The amortized cost and fair market value of available-for-sale securities and the related gross unrealized gains and losses recognized were as follows:


March 31, 2026	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities and obligations of U.S. government agencies	$	58,511	$	235	$	(1,192	)	$	57,554
Obligations of states and political subdivisions		341,047		724		(24,405	)		317,366
Mortgage-backed securities in government sponsored entities		329,164		517		(24,864	)		304,817
Total debt securities (1)	$	728,722	$	1,476	$	(50,461	)	$	679,737


December 31, 2025	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities and obligations of U.S. government agencies	$	61,935	$	262	$	(1,180	)	$	61,017
Obligations of states and political subdivisions		345,214		1,319		(21,735	)		324,798
Mortgage-backed securities in government sponsored entities		319,792		525		(24,224	)		296,093
Total debt securities (1)	$	726,941	$	2,106	$	(47,139	)	$	681,908

(1) Excludes accrued interest receivable on securities of $3,815 and $4,371 at March 31, 2026 and December 31, 2025, respectively, that is recorded in Accrued interest receivable on the Consolidated Balance Sheets.

The amortized cost and fair value of debt securities at March 31, 2026, by contractual maturity, is shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately.


Available for sale	Amortized Cost		Fair Value
Due in one year or less	$	23,846	$	23,781
Due after one year through five years		64,094		61,892
Due after five years through ten years		63,751		63,333
Due after ten years		247,867		225,914
Mortgage-backed securities		329,164		304,817
Total securities available-for-sale	$	728,722	$	679,737

There were no proceeds from sales of debt securities available-for-sale, gross realized gains or gross realized losses for the three months ended March 31, 2026 or March 31, 2025.

Securities are pledged by the Company from time to time to secure public deposits, other deposits and liabilities as required by law. The carrying value of pledged securities was approximately $265,791 and $239,649 as of March 31, 2026 and December 31, 2025, respectively.

The following tables show the fair value and gross unrealized losses, aggregated by investment category, and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2026 and December 31, 2025:


March 31, 2026	12 Months or less					More than 12 months					Total
Description of Securities	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. Treasury securities and obligations of U.S. government agencies	$	6,612	$	(44	)	$	43,285	$	(1,148	)	$	49,897	$	(1,192	)
Obligations of states and political subdivisions		87,192		(670	)		150,926		(23,735	)		238,118		(24,405	)
Mortgage-backed securities in gov’t sponsored entities		40,882		(284	)		173,136		(24,580	)		214,018		(24,864	)
Total	$	134,686	$	(998	)	$	367,347	$	(49,463	)	$	502,033	$	(50,461	)


December 31, 2025	12 Months or less					More than 12 months					Total
Description of Securities	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. Treasury securities and obligations of U.S. government agencies	$	1,168	$	(2	)	$	47,644	$	(1,178	)	$	48,812	$	(1,180	)
Obligations of states and political subdivisions		12,606		(45	)		181,703		(21,690	)		194,309		(21,735	)
Mortgage-backed securities in gov’t sponsored entities		58,246		(490	)		172,015		(23,734	)		230,261		(24,224	)
Total	$	72,020	$	(537	)	$	401,362	$	(46,602	)	$	473,382	$	(47,139	)

At March 31, 2026, there were a total of 434 securities in the portfolio with unrealized losses mainly due to higher current market rates when compared to the time of purchase. At December 31, 2025, the Company owned 372 securities that were in an unrealized loss position. The unrealized losses on securities have not been recognized into income because the issuers’ securities are of high credit quality, management has the intent and ability to hold these securities for the foreseeable future, and the decline in fair value is largely due to currently higher market rates when compared to the time of purchase. The fair value is expected to recover as the securities approach their maturity date or reset date. The Company does not intend to sell until recovery and does not believe selling will be required before recovery.

Each quarter, we perform an analysis to determine if any of the unrealized losses on securities available-for-sale are comprised of credit losses as compared to unrealized losses due to market interest rate adjustments. Our assessment includes a review of the unrealized loss for each security issuance held; the financial condition and near-term prospects of the issuer, including external credit ratings and recent downgrades; and our ability and intent to hold the security for a period of time sufficient for a recovery in value. We also consider the

extent to which the securities are issued by the federal government or its agencies, and any guarantee of issued amounts by those agencies. The portfolio continues to consist of a mix of fixed and floating-rate, high quality securities, largely rated AA (or better), displaying an overall effective duration of approximately 3.0 years. No credit losses were determined to be present as of March 31, 2026, as there was no credit quality deterioration noted. Therefore, no provision for credit losses on securities was recognized for the first quarter of 2026.

Equity securities consisting of investments in other financial institutions totaled $2.7 million as of March 31, 2026 and December 31, 2025.

Stock of the Federal Home Loan Bank of Chicago (“FHLBC”), the Federal Reserve Bank of Cleveland (“FRBC”), United Bankers' Bancorp, Farmer Mac and Norwalk Community Development Corp are included as Other securities on the Company's Consolidated Balance Sheets. FHLBC stock was recorded at $8,905 at March 31, 2026 and $11,645 at December 31, 2025. FRBC stock was recorded at $15,950 at March 31, 2026 and $14,023 at December 31, 2025. United Bankers' Bancorp stock was recorded at $245 at March 31, 2026 and $230 at December 31, 2025. Farmer Mac stock was recorded at $42 at both March 31, 2026 and December 31, 2025. Norwalk Community Development Corp stock was recorded at $2 at both March 31, 2026 and December 31, 2025. Other securities are carried at cost, classified as restricted securities, and periodically evaluated for impairment based on ultimate recovery of par value.