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v3.22.2.2

Investment Securities (Tables) | 9 Months Ended
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Sep. 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 September 30, 2022 and December 31, 2021 were as follows:
|  |  | Gross Unrealized |  |
(in thousands) | Total Amortized Cost |  | Gains |  | Losses |  | Fair Value
September 30, 2022 |  |  |  |  |  |  |
U.S. Treasury | $ | 3,555 |  |  | $ | — |  |  | $ | (49) |  |  | $ | 3,506 |
U.S. government and federal agency obligations | 592 |  | — |  | (34) |  | 558
U.S. government-sponsored enterprises | 26,499 |  | — |  | (2,896) |  | 23,603
Obligations of states and political subdivisions | 134,747 |  | — |  | (32,591) |  | 102,156
Mortgage-backed securities | 120,977 |  | 7 |  | (18,038) |  | 102,946
Other debt securities (a) | 11,825 |  | — |  | (646) |  | 11,179
Bank issued trust preferred securities (a) | 1,486 |  | — |  | (279) |  | 1,207
Total available-for-sale securities | $ | 299,681 |  |  | $ | 7 |  |  | $ | (54,533) |  |  | $ | 245,155 |
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 | $ | 5,732 |  |  | $ | 5,675 |
Due after one year through five years | 22,437 |  | 20,913
Due after five years through ten years | 28,976 |  | 25,920
Due after ten years | 121,559 |  | 89,701
Total | 178,704 |  | 142,209
Mortgage-backed securities | 120,977 |  | 102,946
Total available-for-sale securities | $ | 299,681 |  |  | $ | 245,155 |
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) | September 30, 2022 |  | December 31, 2021
Other securities: |  |  |
FHLB stock | $ | 5,162 |  | $ | 5,197
MIB stock | 151 |  | 151
Equity securities with readily determinable fair values | 48 |  | 60
Total other investment securities | $ | 5,361 |  | $ | 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 September 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
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 2,758 |  |  | $ | (46) |  |  | $ | 748 |  |  | $ | (3) |  |  | $ | 3,506 |  |  | $ | (49) |
U.S. government and federal agency obligations | 558 |  |  | (34) |  |  | — |  |  | — |  |  | 558 |  |  | (34) |
U.S. government-sponsored enterprises | 19,487 |  |  | (2,012) |  |  | 4,116 |  |  | (884) |  |  | 23,603 |  |  | (2,896) |
Obligations of states and political subdivisions | 75,649 |  |  | (20,664) |  |  | 26,507 |  |  | (11,927) |  |  | 102,156 |  |  | (32,591) |
Mortgage-backed securities | 60,397 |  |  | (7,945) |  |  | 41,998 |  |  | (10,093) |  |  | 102,395 |  |  | (18,038) |
Other debt securities | 11,179 |  |  | (646) |  |  | — |  |  | — |  |  | 11,179 |  |  | (646) |
Bank issued trust preferred securities | — |  |  | — |  |  | 1,207 |  |  | (279) |  |  | 1,207 |  |  | (279) |
Total | $ | 170,028 |  |  | $ | (31,347) |  |  | $ | 74,576 |  |  | $ | (23,186) |  |  | $ | 244,604 |  |  | $ | (54,533) |
(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 for the periods indicated:
| Three Months Ended June 30, |  | Nine Months Ended September 30,
(in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
Investment securities gains (losses), net |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |
Gross realized gains | $ | — |  | $ | 119 |  | $ | — |  | $ | 121
Gross realized losses | — |  | — |  | — |  | — |
Other-than-temporary impairment recognized | — |  | — |  | — |  | —
Other investment securities: |  |  |  |  |  |  |
Fair value adjustments, net | 1 |  | 7 |  |  | (12) |  | 19
Investment securities gains (losses), net | $ | 1 |  | $ | 126 |  | $ | (12) |  | $ | 140

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