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Investment Securities (Notes)
3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Available for Sale
The following tables show the amortized cost, gross unrealized gains and losses, and fair value of securities available for sale, by security type as of March 31, 2022 and December 31, 2021.
 March 31, 2022
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Fair
Value
Securities available for sale:
State and political subdivisions$244,668 $384 $(22,016)$223,036 
Collateralized mortgage obligations (1)
382,410 84 (24,717)357,777 
Mortgage-backed securities (1)
180,495 13 (14,397)166,111 
Collateralized loan obligations37,907  (200)37,707 
Corporate notes13,750 3 (472)13,281 
 $859,230 $484 $(61,802)$797,912 
 December 31, 2021
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Fair
Value
Securities available for sale:
State and political subdivisions$231,903 $3,161 $(2,617)$232,447 
Collateralized mortgage obligations (1)
325,406 1,627 (6,260)320,773 
Mortgage-backed securities (1)
157,607 167 (2,714)155,060 
Collateralized loan obligations37,880 59 (157)37,782 
Corporate notes12,750 62 (52)12,760 
 $765,546 $5,076 $(11,800)$758,822 
(1)Collateralized mortgage obligations and mortgage-backed securities consist of residential and commercial mortgage pass-through securities and collateralized mortgage obligations guaranteed by FNMA, FHLMC, GNMA and SBA.

Securities with an amortized cost of approximately $286,672 and $295,961 as of March 31, 2022 and December 31, 2021, respectively, were pledged to secure access to the Federal Reserve discount window, for public fund deposits, and for other purposes as required or permitted by law or regulation.

The amortized cost and fair value of securities available for sale as of March 31, 2022, by contractual maturity, are shown below. Certain securities have call features that allow the issuer to call the securities prior to maturity. Expected maturities may differ from contractual maturities for collateralized mortgage obligations and mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Therefore, collateralized mortgage obligations and mortgage-backed securities are not included in the maturity categories within the following maturity summary.
 March 31, 2022
 Amortized CostFair Value
Due after five years through ten years$65,187 $63,263 
Due after ten years231,138 210,761 
 296,325 274,024 
Collateralized mortgage obligations and mortgage-backed securities562,905 523,888 
 $859,230 $797,912 
The details of the sales of securities available for sale for the three months ended March 31, 2022 and 2021 are summarized in the following table.
 Three Months Ended March 31,
 20222021
Proceeds from sales$ $18,775 
Gross gains on sales 162 
Gross losses on sales 158 

The following tables show the fair value and gross unrealized losses, aggregated by investment type and length of time that individual securities have been in a continuous loss position, as of March 31, 2022 and December 31, 2021.
March 31, 2022
 Less than 12 months12 months or longerTotal
 Fair
Value
Gross
Unrealized
(Losses)
Fair
Value
Gross
Unrealized
(Losses)
Fair
Value
Gross
Unrealized
(Losses)
Securities available for sale:
State and political subdivisions$164,711 $(16,085)$34,130 $(5,931)$198,841 $(22,016)
Collateralized mortgage obligations336,765 (23,465)10,131 (1,252)346,896 (24,717)
Mortgage-backed securities125,926 (10,227)38,310 (4,170)164,236 (14,397)
Collateralized loan obligations37,707 (200)  37,707 (200)
Corporate notes12,278 (472)  12,278 (472)
 $677,387 $(50,449)$82,571 $(11,353)$759,958 $(61,802)
       
 December 31, 2021
 Less than 12 months12 months or longerTotal
 Fair
Value
Gross
Unrealized
(Losses)
Fair
Value
Gross
Unrealized
(Losses)
Fair
Value
Gross
Unrealized
(Losses)
Securities available for sale:
State and political subdivisions$121,574 $(1,223)$33,894 $(1,394)$155,468 $(2,617)
Collateralized mortgage obligations241,320 (6,149)2,352 (111)243,672 (6,260)
Mortgage-backed securities140,168 (2,714)— — 140,168 (2,714)
Collateralized loan obligations22,821 (157)— — 22,821 (157)
Corporate notes4,198 (52)— — 4,198 (52)
 $530,081 $(10,295)$36,246 $(1,505)$566,327 $(11,800)
As of March 31, 2022, securities available for sale with unrealized losses included 75 state and political subdivision securities, 72 collateralized mortgage obligation securities, 25 mortgage-backed securities, six collateralized loan obligation securities and seven corporate notes. Collateralized loan obligation securities are debt securities backed by pools of senior secured commercial loans to a diverse group of companies across a broad spectrum of industries. At March 31, 2022, the Company only owned collateralized loan obligations that were AAA- or AA-rated. The Company believes the unrealized losses on securities available for sale as of March 31, 2022 were due to market interest rate conditions rather than reduced estimated cash flows. At March 31, 2022, the Company did not intend to sell these securities, did not anticipate that these securities will be required to be sold before anticipated recovery, and expected full principal and interest to be collected. Therefore, the Company did not consider these securities to have other than temporary impairment as of March 31, 2022.