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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to     
Commission File Number: 001-39731
CARTER BANKSHARES, INC.
(Exact name of registrant as specified in its charter)
Virginia
85-3365661
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
1300 Kings Mountain Road
MartinsvilleVirginia24112
(Address of principal executive offices)
(Zip Code)
(Registrant’s telephone number, including area code) (276) 656-1776
NA
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $1 par value
CARE
Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232-405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒
As of May 3, 2022 there were 24,578,032 shares of the registrant’s common stock issued and outstanding.
1

TABLE OF CONTENTS


2

CARTER BANKSHARES, INC.
PART 1
ITEM 1 – FINANCIAL STATEMENTS


CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands Except per Share Data)March 31, 2022 (unaudited)December 31, 2021 (audited)
ASSETS
Cash and Due From Banks$38,534 $36,698 
Interest-Bearing Deposits in Other Financial Institutions26,462 64,905 
Federal Reserve Bank Excess Reserves43,040 176,196 
Total Cash and Cash Equivalents108,036 277,799 
Securities Available-for-Sale, at Fair Value982,041 922,400 
Loans Held-for-Sale196 228 
Portfolio Loans2,894,004 2,812,129 
Allowance for Credit Losses(96,376)(95,939)
Portfolio Loans, net2,797,628 2,716,190 
Bank Premises and Equipment, net73,402 75,297 
Other Real Estate Owned, net11,253 10,916 
Federal Home Loan Bank Stock, at Cost2,067 2,352 
Bank Owned Life Insurance55,712 55,378 
Other Assets92,891 73,186 
Total Assets$4,123,226 $4,133,746 
LIABILITIES
Deposits:
Noninterest-Bearing Demand$708,353 $747,909 
Interest-Bearing Demand480,192 452,644 
Money Market526,838 463,056 
Savings728,425 690,549 
Certificates of Deposit1,284,470 1,344,318 
Total Deposits3,728,278 3,698,476 
Federal Home Loan Bank Borrowings 7,000 
Other Liabilities36,392 20,674 
Total Liabilities3,764,670 3,726,150 
SHAREHOLDERS’ EQUITY
Common Stock, Par Value $1.00 per share,
Authorized 100,000,000 Shares;
Outstanding shares 24,986,726 at March 31, 2022 and 26,430,919 at December 31, 2021
24,987 26,431 
Additional Paid-in Capital121,045 143,988 
Retained Earnings244,798 235,475 
Accumulated Other Comprehensive (Loss) Income(32,274)1,702 
Total Shareholders’ Equity358,556 407,596 
Total Liabilities and Shareholders’ Equity$4,123,226 $4,133,746 
See accompanying notes to unaudited consolidated financial statements.

3

CARTER BANKSHARES, INC.
PART 1
ITEM 1 – FINANCIAL STATEMENTS (continued)
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands Except per Share Data)Three Months Ended March 31,
20222021
INTEREST INCOME
Loans, including Fees
Taxable$27,745 $28,145 
Non-Taxable952 1,412 
Investment Securities
Taxable3,732 2,987 
Non-Taxable167 326 
Federal Reserve Bank Excess Reserves37 26 
Interest on Bank Deposits25 24 
Dividend Income20 37 
Total Interest Income32,678 32,957 
Interest Expense
Interest Expense on Deposits4,399 6,295 
Interest on Other Borrowings57 133 
Total Interest Expense4,456 6,428 
NET INTEREST INCOME28,222 26,529 
Provision for Credit Losses630 1,857 
Provision for Unfunded Commitments(236)(282)
Net Interest Income After Provision for Credit Losses27,828 24,954 
NONINTEREST INCOME
(Losses) Gains on Sales of Securities, net(24)3,610 
Service Charges, Commissions and Fees1,953 1,809 
Debit Card Interchange Fees1,932 1,831 
Insurance Commissions269 294 
Bank Owned Life Insurance Income334 340 
Gains on Sales and Write-downs of Bank Premises, net383  
Other Real Estate Owned Income10 71 
Commercial Loan Swap Fee Income 219 
Other478 778 
Total Noninterest Income5,335 8,952 
NONINTEREST EXPENSE
Salaries and Employee Benefits11,757 12,582 
Occupancy Expense, net3,352 3,514 
FDIC Insurance Expense368 643 
Other Taxes804 762 
Advertising Expense239 170 
Telephone Expense488 600 
Professional and Legal Fees1,219 1,224 
Data Processing841 921 
Losses on Sales and Write-downs of Other Real Estate Owned, net159 212 
Losses on Sales and Write-downs on Bank Premises, net 43 
Debit Card Expense633 632 
Tax Credit Amortization615 427 
Other Real Estate Owned Expense41 54 
Other1,995 1,821 
Total Noninterest Expense22,511 23,605 
Income Before Income Taxes10,652 10,301 
Income Tax Provision1,329 926 
Net Income$9,323 $9,375 
Earnings per Common Share
Basic Earnings per Common Share$0.36 $0.36 
Diluted Earnings per Common Share$0.36 $0.36 
Average Shares Outstanding – Basic & Diluted25,740,636 26,276,890 
See accompanying notes to unaudited consolidated financial statements.

