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Investment Securities
 6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
The amortized cost and estimated fair value of investment securities at June 30, 2022 and December 31, 2021 are summarized as follows:
Investment Securities Available for Sale
(in thousands)
June 30, 2022Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Available for sale
U.S. Treasuries$181,808 $— $(13,159)$168,649 
Municipal10,820 — (2,378)8,442 
Corporate5,000 — (241)4,759 
Asset-backed securities9,606 — (191)9,415 
Mortgage-backed securities37,121 2 (1,879)35,244 
Total$244,355 $2 $(17,848)$226,509 
December 31, 2021
Available for sale
U.S. Treasuries$132,452 $45 $(1,496)$131,001 
Municipal10,825 43 (394)10,474 
Corporate5,000 — (66)4,934 
Asset-backed securities10,093 59 (12)10,140 
Mortgage-backed securities27,589 514 (197)27,906 
Total$185,959 $661 $(2,165)$184,455 
There were no securities sold during the six months ended June 30, 2022. There were 28 securities sold during the six months ended June 30, 2021. Proceeds from sales of securities sold during the six months ended June 30, 2021 were $66.5 million. The investment sales resulted in gross gains of $694 thousand and gross losses of $541 thousand for the three and six months ended June 30, 2021.
Information related to unrealized losses in the investment portfolio as of June 30, 2022 and December 31, 2021 is summarized as follows:
Investment Securities Unrealized Losses
(in thousands)Less than 12 months12 months or longerTotal
June 30, 2022Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
U.S. Treasuries$168,649 $(13,159)$— $— $168,649 $(13,159)
Municipal6,012 (1,644)2,430 (734)8,442 (2,378)
Corporate4,286 (214)473 (27)4,759 (241)
Asset-backed securities7,539 (154)1,876 (37)9,415 (191)
Mortgage-backed securities
16,836 (1,417)8,344 (462)25,180 (1,879)
Total$203,322 $(16,588)$13,123 $(1,260)$216,445 $(17,848)
December 31, 2021
U.S. Treasuries$110,191 $(1,496)$— $— $110,191 $(1,496)
Municipal5,750 (248)3,019 (146)8,769 (394)
Corporate4,448 (52)486 (14)4,934 (66)
Asset-backed securities— — 2,115 (12)2,115 (12)
Mortgage-backed securities
14,114 (189)2,124 (8)16,238 (197)
Total$134,503 $(1,985)$7,744 $(180)$142,247 $(2,165)
At June 30, 2022, there were two municipal securities, one corporate security, one asset-backed security, and two mortgage-backed securities that had been in an unrealized loss position for greater than twelve months. At December 31, 2021 there were two municipal securities, one corporate security, one asset-backed security, and one mortgage-backed security that had been in an unrealized loss position for greater than twelve months. Management believes that the unrealized losses at June 30, 2022 and December 31, 2021 resulted from changes in interest rates and current market conditions and not as a result of credit deterioration. Management has the ability and the intent to hold these investment securities until maturity or until they recover in value.
There were no pledged securities at June 30, 2022 or December 31, 2021.
Contractual maturities of investment securities at June 30, 2022 and December 31, 2021 are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call premiums or prepayment penalties.
Contractual Maturities
June 30, 2022December 31, 2021
(in thousands)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Within one year$9,981 $9,896 $— $— 
Over one to five years98,110 93,339 58,602 57,650 
Over five to ten years78,717 70,173 78,850 78,285 
Over ten years10,820 8,442 10,825 10,474 
Asset-backed securities(1)
9,606 9,415 10,093 10,140 
Mortgage-backed securities(1)
37,121 35,244 27,589 27,906 
Total$244,355 $226,509 $185,959 $184,455 
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(1)    Asset-backed and Mortgage-backed securities are due in monthly installments.