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Investment Securities | 9 Months Ended
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Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities The amortized cost and fair value of debt securities classified as available-for-sale at September 30, 2024 and December 31, 2023 were as follows:
|  |  | Gross Unrealized |  |
(dollars in thousands) | Total Amortized Cost |  | Gains |  | Losses |  | Fair Value
September 30, 2024 |  |  |  |  |  |  |
U.S. government and federal agency obligations | $ | 408 |  |  | $ | — |  |  | $ | (8) |  |  | $ | 400 |
U.S. government-sponsored enterprises | 13,026 |  | 97 |  | (164) |  | 12,959
Obligations of states and political subdivisions | 125,762 |  | 54 |  | (19,043) |  | 106,773
Mortgage-backed securities | 67,862 |  | 469 |  | (4,995) |  | 63,336
Other debt securities (a) | 19,413 |  | 59 |  | (860) |  | 18,612
Bank issued trust preferred securities (a) | 1,486 |  | — |  | (274) |  | 1,212
Total available-for-sale securities | $ | 227,957 |  |  | $ | 679 |  |  | $ | (25,344) |  |  | $ | 203,292 |
December 31, 2023 |  |  |  |  |  |  |
U.S. Treasury | $ | 1,977 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1,978 |
U.S. government and federal agency obligations | 446 |  | — |  | (19) |  | 427
U.S. government-sponsored enterprises | 22,042 |  | 16 |  | (236) |  | 21,822
Obligations of states and political subdivisions | 126,396 |  | 55 |  | (19,566) |  | 106,885
Mortgage-backed securities | 51,736 |  | 27 |  | (6,123) |  | 45,640
Other debt securities (a) | 11,825 |  | 22 |  | (1,026) |  | 10,821
Bank issued trust preferred securities (a) | 1,486 |  | — |  | (317) |  | 1,169
Total available-for-sale securities | $ | 215,908 |  |  | $ | 121 |  |  | $ | (27,287) |  |  | $ | 188,742 |
(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, loan certificates guaranteed by the Small Business Administration, residential and commercial agency mortgage-backed securities, and agency collateralized mortgage obligations include securities issued by the Government National Mortgage Association, a U.S. government agency, and the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the FHLB, which are U.S. government-sponsored enterprises. Debt securities with carrying values aggregating approximately $84.9 million and $89.2 million at September 30, 2024 and December 31, 2023, respectively, were pledged to secure public funds, securities sold under agreements to repurchase, and for other purposes as required or permitted by law. There were no proceeds from sales of available-for-sale securities for the three and nine months ended September 30, 2024 and 2023. All gains and losses recognized on equity securities during the three and nine months ended September 30, 2024 and 2023 were unrealized. The amortized cost and fair value of debt securities classified as available-for-sale at September 30, 2024, by contractual maturity are shown below. Accrued interest on investments was consistent at $1.4 million at both September 30, 2024 and December 31, 2023, and is included in accounts receivable and other assets on the Company's consolidated balance sheets. The total amount of accrued interest is excluded from the amortized cost basis of investments presented below. Further, the Company has elected not to measure an allowance for credit losses for accrued interest receivable. Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without prepayment penalties.
(dollars in thousands) | Amortized Cost |  | Fair Value
Due in one year or less | $ | 4,278 |  |  | $ | 4,267 |
Due after one year through five years | 14,304 |  | 14,288
Due after five years through ten years | 36,216 |  | 33,785
Due after ten years | 105,297 |  | 87,616
Total | $ | 160,095 |  |  | $ | 139,956 |
Mortgage-backed securities | 67,862 |  | 63,336
Total available-for-sale securities | $ | 227,957 |  |  | $ | 203,292 |
Other Investment 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 FHLB stock, and Midwest Independent BankersBank ("MIB") stock, that do not have readily determinable fair values, are required for membership in those organizations.
(dollars in thousands) | September 30, 2024 |  | December 31, 2023
Other securities: |  |  |
FHLB stock | $ | 5,504 |  | $ | 6,071
MIB stock | 151 |  | 151
Equity securities with readily determinable fair values | 72 |  | 78
Total other investment securities | $ | 5,727 |  | $ | 6,300
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, 2024 and December 31, 2023 were as follows:
| Less than 12 months |  | 12 months or more |  |  |  |
(dollars in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Total Fair Value |  | Total Unrealized Losses
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |
U.S. government and federal agency obligations | $ | — |  |  | $ | — |  |  | $ | 400 |  |  | $ | (8) |  |  | $ | 400 |  |  | $ | (8) |
U.S. government-sponsored enterprises | — |  |  | — |  |  | 1,835 |  |  | (164) |  |  | 1,835 |  |  | (164) |
Obligations of states and political subdivisions | 537 |  |  | (117) |  |  | 103,386 |  |  | (18,926) |  |  | 103,923 |  |  | (19,043) |
Mortgage-backed securities | — |  |  | — |  |  | 36,173 |  |  | (4,995) |  |  | 36,173 |  |  | (4,995) |
Other debt securities | 5,625 |  |  | (52) |  |  | 9,018 |  |  | (808) |  |  | 14,643 |  |  | (860) |
Bank issued trust preferred securities | — |  |  | — |  |  | 1,212 |  |  | (274) |  |  | 1,212 |  |  | (274) |
Total | $ | 6,162 |  |  | $ | (169) |  |  | $ | 152,024 |  |  | $ | (25,175) |  |  | $ | 158,186 |  |  | $ | (25,344) |
(dollars in thousands) |  |  |  |  |  |  |  |  |  |  |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 997 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 997 |  |  | $ | — |
U.S. government and federal agency obligations | — |  |  | — |  |  | 427 |  |  | (19) |  |  | 427 |  |  | (19) |
U.S. government-sponsored enterprises | 11,995 |  |  | (8) |  |  | 1,772 |  |  | (228) |  |  | 13,767 |  |  | (236) |
Obligations of states and political subdivisions | 1,501 |  |  | (158) |  |  | 103,283 |  |  | (19,408) |  |  | 104,784 |  |  | (19,566) |
Mortgage-backed securities | 2,935 |  |  | (40) |  |  | 39,793 |  |  | (6,083) |  |  | 42,728 |  |  | (6,123) |
Other debt securities | — |  |  | — |  |  | 8,799 |  |  | (1,026) |  |  | 8,799 |  |  | (1,026) |
Bank issued trust preferred securities | — |  |  | — |  |  | 1,169 |  |  | (317) |  |  | 1,169 |  |  | (317) |
Total | $ | 17,428 |  |  | $ | (206) |  |  | $ | 155,243 |  |  | $ | (27,081) |  |  | $ | 172,671 |  |  | $ | (27,287) |
The total available-for-sale portfolio consisted of approximately 394 securities at September 30, 2024. The portfolio included 356 securities having an aggregate fair value of $158.2 million that were in a loss position at September 30, 2024. Securities identified as temporarily impaired which had been in a loss position for 12 months or longer totaled $152.0 million at fair value at September 30, 2024. The $25.3 million aggregate unrealized loss included in accumulated other comprehensive loss at September 30, 2024 was caused by interest rate fluctuations. The decline in fair value is attributable to changes in interest rates and not credit quality. 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. 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.

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org/321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org/325/tableOfContent + Details
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