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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________________________________________ 
FORM 10-Q
________________________________________________________  
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022.
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 000-20288
 _________________________________________________________________________
COLUMBIA BANKING SYSTEM, INC.
(Exact name of registrant as specified in its charter)
 _______________________________________________________________
Washington91-1422237
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
1301 A Street
Tacoma, Washington 98402-2156
(Address of principal executive offices and zip code)
(253) 305-1900
(Registrant’s telephone number, including area code)
Securities Registered Pursuant to Section 12(b) of the Act:
Common Stock, No Par ValueCOLBThe Nasdaq Stock Market LLC
(Title of each class)(Trading symbol)(Name of each exchange on which registered)
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 x 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 x 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 filerAccelerated 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 x
The number of shares of common stock outstanding at April 30, 2022 was 78,639,422



TABLE OF CONTENTS
 
 Page
PART I — FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II — OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

i


Glossary of Acronyms, Abbreviations and Terms

The acronyms, abbreviations and terms listed below are used in various sections of the Form 10-Q, including “Item 1. Financial Statements” and “Item 2. Management Discussion and Analysis of Financial Condition and Results of Operations.”
ACLAllowance for Credit LossesFHLBFederal Home Loan Bank of Des Moines
ASCAccounting Standards CodificationFRBFederal Reserve Bank
ASUAccounting Standards UpdateGAAPGenerally Accepted Accounting Principles
Bank of CommerceBank of Commerce HoldingsGDPGross Domestic Product
B&OBusiness and OccupationLIBORLondon Interbank Offering Rate
Basel IIIA comprehensive capital framework and rules for U.S. banking organizations approved by the FRB and the FDIC in 2013NasdaqNational Association of Securities Dealer Automated Quotations
Capital RulesRisk-based capital standards currently applicable to the Company and the Bank.OPPOOther Personal Property Owned
CARES ActCoronavirus Aid Relief and Economic Security ActOREOOther Real Estate Owned
CDICore Deposit IntangiblePacific ContinentalPacific Continental Corporation
CECLCurrent Expected Credit LossesPCDPurchased Credit Deteriorated
CEOChief Executive OfficerPPPPaycheck Protection Program
CET1Common Equity Tier 1RSARestricted Stock Awards
CFOChief Financial OfficerRSURestricted Stock Units
COVID-19Novel CoronavirusSBASmall Business Administration
DCFDiscounted Cash FlowSECSecurities and Exchange Commission
Dodd-Frank ActDodd-Frank Wall Street Reform and Consumer Protection ActSOFRSecured Overnight Financing Rate
EPSEarnings Per ShareTDRTroubled Debt Restructuring
FASBFinancial Accounting Standards BoardUmpquaUmpqua Holdings Corporation
FDICFederal Deposit Insurance Corporation

ii

PART I - FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
Columbia Banking System, Inc.
(Unaudited)
March 31,
2022
December 31,
2021
ASSETS(in thousands)
Cash and due from banks$225,141 $153,414 
Interest-earning deposits with banks747,335 671,300 
Total cash and cash equivalents972,476 824,714 
Debt securities available for sale at fair value (amortized cost of $5,853,160 and $5,898,041, respectively)
5,527,371 5,910,999 
Debt securities held to maturity at amortized cost (fair value of $2,038,037 and $2,122,606, respectively)
2,202,437 2,148,327 
Equity securities13,425 13,425 
FHLB stock at cost10,280 10,280 
Loans held for sale4,271 9,774 
Loans, net of unearned income10,759,684 10,641,937 
Less: ACL146,949 155,578 
Loans, net10,612,735 10,486,359 
Interest receivable55,940 56,019 
Premises and equipment, net170,055 172,144 
OREO381 381 
Goodwill823,172 823,172 
Other intangible assets, net32,359 34,647 
Other assets539,056 455,092 
Total assets$20,963,958 $20,945,333 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing$8,790,138 $8,856,714 
Interest-bearing9,509,075 9,153,401 
Total deposits18,299,213 18,010,115 
FHLB advances7,345 7,359 
Securities sold under agreements to repurchase44,212 86,013 
Subordinated debentures10,000 10,000 
Junior subordinated debentures10,310 10,310 
Other liabilities232,099 232,794 
Total liabilities18,603,179 18,356,591 
Commitments and contingent liabilities (Note 11)
Shareholders’ equity:
March 31,
2022
December 31,
2021
(in thousands)
Preferred stock (no par value)
Authorized shares2,000 2,000 
Common stock (no par value)
Authorized shares115,000 115,000 
Issued80,828 80,695 1,931,076 1,930,187 
Outstanding78,644 78,511 
Retained earnings728,314 694,227 
Accumulated other comprehensive income (loss)(227,777)35,162 
Treasury stock at cost2,184 2,184 (70,834)(70,834)
Total shareholders’ equity2,360,779 2,588,742 
Total liabilities and shareholders’ equity$20,963,958 $20,945,333 

