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INVESTMENT SECURITIES (Tables) | 9 Months Ended
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Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract] |
Amortized Cost and Fair Values of AFS Securities | At September 30, 2021 and December 31, 2020, 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 September 30, 2021 and December 31, 2020:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
September 30, 2021 |  |  |  |  |  |  |
U.S. Treasury securities | $ | 20,087 |  |  | $ | — |  |  | $ | 256 |  |  | $ | 19,831 |
States and political subdivisions | 174,239 |  |  | 8,072 |  |  | 790 |  |  | 181,521 |
GSE residential MBSs | 20,552 |  |  | 80 |  |  | 114 |  |  | 20,518 |
GSE residential CMOs | 69,922 |  |  | 921 |  |  | 656 |  |  | 70,187 |
Non-agency CMOs | 25,929 |  |  | 1 |  |  | 273 |  |  | 25,657 |
Asset-backed | 126,726 |  |  | 457 |  |  | 276 |  |  | 126,907 |
Other | 397 |  |  | — |  |  | — |  |  | 397 |
Totals | $ | 437,852 |  |  | $ | 9,531 |  |  | $ | 2,365 |  |  | $ | 445,018 |
December 31, 2020 |  |  |  |  |  |  |
States and political subdivisions | $ | 104,704 |  |  | $ | 9,091 |  |  | $ | 1,125 |  |  | $ | 112,670 |
GSE residential MBSs | 4,197 |  |  | 96 |  |  | — |  |  | 4,293 |
GSE residential CMOs | 56,856 |  |  | 2,226 |  |  | 1,071 |  |  | 58,011 |
Non-agency CMOs | 16,505 |  |  | 413 |  |  | — |  |  | 16,918 |
Private label commercial CMOs | 63,941 |  |  | 57 |  |  | 1,762 |  |  | 62,236 |
Asset-backed | 214,425 |  |  | 171 |  |  | 2,630 |  |  | 211,966 |
Other | 371 |  |  | — |  |  | — |  |  | 371 |
Totals | $ | 460,999 |  |  | $ | 12,054 |  |  | $ | 6,588 |  |  | $ | 466,465 |
Summary of AFS Securities with Unrealized Losses | The following table summarizes investment securities with unrealized losses at September 30, 2021 and December 31, 2020, 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
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | 3 |  |  | $ | 19,831 |  |  | $ | 256 |  |  | — |  |  | $ | — |  |  | $ | — |  |  | 3 |  |  | $ | 19,831 |  |  | $ | 256 |
States and political subdivisions | 11 |  |  | 40,666 |  |  | 790 |  |  | — |  |  | — |  |  | — |  |  | 11 |  |  | 40,666 |  |  | 790 |
GSE residential MBSs | 5 |  |  | 17,354 |  |  | 114 |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | 17,354 |  |  | 114 |
GSE residential CMOs | 7 |  |  | 43,267 |  |  | 656 |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | 43,267 |  |  | 656 |
Non-agency CMOs | 1 |  |  | 13,257 |  |  | 273 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 13,257 |  |  | 273 |
Asset-backed | 2 |  |  | 19,084 |  |  | 14 |  |  | 3 |  |  | 36,067 |  |  | 262 |  |  | 5 |  |  | 55,151 |  |  | 276 |
Totals | 29 |  |  | $ | 153,459 |  |  | $ | 2,103 |  |  | 3 |  |  | $ | 36,067 |  |  | $ | 262 |  |  | 32 |  |  | $ | 189,526 |  |  | $ | 2,365 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions | 1 |  |  | $ | 9,079 |  |  | $ | 1,125 |  |  | — |  |  | $ | — |  |  | $ | — |  |  | 1 |  |  | $ | 9,079 |  |  | $ | 1,125 |
GSE residential CMOs | 3 |  |  | 23,954 |  |  | 1,071 |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 23,954 |  |  | 1,071 |
Private label commercial CMOs | 1 |  |  | 4,314 |  |  | 685 |  |  | 10 |  |  | 42,403 |  |  | 1,077 |  |  | 11 |  |  | 46,717 |  |  | 1,762 |
Asset-backed | 2 |  |  | 16,921 |  |  | 12 |  |  | 15 |  |  | 183,161 |  |  | 2,618 |  |  | 17 |  |  | 200,082 |  |  | 2,630 |
Totals | 7 |  |  | $ | 54,268 |  |  | $ | 2,893 |  |  | 25 |  |  | $ | 225,564 |  |  | $ | 3,695 |  |  | 32 |  |  | $ | 279,832 |  |  | $ | 6,588 |
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 September 30, 2021. 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 | 249 |  |  | 249 |
Due after five years through ten years | 69,999 |  |  | 71,976 |
Due after ten years | 124,475 |  |  | 129,524 |
CMOs and MBSs | 116,403 |  |  | 116,362 |
Asset-backed | 126,726 |  |  | 126,907 |
Totals | $ | 437,852 |  |  | $ | 445,018 |
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 and nine months ended September 30, 2021 and 2020:
| Three months ended September 30, |  | Nine months ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Proceeds from sale of investment securities | $ | 73,319 |  |  | $ | — |  |  | $ | 149,038 |  |  | $ | — |
Gross gains | 482 |  |  | — |  |  | 1,844 |  |  | — |
Gross losses | 3 |  |  | 13 |  |  | 1,209 |  |  | 44 |

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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27290-111563 + Details
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