v3.22.2.2

Investment Securities | 9 Months Ended
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Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities The amortized cost and estimated fair value of investment securities at September 30, 2022 and December 31, 2021 are summarized as follows:
Investment Securities Available for Sale |  |  |  |  |  |  |  |
(in thousands) |  |  |  |  |  |  |  |
September 30, 2022 |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
Available for sale |  |  |  |  |  |  |  |
U.S. Treasuries |  | $ | 232,406 |  |  | $ | — |  |  | $ | (17,466) |  |  | $ | 214,940 |
Municipal |  | 10,817 |  |  | — |  |  | (2,730) |  |  | 8,087 |
Corporate |  | 5,000 |  |  | — |  |  | (352) |  |  | 4,648 |
Asset-backed securities |  | 8,323 |  |  | — |  |  | (101) |  |  | 8,222 |
Mortgage-backed securities |  | 36,604 |  |  | — |  |  | (2,881) |  |  | 33,723 |
Total |  | $ | 293,150 |  |  | $ | — |  |  | $ | (23,530) |  |  | $ | 269,620 |
December 31, 2021 |  |  |  |  |  |  |  |
Available for sale |  |  |  |  |  |  |  |
U.S. Treasuries |  | $ | 132,452 |  |  | $ | 45 |  |  | $ | (1,496) |  |  | $ | 131,001 |
Municipal |  | 10,825 |  |  | 43 |  |  | (394) |  |  | 10,474 |
Corporate |  | 5,000 |  |  | — |  |  | (66) |  |  | 4,934 |
Asset-backed securities |  | 10,093 |  |  | 59 |  |  | (12) |  |  | 10,140 |
Mortgage-backed securities |  | 27,589 |  |  | 514 |  |  | (197) |  |  | 27,906 |
Total |  | $ | 185,959 |  |  | $ | 661 |  |  | $ | (2,165) |  |  | $ | 184,455 |
There were no securities sold during the three and nine months ended September 30, 2022. There were no securities sold during the three months ended September 30, 2021 and 28 securities were sold during the nine months ended September 30, 2021 which generated proceeds of $66.5 million. The investment sales resulted in gross gains of $694 thousand and gross losses of $541 thousand for the nine months ended September 30, 2021. Information related to unrealized losses in the investment portfolio as of September 30, 2022 and December 31, 2021 is summarized as follows:
Investment Securities Unrealized Losses |  |  |  |  |  |  |  |  |  |
(in thousands) |  | Less than 12 months |  | 12 months or longer |  | Total
September 30, 2022 |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. Treasuries |  | $ | 116,078 |  |  | $ | (4,968) |  |  | $ | 98,862 |  |  | $ | (12,498) |  |  | $ | 214,940 |  |  | $ | (17,466) |
Municipal |  | 1,412 |  |  | (248) |  |  | 6,675 |  |  | (2,482) |  |  | 8,087 |  |  | (2,730) |
Corporate |  | — |  |  | — |  |  | 4,648 |  |  | (352) |  |  | 4,648 |  |  | (352) |
Asset-backed securities |  | 6,460 |  |  | (78) |  |  | 1,762 |  |  | (23) |  |  | 8,222 |  |  | (101) |
Mortgage-backed securities |  | 22,126 |  |  | (1,862) |  |  | 11,597 |  |  | (1,019) |  |  | 33,723 |  |  | (2,881) |
Total |  | $ | 146,076 |  |  | $ | (7,156) |  |  | $ | 123,544 |  |  | $ | (16,374) |  |  | $ | 269,620 |  |  | $ | (23,530) |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries |  | $ | 110,191 |  |  | $ | (1,496) |  |  | $ | — |  |  | $ | — |  |  | $ | 110,191 |  |  | $ | (1,496) |
Municipal |  | 5,750 |  |  | (248) |  |  | 3,019 |  |  | (146) |  |  | 8,769 |  |  | (394) |
Corporate |  | 4,448 |  |  | (52) |  |  | 486 |  |  | (14) |  |  | 4,934 |  |  | (66) |
Asset-backed securities |  | — |  |  | — |  |  | 2,115 |  |  | (12) |  |  | 2,115 |  |  | (12) |
Mortgage-backed securities |  | 14,114 |  |  | (189) |  |  | 2,124 |  |  | (8) |  |  | 16,238 |  |  | (197) |
Total |  | $ | 134,503 |  |  | $ | (1,985) |  |  | $ | 7,744 |  |  | $ | (180) |  |  | $ | 142,247 |  |  | $ | (2,165) |
There were no pledged securities at September 30, 2022 or December 31, 2021. At September 30, 2022, there were fourteen treasury securities, seven municipal securities, five corporate securities, one asset-backed security, and three mortgage-backed securities that had been in an unrealized loss position for greater than twelve months. At December 31, 2021 there were two municipal securities, one corporate security, one asset-backed security, and one mortgage-backed security that had been in an unrealized loss position for greater than twelve months. Management believes that the unrealized losses at September 30, 2022 and December 31, 2021 resulted from changes in interest rates and current market conditions and not as a result of credit deterioration. Management has the ability and the intent to hold these investment securities until maturity or until they recover in value. Contractual maturities of investment securities at September 30, 2022 and December 31, 2021 are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call premiums or prepayment penalties.
Contractual Maturities |  |  |  |  |  |  |  |
|  | September 30, 2022 |  | December 31, 2021
(in thousands) |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Within one year |  | $ | 60,645 |  |  | $ | 60,219 |  |  | $ | — |  |  | $ | — |
Over one to five years |  | 98,111 |  |  | 91,686 |  |  | 58,602 |  |  | 57,650 |
Over five to ten years |  | 78,650 |  |  | 67,684 |  |  | 78,850 |  |  | 78,285 |
Over ten years |  | 10,817 |  |  | 8,086 |  |  | 10,825 |  |  | 10,474 |
Asset-backed securities(1) |  | 8,323 |  |  | 8,222 |  |  | 10,093 |  |  | 10,140 |
Mortgage-backed securities(1) |  | 36,604 |  |  | 33,723 |  |  | 27,589 |  |  | 27,906 |
Total |  | $ | 293,150 |  |  | $ | 269,620 |  |  | $ | 185,959 |  |  | $ | 184,455 |
_______________ (1) Asset-backed and Mortgage-backed securities are due in monthly installments.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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