4

CARTER BANKSHARES, INC.
PART 1
ITEM 1 – FINANCIAL STATEMENTS (continued)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

Three Months Ended March 31,
(Dollars in Thousands)20222021
Net Income $9,323 $9,375 
Other Comprehensive Loss:
Net Unrealized Losses on Securities Available-for-Sale:
Net Unrealized Losses Arising during the Period(43,032)(10,494)
Reclassification Adjustment for Losses (Gains) included in Net Income24 (3,610)
Tax Effect9,032 2,962 
Net Unrealized Losses Recognized in Other Comprehensive Loss(33,976)(11,142)
Other Comprehensive Loss(33,976)(11,142)
Comprehensive Loss$(24,653)$(1,767)
See accompanying notes to unaudited consolidated financial statements.

5

CARTER BANKSHARES, INC.
PART 1
ITEM 1 – FINANCIAL STATEMENTS (continued)
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Three Months Ended March 31, 2022
(Dollars in Thousands)Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Shareholders’
Equity
Balance at December 31, 2021$26,431 $143,988 $235,475 $1,702 $407,596 
Net Income9,323 9,323 
Other Comprehensive Loss, Net of Tax(33,976)(33,976)
Repurchase of Common Stock (1,523,157 shares)
(1,523)(23,103)(24,626)
Forfeiture of Restricted Stock (9,692 shares)
(10)(146)(156)
Issuance of Restricted Stock (88,656 shares)
89(89)
Recognition of Restricted Stock Compensation Expense395395
Balance at March 31, 2022$24,987$121,045$244,798$(32,274)$358,556
Three Months Ended March 31, 2021
(Dollars in Thousands)Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive IncomeTotal Shareholders’ Equity
Balance December 31, 2020$26,385 $143,457 $254,611 $15,721 $440,174 
Net Income9,375 9,375 
Cumulative Effect for Adoption of Credit Losses(50,726)— (50,726)
Other Comprehensive Loss, Net of Tax(11,142)(11,142)
Issuance of Restricted Stock (82,490 shares)
83(83)
Recognition of Restricted Stock Compensation Expense208208
Balance at March 31, 2021$26,468$143,582$213,260$4,579$387,889
See accompanying notes to unaudited consolidated financial statements.
6

