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Securities
 12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
SECURITIES SECURITIES
The following table presents the fair values of our securities portfolio at the dates presented:
 
December 31,
(dollars in thousands)
2019
 
2018
Debt securities available-for-sale
 
$
779,133

 
 
$
680,056

Marketable equity securities
 
5,150

 
 
4,816

Total Securities
 
$
784,283

 
 
$
684,872


Debt Securities Available-for-Sale
The following tables present the amortized cost and fair value of debt securities available-for-sale as of December 31, 2019 and December 31, 2018:
 
 
December 31, 2019
 
 
December 31, 2018
(dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
U.S. Treasury securities
 
$
9,969

 
$
71

 
$
—

 
$
10,040

 
 
$
9,958

 
$
—

 
$
(222
)
 
$
9,736

Obligations of U.S. government corporations and agencies
 
155,969

 
1,773

 
(45
)
 
157,697

 
 
129,267

 
68

 
(1,074
)
 
128,261

Collateralized mortgage obligations of U.S. government corporations and agencies
 
186,879

 
2,773

 
(304
)
 
189,348

 
 
149,849

 
795

 
(1,985
)
 
148,659

Residential mortgage-backed securities of U.S. government corporations and agencies
 
22,120

 
321

 
(23
)
 
22,418

 
 
24,564

 
203

 
(417
)
 
24,350

Commercial mortgage-backed securities of U.S. government corporations and agencies
 
273,771

 
2,680

 
(581
)
 
275,870

 
 
251,660

 
—

 
(4,876
)
 
246,784

Corporate Obligations
 
7,603

 
24

 
—

 
7,627

 
 
—

 
—

 
—

 
—

Obligations of states and political subdivisions
 
112,116

 
4,017

 
—

 
116,133

 
 
119,872

 
2,448

 
(54
)
 
122,266

Total Debt Securities Available-for-Sale
 
$
768,427

 
$
11,659

 
$
(953
)
 
$
779,133

 
 
$
685,170

 
$
3,514

 
$
(8,628
)
 
$
680,056



The following table shows the composition of gross and net realized gains and losses for the periods presented:
 
 
Years ended December 31,
(dollars in thousands)
2019
 
 
2018
 
 
2017
 
Gross realized gains
 
$
41

 
 
$
—

 
 
$
3,986

Gross realized losses
 
(67
)
 
 
—

 
 
(986
)
Net Realized (Losses)/Gains
 
$
(26
)
 
 
$
—

 
 
$
3,000


The following tables present the fair value and the age of gross unrealized losses on debt securities available-for-sale by investment category as of the dates presented:
 
December 31, 2019
 
Less Than 12 Months
 
12 Months or More
 
 
 
Total
(dollars in thousands)
Number
of
Securities

 
Fair
Value

Unrealized
Losses
 
 
Number
of
Securities

 
Fair
Value

Unrealized
Losses
 
 
Number
of
Securities

 
Fair
Value

Unrealized
Losses
 
U.S. Treasury securities
—

 
$
—

 
$
—

 
—

 
$
—

 
$
—

 
—

 
$
—

 
$
—

Obligations of U.S. government corporations and agencies
3

 
22,638

 
(45
)
 
—

 
—

 
—

 
3

 
22,638

 
(45
)
Collateralized mortgage obligations of U.S. government corporations and agencies
6

 
23,393

 
(73
)
 
6

 
25,254

 
(231
)
 
12

 
48,647

 
(304
)
Residential mortgage-backed securities of U.S. government corporations and agencies
1

 
982

 
(2
)
 
1

 
2,534

 
(21
)
 
2

 
3,516

 
(23
)
Commercial mortgage-backed securities of U.S. government corporations and agencies
9

 
90,005

 
(581
)
 
—

 
—

 
—

 
9

 
90,005

 
(581
)
Corporate Obligations (1)
1

 
79

 
—

 
—

 
—

 
—

 
1

 
79

 
—

Obligations of states and political subdivisions
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Total Temporarily Impaired Debt Securities
20

 
$
137,097

 
$
(701
)
 
7

 
$
27,788

 
$
(252
)
 
27

 
$
164,885

 
$
(953
)
(1) Unrealized loss on Corporate Obligations rounded to less than one thousand dollars.
 
