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Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2023
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, 2023 and December 31, 2022 were as follows:
|  |  | Gross Unrealized |  |
(in thousands) | Total Amortized Cost |  | Gains |  | Losses |  | Fair Value
September 30, 2023 |  |  |  |  |  |  |
U.S. Treasury | $ | 4,908 |  |  | $ | — |  |  | $ | (40) |  |  | $ | 4,868 |
U.S. government and federal agency obligations | 446 |  | — |  | (26) |  | 420
U.S. government-sponsored enterprises | 27,499 |  | — |  | (2,637) |  | 24,862
Obligations of states and political subdivisions | 131,697 |  | — |  | (32,762) |  | 98,935
Mortgage-backed securities | 112,116 |  | 2 |  | (19,375) |  | 92,743
Other debt securities (a) | 11,825 |  | — |  | (1,291) |  | 10,534
Bank issued trust preferred securities (a) | 1,486 |  | — |  | (332) |  | 1,154
Total available-for-sale securities | $ | 289,977 |  |  | $ | 2 |  |  | $ | (56,463) |  |  | $ | 233,516 |
December 31, 2022 |  |  |  |  |  |  |
U.S. Treasury | $ | 2,198 |  |  | $ | — |  |  | $ | (46) |  |  | $ | 2,152 |
U.S. government and federal agency obligations | 591 |  | — |  | (32) |  | 559
U.S. government-sponsored enterprises | 26,499 |  | — |  | (2,722) |  | 23,777
Obligations of states and political subdivisions | 134,994 |  | — |  | (25,554) |  | 109,440
Mortgage-backed securities | 119,556 |  | 7 |  | (16,864) |  | 102,699
Other debt securities (a) | 11,825 |  | — |  | (882) |  | 10,943
Bank issued trust preferred securities (a) | 1,486 |  | — |  | (309) |  | 1,177
Total available-for-sale securities | $ | 297,149 |  |  | $ | 7 |  |  | $ | (46,409) |  |  | $ | 250,747 |
(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 | $ | 9,120 |  |  | $ | 9,064 |
Due after one year through five years | 23,853 |  | 21,728
Due after five years through ten years | 28,982 |  | 24,924
Due after ten years | 115,906 |  | 85,057
Total | $ | 177,861 |  |  | $ | 140,773 |
Mortgage-backed securities | 112,116 |  | 92,743
Total available-for-sale securities | $ | 289,977 |  |  | $ | 233,516 |
Schedule of Other Securities | Investments in FHLB stock, and Midwest Independent BankersBank (MIB) stock, that do not have readily determinable fair values, are required for membership in those organizations.
(in thousands) | September 30, 2023 |  | December 31, 2022
Other securities: |  |  |
FHLB stock | $ | 6,790 |  | $ | 6,156
MIB stock | 151 |  | 151
Equity securities with readily determinable fair values | 64 |  | 46
Total other investment securities | $ | 7,005 |  | $ | 6,353
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, 2023 and December 31, 2022 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, 2023 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 3,568 |  |  | $ | (10) |  |  | $ | 1,300 |  |  | $ | (30) |  |  | $ | 4,868 |  |  | $ | (40) |
U.S. government and federal agency obligations | — |  |  | — |  |  | 420 |  |  | (26) |  |  | 420 |  |  | (26) |
U.S. government-sponsored enterprises | 985 |  |  | (15) |  |  | 23,877 |  |  | (2,622) |  |  | 24,862 |  |  | (2,637) |
Obligations of states and political subdivisions | 3,326 |  |  | (380) |  |  | 95,609 |  |  | (32,382) |  |  | 98,935 |  |  | (32,762) |
Mortgage-backed securities | 5,760 |  |  | (296) |  |  | 86,648 |  |  | (19,079) |  |  | 92,408 |  |  | (19,375) |
Other debt securities | — |  |  | — |  |  | 10,534 |  |  | (1,291) |  |  | 10,534 |  |  | (1,291) |
Bank issued trust preferred securities | — |  |  | — |  |  | 1,154 |  |  | (332) |  |  | 1,154 |  |  | (332) |
Total | $ | 13,639 |  |  | $ | (701) |  |  | $ | 219,542 |  |  | $ | (55,762) |  |  | $ | 233,181 |  |  | $ | (56,463) |
(in thousands) |  |  |  |  |  |  |  |  |  |  |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 1,908 |  |  | $ | (41) |  |  | $ | 244 |  |  | $ | (5) |  |  | $ | 2,152 |  |  | $ | (46) |
U.S. government and federal agency obligations | 559 |  | (32) |  | — |  | — |  | 559 |  | (32)
U.S. government-sponsored enterprises | 7,066 |  |  | (933) |  |  | 16,711 |  |  | (1,789) |  |  | 23,777 |  |  | (2,722) |
Obligations of states and political subdivisions | 79,396 |  |  | (15,421) |  |  | 29,370 |  |  | (10,133) |  |  | 108,766 |  |  | (25,554) |
Mortgage-backed securities | 33,334 |  |  | (3,124) |  |  | 68,911 |  |  | (13,740) |  |  | 102,245 |  |  | (16,864) |
Other debt securities | 7,557 |  |  | (443) |  |  | 3,386 |  |  | (439) |  |  | 10,943 |  |  | (882) |
Bank issued trust preferred securities | — |  |  | — |  |  | 1,177 |  |  | (309) |  |  | 1,177 |  |  | (309) |
Total | $ | 129,820 |  |  | $ | (19,994) |  |  | $ | 119,799 |  |  | $ | (26,415) |  |  | $ | 249,619 |  |  | $ | (46,409) |
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 were recognized in earnings:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Gross realized gains | $ | — |  | $ | — |  | $ | — |  | $ | —
Gross realized losses | — |  | — |  | — |  | — |
Other-than-temporary impairment recognized | — |  | — |  | — |  | —
Other investment securities: |  |  |  |  |  |  |
Fair value adjustments, net | 3 |  | 1 |  |  | 18 |  | (12)
Investment securities gains (losses), net | $ | 3 |  | $ | 1 |  | $ | 18 |  | $ | (12)

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