CARTER BANKSHARES, INC.
PART 1
ITEM 1 – FINANCIAL STATEMENTS (continued)
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended March 31,
(Dollars in Thousands)20222021
Net Income $9,323 $9,375 
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
Provision for Credit Losses, including Provision for Unfunded Commitments394 1,575 
Origination of Loans Held-for-Sale(3,554)(314,092)
Proceeds From Loans Held-for-Sale3,672 306,866 
Depreciation/Amortization of Bank Premises and Equipment1,478 1,559 
Provision for Deferred Taxes1,154  
Net Amortization of Securities1,634 902 
Tax Credit Amortization615 427 
Gains on Sales of Mortgage Loans Held-for-Sale(86)(74)
Losses (Gains) on Sales of Securities, net24 (3,610)
Write-downs of Other Real Estate Owned131 139 
Losses on Sales of Other Real Estate Owned, Net28 73 
(Gains) Losses on Sales and Write-downs of Bank Premises(383)43 
Increase in the Value of Life Insurance Contracts(334)(340)
Recognition of Restricted Stock Compensation Expense395 208 
Increase in Other Assets(9,563)(413)
Increase (Decrease) in Other Liabilities7,542 (2,279)
Net Cash Provided By Operating Activities12,470 359 
INVESTING ACTIVITIES
Securities Available-for-Sale:
Proceeds from Sales4,921 64,870 
Proceeds from Maturities, Redemptions, and Pay-downs26,406 25,365 
Purchases(131,519)(92,014)
Purchase of Bank Premises and Equipment, Net(809)(1,624)
Proceeds from Sales of Bank Premises and Equipment, net408  
Redemption of Federal Home Loan Bank Stock, net285 1,878 
Loan Originations and Payments, net(82,032)(24,994)
Payments Received on Other Real Estate Owned108  
Proceeds from Sales and Payments of Other Real Estate Owned561 1,479 
Net Cash Used In Investing Activities(181,671)(25,040)
FINANCING ACTIVITIES
Net Change in Demand, Money Markets and Savings Accounts89,650 103,276 
Decrease in Certificates of Deposits(59,848)(96,383)
Payments on Federal Home Loan Bank Borrowings(7,000)(5,000)
Repurchase of Common Stock(23,364) 
Net Cash (Used In) Provided by Financing Activities(562)1,893 
Net Decrease in Cash and Cash Equivalents(169,763)(22,788)
Cash and Cash Equivalents at Beginning of Period277,799 241,942 
Cash and Cash Equivalents at End of Period$108,036 $219,154 
SUPPLEMENTARY DATA
Cash Interest Paid$4,501 $6,666 
Cash Paid for Income Taxes 88 
Transfer from Fixed Assets to Other Real Estate Owned1,201  
Security (Purchases) Settled in Subsequent Period(4,115)(10,970)
Right-of-use Asset Recorded in Exchange for Lease Liabilities2,879 2,027 
Stock Repurchase Settled in Subsequent Period(1,262) 
See accompanying notes to unaudited consolidated financial statements.
7

CARTER BANKSHARES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – BASIS OF PRESENTATION
Principles of Consolidation: The interim Consolidated Financial Statements include the accounts of Carter Bankshares, Inc. (the “Company”) and its wholly owned subsidiary, Carter Bank & Trust (the “Bank”). All significant intercompany transactions have been eliminated in consolidation.
Basis of Presentation: The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (“GAAP”), in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission (“SEC”), on March 11, 2022. In management’s opinion, the accompanying interim financial information reflects all adjustments, consisting of normal recurring adjustments, necessary to present fairly our financial position and the results of operations for each of the interim periods presented. Results of operations for interim periods are not necessarily indicative to the results of operations that may be expected for a full year or any future period.
Reclassification: Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. Reclassifications had no material effect on prior year net income or shareholders’ equity.
Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Those estimates and assumptions affect the amounts reported in the consolidated financial statements and the disclosures provided. Actual results could differ from those estimates. Information available which could affect these judgments include, but are not limited to, changes in interest rates, changes in the performance of the economy, including COVID-19 related changes, and changes in the financial condition of borrowers.
The Company did not adopt any new accounting standards in the first quarter of 2022 that had a material impact to our financial statements.
Accounting Statements Issued but Not Yet Adopted
In March 2022, the FASB issued ASU No. 2022-02, which eliminates the troubled debt restructuring (TDR) accounting model for creditors that have adopted Topic 326, “Financial Instruments - Credit Losses.” Due to the removal of the TDR accounting model, all loan modifications now will be evaluated to determine if they result in a new loan or a continuation of the existing loan. The amendments in this ASU also requires that entities disclose current-period gross charge-offs by year of origination for loans and leases. We are currently evaluating the impact of the updated guidance on our Consolidated Financial Statements and write-offs. The amendments in this ASU are effective January 1, 2023, with early adoption permitted. The Company plans to early adopt this ASU in 2022.
In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this ASU provide optional guidance for a limited period of time to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from the London Interbank Offered Rate (“LIBOR”) toward new interest rate benchmarks. Modified contracts that meet certain scope guidance are eligible for relief from the modification accounting requirements in U.S. GAAP. The optional guidance generally allows for the modified contract to be accounted for as a continuation of the existing contract and does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. The amendments in this ASU are effective for all entities between March 12, 2020 and December 31, 2022.
Furthermore, the United Kingdom’s Financial Conduct Authority (“FCA”), who is the regulator of LIBOR, announced on March 5, 2021 that they will no longer require any panel bank to continue to submit LIBOR after December 31, 2021. As it pertains to the U.S. dollar LIBOR, the FCA will consider the case to require continued publication of a number of LIBOR
8

