The following is the amortized cost and fair value of investment securities held to maturity:

The following is the amortized cost and fair value of investment securities available for sale:

* - Our government-sponsored entities holdings are comprised of debt securities offered by Federal Home Loan Mortgage Corporation (“FHLMC”) or Freddie Mac, Federal National Mortgage Association (“FNMA”) or Fannie Mae, Federal Home Loan Bank (“FHLB”), and Federal Farm Credit Banks (“FFCB”).

** - All of the mortgage-backed securities are issued by government-sponsored entities; there are no private-label holdings. Also, included in our mortgage-backed securities are debt securities offered by the Small Business Administration (“SBA”), which have the full faith and credit backing of the United States Government.

There was a net realized gain of $437,000 and $2.7 million on the sale of securities for the three and nine months ended September 30, 2019, respectively, compared to a net realized loss of $11,000 and $652,000 for the three and nine months ended September 30, 2018, respectively. The net realized gain of $2.7 million for the nine months ended September 30, 2019 includes net realized gains totaling $5.4 million from the sale of VISA Class B shares in the first and second quarters of 2019. If the gains from the VISA Class B share are excluded in 2019, the Company would have had a net realized loss of $2.7 million on the sale of available for sale securities for the nine months ended September 30, 2019.

The following is the amortized cost and carrying value of other investment securities:



	Carrying
(Dollars in thousands)	Value
September 30, 2019:
Federal Home Loan Bank stock	$	43,044
Investment in unconsolidated subsidiaries		3,563
Other nonmarketable investment securities		2,517
	$	49,124
December 31, 2018:
Federal Home Loan Bank stock	$	19,524
Investment in unconsolidated subsidiaries		3,563
Other nonmarketable investment securities		2,517
	$	25,604
September 30, 2018:
Federal Home Loan Bank stock	$	13,149
Investment in unconsolidated subsidiaries		3,563
Other nonmarketable investment securities		2,517
	$	19,229

Our other investment securities consist of non-marketable equity securities that have no readily determinable market value. Accordingly, when evaluating these securities for impairment, management considers the ultimate recoverability of the par value rather than recognizing temporary declines in value. As of September 30, 2019, we determined that there was no impairment on its other investment securities.

The amortized cost and fair value of debt and equity securities at September 30, 2019 by contractual maturity are detailed below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without prepayment penalties.


	Securities				Securities
	Held to Maturity				Available for Sale
	Amortized		Fair		Amortized		Fair
(Dollars in thousands)	Cost		Value		Cost		Value
Due in one year or less	$	—	$	—	$	6,012	$	6,018
Due after one year through five years		—		—		71,916		72,679
Due after five years through ten years		—		—		411,641		418,641
Due after ten years		—		—		1,299,940		1,315,796
	$	—	$	—	$	1,789,509	$	1,813,134

Information pertaining to our securities with gross unrealized losses at September 30, 2019, December 31, 2018 and September 30, 2018, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position is as follows:


	Less Than				Twelve Months
	Twelve Months				or More
	Gross				Gross
	Unrealized		Fair		Unrealized		Fair
(Dollars in thousands)	Losses		Value		Losses		Value
September 30, 2019:
Securities Available for Sale
Government-sponsored entities debt	$	—	$	—	$	—	$	—
State and municipal obligations		43		5,275		—		—
Mortgage-backed securities		1,113		312,686		1,375		154,111
	$	1,156	$	317,961	$	1,375	$	154,111
December 31, 2018:
Securities Available for Sale
Government-sponsored entities debt	$	100	$	10,571	$	652	$	32,959
State and municipal obligations		760		40,387		365		14,231
Mortgage-backed securities		5,182		405,055		18,951		755,223
	$	6,042	$	456,013	$	19,968	$	802,413
September 30, 2018:
Securities Available for Sale
Government-sponsored entities debt	$	538	$	20,253	$	1,314	$	32,293
State and municipal obligations		2,313		89,908		300		8,104
Mortgage-backed securities		25,077		876,430		19,304		389,045
	$	27,928	$	986,591	$	20,918	$	429,442

Management evaluates securities for other-than-temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the financial condition and near-term prospects of the issuer, (2) the outlook for receiving the contractual cash flows of the investments, (3) the length of time and the extent to which the fair value has been less than cost, (4) our intent and ability to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value or for a debt security whether it is more-likely-than-not that we will be required to sell the debt security prior to recovering its fair value, and (5) the anticipated outlook for changes in the general level of interest rates. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, the results of reviews of the issuer’s financial condition, and the issuer’s anticipated ability to pay the contractual cash flows of the investments. All debt securities available for sale in an unrealized loss position as of September 30, 2019 continue to perform as scheduled. As part of our evaluation of its intent and ability to hold investments for a period of time sufficient to allow for any anticipated recovery in the market, we consider our investment strategy, cash flow needs, liquidity position, capital adequacy and interest rate risk position. We do not currently intend to sell the securities within the portfolio and it is not more-likely-than-not that we will be required to sell the debt securities; therefore, management does not consider these investments to be other-than-temporarily impaired at September 30, 2019.

Management continues to monitor all of our securities with a high degree of scrutiny. There can be no assurance that we will not conclude in future periods that conditions existing at that time indicate some or all of its securities may be sold or are other than temporarily impaired, which would require a charge to earnings in such periods.