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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number 001-35968
MIDWESTONE FINANCIAL GROUP, INC.
(Exact name of Registrant as specified in its charter)
 
Iowa42-1206172
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
102 South Clinton Street, Iowa City, IA 52240
(319) 356-5800
(Address of principal executive offices, including zip code) (Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $1.00 par valueMOFGThe Nasdaq Stock Market LLC
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    x  Yes    ☐  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    x  Yes    ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
x
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     ☐  Yes    x  No

As of May 3, 2024, there were 15,755,319 shares of common stock, $1.00 par value per share, outstanding.



MIDWESTONE FINANCIAL GROUP, INC.
Form 10-Q Quarterly Report



PART I – FINANCIAL INFORMATION

Glossary of Acronyms, Abbreviations, and Terms
As used in this report, references to "MidWestOne", "we", "our", "us", the "Company", and similar terms refer to the consolidated entity consisting of MidWestOne Financial Group, Inc. and its wholly-owned subsidiaries. MidWestOne Bank or the "Bank" refers to MidWestOne's bank subsidiary, MidWestOne Bank.
The acronyms, abbreviations, and terms listed below are used in various sections of this Quarterly Report on Form 10-Q ("Form 10-Q"), including "Item 1. Financial Statements" and "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations."
ACLAllowance for Credit LossesFHLBFederal Home Loan Bank
AFSAvailable for SaleFHLBCFederal Home Loan Bank of Chicago
AOCIAccumulated Other Comprehensive IncomeFHLBDMFederal Home Loan Bank of Des Moines
ASCAccounting Standards CodificationFHLMCFederal Home Loan Mortgage Corporation
ASUAccounting Standards UpdateFNBFFirst National Bank in Fairfield
ATMAutomated Teller MachineFNBMFirst National Bank of Muscatine
Basel III RulesA comprehensive capital framework and rules for U.S. banking organizations approved by the FRB and the FDIC in 2013FNMAFederal National Mortgage Association
BHCABank Holding Company Act of 1956, as amendedFRBBoard of Governors of the Federal Reserve System
BODBank of DenverGAAPU.S. Generally Accepted Accounting Principles
BOLIBank Owned Life InsuranceGLBAGramm-Leach-Bliley Act of 1999
CAAConsolidated Appropriations Act, 2021GNMAGovernment National Mortgage Association
CARES ActCoronavirus Aid, Relief and Economic Security ActICSInsured Cash Sweep
CDARSCertificate of Deposit Account Registry ServiceIOFBIowa First Bancshares Corp.
CECLCurrent Expected Credit LossLIBORThe London Inter-bank Offered Rate
CMOCollateralized Mortgage ObligationsMBEFDLoan Modification for Borrowers Experiencing Financial Difficulty
COVID-19Coronavirus Disease 2019MBSMortgage-Backed Securities
CRACommunity Reinvestment ActPCDPurchase Credit Deteriorated
CRECommercial Real EstatePPPPaycheck Protection Program
DCFDiscounted Cash FlowsROURight-of-Use
DNVBDenver Bankshares, Inc.RPACredit Risk Participation Agreement
Dodd-Frank ActDodd-Frank Wall Street Reform and Consumer Protection ActRREResidential Real Estate
ECLExpected Credit LossesSBAU.S. Small Business Administration
EVEEconomic Value of EquitySECU.S. Securities and Exchange Commission
FASBFinancial Accounting Standards BoardSOFRSecured Overnight Financing Rate
FDICFederal Deposit Insurance Corporation



Item 1.   Financial Statements (unaudited).

