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INVESTMENT SECURITIES (Tables)
3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
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 CostGross Unrealized
Gains
Gross Unrealized
Losses
Fair Value
March 31, 2022
U.S. Treasury securities$20,081 $ $1,543 $18,538 
States and political subdivisions244,922 1,984 9,346 237,560 
GSE residential MBSs61,239  2,010 59,229 
GSE residential CMOs74,023 48 3,044 71,027 
Non-agency CMOs29,832 3 2,832 27,003 
Asset-backed117,805  1,835 115,970 
Other403   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 subdivisions185,437 8,606 673 193,370 
GSE residential MBSs41,260 44 578 40,726 
GSE residential CMOs66,430 436 944 65,922 
Non-agency CMOs30,676 — 978 29,698 
Asset-backed122,520 401 300 122,621 
Other399 — — 399 
Totals$466,806 $9,487 $3,855 $472,438 
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 Months12 Months or MoreTotal
# of SecuritiesFair ValueUnrealized
Losses
# of SecuritiesFair ValueUnrealized
Losses
# of SecuritiesFair ValueUnrealized
Losses
March 31, 2022
U.S. Treasury securities3 $18,538 $1,543  $ $ 3 $18,538 $1,543 
States and political subdivisions30 166,305 9,346    30 166,305 9,346 
GSE residential MBSs14 59,229 2,010    14 59,229 2,010 
GSE residential CMOs12 66,516 2,782 1 3,501 262 13 70,017 3,044 
Non-agency CMOs3 22,303 2,832    3 22,303 2,832 
Asset-backed12 83,667 1,352 3 31,910 483 15 115,577 1,835 
Totals74 $416,558 $19,865 4 $35,411 $745 78 $451,969 $20,610 
December 31, 2021
U.S. Treasury securities$19,702 $382 — $— $— $19,702 $382 
States and political subdivisions12 45,522 673 — — — 12 45,522 673 
GSE residential MBSs37,899 578 — — — 37,899 578 
GSE residential CMOs41,163 944 — — — 41,163 944 
Non-agency CMOs24,661 978 — — — 24,661 978 
Asset-backed21,245 138 34,180 162 55,425 300 
Totals37 $190,192 $3,693 $34,180 $162 40 $224,372 $3,855 
Schedule of Amortized Cost and Fair Values of AFS Securities by Contractual Maturity The following table summarizes amortized cost and fair value of investment securities by contractual maturity at March 31, 2022. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
Amortized CostFair Value
Due in one year or less$ $ 
Due after one year through five years3,376 3,509 
Due after five years through ten years79,079 75,367 
Due after ten years182,951 177,625 
CMOs and MBSs165,094 157,259 
Asset-backed117,805 115,970 
Totals$548,305 $529,730 
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,
20222021
Proceeds from sale of investment securities$3,075 $75,736 
Gross gains25 1,351 
Gross losses 1,206