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Securities | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Securities | (3) Securities The amortized cost and fair market value of available-for-sale securities and the related gross unrealized gains and losses recognized were as follows:
March 31, 2025 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. Treasury securities and obligations of U.S. government agencies |  | $ | 67,118 |  |  | $ | 307 |  |  | $ | (2,441 | ) |  | $ | 64,984 |
Obligations of states and political subdivisions |  |  | 350,689 |  |  |  | 197 |  |  |  | (30,672 | ) |  |  | 320,214 |
Mortgage-backed securities in government sponsored entities |  |  | 288,763 |  |  |  | 325 |  |  |  | (28,141 | ) |  |  | 260,947 |
Total debt securities (1) |  | $ | 706,570 |  |  | $ | 829 |  |  | $ | (61,254 | ) |  | $ | 646,145 |
December 31, 2024 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. Treasury securities and obligations of U.S. government agencies |  | $ | 100,378 |  |  | $ | 303 |  |  | $ | (3,294 | ) |  | $ | 97,387 |
Obligations of states and political subdivisions |  |  | 351,635 |  |  |  | 482 |  |  |  | (26,998 | ) |  |  | 325,119 |
Mortgage-backed securities in government sponsored entities |  |  | 258,045 |  |  |  | 97 |  |  |  | (32,581 | ) |  |  | 225,561 |
Total debt securities (1) |  | $ | 710,058 |  |  | $ | 882 |  |  | $ | (62,873 | ) |  | $ | 648,067 |
(1) Excludes accrued interest receivable on securities of $3,738 and $4,351 at March 31, 2025 and December 31, 2024, respectively, that is recorded in other assets on the consolidated balance sheets.
The amortized cost and fair value of debt securities at March 31, 2025, by contractual maturity, is shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately.
Available for sale |  | Amortized Cost |  |  | Fair Value |
Due in one year or less |  | $ | 8,840 |  |  | $ | 8,663 |
Due after one year through five years |  |  | 83,189 |  |  |  | 79,209 |
Due after five years through ten years |  |  | 46,486 |  |  |  | 45,737 |
Due after ten years |  |  | 279,292 |  |  |  | 251,589 |
Mortgage-backed securities |  |  | 288,763 |  |  |  | 260,947 |
Total securities available-for-sale |  | $ | 706,570 |  |  | $ | 646,145 |
There were no proceeds from sales of debt securities available-for-sale, gross realized gains or gross realized losses as of March 31, 2025 or March 31, 2024. Securities are pledged by the Company from time to time to secure public deposits, other deposits and liabilities as required by law. The carrying value of pledged securities was approximately $211,288 and $206,600 as of March 31, 2025 and December 31, 2024, respectively. The following tables show the fair value and gross unrealized losses, aggregated by investment category, and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2025 and December 31, 2024:
March 31, 2025 |  | 12 Months or less |  |  | More than 12 months |  |  | Total |
Description of Securities |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
U.S. Treasury securities and obligations of U.S. government agencies |  | $ | 2,524 |  |  | $ | (13 | ) |  | $ | 53,914 |  |  | $ | (2,428 | ) |  | $ | 56,438 |  |  | $ | (2,441 | )
Obligations of states and political subdivisions |  |  | 115,829 |  |  |  | (1,840 | ) |  |  | 176,930 |  |  |  | (28,832 | ) |  |  | 292,759 |  |  |  | (30,672 | )
Mortgage-backed securities in gov’t sponsored entities |  |  | 11,114 |  |  |  | (119 | ) |  |  | 185,308 |  |  |  | (28,022 | ) |  |  | 196,422 |  |  |  | (28,141 | )
Total |  | $ | 129,467 |  |  | $ | (1,972 | ) |  | $ | 416,152 |  |  | $ | (59,282 | ) |  | $ | 545,619 |  |  | $ | (61,254 | )
December 31, 2024 |  | 12 Months or less |  |  | More than 12 months |  |  | Total |
Description of Securities |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
U.S. Treasury securities and obligations of U.S. government agencies |  | $ | 32,388 |  |  | $ | (51 | ) |  | $ | 55,000 |  |  | $ | (3,243 | ) |  | $ | 87,388 |  |  | $ | (3,294 | )
