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Investment Securities (Tables)

9 Months Ended

Sep. 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 Cost		Gross Unrealized				Fair Value
September 30, 2021	Amortized Cost		Gains		Losses		Fair Value
U.S. Treasury Notes	$	9,922	$	228	$	-	$	10,150
U.S. Government Agency SBA		6,892		70		43		6,919
Mortgage-Backed Securities⁽¹⁾⁽²⁾		270,667		4,243		5,341		269,569
Other		46,513		-		-		46,513
Total	$	333,994	$	4,541	$	5,384	$	333,151

	Amortized Cost		Gross Unrealized				Fair Value
December 31, 2020	Amortized Cost		Gains		Losses		Fair Value
U.S. Treasury Notes	$	14,859	$	429	$	-	$	15,288
U.S. 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 Cost		Gross Unrealized				Fair Value
September 30, 2020	Amortized Cost		Gains		Losses		Fair Value
U.S. Treasury Notes	$	94,830	$	512	$	-	$	95,342
U.S. Government Agency SBA		8,530		1		102		8,429
Mortgage-Backed Securities⁽¹⁾		421,263		18,050		39		439,274
Corporate Securities		25,002		159		98		25,063
Other		428		-		-		428
Total	$	550,053	$	18,722	$	239	$	568,536

⁽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 Cost		Gross Unrealized				Fair Value
September 30, 2021	Amortized Cost		Gains		Losses		Fair Value
Obligations of States and Political Subdivisions	$	62,936	$	768	$	-	$	63,704
Mortgage Backed Securities⁽¹⁾⁽²⁾		487,682		48		11,126		476,604
Total	$	550,618	$	816	$	11,126	$	540,308

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

	Amortized Value		Gross Unrealized				Fair Value
September 30, 2020	Amortized Value		Gains		Losses		Fair Value
Obligations of States and Political Subdivisions	$	69,913	$	1,142	$	-	$	71,055
Total	$	69,913	$	1,142	$	-	$	71,055

⁽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 September 30, 2021 by contractual maturity are shown in the following table (in thousands):

	Available-for-Sale				Held-to-Maturity
September 30, 2021	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Within one year	$	51,503	$	51,569	$	308	$	308
After one year through five years		5,100		5,262		6,969		7,012
After five years through ten years		563		566		19,543		20,254
After ten years		6,161		6,185		36,116		36,130
		63,327		63,582		62,936		63,704

Investment securities not due at a single maturity date:
Mortgage-Backed securities		270,667		269,569		487,682		476,604

Total	$	333,994	$	333,151	$	550,618	$	540,308

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
September 30, 2021	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Securities Available-for-Sale
U.S. Government Agency SBA	$	188	$	1	$	2,141	$	42	$	2,329	$	43
Mortgage-Backed Securities		171,869		5,339		116		2		171,985		5,341
Total	$	172,057	$	5,340	$	2,257	$	44	$	174,314	$	5,384

Securities Held-to-Maturity
Mortgage Backed Securities		468,360		11,126		-		-	$	468,360	$	11,126
Total	$	468,360	$	11,126	$	-	$	-	$	468,360	$	11,126

	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
September 30, 2020	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Securities Available-for-Sale
U.S. Government Agency SBA	$	2,312	$	4	$	5,810	$	98	$	8,122	$	102
Mortgage-Backed Securities		20,741		35		194		4		20,935		39
Corporate Securities		10,363		98		-		-		10,363		98
Total	$	33,416	$	137	$	6,004	$	102	$	39,420	$	239

Proceeds from Sales and Calls of Securities

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

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2021		2020		2021		2020
Proceeds	$	1,450	$	50,620	$	301,320	$	53,620
Gains		-		-		5,570		13
Losses		-		-		3,016		-