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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

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: 001-35654

NATIONAL BANK HOLDINGS CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

    

27-0563799

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

7800 East Orchard Road, Suite 300, Greenwood Village, Colorado 80111

(Address of principal executive offices) (Zip Code)

Registrant’s telephone, including area code: (303892-8715

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

    

Trading Symbol

    

Name of each exchange on which registered:

Class A Common Stock

NBHC

NYSE

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 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  

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of April 29, 2022, the registrant had outstanding 30,049,172 shares of Class A voting common stock, each with $0.01 par value per share, excluding 151,408 shares of restricted Class A common stock issued but not yet vested.

    

Page

Part I. Financial Information

Item 1.

Financial Statements (Unaudited)

6

Consolidated Statements of Financial Condition as of March 31, 2022 and December 31, 2021

6

Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021

7

Consolidated Statements of Comprehensive Income for the three months ended March 31, 2022 and 2021

8

Consolidated Statements of Changes in Shareholders’ Equity for the three months ended March 31, 2022 and 2021

9

Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021

10

Notes to Consolidated Financial Statements

11

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

39

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

62

Item 4.

Controls and Procedures

62

Part II. Other Information

Item 1.

Legal Proceedings

63

Item 1A.

Risk Factors

63

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

63

Item 5.

Other Information

64

Item 6.

Exhibits

64

2

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notwithstanding that such statements are not specifically identified. Any statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believe,” “can,” “would,” “should,” “could,” “may,” “predict,” “seek,” “potential,” “will,” “estimate,” “target,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “intend” and similar words or phrases. These statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties. We have based these statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, liquidity, results of operations, business strategy and growth prospects.

Forward-looking statements involve certain important risks, uncertainties and other factors, any of which could cause actual results to differ materially from those in such statements and, therefore, you are cautioned not to place undue reliance on such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:

       difficulties and delays in integrating the mergers of NBHC, Community Bancorporation, and Bancshares of Jackson Hole Incorporated businesses or fully realizing cost savings and other benefits;

       our ability to obtain regulatory approvals and meet other closing conditions to the mergers on the expected terms and schedule;

       a delay in closing the mergers;

       business disruption following the proposed transactions;

       our ability to execute our business strategy, including our digital strategy, as well as changes in our business strategy or development plans;

       business and economic conditions generally and in the financial services industry;

       effects of any potential government shutdowns;

       economic, market, operational, liquidity, credit and interest rate risks associated with our business;

       effects of any changes in trade, monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board;

       changes imposed by regulatory agencies to increase our capital to a level greater than the current level required for well-capitalized financial institutions;

       effects of inflation, including its associated impact on labor costs, as well as, interest rate, securities market and monetary supply fluctuations;

       changes in the economy or supply-demand imbalances affecting local real estate values;

       changes in consumer spending, borrowings and savings habits;

       with respect to our mortgage business, our inability to negotiate our fees with Fannie Mae, Freddie Mac, Ginnie Mae or other investors for the purchase of our loans, our obligation to indemnify purchasers or to repurchase the related loans if the loans fail to meet certain criteria, or higher rate of delinquencies and defaults as a result of the geographic concentration of our servicing portfolio;

       our ability to identify potential candidates for, obtain regulatory approval for, and consummate, acquisitions, consolidations or other expansion opportunities on attractive terms, or at all;

3

       our ability to integrate acquisitions or consolidations and to achieve synergies, operating efficiencies and/or other expected benefits within expected time-frames, or at all, or within expected cost projections, and to preserve the goodwill of acquired financial institutions;

       our ability to realize the anticipated benefits from enhancements or updates to our core operating systems from time to time without significant change in our client service or risk to our control environment;

       our dependence on information technology and telecommunications systems of third-party service providers and the risk of system failures, interruptions or breaches of security, including those that could result in disclosure or misuse of confidential or proprietary client or other information;

       our ability to achieve organic loan and deposit growth and the composition of such growth;

       changes in sources and uses of funds, including loans, deposits and borrowings;

       increased competition in the financial services industry, nationally, regionally or locally, resulting in, among other things, lower returns;

       continued consolidation in the financial services industry;

       our ability to maintain or increase market share and control expenses;

       the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters;

       the trading price of shares of the Company's stock;

       the effects of tax legislation, including the potential of future increases to prevailing tax rates, or challenges to our position;