MIDWESTONE FINANCIAL GROUP, INC.
CONSOLIDATED BALANCE SHEETS
 March 31, 2024 December 31, 2023
(unaudited) (dollars in thousands, except per share amounts) 
ASSETS
Cash and due from banks$68,430 $76,237 
Interest earning deposits in banks29,328 5,479 
Federal funds sold4 11 
Total cash and cash equivalents97,762 81,727 
Debt securities available for sale at fair value797,230 795,134 
Held to maturity securities at amortized cost1,064,939 1,075,190 
Total securities1,862,169 1,870,324 
Loans held for sale2,329 1,045 
Gross loans held for investment4,433,258 4,138,352 
Unearned income, net(18,612)(11,405)
Loans held for investment, net of unearned income4,414,646 4,126,947 
Allowance for credit losses(55,900)(51,500)
Total loans held for investment, net4,358,746 4,075,447 
Premises and equipment, net95,986 85,742 
Goodwill71,118 62,477 
Other intangible assets, net29,531 24,069 
Foreclosed assets, net3,897 3,929 
Other assets226,477 222,780 
Total assets$6,748,015 $6,427,540 
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest bearing deposits$920,764 $897,053 
Interest bearing deposits4,664,472 4,498,620 
Total deposits5,585,236 5,395,673 
Short-term borrowings422,988 300,264 
Long-term debt122,066 123,296 
Other liabilities89,685 83,929 
Total liabilities6,219,975 5,903,162 
Shareholders' equity
Preferred stock, no par value; authorized 500,000 shares; no shares issued and outstanding
  
Common stock, $1.00 par value; authorized 30,000,000 shares; issued shares of 16,581,017 and 16,581,017; outstanding shares of 15,750,471 and 15,694,306
16,581 16,581 
Additional paid-in capital300,845 302,157 
Retained earnings294,066 294,784 
Treasury stock at cost, 830,546 and 886,711 shares
(22,648)(24,245)
Accumulated other comprehensive loss(60,804)(64,899)
Total shareholders' equity528,040 524,378 
Total liabilities and shareholders' equity$6,748,015 $6,427,540 
See accompanying notes to consolidated financial statements.  
1

MIDWESTONE FINANCIAL GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME
 
Three Months Ended
March 31,
(unaudited) (dollars in thousands, except per share amounts)2024 2023
Interest income 
Loans, including fees$57,947  $46,490 
Taxable investment securities9,460  10,444 
Tax-exempt investment securities1,710  2,127 
Other418 244 
Total interest income69,535  59,305 
Interest expense 
Deposits27,726  15,319 
Short-term borrowings4,975  1,786 
Long-term debt2,103  2,124 
Total interest expense34,804  19,229 
Net interest income34,731  40,076 
Credit loss expense 4,689  933 
Net interest income after credit loss expense30,042  39,143 
Noninterest income (loss) 
Investment services and trust activities3,503  2,933 
Service charges and fees2,144  2,008 
Card revenue1,943  1,748 
Loan revenue856  1,420 
Bank-owned life insurance660  602 
Investment securities gains (losses), net36  (13,170)
Other608 413 
Total noninterest income (loss)9,750  (4,046)
Noninterest expense 
Compensation and employee benefits20,930  19,607 
Occupancy expense of premises, net2,813  2,746 
Equipment2,600 2,171 
Legal and professional2,059 1,736 
Data processing1,360 1,363 
Marketing598 986 
Amortization of intangibles1,637  1,752 
FDIC insurance942  749 
Communications196  261 
Foreclosed assets, net358 (28)
Other2,072  1,976 
Total noninterest expense35,565  33,319 
Income before income tax expense4,227  1,778 
Income tax expense 958  381 
Net income $3,269  $1,397 
Per common share information 
Earnings - basic$0.21  $0.09 
Earnings - diluted$0.21  $0.09 
Dividends paid$0.2425  $0.2425 
See accompanying notes to consolidated financial statements.
2

MIDWESTONE FINANCIAL GROUP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
Three Months Ended
March 31,
(unaudited) (dollars in thousands)20242023
Net income$3,269 $1,397 
Other comprehensive income, net of tax:
Unrealized gain from AFS debt securities:
Unrealized net gain (loss) on debt securities AFS
2,151 (285)
Reclassification adjustment for (gains) losses included in net income
(36)13,170 
Reclassification of the change in fair value of AFS debt securities attributable to change in hedged risk882  
Income tax (expense)
(758)(3,260)
Unrealized net gain on AFS debt securities, net of reclassification adjustments
2,239 9,625 
Reclassification of AFS debt securities to HTM:
Amortization of the net unrealized loss from the reclassification of AFS debt securities to HTM
501 581 
Income tax expense
(127)(147)
Amortization of net unrealized loss from the reclassification of AFS debt securities to HTM, net 374 434 
Unrealized gain from cash flow hedging instruments:
Unrealized net gains in cash flow hedging instruments
2,772 138 
Reclassification adjustment for net gain in cash flow hedging instruments included in income
(788) 
Income tax expense
(502)(35)
Unrealized net gains on cash flow hedge instruments, net of reclassification adjustment
1,482 103 
Other comprehensive income, net of tax4,095 10,162 
Comprehensive income $7,364 $11,559 
See accompanying notes to consolidated financial statements.

