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Securities
 9 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Securities Securities
The amortized cost and fair value of the Corporation’s investments are shown below. All securities are classified as available-for-sale.
September 30, 2020
(Dollar amounts in thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair Value
U.S. Government agencies$94,924 $5,430 $(4)$100,350 
Mortgage Backed Securities - residential276,182 8,710 (282)284,610 
Mortgage Backed Securities - commercial18,046 634 — 18,680 
Collateralized mortgage obligations225,964 5,821 (217)231,568 
State and municipal obligations276,640 18,200 (86)294,754 
Municipal taxable20,106 624 (3)20,727 
U.S. Treasury2,500 14 — 2,514 
Collateralized debt obligations— 3,036 — 3,036 
TOTAL$914,362 $42,469 $(592)$956,239 
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 September 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$7,881 $7,943 
Due after one but within five years52,873 54,507 
Due after five but within ten years67,655 71,408 
Due after ten years265,761 287,523 
 394,170 421,381 
Mortgage-backed securities and collateralized mortgage obligations520,192 534,858 
TOTAL$914,362 $956,239 
 
There were $5 thousand and $283 thousand in gross gains and zero and $53 thousand in losses from investment sales/calls realized by the Corporation for the three and nine months ended September 30, 2020. For the three and nine months ended September 30, 2019 there were $6 thousand and $24 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 September 30, 2020 and December 31, 2019. 
 September 30, 2020
 Less Than 12 MonthsMore Than 12 MonthsTotal
  Unrealized Unrealized Unrealized
(Dollar amounts in thousands)Fair ValueLossesFair ValueLossesFair ValueLosses
U.S. Government agencies$5,017 $(2)$998 $(2)$6,015 $(4)
Mortgage Backed Securities - Residential$37,117 $(282)$— $— $37,117 $(282)
Collateralized mortgage obligations5,702 (124)3,716 (93)9,418 (217)
State and municipal obligations8,059 (64)452 (22)8,511 (86)
Municipal taxable747 (3)— — 747 (3)
Total temporarily impaired securities$56,642 $(475)$5,166 $(117)$61,808 $(592)
 
 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 $592 thousand as of September 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 and nine month periods ended September 30, 2020 and 2019:
Three Months Ended September 30,Nine Months Ended September 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