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Investment Securities
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
The amortized cost, gross unrealized gains and losses, and fair value of debt securities classified as available-for-sale at December 31, 2021 and 2020 were as follows:
Total
Amortized
Cost		Gross UnrealizedFair
Value
(in thousands)
GainsLosses
December 31, 2021
U.S. Treasury$3,909 $11 $(3)$3,917 
U.S. government and federal agency obligations1,314 5 — 1,319 
U.S. government-sponsored enterprises26,498 70 (196)26,372 
Obligations of states and political subdivisions128,093 1,605 (474)129,224 
Mortgage-backed securities137,286 791 (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 
December 31, 2020
U.S. Treasury$2,772 $26 $— $2,798 
U.S. government and federal agency obligations11,732 197 — 11,929 
U.S. government-sponsored enterprises22,495 379 — 22,874 
Obligations of states and political subdivisions56,943 1,801 — 58,744 
Mortgage-backed securities88,357 1,809 (54)90,112 
Other debt securities (a)10,000 358 (14)10,344 
Bank issued trust preferred securities (a)1,486 — (257)1,229 
Total available-for-sale securities$193,785 $4,570 $(325)$198,030 
(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, Small Business Administration guaranteed loan certificates (SBA), residential and commercial agency mortgage-backed securities, and agency collateralized mortgage obligations (CMO) include securities issued by the Government National Mortgage Association (GNMA), a U.S. government agency, the Federal National Mortgage Association (FNMA), the Federal Home Loan Mortgage Corporation (FHLMC) and the Federal Home Loan Bank (FHLB), which are U.S. government-sponsored enterprises.
Debt securities with carrying values aggregating approximately $275.4 million and $153.9 million at December 31, 2021 and December 31, 2020, respectively, were pledged to secure public funds, securities sold under agreements to repurchase, and for other purposes as required or permitted by law.
The amortized cost and fair value of debt securities classified as available-for-sale at December 31, 2021, by contractual maturity are shown below. 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$6,521 $6,540 
Due after one year through five years21,885 21,980 
Due after five years through ten years35,056 35,567 
Due after ten years109,663 110,317 
Total173,125 174,404 
Mortgage-backed securities137,286 136,466 
Total available-for-sale securities$310,411 $310,870 
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 Federal Home Loan Bank (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)20212020
Other securities:
FHLB stock$5,197 $6,170 
MIB stock151 151 
Equity securities with readily determinable fair values60 32 
Total other investment securities$5,408 $6,353 
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 December 31, 2021 and December 31, 2020 were as follows:
Less than 12 months12 months or moreTotal
Fair
Value		Total
Unrealized
Losses
(in thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
At December 31, 2021
U.S. Treasury$1,758 $(3)$— $— $1,758 $(3)
U.S. government-sponsored enterprises18,304 (196)— — 18,304 (196)
Obligations of states and political subdivisions39,221 (474)— — 39,221 (474)
Mortgage-backed securities89,520 (1,579)1,864 (32)91,384 (1,611)
Other debt securities3,802 (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)
(in thousands)
At December 31, 2020
      
U.S. Treasury$1,015 $— $— $— $1,015 $— 
Mortgage-backed securities7,494 (54)— — 7,494 (54)
Other debt securities2,987 (14)— — 2,987 (14)
Bank issued trust preferred securities— — 1,229 (257)1,229 (257)
Total$11,496 $(68)$1,229 $(257)$12,725 $(325)
The total available for sale portfolio consisted of approximately 435 securities at December 31, 2021. The portfolio included 134 securities having an aggregate fair value of $155.8 million that were in a loss position at December 31, 2021. Securities identified as temporarily impaired which had been in a loss position for 12 months or longer totaled $3.2 million at fair value at December 31, 2021. The $2,505,000 aggregate unrealized loss included in accumulated other comprehensive income at December 31, 2021 was caused by interest rate fluctuations.
The total available for sale portfolio consisted of approximately 308 securities at December 31, 2020. The portfolio included 10 securities having an aggregate fair value of $12.7 million that were in a loss position at December 31, 2020. Securities identified as temporarily impaired which had been in a loss position for 12 months or longer had a fair value of $1.2 million at December 31, 2020. The $325,000 aggregate unrealized loss included in accumulated other comprehensive income at December 31, 2020 was caused by interest rate fluctuations.
Because the decline in fair value is attributable to changes in interest rates and not credit quality, these investments were not considered other-than-temporarily impaired at December 31, 2021 and 2020, respectively. 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. In addition, 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.
The following table presents the gross unrealized 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:
(in thousands)202120202019
Investment securities gains (losses), net   
Available for sale securities:   
Gains realized on sales$122 $49 $6 
Losses realized on sales— (8)(46)
Other-than-temporary impairment recognized— — — 
Other investment securities:
Fair value adjustments, net27 20 — 
Investment securities gains (losses), net$149 $61 $(40)