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Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Schedule of Amortized Cost and Fair Value of Debt Securities Available-for-Sale | The amortized cost and fair value of debt securities classified as available-for-sale at March 31, 2022 and December 31, 2021 were as follows:
|  |  | Gross Unrealized |  |
(in thousands) | Total Amortized Cost |  | Gains |  | Losses |  | Fair Value
March 31, 2022 |  |  |  |  |  |  |
U.S. Treasury | $ | 3,154 |  |  | $ | 3 |  |  | $ | (12) |  |  | $ | 3,145 |
U.S. government and federal agency obligations | 1,015 |  | — |  | (40) |  | 975
U.S. government-sponsored enterprises | 26,498 |  | — |  | (1,233) |  | 25,265
Obligations of states and political subdivisions | 134,882 |  | 10 |  | (14,458) |  | 120,434
Mortgage-backed securities | 132,222 |  | 81 |  | (8,455) |  | 123,848
Other debt securities (a) | 11,825 |  | 222 |  | (226) |  | 11,821
Bank issued trust preferred securities (a) | 1,486 |  | — |  | (220) |  | 1,266
Total available-for-sale securities | $ | 311,082 |  |  | $ | 316 |  |  | $ | (24,644) |  |  | $ | 286,754 |
December 31, 2021 |  |  |  |  |  |  |
U.S. Treasury | $ | 3,909 |  |  | $ | 11 |  |  | $ | (3) |  |  | $ | 3,917 |
U.S. government and federal agency obligations | 1,314 |  | 5 |  | — |  | 1,319
U.S. government-sponsored enterprises | 26,498 |  | 70 |  | (196) |  | 26,372
Obligations of states and political subdivisions | 128,093 |  | 1,605 |  | (474) |  | 129,224
Mortgage-backed securities | 137,286 |  | 791 |  | (1,611) |  | 136,466
Other debt securities (a) | 11,825 |  | 482 |  | (23) |  | 12,284
Bank issued trust preferred securities (a) | 1,486 |  | — |  | (198) |  | 1,288
Total available-for-sale securities | $ | 310,411 |  |  | $ | 2,964 |  |  | $ | (2,505) |  |  | $ | 310,870 |
(a) Certain hybrid instruments possessing characteristics typically associated with debt obligations.
Schedule of Amortized Cost and Fair Value of Debt Securities Classified as Available-for-Sale by Contractual Maturity | Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without prepayment penalties.
(in thousands) | Amortized Cost |  | Fair Value
Due in one year or less | $ | 5,521 |  |  | $ | 5,517 |
Due after one year through five years | 23,271 |  | 22,653
Due after five years through ten years | 29,254 |  | 28,264
Due after ten years | 120,814 |  | 106,472
Total | 178,860 |  | 162,906
Mortgage-backed securities | 132,222 |  | 123,848
Total available-for-sale securities | $ | 311,082 |  |  | $ | 286,754 |
Schedule of Other Securities | Investments in 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.
(in thousands) | March 31, 2022 |  | December 31, 2021
Other securities: |  |  |
FHLB stock | $ | 5,283 |  | $ | 5,197
MIB stock | 151 |  | 151
Equity securities with readily determinable fair values | 56 |  | 60
Total other investment securities | $ | 5,490 |  | $ | 5,408
Schedule of Gross Unrealized Losses on Debt Securities and Fair Value of Related Securities Aggregated by Investment Category and Length of Time that Individual Securities have been in a Continuous Unrealized Loss Position | 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, 2022 and December 31, 2021 were as follows:
| Less than 12 months |  | 12 months or more |  |  |  |
(in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Total Fair Value |  | Total Unrealized Losses
At March 31, 2022 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 2,145 |  |  | $ | (9) |  |  | $ | 248 |  |  | $ | (3) |  |  | $ | 2,393 |  |  | $ | (12) |
U.S. government and federal agency obligations | 975 |  |  | (40) |  |  | — |  |  | — |  |  | 975 |  |  | (40) |
U.S. government-sponsored enterprises | 20,736 |  |  | (763) |  |  | 4,530 |  |  | (470) |  |  | 25,266 |  |  | (1,233) |
Obligations of states and political subdivisions | 110,254 |  |  | (13,072) |  |  | 5,612 |  |  | (1,386) |  |  | 115,866 |  |  | (14,458) |
Mortgage-backed securities | 87,136 |  |  | (5,018) |  |  | 30,475 |  |  | (3,437) |  |  | 117,611 |  |  | (8,455) |
Other debt securities | 4,598 |  |  | (226) |  |  | — |  |  | — |  |  | 4,598 |  |  | (226) |
Bank issued trust preferred securities | — |  |  | — |  |  | 1,266 |  |  | (220) |  |  | 1,266 |  |  | (220) |
Total | $ | 225,844 |  |  | $ | (19,128) |  |  | $ | 42,131 |  |  | $ | (5,516) |  |  | $ | 267,975 |  |  | $ | (24,644) |
(in thousands) |  |  |  |  |  |  |  |  |  |  |
At December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 1,758 |  |  | $ | (3) |  |  | $ | — |  |  | $ | — |  |  | $ | 1,758 |  |  | $ | (3) |
U.S. government-sponsored enterprises | 18,304 |  |  | (196) |  |  | — |  |  | — |  |  | 18,304 |  |  | (196) |
Obligations of states and political subdivisions | 39,221 |  |  | (474) |  |  | — |  |  | — |  |  | 39,221 |  |  | (474) |
Mortgage-backed securities | 89,520 |  |  | (1,579) |  |  | 1,864 |  |  | (32) |  |  | 91,384 |  |  | (1,611) |
Other debt securities | 3,802 |  |  | (23) |  |  | — |  |  | — |  |  | 3,802 |  |  | (23) |
Bank issued trust preferred securities | — |  |  | — |  |  | 1,288 |  |  | (198) |  |  | 1,288 |  |  | (198) |
Total | $ | 152,605 |  |  | $ | (2,275) |  |  | $ | 3,152 |  |  | $ | (230) |  |  | $ | 155,757 |  |  | $ | (2,505) |
Schedule of Components of Investment Securities Gains and Losses | 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) |  |  |  |  | 2022 |  | 2021
Investment securities (losses) gains, net |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |
Gross realized gains |  |  |  |  | $ | — |  | $ | 2
Gross realized losses |  |  |  |  | — |  | — |
Other-than-temporary impairment recognized |  |  |  |  | — |  | —
Other investment securities: |  |  |  |  |  |  |
Fair value adjustments, net |  |  |  |  | (4) |  | 12
Investment securities (losses) gains, net |  |  |  |  | $ | (4) |  | $ | 14

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