3

MIDWESTONE FINANCIAL GROUP, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Three Months Ended March 31,
Common Stock
(unaudited)
(dollars in thousands, except per share amounts)
Par Value
Additional
Paid-in
Capital
Retained Earnings Treasury Stock
Accumulated
Other
Comprehensive
Income (Loss)
Total
Balance at December 31, 2022$16,581 $302,085 $289,289 $(26,115)$(89,047)$492,793 
Net income— — 1,397 — — 1,397 
Other comprehensive income— — — — 10,162 10,162 
Release/lapse of restriction on RSUs (51,348 shares)
— (1,767)(118)1,336 — (549)
Share-based compensation— 648 — — — 648 
Dividends paid on common stock ($0.2425 per share)
— — (3,801)— — (3,801)
Balance at March 31, 2023$16,581 $300,966 $286,767 $(24,779)$(78,885)$500,650 
Balance at December 31, 2023$16,581 $302,157 $294,784 $(24,245)$(64,899)$524,378 
Net income— — 3,269 — — 3,269 
Other comprehensive income— — — — 4,095 4,095 
Release/lapse of restriction on RSUs (56,165 shares, net)
— (1,953)(167)1,597 — (523)
Share-based compensation— 641 — — — 641 
Dividends paid on common stock ($0.2425 per share)
— — (3,820)— — (3,820)
Balance at March 31, 2024$16,581 $300,845 $294,066 $(22,648)$(60,804)$528,040 

4

MIDWESTONE FINANCIAL GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
Three Months Ended March 31,
(unaudited) (dollars in thousands)2024 2023
Operating Activities:
Net income
$3,269  $1,397 
Adjustments to reconcile net income to net cash provided by operating activities:
 
Credit loss expense
4,689  933 
Depreciation, amortization, and accretion
2,992  2,891 
         Net change in premises and equipment due to writedown or sale79 (19)
Share-based compensation
641  648 
Net (gain) loss on call or sale of debt securities available for sale
(36) 13,170 
Net change in foreclosed assets due to writedown or sale311 (31)
Net gain on sale of loans held for sale(181)(75)
Origination of loans held for sale
(9,386) (9,976)
Proceeds from sales of loans held for sale
8,283 8,110 
Increase in cash surrender value of bank-owned life insurance(661)(602)
Increase in deferred income taxes, net(221)(410)
Change in:
Other assets
(2,430) 14,434 
Other liabilities
2,239 (12,871)
Net cash provided by operating activities
$9,588  $17,599 
Investing Activities: 
Purchases of equity securities$(250)$ 
Proceeds from sales of debt securities available for sale
52,323  218,667 
Proceeds from maturities and calls of debt securities available for sale
27,951  34,746 
Purchases of debt securities available for sale
(28,376) (54,690)
Proceeds from maturities and calls of debt securities held to maturity
10,268  11,798 
Net increase in loans held for investment
(79,756) (77,890)
Purchases of premises and equipment
(519) (404)
Proceeds from sale of foreclosed assets
2 134 
Proceeds from sale of premises and equipment
  183 
         Net cash paid in business acquisition(19,980) 
Net cash (used in) provided by investing activities
$(38,337) $132,544 
Financing Activities: 
Net (decrease) increase in:
Deposits
$(34,797) $86,175 
Short-term borrowings
85,224 (247,892)
         Payments on finance lease liability(50)(43)
Payments of other long-term debt(1,250)(1,250)
Taxes paid relating to the release/lapse of restriction on RSUs
(523)(549)
Dividends paid
(3,820) (3,801)
Net cash provided by (used in) financing activities
$44,784  $(167,360)
Net change in cash and cash equivalents
$16,035  $(17,217)
Cash and cash equivalents at beginning of period81,727  86,435 
Cash and cash equivalents at end of period$97,762  $69,218 
5

