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

* The Company’s 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, FHLB, and Federal Farm Credit Banks (“FFCB”). Also included in the Company’s government-sponsored entities are debt securities offered by the Small Business Administration (“SBA”), which have the full faith and credit backing of the United States Government.

** All of the mortgage-backed securities are issued by government-sponsored entities; there are no private-label holdings.

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



	Carrying
(Dollars in thousands)	Value
December 31, 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

The Company’s 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 December 31, 2019, the Company has determined that there was no impairment on its other investment securities.

The amortized cost and fair value of debt and equity securities at December 31, 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
	Available for Sale
	Amortized		Fair
(Dollars in thousands)	Cost		Value
Due in one year or less	$	7,267	$	7,315
Due after one year through five years		54,662		55,286
Due after five years through ten years		442,830		447,167
Due after ten years		1,436,004		1,446,279
	$	1,940,763	$	1,956,047

The following table summarizes information with respect to sales of available-for-sale securities:


	Year Ended December 31,
(Dollars in thousands)	2019		2018		2017
Securities Available for Sale:
Sale proceeds	$	242,733	$	73,054	$	374,938
Gross realized gains	$	6,030	$	31	$	1,832
Gross realized losses		(3,319)		(686)		(411)
Net realized gain	$	2,711	$	(655)	$	1,421

There was a net realized gain of $2.7 million on the sale of securities for the year ended December 31, 2019, respectively, compared to a net realized loss of $655,000 for the year ended December 31, 2018, respectively. The net realized gain of $2.7 million for the year ended December 31, 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 year ended December 31, 2019.

There were no sales of held-to-maturity securities for year ended December 31, 2019, 2018 or 2017.

The Company had 143 securities with gross unrealized losses at December 31, 2019. Information pertaining to securities with gross unrealized losses at December 31, 2019 and 2018, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows:


	Less Than				Twelve Months
	Twelve Months				or More
	Gross				Gross
	Unrealized		Fair		Unrealized		Fair
(Dollars in thousands)	Losses		Value		Losses		Value
December 31, 2019:
Securities Available for Sale
Government-sponsored entities debt	$	—	$	—	$	—	$	—
State and municipal obligations		764		42,070		—		—
Mortgage-backed securities		2,422		461,658		1,353		141,982
	$	3,186	$	503,728	$	1,353	$	141,982
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

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) the intent and ability of the Company 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 the Company 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. As part of the Company’s evaluation of its intent and ability to hold investments for a period of time sufficient to allow for any anticipated recovery in the market, the Company considers its investment strategy, cash flow needs, liquidity position, capital adequacy and interest rate risk position.

The unrealized loss position of the debt securities decreased during 2019 from the unrealized loss position in 2018. This change was primarily related to the drop in both short and long term interest rates during the year. 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. The Company does not currently intend to sell the securities within the portfolio and it is not more-likely-than-not that the Company will be required to sell the debt securities; therefore, management does not consider these investments to be other-than-temporarily impaired at December 31, 2019. Management continues to monitor all of its securities with a high degree of scrutiny. There can be no assurance that the Company will not conclude in future periods that conditions existing at that time indicate some or all of these securities may be sold or are other than temporarily impaired, which would require a charge to earnings in such periods.

At December 31, 2019 and 2018, investment securities with a carrying value of $726.1 million and $888.8 million, respectively, were pledged to secure public funds deposits and for other purposes required and permitted by law. At December 31, 2019 and 2018, the carrying amount of the securities pledged to collateralize repurchase agreements was $242.2 million and $205.3 million, respectively.