CARTER BANKSHARES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 – BASIS OF PRESENTATION – (continued)
settings through June 30, 2023. In a joint statement, Bank regulators urged banks to stop using LIBOR for any new transactions by the end of 2021 to avoid the possible creation of safety and soundness risk. The Federal Reserve System, (“FRB”), of New York has created a working group called the Alternative Reference Rate Committee (“ARRC”) to assist U.S. institutions in transitioning away from LIBOR as a benchmark interest rate. The ARRC has recommended the use of the Secured Overnight Financing Rate (“SOFR”) as a replacement index for LIBOR, and in March 2022 the U.S. Congress passed and the U.S. President signed legislation that provides a uniform approach for replacing LIBOR as a reference rate in legacy contracts that do not contain effective “fall back” provisions for when LIBOR is no longer published or no longer representative, and that instructs the Federal Reserve to identify a replacement benchmark based on SOFR.
In response, we have created an internal team that is managing our transition away from LIBOR. This transition team is a cross-functional group comprised of representatives from the lending lines of business, as well as representatives from loan operations, information technology, finance and other support functions. To date, the transition team has completed an assessment of tasks needed for a successful transition, identified contracts that contain LIBOR language, and documented the risks associated with the transition. The team is currently in the process of: i) reviewing existing contract language for the presence of appropriate fallback rate language, ii) developing loan fallback rate language for when LIBOR is retired if needed, and iii) studying industry best practices. We are considering SOFR and other credit-sensitive alternative indices that may gain market acceptance as potential replacements to LIBOR. The financial impact regarding pricing, valuation and operations of the transition is not expected to be material in nature. Our transition team is fully committed to working within the guidelines established by the FCA and ARRC to provide a smooth transition away from LIBOR.
As of March 31, 2022, approximately 16.0% of our loan portfolio consists of loans whose variable rate index is LIBOR. We ceased originating new LIBOR based variable rate loans by December 31, 2021 per the ARRC’s guidance.
9

CARTER BANKSHARES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 – EARNINGS PER SHARE
Basic earnings per share is calculated by dividing net income allocated to common shareholders by the weighted average number shares of common stock outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.
The following table reconciles the numerators and denominators of basic and diluted earnings per share calculations for the periods presented:
Three Months Ended March 31,
(Dollars in Thousands, except share and per share data)20222021
Numerator for Earnings per Share – Basic and Diluted
Net Income$9,323 $9,375 
Less: Income allocated to participating shares43 46 
Net Income Allocated to Common Shareholders - Basic & Diluted$9,280 $9,329 
Denominator:
Weighted Average Shares Outstanding, including Shares Considered Participating Securities25,859,982 26,408,319 
Less: Average Participating Securities119,346 131,429 
Weighted Average Common Shares Outstanding - Basic & Diluted25,740,636 26,276,890 
Earnings per Common Share – Basic$0.36 $0.36 
Earnings per Common Share – Diluted$0.36 $0.36 
All outstanding unvested restricted stock awards are considered participating securities for the earnings per share calculation. As such, these shares have been allocated to a portion of net income and are excluded from the diluted earnings per share calculation.
NOTE 3 - INVESTMENT SECURITIES
The following tables present the amortized cost and fair value of available-for-sale securities as of the dates presented:
March 31, 2022
(Dollars in Thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
U.S. Treasury Securities$19,263 $ $(654)$18,609 
U.S. Government Agency Securities3,490  (253)3,237 
Residential Mortgage-Backed Securities122,266 5 (6,549)115,722 
Commercial Mortgage-Backed Securities44,302 153 (810)43,645 
Asset Backed Securities86,545 7 (1,112)85,440 
Collateralized Mortgage Obligations316,798 52 (11,841)305,009 
Small Business Administration68,233 591 (118)68,706 
States and Political Subdivisions288,247 477 (17,981)270,743 
Corporate Notes73,750 51 (2,871)70,930 
Total Debt Securities$1,022,894 $1,336 $(42,189)$982,041 
10

