
	March 31, 2021
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
U.S. Treasury and U.S. government agencies	$	92,940	$	1,154	$	(1,061)	$	—	$	93,033
Mortgage-backed securities, residential	326,820		2,589		(5,419)		—		323,990
Collateralized mortgage obligations, residential	179,400		4,296		(188)		—		183,508
Mortgage-backed securities, multifamily	1,941		—		(100)		—		1,841
Collateralized mortgage obligations, multifamily	34,108		1,099		(46)		—		35,161
Asset-backed securities	40,327		8		(148)		—		40,187
Obligations of states and political subdivisions	260,108		1,872		(6,848)		(10)		255,122
Debt securities	35,055		691		(60)		(134)		35,552
Total	$	970,699	$	11,709	$	(13,870)	$	(144)	$	968,394


	December 31, 2020
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
U.S. Treasury and U.S. government agencies	$	63,868	$	1,447	$	(313)	$	—	$	65,002
Mortgage-backed securities, residential	224,978		3,718		(540)		—		228,156
Collateralized mortgage obligations, residential	204,093		4,967		(22)		—		209,038
Mortgage-backed securities, multifamily	1,944		—		—		—		1,944
Collateralized mortgage obligations, multifamily	39,628		1,909		(2)		—		41,535
Asset-backed securities	40,915		—		(225)		—		40,690
Obligations of states and political subdivisions	228,790		5,149		(228)		(1)		233,710
Debt securities	35,056		616		—		(1)		35,671
Total	$	839,272	$	17,806	$	(1,330)	$	(2)	$	855,746


	March 31, 2021
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
U.S. government agencies	$	25,453	$	604	$	—	$	—	$	26,057
Mortgage-backed securities, residential	36,965		1,193		(271)		—		37,887
Collateralized mortgage obligations, residential	11,437		417		—		—		11,854
Mortgage-backed securities, multifamily	693		37		—		—		730

Obligations of states and political subdivisions	10,446		241		—		—		10,687

Total	$	84,994	$	2,492	$	(271)	$	—	$	87,215


	December 31, 2020
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
U.S. government agencies	$	25,565	$	779	$	—	$	—	$	26,344
Mortgage-backed securities, residential	39,276		1,469		(12)		—		40,733
Collateralized mortgage obligations, residential	14,590		532		—		—		15,122
Mortgage-backed securities, multifamily	705		54		—		—		759

Obligations of states and political subdivisions	10,630		280		—		—		10,910

	$	90,766	$	3,114	$	(12)	$	—	$	93,868

The following table lists contractual maturities of investment securities classified as available for sale and held to maturity as of March 31, 2021. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Available for Sale				Held to Maturity
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	20,779	$	21,049	$	9,425	$	9,450
Due after one year through five years	53,784		55,207		20,950		21,673
Due after five years through ten years	63,139		64,336		3,017		3,068
Due after ten years	250,401		243,115		2,507		2,553
	388,103		383,707		35,899		36,744
Mortgage-backed and asset-backed securities	582,596		584,687		49,095		50,471
Total securities	$	970,699	$	968,394	$	84,994	$	87,215

For the three months ended March 31, 2021, there were no sales of available-for-sale securities. There were proceeds from sales of available-for-sale securities of $94.7 million for the three months ended March 31, 2020 with gross gains on sales of securities of $569,000 and gross losses on sales of securities of $227,000. Gains or losses on sales of securities are based on the net proceeds and the adjusted carrying amount of the securities sold using the specific identification method.

Securities with a carrying value of approximately $617.4 million and $578.0 million at March 31, 2021 and December 31, 2020, respectively, were pledged to secure public deposits and for other purposes required by applicable laws and regulations.

Credit ratings, which are updated monthly, are a key measure for estimating the probability of a bond's default and for monitoring credit quality on an on-going basis. For bonds other than U.S. Treasuries and bonds issued or guaranteed by U.S. government agencies, credit ratings issued by one or more nationally recognized statistical rating organization are considered in conjunction with an assessment by the Company's management. Investment grade reflects a credit quality of BBB or above.