See accompanying Notes to unaudited Consolidated Financial Statements.
1

CONSOLIDATED STATEMENTS OF INCOME
Columbia Banking System, Inc.
(Unaudited)
Three Months Ended
March 31,
20222021
(in thousands except per share amounts)
Interest Income
Loans$107,103 $100,315 
Taxable securities37,162 22,816 
Tax-exempt securities3,725 2,759 
Deposits in banks295 152 
Total interest income148,285 126,042 
Interest Expense
Deposits1,796 1,485 
FHLB advances and FRB borrowings71 72 
Subordinated debentures144 468 
Other borrowings74 23 
Total interest expense2,085 2,048 
Net Interest Income146,200 123,994 
Recapture for credit losses(7,800)(800)
Net interest income after recapture for credit losses154,000 124,794 
Noninterest Income
Deposit account and treasury management fees7,113 6,358 
Card revenue4,967 3,733 
Financial services and trust revenue4,632 3,381 
Loan revenue3,193 7,369 
Bank owned life insurance1,788 1,560 
Other2,487 765 
Total noninterest income24,180 23,166 
Noninterest Expense
Compensation and employee benefits63,079 51,736 
Occupancy11,009 9,006 
Data processing and software10,324 8,451 
Legal and professional fees6,535 2,815 
Amortization of intangibles2,288 1,924 
B&O taxes1,589 1,259 
Advertising and promotion726 760 
Regulatory premiums1,536 1,105 
Net cost (benefit) of operation of OREO10 (63)
Other7,957 6,566 
Total noninterest expense105,053 83,559 
Income before income taxes73,127 64,401 
Income tax provision15,605 12,548 
Net Income$57,522 $51,853 
Earnings per common share
Basic$0.74 $0.73 
Diluted$0.74 $0.73 
Weighted average number of common shares outstanding77,925 70,869 
Weighted average number of diluted common shares outstanding78,083 71,109 

See accompanying Notes to unaudited Consolidated Financial Statements.
2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Columbia Banking System, Inc.
(Unaudited) 
Three Months Ended
March 31,
20222021
(in thousands)
Net income$57,522 $51,853 
Other comprehensive loss, net of tax:
Unrealized loss from securities:
Net unrealized holding loss from available for sale debt securities arising during the period, net of tax of $78,759 and $31,082
(259,988)(102,605)
Amortization of net unrealized gain for the reclassification of available for sale securities to held to maturity, net of tax of $326 and $0
(1,076) 
Net unrealized loss from securities, net of reclassification adjustment (261,064)(102,605)
Pension plan liability adjustment:
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax of $(30) and $(35)
101 115 
Pension plan liability adjustment, net101 115 
Unrealized gain from cash flow hedging instruments:
Reclassification adjustment for net gain in cash flow hedging instruments included in income, net of tax of $599 and $599
(1,976)(1,977)
Net unrealized loss from cash flow hedging instruments, net of reclassification adjustment(1,976)(1,977)
Other comprehensive loss(262,939)(104,467)
Total comprehensive loss$(205,417)$(52,614)

See accompanying Notes to unaudited Consolidated Financial Statements.
3

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Columbia Banking System, Inc.
(Unaudited)
Common StockRetained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury StockTotal
Shareholders’
Equity
Shares OutstandingAmount
For the Three Months Ended March 31, 2022(in thousands except per share amounts)
Balance at January 1, 202278,511 $1,930,187 $694,227 $35,162 $(70,834)$2,588,742 
Net income— — 57,522 — — 57,522 
Other comprehensive loss— — — (262,939)— (262,939)
Issuance of common stock - employee stock purchase plan31 1,017 — — — 1,017 
Activity in deferred compensation plan 1 — — — 1 
Issuance of common stock - RSAs and RSUs, net of canceled awards210 3,795 — — — 3,795 
Purchase and retirement of common stock(108)(3,924)— — — (3,924)
Cash dividends declared on common stock ($0.30 per share)
— — (23,435)— — (23,435)
Balance at March 31, 202278,644 $1,931,076 $728,314 $(227,777)$(70,834)$2,360,779 

