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Securities
 9 Months Ended
Sep. 30, 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 September 30, 2021 or December 31, 2020.
 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
September 30, 2021
U.S. Treasury securities$3,014 $10 $— $3,024 
Obligations of states and political subdivisions372,311 9,096 (2,426)378,981 
Residential mortgage backed securities:
Government agency mortgage backed securities935,233 11,694 (3,689)943,238 
Government agency collateralized mortgage obligations962,684 1,225 (6,172)957,737 
Commercial mortgage backed securities:
Government agency mortgage backed securities16,650 515 (1)17,164 
Government agency collateralized mortgage obligations191,554 1,316 (2,338)190,532 
Other debt securities51,321 2,646 — 53,967 
$2,532,767 $26,502 $(14,626)$2,544,643 
 
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 set forth in the tables below. There were no securities sold during the three months ended September 30, 2020.
Carrying ValueNet ProceedsGain/(Loss)
Three months ended September 30, 2021
Residential mortgage backed securities:
Government agency mortgage backed securities$9,232 $9,739 $507 
Government agency collateralized mortgage obligations6,736 6,866 130 
Other debt securities4,283 4,410 127 
$20,251 $21,015 $764 
Nine months ended September 30, 2021
Obligations of states and political subdivisions$47 $50 $3 
Residential mortgage backed securities:
Government agency mortgage backed securities145,572 149,474 3,902 
Government agency collateralized mortgage obligations12,362 12,512 150 
Trust preferred securities12,021 9,960 (2,061)
Other debt securities4,283 4,410 127 
$174,285 $176,406 $2,121 

Carrying ValueNet ProceedsGain/(Loss)
Nine months ended September 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 

Gross realized gains and losses on sales of securities available for sale for the three and nine months ended September 30, 2021 were as follows:
Three Months EndedNine Months Ended
 September 30,September 30,
 2021202020212020
Gross gains on sales of securities available for sale$825 $— $4,333 $166 
Gross losses on sales of securities available for sale(61)— (2,212)(135)
Gains on sales of securities available for sale, net$764 $— $2,121 $31 

At September 30, 2021 and December 31, 2020, securities with a carrying value of $536,018 and $582,338, respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $21,445 and $32,272 were pledged as collateral for short-term borrowings and derivative instruments at September 30, 2021 and December 31, 2020, respectively.
The amortized cost and fair value of securities at September 30, 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$9,229 $9,334 
Due after one year through five years42,312 44,024 
Due after five years through ten years58,334 61,568 
Due after ten years290,472 293,271 
Residential mortgage backed securities:
Government agency mortgage backed securities935,233 943,238 
Government agency collateralized mortgage obligations962,684 957,737 
Commercial mortgage backed securities:
Government agency mortgage backed securities16,650 17,164 
Government agency collateralized mortgage obligations191,554 190,532 
Other debt securities26,299 27,775 
$2,532,767 $2,544,643 
The following tables present 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:
September 30, 2021
Obligations of states and political subdivisions46$145,658 $(2,338)3$3,884 $(88)49$149,542 $(2,426)
Residential mortgage backed securities:
Government agency mortgage backed securities45508,398 (3,689)—— — 45508,398 (3,689)
Government agency collateralized mortgage obligations33726,128 (6,172)—— — 33726,128 (6,172)
Commercial mortgage backed securities:
Government agency mortgage backed securities173,673 (1)1439 — 184,112 (1)
Government agency collateralized mortgage obligations2129,054 (2,303)13,004 (35)3132,058 (2,338)
Total143$1,512,911 $(14,503)5$7,327 $(123)148$1,520,238 $(14,626)
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 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 September 30, 2021.