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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2021

Amortized Cost, Fair Values, and Unrealized Gains and Losses of Securities Available-for-Sale

The amortized cost, fair values, and unrealized gains and losses of the debt securities available-for-sale are as follows

(in thousands):

	Amortized		Gross Unrealized				Fair
June 30, 2021	Cost		Gains		Losses		Value
US Treasury Notes	$	9,905	$	282	$	-	$	10,187
US Government Agency SBA		7,323		73		49		7,347
Mortgage-Backed Securities⁽¹⁾⁽²⁾		286,529		4,894		3,806		287,617
Other		46,510		-		-		46,510
Total	$	350,267	$	5,249	$	3,855	$	351,661

	Amortized		Gross Unrealized				Fair
December 31, 2020	Cost		Gains		Losses		Value
US Treasury Notes	$	14,859	$	429	$	-	$	15,288
US Government Agency SBA		8,252		1		93		8,160
Mortgage-Backed Securities⁽¹⁾		720,562		17,359		48		737,873
Corporate Securities		45,010		927		18		45,919
Other		492		-		-		492
Total	$	789,175	$	18,716	$	159	$	807,732

	Amortized		Gross Unrealized				Fair
June 30, 2020	Cost		Gains		Losses		Value
US Treasury Notes	$	64,802	$	583	$	1	$	65,384
US Government Agency SBA		9,397		1		110		9,288
Mortgage-Backed Securities⁽¹⁾		448,904		20,326		5		469,225
Corporate Securities		10,190		25		12		10,203
Other		15,307		-		-		15,307
Total	$	548,600	$	20,935	$	128	$	569,407

⁽¹⁾	All Mortgage-backed securities consist of securities collateralized by residential real estate and were issued by an agency or government-sponsored entity of the U.S. government.

⁽²⁾	During Q1 2021, the Company transferred $316.9 million of AFS securities to HTM.

Amortized Cost, Estimated Fair Values and Unrealized Gains and Losses of Investments Classified as Held-to-Maturity

The amortized cost, estimated fair values and unrealized gains and losses of investments classified as held-to-maturity are as follows (in thousands):

	Amortized		Gross Unrealized				Fair
June 30, 2021	Cost		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	68,471	$	895	$	-	$	69,366
Mortgage Backed Securities (1)(2)		427,999		7		7,187		420,819
Total	$	496,470	$	902	$	7,187	$	490,185

	Amortized		Gross Unrealized				Fair
December 31, 2020	Cost		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	68,933	$	1,116	$	-	$	70,049
Total	$	68,933	$	1,116	$	-	$	70,049

	Amortized		Gross Unrealized				Fair
June 30, 2020	Cost		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	69,036	$	1,158	$	-	$	70,194
Total	$	69,036	$	1,158	$	-	$	70,194

⁽¹⁾	All Mortgage-backed securities were issued by an agency or government-sponsored entity of the U.S. Government.

⁽²⁾	During Q1 2021, the Company transferred $316.9 million of AFS securities to HTM.

Amortized Cost and Estimated Fair Values of Investment Securities by Contractual Maturity

The amortized cost and estimated fair values of investment securities at June 30, 2021 by contractual maturity are shown in the following table (in thousands):

	Available-for-Sale				Held-to-Maturity
June 30, 2021	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Within one year	$	51,494	$	51,587	$	7,808	$	7,808
After one year through five years		5,153		5,341		5,804		5,840
After five years through ten years		601		604		21,182		21,937
After ten years		6,490		6,512		33,677		33,781
		63,738		64,044		68,471		69,366

Investment securities not due at a single maturity date:
Mortgage-backed securities		286,529		287,617		427,999		420,819

Total	$	350,267	$	351,661	$	496,470	$	490,185

Investments with Gross Unrealized Losses and Their Market Value Aggregated by Investment Category and Length of Time that Individual Securities Have Been in a Continuous Unrealized Loss Position

The following tables show those investments with gross unrealized losses and their market value aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at the dates indicated (in thousands):

	Less Than 12 Months				12 Months or More				Total
June 30, 2021	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Securities Available-for-Sale
U.S. Government Agency SBA	$	172	$	1	$	2,328	$	48	$	2,500	$	49
Mortgage-Backed Securities		143,643		3,804		124		2		143,767		3,806
Total	$	143,815	$	3,805	$	2,452	$	50	$	146,267	$	3,855

Securities Held-to-Maturity
Mortgage Backed Securities		419,976		7,187		-		-	$	419,976	$	7,187
Total	$	419,976	$	7,187	$	-	$	-	$	419,976	$	7,187

	Less Than 12 Months				12 Months or More				Total
December 31, 2020	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Securities Available-for-Sale
U.S. Government Agency SBA	$	1,741	$	3	$	6,126	$	90	$	7,867	$	93
Mortgage-Backed Securities		20,142		45		177		3		20,319		48
Corporate Securities		4,041		18		-		-		4,041		18
Total	$	25,924	$	66	$	6,303	$	93	$	32,227	$	159

There were no HTM investments with gross unrealized losses at December 31, 2020

	Less Than 12 Months				12 Months or More				Total
June 30, 2020	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Securities Available-for-Sale
U.S. Treasury Notes	$	49,996	$	1	$	-	$	-	$	49,996	$	1
U.S. Government Agency SBA		4,396		14		4,293		96		8,689		110
Mortgage-Backed Securities		-		-		215		5		215		5
Corporate Securities		2,547		12		-		-		2,547		12
Total	$	56,939	$	27	$	4,508	$	101	$	61,447	$	128

Proceeds from Sales and Calls of Securities

Proceeds from sales and calls of securities for the periods shown were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2021		2020		2021		2020
Proceeds	$	236,082	$	745	$	299,870	$	3,000
Gains		3,730		-		5,570		13
Losses		3,016		-		3,016		-