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Columbia Banking System, Inc.
(Unaudited)
Common StockRetained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury StockTotal
Shareholders’
Equity
Shares OutstandingAmount
For the Three Months Ended March 31, 2021(in thousands except per share amounts)
Balance at January 1, 202171,598 $1,660,998 $575,248 $182,195 $(70,834)$2,347,607 
Net income— — 51,853 — — 51,853 
Other comprehensive loss— — — (104,467)— (104,467)
Issuance of common stock - employee stock purchase plan41 1,098 — — — 1,098 
Issuance of common stock - RSAs and RSUs, net of canceled awards188 3,028 — — — 3,028 
Purchase and retirement of common stock(88)(3,995)— — — (3,995)
Cash dividends declared on common stock ($0.28 per share)
— — (20,061)— — (20,061)
Balance at March 31, 202171,739 $1,661,129 $607,040 $77,728 $(70,834)$2,275,063 

See accompanying Notes to unaudited Consolidated Financial Statements.
4

CONSOLIDATED STATEMENTS OF CASH FLOWS
Columbia Banking System, Inc.
(Unaudited)
Three Months Ended March 31,
20222021
(in thousands)
Cash Flows From Operating Activities
Net income$57,522 $51,853 
Adjustments to reconcile net income to net cash provided by operating activities
Recapture for credit losses(7,800)(800)
Stock-based compensation expense3,795 3,028 
Depreciation, amortization and accretion9,435 1,433 
Net realized (gain) loss on sale of premises and equipment and loans held for investment(1,253)6 
Net realized gain on sale and valuation adjustments of OREO (100)
Gain on bank owned life insurance death benefit (209)
Originations of loans held for sale (51,395)(107,104)
Proceeds from sales of loans held for sale56,700 107,320 
Change in fair value of loans held for sale198 89 
Net change in:
Interest receivable79 2,164 
Interest payable(2)494 
Other assets(7,060)11,525 
Other liabilities2,157 (10,627)
Net cash provided by operating activities62,376 59,072 
Cash Flows From Investing Activities
Loans originated, net of principal collected(139,777)(164,856)
Investment in low income housing tax credit partnerships(42) 
Purchases of:
Debt securities available for sale(183,802)(608,854)
Debt securities held to maturity(97,658) 
Loans held for investment (74,383)
Premises and equipment(1,817)(805)
Proceeds from:
Principal repayments and maturities of debt securities available for sale221,718 180,380 
Principal repayments and maturities of debt securities held to maturity38,873  
Sales of premises and equipment and loans held for investment27,272  
Sales of OREO and OPPO 132 
Bank owned life insurance death benefit 671 
Net cash used in investing activities(135,233)(667,715)
Cash Flows From Financing Activities
Net increase in deposits289,282 897,604 
Net decrease in sweep repurchase agreements(41,801)(35,235)
Proceeds from:
FHLB advances10  
FRB borrowings10  
Employee stock purchase plan1,017 1,098 
Payments for:
Repayment of FHLB advances(10) 
Repayment of FRB borrowings(10) 
Common stock dividends(23,955)(20,110)
Purchase and retirement of common stock(3,924)(3,995)
Net cash provided by financing activities220,619 839,362 
Increase in cash and cash equivalents147,762 230,719 
Cash and cash equivalents at beginning of period824,714 653,766 
Cash and cash equivalents at end of period$972,476 $884,485 
5

CONSOLIDATED STATEMENTS OF CASH FLOWS
Columbia Banking System, Inc.
(Unaudited)
Three Months Ended March 31,
20222021
Supplemental Information:
Interest paid$2,087 $1,553 
Income taxes paid, net of refunds$11 $(1)
Non-cash investing and financing activities
Premises and equipment expenditures incurred but not yet paid$216 $43 
Change in dividends payable included in other liabilities$(520)$(49)

See accompanying Notes to unaudited Consolidated Financial Statements.

