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Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2022 and December 31, 2021 were as follows:
|  |  | Gross Unrealized |  |
(in thousands) | Total Amortized Cost |  | Gains |  | Losses |  | Fair Value
June 30, 2022 |  |  |  |  |  |  |
U.S. Treasury | $ | 3,807 |  |  | $ | — |  |  | $ | (32) |  |  | $ | 3,775 |
U.S. government and federal agency obligations | 1,013 |  | — |  | (51) |  | 962
U.S. government-sponsored enterprises | 26,498 |  | — |  | (1,878) |  | 24,620
Obligations of states and political subdivisions | 136,034 |  | 3 |  | (23,932) |  | 112,105
Mortgage-backed securities | 125,404 |  | 22 |  | (12,428) |  | 112,998
Other debt securities (a) | 11,825 |  | 115 |  | (362) |  | 11,578
Bank issued trust preferred securities (a) | 1,486 |  | — |  | (250) |  | 1,236
Total available-for-sale securities | $ | 306,067 |  |  | $ | 140 |  |  | $ | (38,933) |  |  | $ | 267,274 |
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 | $ | 5,009 |  |  | $ | 4,998 |
Due after one year through five years | 24,407 |  | 23,486
Due after five years through ten years | 29,238 |  | 27,424
Due after ten years | 122,009 |  | 98,368
Total | 180,663 |  | 154,276
Mortgage-backed securities | 125,404 |  | 112,998
Total available-for-sale securities | $ | 306,067 |  |  | $ | 267,274 |
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) | June 30, 2022 |  | December 31, 2021
Other securities: |  |  |
FHLB stock | $ | 4,911 |  | $ | 5,197
MIB stock | 151 |  | 151
Equity securities with readily determinable fair values | 47 |  | 60
Total other investment securities | $ | 5,109 |  | $ | 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 June 30, 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
June 30, 2022 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 3,775 |  |  | $ | (32) |  |  | $ | — |  |  | $ | — |  |  | $ | 3,775 |  |  | $ | (32) |
U.S. government and federal agency obligations | 962 |  |  | (51) |  |  | — |  |  | — |  |  | 962 |  |  | (51) |
U.S. government-sponsored enterprises | 20,271 |  |  | (1,227) |  |  | 4,349 |  |  | (651) |  |  | 24,620 |  |  | (1,878) |
Obligations of states and political subdivisions | 102,049 |  |  | (20,817) |  |  | 8,011 |  |  | (3,115) |  |  | 110,060 |  |  | (23,932) |
Mortgage-backed securities | 82,022 |  |  | (7,412) |  |  | 27,922 |  |  | (5,016) |  |  | 109,944 |  |  | (12,428) |
Other debt securities | 4,463 |  |  | (362) |  |  | — |  |  | — |  |  | 4,463 |  |  | (362) |
Bank issued trust preferred securities | — |  |  | — |  |  | 1,236 |  |  | (250) |  |  | 1,236 |  |  | (250) |
Total | $ | 213,542 |  |  | $ | (29,901) |  |  | $ | 41,518 |  |  | $ | (9,032) |  |  | $ | 255,060 |  |  | $ | (38,933) |
(in thousands) |  |  |  |  |  |  |  |  |  |  |
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 June 30, |  | Six Months Ended June 30,
(in thousands) | 2022 |  | 2021 |  | 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 | (9) |  | — |  |  | (13) |  | 13
Investment securities (losses) gains, net | $ | (9) |  | $ | — |  | $ | (13) |  | $ | 15

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