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Securities
 3 Months Ended
Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Securities Securities
(In Thousands, Except Number of Securities)

The amortized cost and fair value of securities available for sale were as follows as of the dates presented in the tables below. There was no allowance for credit losses allocated to any of the Company’s available for sale securities as of March 31, 2021 or December 31, 2020.
 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
March 31, 2021
U.S. Treasury securities$3,028 $22 $— $3,050 
Obligations of other U.S. Government agencies and corporations1,001 3 — 1,004 
Obligations of states and political subdivisions321,156 9,344 (1,682)328,818 
Residential mortgage backed securities:
Government agency mortgage backed securities453,792 14,869 (2,206)466,455 
Government agency collateralized mortgage obligations538,317 1,733 (4,718)535,332 
Commercial mortgage backed securities:
Government agency mortgage backed securities22,448 580 (23)23,005 
Government agency collateralized mortgage obligations115,103 1,889 (1,814)115,178 
Other debt securities61,113 2,126 (40)63,199 
$1,515,958 $30,566 $(10,483)$1,536,041 
 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
December 31, 2020
U.S. Treasury securities$7,047 $32 $— $7,079 
Obligations of other U.S. Government agencies and corporations1,003 6 — 1,009 
Obligations of states and political subdivisions291,231 14,015 (45)305,201 
Residential mortgage backed securities:
Government agency mortgage backed securities581,105 21,564 (23)602,646 
Government agency collateralized mortgage obligations218,373 1,946 (51)220,268 
Commercial mortgage backed securities:
Government agency mortgage backed securities29,053 1,235 (1)30,287 
Government agency collateralized mortgage obligations99,377 2,992 (21)102,348 
Trust preferred securities12,013 — (3,001)9,012 
Other debt securities62,771 2,909 (73)65,607 
$1,301,973 $44,699 $(3,215)$1,343,457 
Securities sold were as follows for the periods presented:
Carrying ValueNet ProceedsGain/(Loss)
Three months ended March 31, 2021
Obligations of states and political subdivisions$47 $50 $3 
Residential mortgage backed securities:
Government agency mortgage backed securities136,340 139,735 3,395 
Government agency collateralized mortgage obligations5,626 5,646 20 
Trust preferred securities12,021 9,960 (2,061)
$154,034 $155,391 $1,357 

There were no securities sold during the three months ended March 31, 2020.
Gross realized gains and losses on sales of securities available for sale for the three months ended March 31, 2021 were as follows:
Three Months Ended
 March 31,
 2021
Gross gains on sales of securities available for sale$3,508 
Gross losses on sales of securities available for sale(2,151)
Gains on sales of securities available for sale, net$1,357 

At March 31, 2021 and December 31, 2020, securities with a carrying value of $611,832 and $582,338, respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $21,256 and $32,272 were pledged as collateral for short-term borrowings and derivative instruments at March 31, 2021 and December 31, 2020, respectively.
The amortized cost and fair value of securities at March 31, 2021 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$10,286 $10,401 
Due after one year through five years40,177 41,896 
Due after five years through ten years66,563 69,568 
Due after ten years235,945 239,498 
Residential mortgage backed securities:
Government agency mortgage backed securities453,792 466,455 
Government agency collateralized mortgage obligations538,317 535,332 
Commercial mortgage backed securities:
Government agency mortgage backed securities22,448 23,005 
Government agency collateralized mortgage obligations115,103 115,178 
Other debt securities33,327 34,708 
$1,515,958 $1,536,041 
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:
March 31, 2021
Obligations of states and political subdivisions41$97,392 $(1,634)1$2,133 $(48)42$99,525 $(1,682)
Residential mortgage backed securities:
Government agency mortgage backed securities14119,498 (2,206)—— — 14119,498 (2,206)
Government agency collateralized mortgage obligations17351,956 (4,718)—— — 17351,956 (4,718)
Commercial mortgage backed securities:
Government agency mortgage backed securities11,082 (23)1452 — 21,534 (23)
Government agency collateralized mortgage obligations1058,722 (1,814)—— — 1058,722 (1,814)
Other debt securities69,042 (37)1557 (3)79,599 (40)
Total89$637,692 $(10,432)3$3,142 $(51)92$640,834 $(10,483)
December 31, 2020
Obligations of states and political subdivisions6$9,403 $(45)—$— $— 6$9,403 $(45)
Residential mortgage backed securities:
Government agency mortgage backed securities219,755 (23)—— — 219,755 (23)
Government agency collateralized mortgage obligations527,143 (51)—— — 527,143 (51)
Commercial mortgage backed securities:
Government agency mortgage backed securities11,538 (1)1459 — 21,997 (1)
Government agency collateralized mortgage obligations314,190 (21)—— — 314,190 (21)
Trust preferred securities—— — 29,012 (3,001)29,012 (3,001)
Other debt securities43,330 (70)1566 (3)53,896 (73)
Total21$75,359 $(211)4$10,037 $(3,004)25$85,396 $(3,215)
 
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 March 31, 2021.