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SECURITIES
 3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Securities SECURITIES
Amortized cost and fair values of AFS investment securities at March 31, 2020 were as follows:
March 31, 2020
(dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Securities available-for-sale (AFS)
Asset-backed securities issued by GSEs and U.S. Agencies
Residential Mortgage Backed Securities ("MBS")$30,264  $1,710  $—  $31,974  
Residential Collateralized Mortgage Obligations ("CMOs")131,135  3,774  625  134,284  
U.S. Agency1,285  51  —  1,336  
Asset-backed securities issued by Others:
Residential CMOs360  —  47  313  
Student Loan Trust CMOs18,495  —  873  17,622  
Certificates of Deposit Fixed250  —  —  250  
U.S. government obligations1,495  4  —  1,499  
Municipal bonds26,607  390  112  26,885  
Total investment securities available-for-sale$209,891  $5,929  $1,657  $214,163  
Equity securities carried at fair value through income
CRA investment fund$4,768  $—  $—  $4,768  
Non-marketable equity securities
Other equity securities$209  $—  $—  $209  
Total investment securities$214,868  $5,929  $1,657  $219,140  

In December 2019, the Company reclassified the entire held to maturity ("HTM") investment portfolio, totaling $83.1 million with unrealized holding gains of $810,000 to the AFS investments category. The reclassification resulted in an increase to accumulated other comprehensive income of $587,000 and to deferred tax liabilities of $223,000. The Bank's primary reasons for the reclassification were to better manage interest rate risks and provide additional on-balance sheet liquidity. Based on accounting rules, the Bank will not be able to designate any securities as HTM securities for a period of time. Management determined that it no longer had the positive intent to hold its investment in securities classified as HTM until maturity and does not intend to hold HTM securities in the future. Management judgment is required in determining when circumstances have changed such that management can assert with a greater degree of credibility that it now has the intent and ability to hold debt securities to maturity. The Company's HTM portfolio was primarily comprised of asset-backed securities issued by GSEs and U.S. Agencies.
Amortized cost and fair values of AFS investment securities at December 31, 2019 were as follows:

December 31, 2019
(dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Securities available-for-sale (AFS)
Asset-backed securities issued by GSEs and U.S. Agencies
Residential Mortgage Backed Securities ("MBS")$35,351  $754  $13  $36,092  
Residential Collateralized Mortgage Obligations ("CMOs")145,479  1,839  386  146,932  
U.S. Agency9,671  122  60  9,733  
Asset-backed securities issued by Others:
Residential CMOs380  3  12  371  
Callable GSE Agency Bonds2,001  1  —  2,002  
Certificates of Deposit Fixed250  —  —  250  
U.S. government obligations1,490  —  1  1,489  
Municipal bonds11,491  —  173  11,318  
Total investment securities available-for-sale$206,113  $2,719  $645  $208,187  
Equity securities carried at fair value through income
CRA investment fund$4,669  $—  $—  $4,669  
Non-marketable equity securities
Other equity securities$209  $—  $—  $209  
Total investment securities$210,991  $2,719  $645  $213,065  
At March 31, 2020 and December 31, 2019 securities with an amortized cost of $52.8 million and $47.4 million were pledged to secure certain customer deposits. At March 31, 2020, and December 31, 2019, no securities were pledged as collateral for advances from the FHLB of Atlanta.
During the quarter ended March 31, 2020, the Company recognized net gains of $329,000 on the sale of 28 AFS securities with aggregate carrying values of $41.3 million. During the year ended December 31, 2019, the Company recognized net gains of $226,000 on the sale of 20 AFS securities with aggregate carrying values of $31.6 million.
The Company’s investment portfolio includes securities that are in an unrealized loss position as of March 31, 2020, the details of which are included in the following table. Although these securities, if sold at March 31, 2020 would result in a pretax loss of $1.7 million, the Company has no intent to sell the applicable securities at such fair values, and maintains the Company has the ability to hold these securities until all principal has been recovered. It is more likely than not that the Company will not sell any securities at a loss for liquidity purposes. Declines in the fair values of these securities can be traced to general market conditions which reflect the prospect for the economy as a whole. When determining other-than-temporary impairment on securities, the Company considers such factors as adverse conditions specifically related to a certain security or to specific conditions in an industry or geographic area, the time frame securities have been in an unrealized loss position, the Company’s ability to hold the security for a period of time sufficient to allow for anticipated recovery in value, whether or not the security has been downgraded by a rating agency, and whether or not the financial condition of the security issuer has severely deteriorated. As of March 31, 2020, the Company considers all securities with unrealized loss positions to be temporarily impaired, and consequently, does not believe it will sustain any material realized losses as a result of the current temporary decline in fair value. No charges related to other-than-temporary impairment were made during the three months ended March 31, 2020 and the year ended December 31, 2019.
AFS Securities
Gross unrealized losses and estimated fair value by length of time that individual AFS securities have been in a continuous unrealized loss position at March 31, 2020, and December 31, 2019 were as follows:
March 31, 2020Less Than 12 MonthsMore Than 12 MonthsTotal
(dollars in thousands)Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Losses
Asset-backed securities issued by GSEs and U.S. Agencies$25,549  $562  $5,426  $63  $30,975  $625  
Asset-backed securities issued by Others17,621  873  313  47  17,934  920  
Municipal bonds5,964  112  —  —  5,964  112  
$49,134  $1,547  $5,739  $110  $54,873  $1,657  

December 31, 2019Less Than 12 MonthsMore Than 12 MonthsTotal
(dollars in thousands)Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Losses
Asset-backed securities issued by GSEs and U.S. Agencies$15,215  $63  $39,689  $336  $54,904  $399  
U.S. SBA Debentures—  —  4,744  60  4,744  60  
Asset-backed securities issued by Others—  —  136  12  136  12  
Municipal bonds11,318  173  —  —  11,318  173  
U.S. government obligations1,489  1  —  —  1,489  1  
$28,022  $237  $44,569  $408  $72,591  $645  
AFS asset-backed securities issued by GSEs are guaranteed by the issuer and U.S. government agency securities and bonds are guaranteed by the full faith and credit of the U.S. government. At March 31, 2020 and December 31, 2019, total unrealized losses were $1.7 million and $645,000 of the portfolio amortized cost of $209.9 million and $206.1 million, respectively.
At March 31, 2020 and December 31, 2019, AFS asset-backed securities issued by GSEs and U.S. Agencies with unrealized losses had amortized cost of $31.6 million and $56.8 million, respectively, with the unrealized losses of $625,000 and $399,000, average lives of 6.66 years and 4.68 years and average durations of 5.93 years and 4.22 years, respectively. At March 31, 2020, AFS asset-backed securities issued by student loan trust and others with unrealized losses had amortized cost of $18.9 million with unrealized losses of $920,000, an average life of 6.70 years and an average duration of 5.88 years. The Company's amortized cost investment of $18.5 million in student loan trusts are 97% U.S. government guaranteed. At March 31, 2020 and December 31, 2019, AFS municipal bonds issued by states, political subdivisions, or agencies with unrealized losses had amortized cost of $6.1 million and $11.5 million, respectively, with unrealized losses of $112,000 and $173,000, an average life of 9.73 years and 9.51 years and an average duration of 8.44 years and 8.18 years, respectively. Management believes that the securities will either recover in market value or be paid off as agreed.