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


June 30, 2026	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities and obligations of U.S. government agencies	$	37,615	$	199	$	(1,205	)	$	36,610
Obligations of states and political subdivisions		336,632		1,199		(20,352	)		317,479
Mortgage-backed securities in government sponsored entities		337,698		540		(25,012	)		313,226
Total debt securities (1)	$	711,945	$	1,938	$	(46,569	)	$	667,314


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 $4,288 and $4,371 at June 30, 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 June 30, 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	$	5,900	$	5,822
Due after one year through five years		61,740		59,511
Due after five years through ten years		62,154		61,879
Due after ten years		244,453		226,876
Mortgage-backed securities		337,698		313,226
Total securities available-for-sale	$	711,945	$	667,314

There were no proceeds from sales of debt securities available-for-sale, gross realized gains or gross realized losses for the three and six months ended June 30, 2026 or June 30, 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 $250,182 and $239,649 as of June 30, 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 June 30, 2026 and December 31, 2025:


June 30, 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	$	7,022	$	(87	)	$	23,903	$	(1,118	)	$	30,925	$	(1,205	)
Obligations of states and political subdivisions		50,777		(201	)		154,103		(20,151	)		204,880		(20,352	)
Mortgage-backed securities in gov’t sponsored entities		37,927		(458	)		166,920		(24,554	)		204,847		(25,012	)
Total	$	95,726	$	(746	)	$	344,926	$	(45,823	)	$	440,652	$	(46,569	)


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 June 30, 2026, there were a total of 391 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 4.7 years. No credit losses were determined to be present as of the three and six months ended June 30, 2026, as there was no credit quality deterioration noted. Therefore, no provision for credit losses on securities was recognized for the three and six months ended June 30, 2026.

The following table presents the net gains and losses on equity investments recognized in earnings for the three and six months ended June 30, 2026 and 2025, and the portion of unrealized gains and losses for the period that relates to equity investments held at June 30, 2026 and 2025:


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2026		2025			2026		2025
Net gains (losses) recognized on equity securities during the period	$	140	$	(74	)	$	173	$	(103	)
Less: Net gains (losses) realized on the sale of equity securities during the period		—		—			—		—
Unrealized gains (losses) recognized on equity securities held at reporting date	$	140	$	(74	)	$	173	$	(103	)

Equity securities consisting of investments in other financial institutions totaled $2.9 million and $2.7 million as of June 30, 2026 and December 31, 2025, respectively.

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 $12,641 at June 30, 2026 and $11,645 at December 31, 2025. FRBC stock was recorded at $16,027 at June 30, 2026 and $14,023 at December 31, 2025. United Bankers' Bancorp stock was recorded at $245 at June 30, 2026 and $230 at December 31, 2025. Farmer Mac stock was recorded at $42 at both June 30, 2026 and December 31, 2025. Norwalk Community Development Corp stock was recorded at $2 at both June 30, 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.