INVESTMENT SECURITIES (Tables)
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3 Months Ended |
Mar. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] |
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Amortized Cost and Fair Values of AFS Securities |
At March 31, 2022 and December 31, 2021, all investment securities were classified as AFS. The following table summarizes amortized cost and fair value of investment securities, and the corresponding amounts of gross unrealized gains and losses recognized in AOCI, at March 31, 2022 and December 31, 2021: | | | | | | | | | | | | | | | | | | | | | | | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | March 31, 2022 | | | | | | | | U.S. Treasury securities | $ | 20,081 | | | $ | — | | | $ | 1,543 | | | $ | 18,538 | | | | | | | | | | | | | | | | | | States and political subdivisions | 244,922 | | | 1,984 | | | 9,346 | | | 237,560 | | GSE residential MBSs | 61,239 | | | — | | | 2,010 | | | 59,229 | | GSE residential CMOs | 74,023 | | | 48 | | | 3,044 | | | 71,027 | | Non-agency CMOs | 29,832 | | | 3 | | | 2,832 | | | 27,003 | | | | | | | | | | | | | | | | | | | | | | | | | | Asset-backed | 117,805 | | | — | | | 1,835 | | | 115,970 | | Other | 403 | | | — | | | — | | | 403 | | Totals | $ | 548,305 | | | $ | 2,035 | | | $ | 20,610 | | | $ | 529,730 | | December 31, 2021 | | | | | | | | U.S. Treasury securities | $ | 20,084 | | | $ | — | | | $ | 382 | | | $ | 19,702 | | | | | | | | | | | | | | | | | | States and political subdivisions | 185,437 | | | 8,606 | | | 673 | | | 193,370 | | GSE residential MBSs | 41,260 | | | 44 | | | 578 | | | 40,726 | | GSE residential CMOs | 66,430 | | | 436 | | | 944 | | | 65,922 | | Non-agency CMOs | 30,676 | | | — | | | 978 | | | 29,698 | | | | | | | | | | | | | | | | | | | | | | | | | | Asset-backed | 122,520 | | | 401 | | | 300 | | | 122,621 | | Other | 399 | | | — | | | — | | | 399 | | Totals | $ | 466,806 | | | $ | 9,487 | | | $ | 3,855 | | | $ | 472,438 | |
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Summary of AFS Securities with Unrealized Losses |
The following table summarizes investment securities with unrealized losses at March 31, 2022 and December 31, 2021, aggregated by major investment security type and the length of time in a continuous unrealized loss position. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less Than 12 Months | | 12 Months or More | | Total | | # of Securities | | Fair Value | | Unrealized Losses | | # of Securities | | Fair Value | | Unrealized Losses | | # of Securities | | Fair Value | | Unrealized Losses | March 31, 2022 | | | | | | | | | | | | | | | | | | U.S. Treasury securities | 3 | | | $ | 18,538 | | | $ | 1,543 | | | — | | | $ | — | | | $ | — | | | 3 | | | $ | 18,538 | | | $ | 1,543 | | | | | | | | | | | | | | | | | | | | States and political subdivisions | 30 | | | 166,305 | | | 9,346 | | | — | | | — | | | — | | | 30 | | | 166,305 | | | 9,346 | | GSE residential MBSs | 14 | | | 59,229 | | | 2,010 | | | — | | | — | | | — | | | 14 | | | 59,229 | | | 2,010 | | GSE residential CMOs | 12 | | | 66,516 | | | 2,782 | | | 1 | | | 3,501 | | | 262 | | | 13 | | | 70,017 | | | 3,044 | | Non-agency CMOs | 3 | | | 22,303 | | | 2,832 | | | — | | | — | | | — | | | 3 | | | 22,303 | | | 2,832 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Asset-backed | 12 | | | 83,667 | | | 1,352 | | | 3 | | | 31,910 | | | 483 | | | 15 | | | 115,577 | | | 1,835 | | Totals | 74 | | | $ | 416,558 | | | $ | 19,865 | | | 4 | | | $ | 35,411 | | | $ | 745 | | | 78 | | | $ | 451,969 | | | $ | 20,610 | | December 31, 2021 | | | | | | | | | | | | | | | | | | U.S. Treasury securities | 3 | | | $ | 19,702 | | | $ | 382 | | | — | | | $ | — | | | $ | — | | | 3 | | | $ | 19,702 | | | $ | 382 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | States and political subdivisions | 12 | | | 45,522 | | | 673 | | | — | | | — | | | — | | | 12 | | | 45,522 | | | 673 | | GSE residential MBSs | 9 | | | 37,899 | | | 578 | | | — | | | — | | | — | | | 9 | | | 37,899 | | | 578 | | GSE residential CMOs | 7 | | | 41,163 | | | 944 | | | — | | | — | | | — | | | 7 | | | 41,163 | | | 944 | | Non-agency CMOs | 3 | | | 24,661 | | | 978 | | | — | | | — | | | — | | | 3 | | | 24,661 | | | 978 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Asset-backed | 3 | | | 21,245 | | | 138 | | | 3 | | | 34,180 | | | 162 | | | 6 | | | 55,425 | | | 300 | | Totals | 37 | | | $ | 190,192 | | | $ | 3,693 | | | 3 | | | $ | 34,180 | | | $ | 162 | | | 40 | | | $ | 224,372 | | | $ | 3,855 | |
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Schedule of Amortized Cost and Fair Values of AFS Securities by Contractual Maturity |
The following table summarizes amortized cost and fair value of investment securities by contractual maturity at March 31, 2022. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. | | | | | | | | | | | | | Amortized Cost | | Fair Value | Due in one year or less | $ | — | | | $ | — | | Due after one year through five years | 3,376 | | | 3,509 | | Due after five years through ten years | 79,079 | | | 75,367 | | Due after ten years | 182,951 | | | 177,625 | | CMOs and MBSs | 165,094 | | | 157,259 | | Asset-backed | 117,805 | | | 115,970 | | Totals | $ | 548,305 | | | $ | 529,730 | |
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Proceeds From Sale of AFS Securities and Gross Gains and Gross Losses |
The following table summarizes proceeds from sales of investment securities and gross gains and gross losses for the three months ended March 31, 2022 and 2021: | | | | | | | | | | | | | | | | | | | Three months ended March 31, | | | | | | 2022 | | 2021 | Proceeds from sale of investment securities | | | | | $ | 3,075 | | | $ | 75,736 | | Gross gains | | | | | 25 | | | 1,351 | | Gross losses | | | | | — | | | 1,206 | |
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