Obligations of states and political subdivisions |  |  | 98,965 |  |  |  | (806 | ) |  |  | 173,668 |  |  |  | (26,192 | ) |  |  | 272,633 |  |  |  | (26,998 | )
Mortgage-backed securities in gov’t sponsored entities |  |  | 28,322 |  |  |  | (329 | ) |  |  | 186,173 |  |  |  | (32,252 | ) |  |  | 214,495 |  |  |  | (32,581 | )
Total |  | $ | 159,675 |  |  | $ | (1,186 | ) |  | $ | 414,841 |  |  | $ | (61,687 | ) |  | $ | 574,516 |  |  | $ | (62,873 | )
At March 31, 2025, there were a tot al of 512 securities in t he portfolio with unrealized losses mainly due to higher current market rates when compared to the time of purchase. At December 31, 2024, the Company owned 508 securities that were in an unrealized loss position. The u nrealized losses on securities have not been recognized into income because the issuers’ securities are of high credit quality, management has the intent and ability to hold these securities for the foreseeable future, and the decline in fair value is largely due to currently higher market rates when compared to the time of purchase. The fair value is expected to recover as the securities approach their maturity date or reset date. The Company does not intend to sell until recovery and does not believe selling will be required before recovery. Each quarter, we perform an analysis to determine if any of the unrealized losses on securities available-for-sale are comprised of credit losses as compared to unrealized losses due to market interest rate adjustments. Our assessment includes a review of the unrealized loss for each security issuance held; the financial condition and near-term prospects of the issuer, including external credit ratings and recent downgrades; and our ability and intent to hold the security for a period of time sufficient for a recovery in value. We also consider the extent to which the securities are issued by the federal government or its agencies, and any guarantee of issued amounts by those agencies. The portfolio continues to consist of a mix of fixed and floating-rate, high quality securities, largely rated AA (or better), displaying an overall effective duration of approximately 3.0 years. No credit losses were determined to be present as of March 31, 2025, as there was no credit quality deterioration noted. Therefore, no provision for credit losses on securities was recognized for the first quarter of 2025. The following table presents the net gains and losses on equity investments recognized in earnings for the three months ended March 31, 2025 and 2024 and the portion of unrealized gains and losses for the period that relates to equity investments held at March 31, 2025 and 2024:
|  | Three Months Ended March 31, |  |
|  | 2025 |  |  | 2024 |  |
Net gains (losses) recognized on equity securities during the period |  | $ | (29 | ) |  | $ | (141 | ) |
Less: Net gains (losses) realized on the sale of equity securities during the period |  |  | — |  |  |  | — |  |
Unrealized gains (losses) recognized on equity securities held at reporting date |  | $ | (29 | ) |  | $ | (141 | ) |
Equity securities consisting of investments in other financial institutions totaled $2.4 million as of both March 31, 2025 and December 31, 2024. Stock of the Federal Home Loan Bank of Chicago (“FHLBC”), the Federal Reserve Bank of Cleveland (“FRBC”), United Bankers' Bancorp, Farmer Mac and Norwalk Community Development Corp are considered Other securities. FHLBC stock was recorded at $20.8 million at March 31, 2025 and $18.5 million at December 31, 2024. FRBC stock was recorded at $11.5 million at both March 31, 2025 and December 31, 2024. United Bankers' Bancorp stock was recorded at $225 at March 31, 2025 and December 31, 2024. Farmer Mac stock was recorded at $42 at both March 31, 2025 and December 31, 2024. Norwalk Community Development Corp stock was recorded at $2 at both March 31, 2025 and December 31, 2024. Other securities are carried at cost, classified as restricted securities, and periodically evaluated for impairment based on ultimate recovery of par value.

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