6

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Columbia Banking System, Inc.
1.Basis of Presentation and Significant Accounting Policies
Basis of Presentation
The interim unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. The Consolidated Financial Statements include the accounts of Columbia Banking System, Inc. (“we”, “our”, “Columbia” or the “Company”) and its subsidiaries, including its wholly owned banking subsidiary Columbia State Bank (“Columbia Bank” or the “Bank”) and Columbia Trust Company (“Columbia Trust”). All intercompany transactions and accounts have been eliminated in consolidation. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of the results for the interim periods presented have been included. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of results to be anticipated for the year ending December 31, 2022. The accompanying interim unaudited Consolidated Financial Statements should be read in conjunction with the financial statements and related notes contained in the Company’s 2021 Annual Report on Form 10-K.
Significant Accounting Policies
The significant accounting policies used in preparation of our Consolidated Financial Statements are disclosed in our 2021 Annual Report on Form 10-K. There have not been any changes in our significant accounting policies compared to those contained in our 2021 Annual Report on Form 10-K disclosure for the year ended December 31, 2021.
2.Accounting Pronouncements Recently Adopted or Issued
Accounting Standards Adopted in 2022
There are no recently issued accounting standards that are applicable to the Company that were adopted in 2022.
Recently Issued Accounting Standards, Not Yet Adopted
In March 2022, the FASB issued ASU 2022-02, Financial Instruments (Topic 326) - Troubled Debt Restructurings and Vintage Disclosures. The amendments in this ASU enhance disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, the amendments require the disclosure of current-period gross charge-offs by year of origination for financing receivables and net investments in leases within scope. The ASU is effective for interim and annual reporting periods beginning after December 15, 2022; early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company’s Consolidated Financial Statements.
3.Business Combinations
Bank of Commerce
On October 1, 2021, the Company completed its acquisition of Bank of Commerce and its wholly-owned banking subsidiary Merchants Bank of Commerce. The Company acquired 100% of the equity interests of Bank of Commerce.
The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their fair values as of the October 1, 2021 acquisition date. The application of the acquisition method of accounting resulted in the recognition of goodwill of $57.3 million and a CDI of $15.9 million. The goodwill represents the excess of the purchase price over the fair value of the net assets acquired. The Company paid this premium for a number of reasons, including to expand the Company’s current footprint and to enter the California market and the synergies and economies of scale expected from the acquisition. The goodwill is not deductible for income tax purposes.
7

The table below summarizes the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed:
October 1, 2021
(in thousands)
Merger consideration$256,257 
Identifiable net assets acquired, at fair value
Assets acquired
Cash and cash equivalents$155,180 
Investment securities654,480 
FHLB stock7,463 
Loans, net allowance for credit loss1,084,984 
Interest receivable5,237 
Premises and equipment17,658 
Core deposit intangible15,932 
Other assets41,963 
Total assets acquired1,982,897 
Liabilities assumed
Deposits(1,737,584)
Subordinated debentures(10,000)
Junior subordinated debentures(10,310)
Other liabilities(26,076)
Total liabilities assumed(1,783,970)
Total fair value of identifiable net assets198,927 
Goodwill$57,330 
See Note 8, “Goodwill and Other Intangible Assets,” for further discussion of the accounting for goodwill and other intangible assets.
Of the $1.08 billion net loans acquired, $40.3 million exhibited credit deterioration on the date of purchase. The following table provides a summary of these PCD loans at acquisition:
October 1, 2021
(in thousands)
Par value of PCD loans acquired$43,419 
PCD ACL at acquisition(2,616)
Non-credit discount on PCD loans(525)
Purchase price of PCD loans$40,278 
The operating results of the Company reported herein include the operating results produced by the acquired assets and assumed liabilities for the period of January 1, 2022 to March 31, 2022. Disclosure of the amount of Bank of Commerce’s revenue and net income (excluding integration costs) included in Columbia’s Consolidated Statements of Income is impracticable due to the integration of the operations and accounting for this acquisition.
8