CARTER BANKSHARES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3 – INVESTMENT SECURITIES (continued)
December 31, 2021
(Dollars in Thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
U.S. Treasury Securities$4,442 $ $(29)$4,413 
U.S. Government Agency Securities3,475 3  3,478 
Residential Mortgage-Backed Securities112,118 76 (2,181)110,013 
Commercial Mortgage-Backed Securities4,155 53 (40)4,168 
Asset Backed Securities82,119 49 (305)81,863 
Collateralized Mortgage Obligations287,734 2,190 (2,310)287,614 
Small Business Administration108,643 879 (608)108,914 
States and Political Subdivisions257,810 6,344 (1,952)262,202 
Corporate Notes59,750 375 (390)59,735 
Total Debt Securities$920,246 $9,969 $(7,815)$922,400 
The Company did not have securities classified as held-to-maturity at March 31, 2022 or December 31, 2021.
The following table shows the composition of gross and net realized gains and losses for the periods presented:
Three Months Ended March 31,
(Dollars in Thousands)20222021
Proceeds from Sales of Securities Available-for-Sale$4,921 $64,870 
Gross Realized Gains$ $3,629 
Gross Realized Losses(24)(19)
Net Realized (Losses) Gains(24)3,610 
Tax Impact$(5)$758 
Gains or losses are recognized in earnings on the trade date using the amortized cost of the specific security sold. The net realized (losses) gains above reflect reclassification adjustments in the calculation of Other Comprehensive Loss. The net realized (losses) gains are included in noninterest income as (losses) gains on sales of securities, net in the Consolidated Statements of Income. The tax impact is included in income tax provision in the Consolidated Statements of Income.
The amortized cost and fair value of available-for-sale debt securities are shown below by contractual maturity as of the date presented. 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.
March 31, 2022
(Dollars in Thousands)Amortized
Cost
Fair
Value
Due in One Year or Less$400 $401 
Due after One Year through Five Years17,407 17,053 
Due after Five Years through Ten Years221,217 213,602 
Due after Ten Years213,959 201,169 
Residential Mortgage-Backed Securities122,266 115,722 
Commercial Mortgage-Backed Securities44,302 43,645 
Collateralized Mortgage Obligations316,798 305,009 
Asset Backed Securities86,545 85,440 
Total Debt Securities$1,022,894 $982,041 
At March 31, 2022 and December 31, 2021, there were no holdings of securities of any one issuer, other than those securities issued by or collateralized by the U.S. Government and its Agencies, in an amount greater than 10% of shareholders’ equity. The carrying value of securities pledged for various regulatory and legal requirements was $164.6 million at March 31, 2022 and $178.6 million at December 31, 2021.
11

CARTER BANKSHARES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3 – INVESTMENT SECURITIES (continued)
Available-for-sale securities with unrealized losses at March 31, 2022 and December 31, 2021, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position, were as follows:
March 31, 2022
Less Than 12 Months12 Months or MoreTotal
(Dollars in Thousands)Number
of
Securities
Fair
Value
Unrealized
Losses
Number
of
Securities
Fair
Value
Unrealized
Losses
Number
of
Securities
Fair
Value
Unrealized
Losses
U.S. Treasury Securities5 $18,609 $(654) $ $ 5 $18,609 $(654)
U.S. Government Agency Securities2 3,237 (253)   2 3,237 (253)
Residential Mortgage-Backed Securities37 105,273 (5,886)7 10,137 (663)44 115,410 (6,549)
Commercial Mortgage-Backed Securities8 13,340 (467)51 16,557 (343)59 29,897 (810)
Asset Backed Securities26 64,279 (775)8 17,161 (337)34 81,440 (1,112)
Collateralized Mortgage Obligations94 262,649 (11,055)12 24,932 (786)106 287,581 (11,841)
Small Business Administration9 13,725 (66)3 4,302 (52)12 18,027 (118)
States and Political Subdivisions140 231,573 (16,129)13 13,295 (1,852)153 244,868 (17,981)
Corporate Notes20 66,264 (2,736)1 2,365 (135)21 68,629 (2,871)
Total Debt Securities341 $778,949 $(38,021)95 $88,749 $(4,168)436 $867,698 $(42,189)
December 31, 2021
Less Than 12 Months12 Months or MoreTotal
(Dollars in Thousands)Number
of
Securities
Fair
Value
Unrealized
Losses
Number
of
Securities
Fair
Value
Unrealized
Losses
Number
of
Securities
Fair
Value
Unrealized
Losses
U.S. Treasury Securities2$4,413 $(29)$ $ 2$4,413 $(29)
U.S. Government Agency Securities11,733    1