       our ability to realize deferred tax assets or the need for a valuation allowance, or the effects of changes in tax laws on our deferred tax assets;

       costs and effects of changes in laws and regulations and of other legal and regulatory developments, including, but not limited to, changes in regulation that affect the fees that we charge, the resolution of legal proceedings or regulatory or other governmental inquiries, and the results of regulatory examinations, reviews or other inquiries; and changes in regulations that apply to us as a Colorado state-chartered bank;

       technological changes;

       the timely development and acceptance of new products and services, including in the digital technology space and our digital solution 2UniFi, and perceived overall value of these products and services by our clients;

       changes in our management personnel and our continued ability to attract, hire and retain qualified personnel;

       ability to implement and/or improve operational management and other internal risk controls and processes and our reporting system and procedures;

       regulatory limitations on dividends from our bank subsidiary;

       changes in estimates of future credit reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements;

4

       widespread natural and other disasters, dislocations, political instability, pandemics, acts of war or terrorist activities, cyberattacks or international hostilities through impacts on the economy and financial markets generally or on us or our counterparties specifically;

       a cybersecurity incident, data breach or a failure of a key information technology system;

       adverse effects due to the novel Coronavirus Disease 2019 (“COVID-19”) on the Company and its clients, counterparties, employees and third-party service providers, and the adverse impacts on our business, financial position, results of operations and prospects;

       a cyber-security incident, data breach or a failure of a key information technology system;

       impact of reputational risk on such matters as business generation and retention;

       other risks and uncertainties listed from time to time in the Company’s reports and documents filed with the Securities and Exchange Commission; and

       our success at managing the risks involved in the foregoing items.

Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.

5

PART I: FINANCIAL INFORMATION

Item 1: FINANCIAL STATEMENTS

NATIONAL BANK HOLDINGS CORPORATION AND SUBSIDIARIES

Consolidated Statements of Financial Condition (Unaudited)

(In thousands, except share and per share data)

    

March 31, 2022

    

December 31, 2021

ASSETS

Cash and due from banks

$

785,885

$

845,195

Interest bearing bank deposits

 

500

 

500

Cash and cash equivalents

786,385

845,695

Investment securities available-for-sale (at fair value)

 

790,384

 

691,847

Investment securities held-to-maturity (fair value of $523,702 and $599,260 at March 31, 2022 and December 31, 2021, respectively)

 

567,055

 

609,012

Non-marketable securities

 

54,568

 

50,740

Loans

 

4,674,238

 

4,513,383

Allowance for credit losses

 

(48,810)

 

(49,694)

Loans, net

 

4,625,428

 

4,463,689

Loans held for sale

 

90,152

 

139,142

Other real estate owned

 

5,063

 

7,005

Premises and equipment, net

 

95,133

 

96,747

Goodwill

 

115,027

 

115,027

Intangible assets, net

 

13,505

 

12,322

Other assets

 

198,812

 

182,785

Total assets

$

7,341,512

$

7,214,011

LIABILITIES AND SHAREHOLDERS’ EQUITY

Liabilities:

Deposits:

Non-interest bearing demand deposits

$

2,554,820

$

2,506,265

Interest bearing demand deposits

 

595,137

 

555,401

Savings and money market

 

2,412,081

 

2,332,591

Time deposits

 

802,772

 

833,916

Total deposits

 

6,364,810

 

6,228,173

Securities sold under agreements to repurchase

 

24,744

 

22,768

Long-term debt, net

39,505

39,478

Other liabilities

 

92,238

 

83,486

Total liabilities

 

6,521,297

 

6,373,905

Shareholders’ equity:

Common stock, par value $0.01 per share: 400,000,000 shares authorized; 51,487,907 and 51,487,907 shares issued; 30,008,781 and 29,958,764 shares outstanding at March 31, 2022 and December 31, 2021, respectively

 

515

 

515

Additional paid-in capital

 

1,014,332

 

1,014,294

Retained earnings

 

301,220

 

289,876

Treasury stock of 21,336,851 and 21,384,676 shares at March 31, 2022 and December 31, 2021, respectively, at cost

 

(457,219)

 

(457,616)

Accumulated other comprehensive loss, net of tax

 

(38,633)

 

(6,963)

Total shareholders’ equity

 

820,215

 

840,106

Total liabilities and shareholders’ equity

$

7,341,512

$

7,214,011

See accompanying notes to the consolidated interim financial statements.