Three Months Ended March 31,
(unaudited) (dollars in thousands)2024 2023
Supplemental disclosures of cash flow information: 
Cash paid during the period for interest
$33,369  $16,599 
Supplemental schedule of non-cash investing and financing activities:
Transfer of loans to foreclosed assets, net
$281  $— 
Supplemental schedule of non-cash investing activities from acquisition:
Non-cash assets acquired:
      Investment securities$52,493 $ 
      Total loans held for investment, net207,095  
      Premises and equipment11,091  
      Assets held for sale2,379  
      Goodwill8,641  
      Core deposit intangible7,100  
      Other assets4,987  
              Total non-cash assets acquired$293,786 $ 
Liabilities assumed:
      Deposits$224,248 $ 
      Short-term borrowings37,500  
      Other liabilities3,417  
             Total liabilities assumed$265,165 $ 
See accompanying notes to consolidated financial statements.
6

MidWestOne Financial Group, Inc.
Notes to Consolidated Financial Statements
(Unaudited)

1.    Nature of Business and Significant Accounting Policies
Nature of Business
The Company, an Iowa corporation formed in 1983, is a bank holding company under the BHCA and a financial holding company under the GLBA. Our principal executive offices are located at 102 South Clinton Street, Iowa City, Iowa 52240.
The Company owns all of the outstanding common stock of MidWestOne Bank, an Iowa state non-member bank chartered in 1934 with its main office in Iowa City, Iowa. We operate primarily through MidWestOne Bank, our bank subsidiary.
On January 31, 2024, the Company completed the acquisition of DNVB, a bank holding company whose wholly-owned banking subsidiary was BOD. Immediately following completion of the acquisition, BOD was merged with and into the Bank. As consideration for the merger, we paid cash in the amount of $32.6 million.
Basis of Presentation
The accompanying interim condensed consolidated financial statements are prepared in accordance with GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, certain disclosures accompanying annual consolidated financial statements are omitted. In the opinion of management, all significant intercompany accounts and transactions have been eliminated and adjustments, consisting solely of normal recurring accruals and considered necessary for the fair presentation of financial statements for the interim periods, have been included. The current period's results of operations are not necessarily indicative of the results that ultimately may be achieved for the year. The interim condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Form 10-K for the year ended December 31, 2023, filed with the SEC on March 8, 2024.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect: (1) the reported amounts of assets and liabilities, (2) the disclosure of contingent assets and liabilities at the date of the financial statements, and (3) the reported amounts of revenues and expenses during the reporting period. These estimates are based on information available to management at the time the estimates are made. Actual results could differ from those estimates. The results for the three months ended March 31, 2024 may not be indicative of results for the year ending December 31, 2024, or for any other period.

All significant accounting policies followed in the preparation of the quarterly financial statements are disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 8, 2024.
Segment Reporting
The Company’s activities are considered to be one reportable segment for financial reporting purposes. The Company is engaged in the business of commercial and retail banking and trust and investment management services with operations throughout central and eastern Iowa, the Minneapolis/St. Paul metropolitan area, southwestern Wisconsin, Naples and Fort Myers, Florida, and Denver, Colorado. Substantially all income is derived from a diverse base of commercial, mortgage and retail lending activities, and investments.
Effect of New Financial Accounting Standards

Accounting Guidance Pending Adoption at March 31, 2024

On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (ASC 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASC 848 contains optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. Certain optional expedients and exceptions for contract modifications and hedging relationships were amended in ASU 2021-01, Reference Rate Reform (Topic 848): Scope Refinement, issued on January 7, 2021. In addition, ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which time entities will no longer be permitted to apply the relief in Topic 848. The adoption of ASU 2020-04 is not expected to have a material impact on the Company’s consolidated financial statements.
7

On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Enhanced disclosures about significant segment expenses are included within this ASU. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with an option to early adopt. The amendments should be applied retrospectively to all prior periods presented in the financial statements, with the segment expense categories and amounts disclosed in prior periods being based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the impact of ASU 2023-07.

