A content addressable memory (CAM) device includes multiple CAM sub-banks Each CAM sub-bank includes an array of CAM cells arranged in rows and columns and partitioned into a first stage and a second stage along a column dimension. Each CAM sub-bank further includes first-stage match lines (MLs), first-stage search line (SL) pairs, second-stage MLs, and second-stage SL pairs. Each second-stage SL pair is coupled to a column of CAM cells in the second stage and is gated by an SL enable (SL_EN signal). Each CAM sub-bank further includes a circuit operative to receive all of the first-stage MLs as input and de-assert the SL_EN signal when none of the first-stage MLs indicate a match. De-assertion of the SL_EN signal blocks a second portion search key from being provided to the second-stage SL pairs.