6

NATIONAL BANK HOLDINGS CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations (Unaudited)

(In thousands, except share and per share data)

For the three months ended

March 31, 

2022

    

2021

Interest and dividend income:

Interest and fees on loans

$

44,095

$

44,938

Interest and dividends on investment securities

 

4,862

 

3,900

Dividends on non-marketable securities

 

209

 

210

Interest on interest-bearing bank deposits

 

359

 

165

Total interest and dividend income

 

49,525

 

49,213

Interest expense:

Interest on deposits

 

2,531

 

3,987

Interest on borrowings

 

333

 

5

Total interest expense

 

2,864

 

3,992

Net interest income before provision for loan losses

 

46,661

 

45,221

Provision release for loan losses

 

(322)

 

(3,575)

Net interest income after provision for loan losses

 

46,983

 

48,796

Non-interest income:

Service charges

 

3,710

 

3,474

Bank card fees

 

4,123

 

4,073

Mortgage banking income

 

9,666

 

22,379

Bank-owned life insurance income

 

532

 

548

Other non-interest income

 

1,023

 

2,852

OREO-related income

 

 

35

Total non-interest income

 

19,054

 

33,361

Non-interest expense:

Salaries and benefits

 

29,336

 

33,523

Occupancy and equipment

 

6,396

 

6,550

Telecommunications and data processing

 

2,381

 

2,337

Marketing and business development

 

673

 

452

FDIC deposit insurance

 

482

 

444

Bank card expenses

 

1,268

 

1,144

Professional fees

 

814

 

742

Other non-interest expense

 

2,548

 

2,476

Problem asset workout

163

438

Gain on OREO sales, net

(275)

(29)

Core deposit intangible asset amortization

 

296

 

296

Banking center consolidation-related expense

 

 

1,295

Total non-interest expense

 

44,082

 

49,668

Income before income taxes

 

21,955

 

32,489

Income tax expense

 

3,603

 

5,677

Net income

$

18,352

$

26,812

Earnings per share—basic

$

0.61

$

0.87

Earnings per share—diluted

0.60

0.86

Weighted average number of common shares outstanding:

Basic

 

30,120,195

 

30,828,262

Diluted

 

30,479,261

 

31,143,322

See accompanying notes to the consolidated interim financial statements.

7

NATIONAL BANK HOLDINGS CORPORATION AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Unaudited)

(In thousands)

For the three months ended

March 31, 

2022

2021

Net income

$

18,352

    

$

26,812

Other comprehensive loss, net of tax:

Securities available-for-sale:

Net unrealized losses arising during the period, net of tax benefit of $9,837 and $2,832 for the three months ended March 31, 2022 and 2021, respectively

 

(31,579)

 

(9,118)

Less: amortization of net unrealized holding gains to income, net of tax benefit of $28 and $51 for the three months ended March 31, 2022 and 2021, respectively

 

(91)

 

(163)

Other comprehensive loss

 

(31,670)

 

(9,281)

Comprehensive (loss) income

$

(13,318)

$

17,531

See accompanying notes to the consolidated interim financial statements.

8

NATIONAL BANK HOLDINGS CORPORATION AND SUBSIDIARIES

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)

Three months ended March 31, 2022 and 2021

(In thousands, except share and per share data)

    

    

    

    

Accumulated

    

Additional

other

Common

paid-in

Retained

Treasury

comprehensive

stock

capital

earnings

stock

income (loss), net

Total

Balance, December 31, 2020

$

515

$

1,011,362

$

223,175

$

(424,127)

$

9,766

$

820,691

Net income

 

26,812

 

26,812

Stock-based compensation

 

1,130

 

1,130

Issuance of stock under purchase and equity compensation plans, including gain on reissuance of treasury stock of $1,533, net

 

(1,694)

873

 

(821)

Cash dividends declared ($0.21 per share)

 

(6,541)

(6,541)

Other comprehensive loss

 

(9,281)

(9,281)

Balance, March 31, 2021

$

515

$

1,010,798

$

243,446

$

(423,254)

$

485

$

831,990

Balance, December 31, 2021

$

515

$

1,014,294

$

289,876

$

(457,616)

$

(6,963)

$

840,106

Net income

 

18,352

 

18,352

Stock-based compensation

 

1,151

 

1,151

Issuance of stock under purchase and equity compensation plans, including gain on reissuance of treasury stock of $1,104, net

 

(1,113)

397

 

(716)

Cash dividends declared ($0.23 per share)

 

(7,008)

(7,008)

Other comprehensive loss

 

(31,670)

 

(31,670)

Balance, March 31, 2022

$

515

$

1,014,332

$

301,220

$

(457,219)

$

(38,633)

$

820,215

See accompanying notes to the consolidated interim financial statements.