December 31, 2018
 
Less Than 12 Months
 
12 Months or More
 
 
 
Total
(dollars in thousands)
Number
of
Securities

 
Fair 
Value

Unrealized
Losses
 
 
Number
of
Securities

 
Fair
Value

Unrealized
Losses
 
 
Number
of
Securities

 
Fair
Value

Unrealized
Losses
 
U.S. Treasury securities
—

 
$
—

 
$
—

 
1

 
$
9,736

 
$
(222
)
 
1

 
$
9,736

 
$
(222
)
Obligations of U.S. government corporations and agencies
7

 
67,649

 
(613
)
 
6

 
35,760

 
(461
)
 
13

 
103,409

 
(1,074
)
Collateralized mortgage obligations of U.S. government corporations and agencies
2

 
12,495

 
(44
)
 
14

 
76,179

 
(1,941
)
 
16

 
88,674

 
(1,985
)
Residential mortgage-backed securities of U.S. government corporations and agencies
2

 
2,327

 
(45
)
 
3

 
9,241

 
(372
)
 
5

 
11,568

 
(417
)
Commercial mortgage-backed securities of U.S. government corporations and agencies
8

 
75,466

 
(1,032
)
 
19

 
171,318

 
(3,844
)
 
27

 
246,784

 
(4,876
)
Obligations of states and political subdivisions
2

 
9,902

 
(23
)
 
1

 
5,247

 
(31
)
 
3

 
15,149

 
(54
)
Total Temporarily Impaired Debt Securities
21

 
$
167,839

 
$
(1,757
)
 
44

 
$
307,481

 
$
(6,871
)
 
65

 
$
475,320

 
$
(8,628
)

We do not believe any individual unrealized loss as of December 31, 2019 represents an other-than-temporary impairment, or OTTI. At December 31, 2019, there were 27 debt securities and at December 31, 2018 there were 65 debt securities in an unrealized loss position. The unrealized losses on debt securities were primarily attributable to changes in interest rates and not related to the credit quality of the issuers. All debt securities are determined to be investment grade and paying principal and interest according to the contractual terms of the security. We do not intend to sell and it is more likely than not that we will not be required to sell any of the securities in an unrealized loss position before recovery of their amortized cost.
The following table presents net unrealized gains and losses, net of tax, on debt securities available-for-sale included in accumulated other comprehensive income/(loss), for the periods presented:
 
December 31, 2019
 
December 31, 2018
(dollars in thousands)
Gross Unrealized Gains

 
Gross Unrealized Losses

 
Net Unrealized Gains (Losses)

 
Gross Unrealized Gains

 
Gross Unrealized Losses

 
Net Unrealized Gains (Losses)

Total unrealized gains/(losses) on debt securities available-for-sale
$
11,659

 
$
(953
)
 
$
10,706

 
$
3,514

 
$
(8,628
)
 
$
(5,114
)
Income tax (expense) benefit
(2,486
)
 
203

 
(2,283
)
 
(746
)
 
1,832

 
1,086

Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss)
$
9,173

 
$
(750
)
 
$
8,423

 
$
2,768

 
$
(6,796
)
 
$
(4,028
)


The amortized cost and fair value of debt securities available-for-sale at December 31, 2019 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
December 31, 2019
(dollars in thousands)
Amortized
Cost

 
Fair Value

Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions
 
 
 
Due in one year or less
$
103,008

 
$
103,278

Due after one year through five years
98,401

 
100,527

Due after five years through ten years
69,213

 
71,933

Due after ten years
15,035

 
15,759

Debt Securities Available-for-Sale With Maturities
285,657

 
291,497

Collateralized mortgage obligations of U.S. government corporations and agencies
186,879

 
189,348

Residential mortgage-backed securities of U.S. government corporations and agencies
22,120

 
22,418

Commercial mortgage-backed securities of U.S. government corporations and agencies
273,771

 
275,870

Total Debt Securities Available-for-Sale
$
768,427

 
$
779,133


At December 31, 2019 and 2018, debt securities with carrying values of $286 million and $236 million were pledged for various regulatory and legal requirements.
Marketable Equity Securities
The following table presents realized and unrealized net gains and losses for our marketable equity securities for the periods presented:
 
Years ended December 31,
(dollars in thousands)
2019

 
2018

 
2017

Marketable Equity Securities
 
 
 
 
 
Unrealized Gains on Equity Securities Held at Beginning of Year
$
1,001

 
$
1,329

 
$
3,670

Net market gains/(losses)
334

 
(328
)
 
1,646

Less: Net gains for equity securities sold
—

 
—

 
3,987

Unrealized Gains on Equity Securities Still Held
$
1,335

 
$
1,001

 
$
1,329