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INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Fair Values of AFS Securities

At September 30, 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 September 30, 2022 and December 31, 2021:

			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
September 30, 2022
U.S. Treasury securities			$	20,074					$	—					$	2,959					$	17,115
States and political subdivisions			254,603						125						34,692						220,036
GSE residential MBSs			64,258						—						5,055						59,203
GSE residential CMOs			70,964						—						6,814						64,150
Non-agency CMOs			31,346						—						2,374						28,972
Asset-backed			116,427						—						2,692						113,735
Other			385						—						—						385
Totals			$	558,057					$	125					$	54,586					$	503,596
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

Summary of AFS Securities with Unrealized Losses

The following table summarizes investment securities with unrealized losses at September 30, 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
September 30, 2022
U.S. Treasury securities			—						$	—					$	—					3						$	17,115					$	2,959					3						$	17,115					$	2,959
States and political subdivisions			54						180,836						27,459						8						23,384						7,233						62						204,220						34,692
GSE residential MBSs			8						37,055						1,919						7						22,148						3,136						15						59,203						5,055
GSE residential CMOs			9						31,506						2,633						7						32,644						4,181						16						64,150						6,814
Non-agency CMOs			3						20,101						871						2						8,871						1,503						5						28,972						2,374
Asset-backed			14						85,529						2,081						3						28,206						611						17						113,735						2,692
Totals			88						$	355,027					$	34,963					30						$	132,368					$	19,623					118						$	487,395					$	54,586
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

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, 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			$	249					$	249
Due after one year through five years			8,440						8,065
Due after five years through ten years			85,918						75,831
Due after ten years			180,455						153,391
CMOs and MBSs			166,568						152,325
Asset-backed			116,427						113,735
Totals			$	558,057					$	503,596

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, 2022 and 2021:

			Three months ended September 30,												Nine months ended September 30,
			2022						2021						2022						2021
Proceeds from sale of investment securities			$	—					$	73,319					$	3,075					$	149,038
Gross gains			—						482						25						1,844
Gross losses			14						3						17						1,209

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Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

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