asset-backed securities, and collateralized debt obligations, that had credit ratings at the time of purchase of below AA are evaluated using the model outlined in FASB ASC 325-40, Beneficial Interests in Securitized Financial Assets.
 
When OTTI occurs under either model, the amount of the OTTI recognized in earnings depends on whether an entity intends to sell the security or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, less any current-period credit loss. If an entity intends to sell or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, less any current-period credit loss, the OTTI shall be recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. If an entity does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis less any current-period loss, the OTTI shall be separated into the amount representing the credit loss and the amount related to all other factors. The amount of the total OTTI related to the credit loss is determined based on the present value of cash flows expected to be collected and is recognized in earnings. The amount of the total OTTI related to other factors is recognized in other comprehensive income, net of applicable taxes. The previous amortized cost basis less the OTTI recognized in earnings becomes the new amortized cost basis of the investment.

Gross unrealized losses on investment securities were $234 thousand as of June 30, 2020 and $1.8 million as of December 31, 2019. A majority of these losses represent negative adjustments to market value relative to the interest rate environment reflecting the increase in market rates and not losses related to the creditworthiness of the issuer. Based upon our review of the issuers, we do not believe these investments to be other than temporarily impaired. Management does not intend to sell these securities and it is not more likely than not that we will be required to sell them before their anticipated recovery.

There is one remaining collateralized debt obligations security with previously recorded OTTI but there was no additional OTTI recorded in 2020 or 2019.

The table below presents a rollforward of the credit losses recognized in earnings for the three month period ended June 30, 2020 and 2019:
Three Months Ended June 30,Six Months Ended June 30,
(Dollar amounts in thousands)2020201920202019
Beginning balance$2,974  $2,974  $2,974  $2,974  
Increases to the amount related to the credit    
Loss for which other-than-temporary was previously recognized—  —  —  —  
Reductions for increases in cash flows collected—  —  —  —  
Reductions for securities called during the period—  —  —  —  
Ending balance$2,974  $2,974  $2,974  $2,974