On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. Additional transparency about income tax information through improvements to income tax disclosures, primarily related to the rate reconciliation and income taxes paid information, will be required. The amendments are effective for annual periods beginning after December 15, 2024, with an option to early adopt. The amendments should be applied on a prospective basis, with retrospective application being permitted. The Company is currently evaluating the impact of ASU 2023-09.

Accounting Guidance Adopted in 2024

On March 29, 2023, the FASB issued ASU 2023-02, Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. Under this ASU, if certain conditions are met, a reporting entity may elect to account for its tax equity investments by using the proportional amortization method regardless of the program from which it receives income tax credits. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with an option to early adopt. The amendments must be applied on either a modified retrospective or a retrospective basis, with certain exceptions for low-income-housing tax credit structures that are not accounted for using the proportional amortization method. The adoption of ASU 2023-02 was applied on a modified retrospective basis and did not have a material impact on the Company's consolidated financial statements.

2.    Business Combinations
On January 31, 2024, the Company acquired 100% of the equity of DNVB through a merger and acquired its wholly-owned banking subsidiary, Bank of Denver, for cash consideration of $32.6 million. The primary reason for the acquisition was to increase our presence in Denver, Colorado. Immediately following the completion of the acquisition, BOD was merged with and into the Bank.
The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their fair values as of the January 31, 2024 acquisition date net of any applicable tax effects using a methodology similar to the Company's legacy assets and liabilities (refer to Note 14. Fair Value of Financial Instruments and Fair Value Measurements for additional information regarding the fair value methodology). Initial accounting for the assets acquired and liabilities assumed was incomplete at March 31, 2024. Thus, such amounts recognized in the financial statements have been determined to be provisional. The excess of the consideration paid over the fair value of the net assets acquired is recorded as goodwill. This goodwill is not deductible for tax purposes. The revenue and earnings amount specific to DNVB since the acquisition date that are included in the consolidated results for the three months ended March 31, 2024 are not readily determinable. The disclosures of these amounts are impracticable due to the merging of certain processes and systems at the acquisition date.
8

The table below summarizes the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed:
(in thousands)January 31, 2024
Merger consideration
Cash consideration
$32,600 
Identifiable net assets acquired, at fair value
Assets acquired
Cash and due from banks
$462 
Interest earning deposits in banks
3,517 
Debt securities
52,493 
Loans held for investment
207,095 
Premises and equipment
13,470 
Core deposit intangible
7,100 
Other assets
4,987 
Total assets acquired
289,124 
Liabilities assumed
Deposits
$(224,248)
    Short-term borrowings(37,500)
Other liabilities
(3,417)
Total liabilities assumed
(265,165)
Identifiable net assets acquired, at fair value23,959 
Goodwill$8,641 
For illustrative purposes only, the following table presents certain unaudited pro forma information for the three months ended March 31, 2024 and March 31, 2023. This unaudited, estimated pro forma information was calculated as if DNVB had been acquired as of the beginning of the year prior to the date of acquisition. This unaudited pro forma information combines the historical results of DNVB and the Company and includes adjustments for the estimated impact of certain fair value purchase accounting, interest expense, acquisition-related expenses, and income tax expense for the respective periods. The pro forma information is not indicative of what would have occurred had the acquisition occurred as of the beginning of the year prior to the acquisition. Additionally, MidWestOne expects to achieve further operating cost savings and other business synergies, including revenue growth as a result of the acquisition, which are not reflected in the pro forma amounts that follow. As a result, actual amounts would have differed from the unaudited pro forma information presented.
Unaudited
Three Months Ended
March 31,
(in thousands, except per share amounts)20242023
Total revenues$45,298 $38,963 
Net income (loss)$6,466 $(1,662)
EPS - basic$0.41 $(0.11)
EPS - diluted$0.41 $(0.11)
9