9

NATIONAL BANK HOLDINGS CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

For the three months ended March 31, 

2022

    

2021

Cash flows from operating activities:

Net income

$

18,352

$

26,812

Adjustments to reconcile net income to net cash provided by operating activities:

Provision release for loan losses

 

(322)

 

(3,575)

Depreciation and amortization

 

3,422

 

4,080

Change in current income tax receivable

 

1,398

 

4,030

Change in deferred income taxes

 

(7,750)

 

(1,322)

Net excess tax benefit from stock-based compensation

(96)

(175)

Discount accretion, net of premium amortization on securities

 

724

 

1,367

Gain on sale of mortgages, net

 

(8,409)

 

(20,639)

Origination of loans held for sale, net of repayments

 

(282,614)

 

(583,008)

Proceeds from sales of loans held for sale

 

342,071

 

624,756

Originations of mortgage serving rights

(1,679)

(2,869)

Impairment on fixed assets related to banking center consolidations

 

 

1,259

Gain on sale of fixed assets

(696)

(1,556)

Stock-based compensation

 

1,151

 

1,130

Operating lease payments

(1,201)

(1,320)

Change in other assets

 

(2,921)

 

1,817

Change in other liabilities

 

(12,669)

 

(43,257)

Net cash provided by operating activities

 

48,761

 

7,530

Cash flows from investing activities:

Proceeds from non-marketable securities

60

1,013

Proceeds from maturities of investment securities available-for-sale

 

39,108

 

68,626

Proceeds from maturities of investment securities held-to-maturity

 

41,422

 

29,003

Proceeds from sales of other real estate owned

 

2,068

 

612

Purchase of non-marketable securities

(4,027)

(1,179)

Purchase of investment securities available-for-sale

(179,369)

(86,199)

Purchase of investment securities held-to-maturity

(174,129)

Sales of premises and equipment, net

 

420

 

3,681

Net (increase) decrease in loans

 

(140,033)

 

48,553

Net cash used in investing activities

 

(240,351)

 

(110,019)

Cash flows from financing activities:

Net increase in deposits

 

136,637

 

325,418

Net increase (decrease) in repurchase agreements and other short-term borrowings

 

1,976

 

(3,492)

Issuance of stock under purchase and equity compensation plans

(760)

(1,279)

Proceeds from exercise of stock options

8

423

Payment of dividends

 

(7,092)

 

(6,628)

Net cash provided by financing activities

 

130,769

 

314,442

(Decrease) increase in cash, cash equivalents and restricted cash(1)

 

(60,821)

 

211,953

Cash, cash equivalents and restricted cash at beginning of the year(1)

 

850,220

 

615,565

Cash, cash equivalents and restricted cash at end of period(1)

$

789,399

$

827,518

Supplemental disclosure of cash flow information during the period:

Cash paid for interest

$

2,269

$

4,304

Net tax payments

89

88

Supplemental schedule of non-cash activities:

Increase in loans purchased but not settled

22,739

Loans transferred from loans held for sale to loans

2,058

2,184

(1)

Included in restricted cash at March 31, 2022 and 2021 is $3.0 million and $5.0 million, respectively, placed in escrow for certain potential liabilities, for which the Company is indemnified, resulting from a previous acquisition. The restricted cash is included in other assets in the Company’s consolidated statements of financial condition.

See accompanying notes to the consolidated interim financial statements.

10

NATIONAL BANK HOLDINGS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

March 31, 2022

Note 1 Basis of Presentation

National Bank Holdings Corporation ("NBHC" or the "Company") is a bank holding company that was incorporated in the State of Delaware in 2009. The Company is headquartered in Greenwood Village, Colorado, and its primary operations are conducted through its wholly owned subsidiary, NBH Bank, (the "Bank"), a Colorado state-chartered bank and a member of the Federal Reserve System. The Company provides a variety of banking products to both commercial and consumer clients through a network of 81 banking centers, as of March 31, 2022, located primarily in Colorado, the greater Kansas City region, Texas, Utah and New Mexico, as well as through online and mobile banking products and services.

