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Investment Securities | 3 Months Ended
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Mar. 31, 2021
Investment Securities |
Investment Securities | (4) Investment Securities Available for sale securities The amortized cost and fair value of debt securities classified as available-for-sale at March 31, 2021 and December 31, 2020 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Gross Unrealized | ​ | Fair
(in thousands) |  | Cost |  | Gains |  | Losses |  | Value
March 31, 2021 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Treasury | ​ | $ | 3,018 | ​ | $ | 23 | ​ | $ | — | ​ | $ | 3,041
U.S. government and federal agency obligations | ​ |  | 20,161 | ​ |  | 76 | ​ |  | (408) | ​ |  | 19,829
U.S. government-sponsored enterprises | ​ |  | 22,497 | ​ |  | 238 | ​ |  | (184) | ​ |  | 22,551
Obligations of states and political subdivisions | ​ |  | 70,324 | ​ |  | 961 | ​ |  | (467) | ​ |  | 70,818
Mortgage-backed securities | ​ | ​ | 108,106 | ​ | ​ | 1,586 | ​ | ​ | (1,048) | ​ | ​ | 108,644
Other debt securities (a) | ​ |  | 11,825 | ​ |  | 209 | ​ |  | (11) | ​ |  | 12,023
Bank issued trust preferred securities (a) | ​ |  | 1,486 | ​ |  | — | ​ |  | (250) | ​ |  | 1,236
Total available-for-sale securities | ​ | $ | 237,417 | ​ | $ | 3,093 | ​ | $ | (2,368) | ​ | $ | 238,142
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2020 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. Treasury | ​ | $ | 2,772 | ​ | $ | 26 | ​ | $ | — | ​ | $ | 2,798
U.S. government and federal agency obligations | ​ |  | 11,732 | ​ |  | 197 | ​ |  | — | ​ |  | 11,929
U.S. government-sponsored enterprises | ​ |  | 22,495 | ​ |  | 379 | ​ |  | — | ​ |  | 22,874
Obligations of states and political subdivisions | ​ |  | 56,943 | ​ |  | 1,801 | ​ |  | — | ​ |  | 58,744
Mortgage-backed securities | ​ | ​ | 88,357 | ​ | ​ | 1,809 | ​ | ​ | (54) | ​ |  | 90,112
Other debt securities (a) | ​ |  | 10,000 | ​ |  | 358 | ​ |  | (14) | ​ |  | 10,344
Bank issued trust preferred securities (a) | ​ |  | 1,486 | ​ |  | — | ​ |  | (257) | ​ |  | 1,229
Total available-for-sale securities | ​ | $ | 193,785 | ​ | $ | 4,570 | ​ | $ | (325) | ​ | $ | 198,030
(a) Certain hybrid instruments possessing characteristics typically associated with debt obligations. The Company’s investment securities are classified as available for sale. Agency bonds and notes, Small Business Administration guaranteed loan certificates (SBA), residential and commercial agency mortgage-backed securities, and agency collateralized mortgage obligations (CMO) include securities issued by the Government National Mortgage Association (GNMA), a U.S. government agency, and the Federal National Mortgage Association (FNMA), the Federal Home Loan Mortgage Corporation (FHLMC), and the Federal Home Loan Bank (FHLB), which are U.S. government-sponsored enterprises. Debt securities with carrying values aggregating approximately $197.6 million and $153.9 million at March 31, 2021 and December 31, 2020, respectively, were pledged to secure public funds, securities sold under agreements to repurchase, and for other purposes as required or permitted by law. The amortized cost and fair value of debt securities classified as available-for-sale at March 31, 2021, by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without prepayment penalties. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Amortized |  | Fair
(in thousands) | ​ | Cost | ​ | Value
Due in one year or less | ​ | $ | 4,975 | ​ | $ | 5,011
Due after one year through five years | ​ |  | 18,245 | ​ |  | 18,456
Due after five years through ten years | ​ |  | 35,184 | ​ |  | 35,589
Due after ten years | ​ |  | 70,907 | ​ |  | 70,442
Total | ​ |  | 129,311 | ​ |  | 129,498
Mortgage-backed securities | ​ |  | 108,106 | ​ |  | 108,644
Total available-for-sale securities | ​ | $ | 237,417 | ​ | $ | 238,142
​ Other securities Other investment securities include equity securities with readily determinable fair values and other investment securities that do not have readily determinable fair values. Investments in Federal Home Loan Bank (FHLB) stock, and Midwest Independent Bank (MIB) bankers bank stock, that do not have readily determinable fair values, are required for membership in those organizations. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, |  | December 31, | ​
(in thousands) |  | 2021 |  | 2020 | ​
Other securities: |  | ​ |  |  | ​ |  | ​
FHLB stock | ​ | $ | 5,992 | ​ | $ | 6,170 | ​
MIB stock | ​ |  | 151 | ​ |  | 151 | ​
Equity securities with readily determinable fair values | ​ |  | 45 | ​ |  | 32 | ​
Total other investment securities | ​ | $ | 6,188 | ​ | $ | 6,353 | ​
​ Gross unrealized losses on debt securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2021 and December 31, 2020 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 months | ​ | 12 months or more | ​ | Total | ​ | Total
