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Securities
 3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Securities Securities
(In Thousands, Except Number of Securities)

The amortized cost, fair value and allowance for credit losses of securities available for sale were as follows as of the dates presented:
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Allowance for Credit Losses
 
Fair
Value
March 31, 2020
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
$
7,605

 
$
67

 
$
—

 
$
—

 
$
7,672

Obligations of other U.S. Government agencies and corporations
2,514

 
31

 
—

 
—

 
2,545

Obligations of states and political subdivisions
256,974

 
6,399

 
(1,872
)
 
—

 
261,501

Residential mortgage backed securities:
 
 
 
 
 
 
 
 
 
Government agency mortgage backed securities
709,117

 
24,296

 
—

 
—

 
733,413

Government agency collateralized mortgage obligations
159,940

 
4,653

 
—

 
—

 
164,593

Commercial mortgage backed securities:
 
 
 
 
 
 
 
 
 
Government agency mortgage backed securities
32,625

 
1,967

 
(2
)
 
—

 
34,590

Government agency collateralized mortgage obligations
85,752

 
2,825

 
(178
)
 
—

 
88,399

Trust preferred securities
12,091

 
—

 
(3,487
)
 
—

 
8,604

Other debt securities
56,380

 
1,677

 
(245
)
 
—

 
57,812

 
$
1,322,998

 
$
41,915

 
$
(5,784
)
 
$
—

 
$
1,359,129

 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
December 31, 2019
 
 
 
 
 
 
 
U.S. Treasury securities
$
498

 
$
1

 
$
—

 
$
499

Obligations of other U.S. Government agencies and corporations
2,518

 
16

 
(3
)
 
2,531

Obligations of states and political subdivisions
218,362

 
5,134

 
(365
)
 
223,131

Residential mortgage backed securities:
 
 
 
 
 
 
 
Government agency mortgage backed securities
708,970

 
8,951

 
(1,816
)
 
716,105

Government agency collateralized mortgage obligations
172,178

 
1,322

 
(262
)
 
173,238

Commercial mortgage backed securities:
 
 
 
 
 
 
 
Government agency mortgage backed securities
30,372

 
659

 
(24
)
 
31,007

Government agency collateralized mortgage obligations
76,456

 
1,404

 
(109
)
 
77,751

Trust preferred securities
12,153

 
—

 
(2,167
)
 
9,986

Other debt securities
55,364

 
1,133

 
(132
)
 
56,365

 
$
1,276,871

 
$
18,620

 
$
(4,878
)
 
$
1,290,613









 
 
 
 
 
 
There were no sales of securities for the three months ended March 31, 2020. Securities sold for the three months ended March 31, 2019 were as follows :
 
Carrying Value
 
Net Proceeds
 
Gain/(Loss)
Obligations of states and political subdivisions
$
10,368

 
$
10,384

 
$
16

Residential mortgage backed securities:
 
 
 
 
 
Government agency mortgage backed securities
230

 
227

 
(3
)
 
$
10,598

 
$
10,611

 
$
13


Gross realized gains and losses on sales of securities available for sale for the three months ended March 31, 2019 were as follows:
 
 
 
Three Months Ended
 
March 31,
 
2019
Gross gains on sales of securities available for sale
$
45

Gross losses on sales of securities available for sale
(32
)
Gains on sales of securities available for sale, net
$
13



At March 31, 2020 and December 31, 2019, securities with a carrying value of $500,820 and $416,849, respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $37,743 and $27,754 were pledged as collateral for short-term borrowings and derivative instruments at March 31, 2020 and December 31, 2019, respectively.
The amortized cost and fair value of securities at March 31, 2020 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.
 