The accompanying interim unaudited consolidated financial statements serve to update the National Bank Holdings Corporation Annual Report on Form 10-K for the year ended December 31, 2021 and include the accounts of the Company and its wholly owned subsidiary, NBH Bank. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and where applicable, with general practices in the banking industry or guidelines prescribed by bank regulatory agencies. However, they may not include all information and notes necessary to constitute a complete set of financial statements under GAAP applicable to annual periods and accordingly should be read in conjunction with the financial information contained in the Company's most recent Form 10-K. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results presented. All such adjustments are of a normal recurring nature. All significant intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications of prior years' amounts are made whenever necessary to conform to current period presentation. The results of operations for the interim period are not necessarily indicative of the results that may be expected for the full year or any other interim period. All amounts are in thousands, except share data, or as otherwise noted.

GAAP requires management to make estimates that affect the reported amounts of assets, liabilities, revenues and expenses, and disclosures of contingent assets and liabilities. By their nature, estimates are based on judgment and available information. Management has made significant estimates in certain areas, such as the fair values of financial instruments, contingent liabilities and the allowance for credit losses (“ACL”). Because of the inherent uncertainties associated with any estimation process and future changes in market and economic conditions, it is possible that actual results could differ significantly from those estimates.

The Company's significant accounting policies followed in the preparation of the unaudited consolidated financial statements are disclosed in note 2 of the audited financial statements and notes for the year ended December 31, 2021 and are contained in the Company's Annual Report on Form 10-K. There have been no significant changes to the application of significant accounting policies since December 31, 2021.

Note 2 Recent Accounting Pronouncements

The Company has not adopted any recent accounting pronouncements in addition to those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021.

Note 3 Investment Securities

The Company’s investment securities portfolio is comprised of available-for-sale and held-to-maturity investment securities. These investment securities totaled $1.4 billion at March 31, 2022 and included $0.8 billion of available-for-sale securities and $0.6 billion of held-to-maturity securities. At December 31, 2021, investment securities totaled $1.3 billion and included $0.7 billion of available-for-sale securities and $0.6 billion of held-to-maturity securities.

11

Available-for-sale

Available-for-sale securities are summarized as follows as of the dates indicated:

March 31, 2022

    

Amortized

    

Gross

    

Gross

    

cost

unrealized gains

unrealized losses

Fair value

U.S. Treasury securities

$

49,056

$

95

$

$

49,151

Mortgage-backed securities:

Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises

250,841

291

(19,134)

231,998

Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises

 

539,068

 

15

 

(32,630)

 

506,453

Municipal securities

230

230

Corporate debt

2,000

83

2,083

Other securities

 

469

 

 

 

469

Total investment securities available-for-sale

$

841,664

$

484

$

(51,764)

$

790,384

December 31, 2021

    

Amortized

    

Gross

    

Gross

    

cost

unrealized gains

unrealized losses

Fair value

Mortgage-backed securities:

Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises

$

231,523

$

1,436

$

(5,263)

$

227,696

Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises

 

467,490

 

1,889

 

(8,045)

 

461,334

Municipal securities

230

7

237

Corporate debt

2,000

111

2,111

Other securities

 

469

 

 

 

469

Total investment securities available-for-sale

$

701,712

$

3,443

$

(13,308)

$

691,847

During the three months ended March 31, 2022 and 2021, purchases of available-for-sale securities totaled $179.4 million and $86.2 million, respectively. Maturities and paydowns of available-for-sale securities during the three months ended March 31, 2022 and 2021 totaled $39.1 million and $68.6 million, respectively. There were no sales of available-for-sale securities during the three months ended March 31, 2022 or 2021.

At March 31, 2022 and December 31, 2021, the Company’s available-for-sale investment portfolio was primarily comprised of mortgage-backed securities, and all mortgage-backed securities were backed by government sponsored enterprises (“GSE”) collateral such as Federal Home Loan Mortgage Corporation (“FHLMC”) and Federal National Mortgage Association (“FNMA”), and the government owned agency Government National Mortgage Association (“GNMA”).

12

The tables below summarize the available-for-sale securities with unrealized losses as of the dates shown, along with the length of the impairment period: