Investment Securities (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023 were as follows:

			Gross Unrealized
(in thousands)	Total Amortized Cost		Gains		Losses		Fair Value
March 31, 2024
U.S. Treasury	$	993	$	—	$	—	$	993
U.S. government and federal agency obligations	410		—		(18)		392
U.S. government-sponsored enterprises	13,035		—		(288)		12,747
Obligations of states and political subdivisions	125,834		29		(21,835)		104,028
Mortgage-backed securities	59,841		57		(6,504)		53,394
Other debt securities (a)	11,825		22		(1,152)		10,695
Bank issued trust preferred securities (a)	1,486		—		(281)		1,205
Total available-for-sale securities	$	213,424	$	108	$	(30,078)	$	183,454
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		(1026)		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.

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	$	3,055	$	3,027
Due after one year through five years	15,997		15,783
Due after five years through ten years	26,528		23,585
Due after ten years	108,003		87,665
Total	$	153,583	$	130,060
Mortgage-backed securities	59,841		53,394
Total available-for-sale securities	$	213,424	$	183,454

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)	March 31, 2024		December 31, 2023
FHLB stock	$	6,058	$	6,071
MIB stock	151		151
Equity securities with readily determinable fair values	78		78
Total other investment securities	$	6,287	$	6,300

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 March 31, 2024 and December 31, 2023 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
March 31, 2024
U.S. government and federal agency obligations	$	—	$	—	$	392	$	(18)	$	392	$	(18)
U.S. government-sponsored enterprises	10,994		(41)		1,753		(247)		12,747		(288)
Obligations of states and political subdivisions	1,407		(177)		101,298		(21,658)		102,705		(21,835)
Mortgage-backed securities	3,846		(66)		38,373		(6,438)		42,219		(6,504)
Other debt securities	—		—		8,673		(1,152)		8,673		(1,152)
Bank issued trust preferred securities	—		—		1,205		(281)		1,205		(281)
Total	$	16,247	$	(284)	$	151,694	$	(29,794)	$	167,941	$	(30,078)
(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)