(in thousands)	AAA		AA		Not Rated		Total
U.S. Treasury and U.S. government agencies	$	25,453	$	—	$	—	$	25,453
Mortgage-backed securities, residential	36,965		—		—		36,965
Collateralized mortgage obligations, residential	11,437		—		—		11,437
Mortgage-backed securities, multifamily	693		—		—		693

Obligations of states and political subdivisions	2,367		7,660		419		10,446

Total	$	76,915	$	7,660	$	419	$	84,994


March 31, 2021	Less Than 12 Months				12 Months or Longer				Total
(dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Number of Securities		Fair Value		Unrealized Losses
Available for Sale
U.S. Treasury and U.S. government agencies	$	26,117	$	805	$	16,532	$	256	9		$	42,649	$	1,061
Mortgage-backed securities, residential	215,618		5,404		4,502		15		59		220,120		5,419
Collateralized mortgage obligations, residential	19,099		188		—		—		6		19,099		188
Mortgage-backed securities, multifamily	1,841		100		—		—		1		1,841		100
Collateralized mortgage obligations, multifamily	2,131		46		—		—		1		2,131		46
Asset-backed securities	—		—		33,471		148		4		33,471		148
Obligations of states and political subdivisions	173,875		6,848		—		—		106		173,875		6,848
Debt securities	9,805		60		—		—		6		9,805		60
Total	$	448,486	$	13,451	$	54,505	$	419	$	192	$	502,991	$	13,870
Held to Maturity

Mortgage-backed securities, residential	$	5,784	$	271	$	43	—		5		$	5,827	$	271
Collateralized mortgage obligations, residential	110		—		1		—		3		111		—




Total	$	5,894	$	271	$	44	$	—	8		$	5,938	$	271


December 31, 2020	Less Than 12 Months				12 Months or Longer				Total
(dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses
Available for Sale
U.S. Treasury and U.S. government agencies	$	4,966	$	29	$	17,652	$	284	6	$	22,618	$	313
Mortgage-backed securities, residential	84,137		471		5,656		69		30	89,793		540
Collateralized mortgage obligations, residential	23,858		22		—		—		7	23,858		22
Mortgage-backed securities, multifamily	1,943		—		—		—		1	1,943		—
Collateralized mortgage obligations, multifamily	2,527		2		—		—		1	2,527		2
Asset-backed securities	40,690		225		—		—		6	40,690		225
Obligations of states and political subdivisions	15,901		228		—		—		10	15,901		228

Total	$	174,022	$	977	$	23,308	$	353	61	$	197,330	$	1,330
Held to Maturity

Mortgage-backed securities, residential	$	2,561	$	12	$	—	$	—	4	$	2,561	$	12





Total	$	2,561	$	12	$	—	$	—	4	$	2,561	$	12

The Company has an equity securities portfolio which consists of investments in Community Reinvestment funds. The market value of the equity portfolio was $14.6 million and $14.7 million at March 31, 2021 and December 31, 2020, respectively. For the three months ended March 31, 2021 and 2020, the Company recorded no sales of equity securities. The Company recorded a market value loss on equity securities of $144,000 for the first quarter of 2021 and a market value loss on equity securities $653,000 for the first quarter of 2020. Market value gain or loss on equity securities are recorded in noninterest income.

As of March 31, 2021, the Company's investments in Community Reinvestment funds include $3.5 million that are primarily invested in community development loans that are guaranteed by the Small Business Administration (“SBA”). Because the funds are primarily guaranteed by the federal government, there are minimal changes in market value between accounting periods. These funds can be redeemed with 60 days' notice at the net asset value less unpaid management fees with the approval of the fund manager. As of March 31, 2021, the net amortized cost equaled the market value of the investment. There are no unfunded commitments related to these investments.

The Community Reinvestment funds also include $11.1 million of investment in government guaranteed loans, mortgage-backed securities, small business loans and other instruments supporting affordable housing and economic development as of March 31, 2021. The Company may redeem these funds at the net asset value calculated at the end of the current business day less any unpaid management fees. There are no restrictions on redemptions for the holdings in these investments other than the notice required by the fund manager. There are no unfunded commitments related to these investments.