
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.


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