 
 
Available for Sale
 
 
Amortized
Cost
 
Fair
Value
Due within one year
 
$
19,647

 
$
19,786

Due after one year through five years
 
34,038

 
34,948

Due after five years through ten years
 
81,750

 
84,830

Due after ten years
 
160,241

 
157,388

Residential mortgage backed securities:
 
 
 
 
Government agency mortgage backed securities
 
709,117

 
733,413

Government agency collateralized mortgage obligations
 
159,940

 
164,593

Commercial mortgage backed securities:
 
 
 
 
Government agency mortgage backed securities
 
32,625

 
34,590

Government agency collateralized mortgage obligations
 
85,752

 
88,399

Other debt securities
 
39,888

 
41,182

 
 
$
1,322,998

 
$
1,359,129





The following table presents the age of gross unrealized losses and fair value by investment category for which an allowance for credit losses has not been recorded as of the dates presented:
 
 
Less than 12 Months
 
12 Months or More
 
Total
 
#
 
Fair
Value
 
Unrealized
Losses
 
#
 
Fair
Value
 
Unrealized
Losses
 
#
 
Fair
Value
 
Unrealized
Losses
Available for Sale:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and political subdivisions
29
 
$
47,604

 
$
(1,872
)
 
0
 
$
—

 
$
—

 
29
 
$
47,604

 
$
(1,872
)
Residential mortgage backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government agency mortgage backed securities
1
 
106

 
—

 
0
 
—

 
—

 
1
 
106

 
—

Government agency collateralized mortgage obligations
0
 
—

 
—

 
0
 
—

 
—

 
0
 
—

 
—

Commercial mortgage backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government agency mortgage backed securities
0
 
—

 
—

 
2
 
1,176

 
(2
)
 
2
 
1,176

 
(2
)
Government agency collateralized mortgage obligations
3
 
12,376

 
(178
)
 
0
 
—

 
—

 
3
 
12,376

 
(178
)
Trust preferred securities
2
 
8,604

 
(3,487
)
 
0
 
—

 
—

 
2
 
8,604

 
(3,487
)
Other debt securities
5
 
11,987

 
(245
)
 
0
 
—

 
—

 
5
 
11,987

 
(245
)
Total
40
 
$
80,677

 
$
(5,782
)
 
2
 
$
1,176

 
$
(2
)
 
42
 
$
81,853

 
$
(5,784
)
December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of other U.S. Government agencies and corporations
0
 
$
—

 
$
—

 
1
 
$
1,008

 
$
(3
)
 
1
 
$
1,008

 
$
(3
)
Obligations of states and political subdivisions
26
 
33,902

 
(365
)
 
0
 
—

 
—

 
26
 
33,902

 
(365
)
Residential mortgage backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government agency mortgage backed securities
37
 
233,179

 
(1,504
)
 
16
 
20,775

 
(312
)
 
53
 
253,954

 
(1,816
)
Government agency collateralized mortgage obligations
11
 
45,319

 
(262
)
 
0
 
—

 
—

 
11
 
45,319

 
(262
)
Commercial mortgage backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government agency mortgage backed securities
1
 
4,976

 
(23
)
 
2
 
1,190

 
(1
)
 
3
 
6,166

 
(24
)
Government agency collateralized mortgage obligations
1
 
4,910

 
(109
)
 
0
 
—

 
—

 
1
 
4,910

 
(109
)
Trust preferred securities
0
 
—

 
—

 
2
 
9,986

 
(2,167
)
 
2
 
9,986

 
(2,167
)
Other debt securities
3
 
8,737

 
(131
)
 
1
 
741

 
(1
)
 
4
 
9,478

 
(132
)
Total
79
 
$
331,023

 
$
(2,394
)
 
22
 
$
33,700

 
$
(2,484
)
 
101
 
$
364,723

 
$
(4,878
)

 
The Company evaluates its investment portfolio for impairment related to credit losses on a quarterly basis. Impairment is assessed at the individual security level. The Company considers an investment security impaired if the fair value of the security is less than its cost or amortized cost basis. If the Company intends to sell the investment security or if the Company does not expect to recover the entire amortized cost basis of the security before the Company is required to sell the security or before the security’s maturity the security is impaired and it is written down to fair value with all losses recognized in earnings.

The Company does not intend to sell any securities in an unrealized loss position that it holds, and it is not more likely than not that the Company will be required to sell any such security prior to the recovery of its amortized cost basis, which may be at maturity. Furthermore, even though a number of these securities have been in a continuous unrealized loss position for a period greater than twelve months, the Company is collecting principal and interest payments from the respective issuers as scheduled.
As such, no allowance for credit losses for securities was needed at March 31, 2020. There was no other-than-temporary impairment recorded during the three months ended March 31, 2019 (determined in accordance with the accounting standards in effect prior to our adoption of CECL).