The following table summarizes the DNVB acquisition-related expenses incurred during the three months ended March 31, 2024 and IOFB acquisition-related expenses incurred during the three months ended March 31, 2023, which are included in the respective income statement line items, for the periods indicated:
Three Months Ended
March 31,
(in thousands)20242023
Noninterest Expense
Compensation and employee benefits$241 $70 
Occupancy expense of premises, net152  
Equipment149  
Legal and professional573  
Data processing61 65 
Marketing32  
Communications1  
Other105 1 
Total acquisition-related expenses
$1,314 $136 
3.    Debt Securities
At March 31, 2024, there was $6.6 million of net unrealized after tax loss remaining in accumulated other comprehensive loss, related to the transfer of securities classified as available for sale to held to maturity on January 1, 2022.

The following tables summarize the amortized cost, gross unrealized gains and losses and the resulting fair value of debt securities as of the dates indicated:
 As of March 31, 2024
(in thousands)
Amortized
Cost (1)
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit Loss related to Debt SecuritiesFair Value
Available for Sale
U.S. Treasury securities$247 $ $ $ $247 
State and political subdivisions132,150 1 8,773  123,378 
Mortgage-backed securities
5,347 3 151  5,199 
Collateralized loan obligations61,914 200 248  61,866 
Collateralized mortgage obligations201,242  22,620  178,622 
Corporate debt securities472,217 110 44,409  427,918 
Total available for sale debt securities
$873,117 $314 $76,201 $ $797,230 
Held to Maturity
State and political subdivisions$531,961 $ $71,245 $ $460,716 
Mortgage-backed securities
73,668  12,685  60,983 
Collateralized mortgage obligations459,310  105,365  353,945 
Total held to maturity debt securities
$1,064,939 $ $189,295 $ $875,644 
(1) Amortized cost for the held to maturity securities includes $231 thousand of unamortized gain in state and political subdivisions, $74 thousand of unamortized gains in mortgage-backed securities and $9.3 million of unamortized losses in collateralized mortgage obligations related to the re-classification of securities from available for sale to held to maturity on January 1, 2022.
10

 As of December 31, 2023
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit Loss related to Debt Securities
Fair Value
Available for Sale
State and political subdivisions$139,482 $2 $9,345 $ $130,139 
Mortgage-backed securities
5,448 5 142  5,311 
Collateralized loan obligations50,541 135 239  50,437 
Collateralized mortgage obligations190,304  21,108  169,196 
Corporate debt securities487,361 57 47,367  440,051 
Total available for sale debt securities
$873,136 $199 $78,201 $ $795,134 
Held to Maturity
State and political subdivisions$532,422 $ $65,932 $ $466,490 
Mortgage-backed securities
74,904  11,635  63,269 
Collateralized mortgage obligations467,864  102,360  365,504 
Total held to maturity debt securities
$1,075,190 $ $179,927 $ $895,263 
(1) Amortized cost for the held to maturity securities includes $227 thousand of unamortized gain in state and political subdivisions, $58 thousand of unamortized gains in mortgage-backed securities and $9.7 million of unamortized losses in collateralized mortgage obligations related to the re-classification of securities from available for sale to held to maturity on January 1, 2022.
 
Investment securities with a fair value of $1.24 billion and $1.16 billion at March 31, 2024 and December 31, 2023, respectively, were pledged on public deposits, securities sold under agreements to repurchase and for other purposes, as required or permitted by law.

Accrued interest receivable on available for sale debt securities and held to maturity debt securities is recorded within 'Other Assets,' and is excluded from the estimate of credit losses. At March 31, 2024 the accrued interest receivable on available for sale debt securities and held to maturity debt securities totaled $5.8 million and $3.5 million, respectively. At December 31, 2023 the accrued interest receivable on available for sale debt securities and held to maturity debt securities totaled $5.5 million and $3.7 million, respectively.
The following table presents debt securities AFS in an unrealized loss position for which an allowance for credit losses has not been recorded as of March 31, 2024, aggregated by investment category and length of time in a continuous loss position:
  As of March 31, 2024
Number
of
Securities
Less than 12 Months12 Months or MoreTotal