​ |  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
(in thousands) | ​ | Value | ​ | Losses | ​ | Value | ​ | Losses | ​ | Value | ​ | Losses
At March 31, 2021 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Treasury | ​ | $ | 1,022 | ​ | $ | — | ​ | $ | 250 | ​ | $ | — | ​ | $ | 1,272 | ​ | $ | —
U.S. government and federal agency obligations | ​ | ​ | 14,447 | ​ | ​ | (408) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 14,447 | ​ | ​ | (408)
U.S. government-sponsored enterprises | ​ |  | 5,816 | ​ |  | (184) | ​ |  | — | ​ |  | — | ​ |  | 5,816 | ​ |  | (184)
Obligations of states and political subdivisions | ​ |  | 22,580 | ​ |  | (467) | ​ |  | — | ​ |  | — | ​ |  | 22,580 | ​ |  | (467)
Mortgage-backed securities | ​ | ​ | 46,969 | ​ | ​ | (1,048) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 46,969 | ​ | ​ | (1,048)
Other debt securities | ​ | ​ | 2,989 | ​ | ​ | (11) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,989 | ​ | ​ | (11)
Bank issued trust preferred securities | ​ |  | — | ​ |  | — | ​ |  | 1,236 | ​ |  | (250) | ​ |  | 1,236 | ​ |  | (250)
Total | ​ | $ | 93,823 | ​ | $ | (2,118) | ​ | $ | 1,486 | ​ | $ | (250) | ​ | $ | 95,309 | ​ | $ | (2,368)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
At December 31, 2020 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. Treasury | ​ | $ | 1,015 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 1,015 | ​ | $ | —
Mortgage-backed securities | ​ | ​ | 7,494 | ​ | ​ | (54) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,494 | ​ | ​ | (54)
Other debt securities | ​ | ​ | 2,987 | ​ | ​ | (14) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,987 | ​ | ​ | (14)
Bank issued trust preferred securities | ​ |  | — | ​ |  | — | ​ |  | 1,229 | ​ |  | (257) | ​ |  | 1,229 | ​ | ​ | (257)
Total | ​ | $ | 11,496 | ​ | $ | (68) | ​ | $ | 1,229 | ​ | $ | (257) | ​ | $ | 12,725 | ​ | $ | (325)
​ The total available for sale portfolio consisted of approximately 342 securities at March 31, 2021. The portfolio included 87 securities having an aggregate fair value of $95.3 million that were in a loss position at March 31, 2021. Securities identified as temporarily impaired which had been in a loss position for 12 months or longer totaled $1.5 million at fair value at March 31, 2021. The $2.4 million aggregate unrealized loss included in accumulated other comprehensive loss at March 31, 2021 was caused by interest rate fluctuations. The total available for sale portfolio consisted of approximately 308 securities at December 31, 2020. The portfolio included 10 securities having an aggregate fair value of $12.7 million that were in a loss position at December 31, 2020. Securities identified as temporarily impaired which had been in a loss position for 12 months or longer totaled $1.2 million at fair value at December 31, 2020. The $325,000 aggregate unrealized loss included in accumulated other comprehensive loss at December 31, 2020 was caused by interest rate fluctuations. Because the decline in fair value is attributable to changes in interest rates and not credit quality, these investments were not considered other-than-temporarily impaired at March 31, 2021 and December 31, 2020, respectively. In the absence of changes in credit quality of these investments, the fair value is expected to recover on all debt securities as they approach their maturity date or re-pricing date, or if market yields for such investments decline. In addition, the Company does not have the intent to sell these investments over the period of recovery, and it is not more likely than not that the Company will be required to sell such investment securities. The following table presents the gross realized gains and losses from sales and calls of available-for-sale securities, as well as gains and losses on equity securities from fair value adjustments which have been recognized in earnings: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, | ​
(in thousands) |  | 2021 |  | 2020 |
Investment securities gains (losses), net |  | ​ |  |  | ​ |  | ​
Available for sale securities: |  | ​ |  |  | ​ |  | ​
Gross realized gains | ​ | $ | 2 | ​ | $ | — | ​
Gross realized losses | ​ |  | — | ​ |  | — | ​
Other-than-temporary impairment recognized | ​ |  | — | ​ |  | — | ​
Other investment securities: | ​ |  |  | ​ |  |  | ​
Fair value adjustments, net | ​ |  | 12 | ​ |  | (1) | ​
Investment securities gains (losses), net | ​ | $ | 14 | ​ | $ | (1) | ​
​

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 321 -URI http://asc.fasb.org/topic&trid=75115024 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 325 -URI http://asc.fasb.org/topic&trid=2197064 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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