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Securities
 6 Months Ended
Jun. 30, 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 LossesFair
Value
June 30, 2020
U.S. Treasury securities$7,586  $53  $—  $—  $7,639  
Obligations of other U.S. Government agencies and corporations2,509  21  —  —  2,530  
Obligations of states and political subdivisions263,618  10,170  (817) —  272,971  
Residential mortgage backed securities:
Government agency mortgage backed securities659,279  24,887  (1) —  684,165  
Government agency collateralized mortgage obligations137,181  2,366  (27) —  139,520  
Commercial mortgage backed securities:
Government agency mortgage backed securities32,706  1,712  (1) —  34,417  
Government agency collateralized mortgage obligations90,309  3,434  (40) —  93,703  
Trust preferred securities12,068  —  (4,389) —  7,679  
Other debt securities58,642  2,440  (212) —  60,870  
$1,263,898  $45,083  $(5,487) $—  $1,303,494  
 
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 corporations2,518  16  (3) 2,531  
Obligations of states and political subdivisions218,362  5,134  (365) 223,131  
Residential mortgage backed securities:
Government agency mortgage backed securities708,970  8,951  (1,816) 716,105  
Government agency collateralized mortgage obligations172,178  1,322  (262) 173,238  
Commercial mortgage backed securities:
Government agency mortgage backed securities30,372  659  (24) 31,007  
Government agency collateralized mortgage obligations76,456  1,404  (109) 77,751  
Trust preferred securities12,153  —  (2,167) 9,986  
Other debt securities55,364  1,133  (132) 56,365  
$1,276,871  $18,620  $(4,878) $1,290,613  
Securities sold were as follows for the periods presented:
Carrying ValueNet ProceedsGain/(Loss)
Three months ended June 30, 2020
Obligations of states and political subdivisions$2,696  $2,561  $(135) 
Residential mortgage backed securities:
Government agency mortgage backed securities6,046  6,212  166  
$8,742  $8,773  $31  
Six months ended June 30, 2020
Obligations of states and political subdivisions$2,696  $2,561  $(135) 
Residential mortgage backed securities:
Government agency mortgage backed securities6,046  6,212  166  
$8,742  $8,773  $31  
Carrying ValueNet ProceedsGain/(Loss)
Three months ended June 30, 2019
Obligations of states and political subdivisions$320  $319  $(1) 
Residential mortgage backed securities:
Government agency mortgage backed securities1,400  1,396  (4) 
Government agency collateralized mortgage obligations289  286  (3) 
$2,009  $2,001  $(8) 
Six months ended June 30, 2019
Obligations of states and political subdivisions$10,688  $10,703  $15  
Residential mortgage backed securities:
Government agency mortgage backed securities1,630  1,623  (7) 
Government agency collateralized mortgage obligations289  286  (3) 
$12,607  $12,612  $5  

Gross realized gains and losses on sales of securities available for sale for the three and six months ended June 30, 2020 and 2019 were as follows:
Three Months EndedSix Months Ended
 June 30,June 30,
 2020201920202019
Gross gains on sales of securities available for sale$166  $1  $166  $46  
Gross losses on sales of securities available for sale(135) (9) (135) (41) 
Gains (losses) on sales of securities available for sale, net$31  $(8) $31  $5  

At June 30, 2020 and December 31, 2019, securities with a carrying value of $485,221 and $416,849, respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $37,551 and $27,754 were pledged as collateral for short-term borrowings and derivative instruments at June 30, 2020 and December 31, 2019, respectively.
The amortized cost and fair value of securities at June 30, 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$14,851  $14,938  
Due after one year through five years38,030  39,616  
Due after five years through ten years78,289  81,913  
Due after ten years175,427  175,207  
Residential mortgage backed securities:
Government agency mortgage backed securities659,279  684,165  
Government agency collateralized mortgage obligations137,181  139,520  
Commercial mortgage backed securities:
Government agency mortgage backed securities32,706  34,417  
Government agency collateralized mortgage obligations90,309  93,703  
Other debt securities37,826  40,015  
$1,263,898  $1,303,494  
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 Months12 Months or MoreTotal
 #Fair
Value		Unrealized
Losses		#Fair
Value		Unrealized
Losses		#Fair
Value		Unrealized
Losses
Available for Sale:
June 30, 2020
Obligations of states and political subdivisions24$40,387  $(817) 0$—  $—  24$40,387  $(817) 
Residential mortgage backed securities:
Government agency mortgage backed securities2828  (1) 0—  —  2828  (1) 
Government agency collateralized mortgage obligations413,916  (27) 0—  —  413,916  (27) 
Commercial mortgage backed securities:
Government agency mortgage backed securities0—  —  21,162  (1) 21,162  (1) 
Government agency collateralized mortgage obligations14,708  (40) 0—  —  14,708  (40) 
Trust preferred securities0—  —  27,679  (4,389) 27,679  (4,389) 
Other debt securities129,899  (212) 0—  —  129,899  (212) 
Total43$69,738  $(1,097) 4$8,841  $(4,390) 47$78,579  $(5,487) 
December 31, 2019
Obligations of other U.S. Government agencies and corporations0$—  $—  1$1,008  $(3) 1$1,008  $(3) 
Obligations of states and political subdivisions2633,902  (365) 0—  —  2633,902  (365) 
Residential mortgage backed securities:
Government agency mortgage backed securities37233,179  (1,504) 1620,775  (312) 53253,954  (1,816) 
Government agency collateralized mortgage obligations1145,319  (262) 0—  —  1145,319  (262) 
Commercial mortgage backed securities:
Government agency mortgage backed securities14,976  (23) 21,190  (1) 36,166  (24) 
Government agency collateralized mortgage obligations14,910  (109) 0—  —  14,910  (109) 
Trust preferred securities0—  —  29,986  (2,167) 29,986  (2,167) 
Other debt securities38,737  (131) 1741  (1) 49,478  (132) 
Total79$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
longer than twelve months, the Company is collecting principal and interest payments from the respective issuers as scheduled. As a result, no allowance for credit losses for securities was needed at June 30, 2020. There was no other-than-temporary impairment recorded during the six months ended June 30, 2019 (determined in accordance with the accounting standards in effect prior to the Company's adoption of CECL).