For illustrative purposes only, the following table presents certain unaudited pro forma information for the three months ended March 31, 2021. This unaudited, estimated pro forma financial information was calculated as if Bank of Commerce had been acquired as of the beginning of the year prior to the date of acquisition. This unaudited pro forma information combines the historical results of Bank of Commerce with the Company’s consolidated historical results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the respective periods. The pro forma information is not indicative of what would have occurred had the acquisition occurred as of the beginning of the year prior to the acquisition. The unaudited pro forma information does not consider any changes to the provision for credit losses resulting from recording loan assets at fair value. Additionally, Columbia expects to achieve further operating cost savings and other business synergies, including revenue growth as a result of the acquisition, which are not reflected in the pro forma amounts that follow. As a result, actual amounts would have differed from the unaudited pro forma information presented.
Unaudited Pro Forma for the
Three Months Ended March 31,
2021
(in thousands, except per share amounts)
Total revenues (net interest income plus noninterest income)$162,092 
Net income$55,882 
Earnings per share - basic$0.72 
Earnings per share - diluted$0.72 
The following table shows the impact of the acquisition-related expenses related to the acquisition of Bank of Commerce for the periods indicated to the various components of noninterest expense:
 Three Months Ended March 31,
20222021
(in thousands)
Noninterest Expense
Compensation and employee benefits$370 $ 
Occupancy819  
Data processing and software1,039  
Legal and professional fees92  
Advertising and promotion18  
Other249  
Total impact of acquisition-related expenses to noninterest expense$2,587 $ 
In addition, related to the recently announced transaction with Umpqua, the Company recognized $4.5 million of acquisition-related expenses for the three months ended March 31, 2022.
9

4.Securities
The following table summarizes the amortized cost, gross unrealized gains and losses and the resulting fair value of debt securities:
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
March 31, 2022(in thousands)
Available for sale
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations$3,604,576 $8,315 $(205,237)$3,407,654 
Other asset-backed securities433,879 377 (26,209)408,047 
State and municipal securities1,002,490 2,275 (65,800)938,965 
U.S. government agency and government-sponsored enterprise securities247,727 711 (9,164)239,274 
U.S. government securities182,500  (9,158)173,342 
Non-agency collateralized mortgage obligations381,988  (21,899)360,089 
Total available for sale$5,853,160 $11,678 $(337,467)$5,527,371 
Held to maturity
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations$2,202,437 $ $(164,400)$2,038,037 
Total held to maturity$2,202,437 $ $(164,400)$2,038,037 
December 31, 2021
Available for sale
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations$3,738,616 $45,077 $(38,092)$3,745,601 
Other asset-backed securities469,052 3,802 (9,791)463,063 
State and municipal securities983,704 18,525 (4,938)997,291 
U.S. government agency and government-sponsored enterprise securities252,755 3,095 (3,274)252,576 
U.S. government securities158,367  (831)157,536 
Non-agency collateralized mortgage obligations295,547 340 (955)294,932 
Total available for sale$5,898,041 $70,839 $(57,881)$5,910,999 
Held to maturity
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations$2,148,327 $50 $(25,771)$2,122,606 
Total held to maturity$2,148,327 $50 $(25,771)$2,122,606 
There was no allowance for credit losses on both available for sale securities and held to maturity securities as of March 31, 2022 and December 31, 2021. All of the Company’s debt securities held to maturity were issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government, are widely recognized as “risk free,” and have a long history of zero credit loss.
A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on nonaccrual is reversed against interest income. There were no amounts of accrued interest reversed against interest income for the three months ended March 31, 2022 and 2021.
Accrued interest receivable for debt securities is included in “Interest receivable” on the Company’s Consolidated Balance Sheet and is not reflected in the balances in the table above. At March 31, 2022 and December 31, 2021, accrued interest receivable for securities available for sale was $18.4 million and $19.2 million, respectively. At March 31, 2022 and December 31, 2021, accrued interest receivable for securities held to maturity was $4.5 million and $4.4 million, respectively. The Company does not measure an allowance for credit losses for accrued interest receivable.
10

There were no proceeds or gross realized gains and losses on sales and calls of debt securities available for sale, nor were there other securities gains and losses for the three month periods ended March 31, 2022 and 2021. Additionally, there were no gains or losses recognized on equity securities during the three month periods ended March 31, 2022 and 2021.
The scheduled contractual maturities of debt securities at the period presented below are as follows:
March 31, 2022
Available for saleHeld to maturity
Amortized CostFair ValueAmortized CostFair Value
(in thousands)
Due within one year$92,542 $