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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, 2021
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 4, 2021, there were 15,979,198 shares of common stock, $1.00 par value per share, outstanding.



Table of Contents
MIDWESTONE FINANCIAL GROUP, INC.
Form 10-Q Quarterly Report
Table of Contents
Page No.
PART I
Item 1.
Item 2.
Item 3.
Item 4.
Part II
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.



Table of Contents
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 Form 10-Q, including "Item 1. Financial Statements" and "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations."
ABTWAmerican Bank and Trust-Wisconsin of Cuba City, WisconsinFDICFederal Deposit Insurance Corporation
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 UpdateFNMAFederal National Mortgage Association
ATMAutomated Teller MachineFRBBoard of Governors of the Federal Reserve System
ATSBAmerican Trust & Savings Bank of Dubuque, IowaGAAPU.S. Generally Accepted Accounting Principles
Basel III RulesA comprehensive capital framework and rules for U.S. banking organizations approved by the FRB and the FDIC in 2013GLBAGramm-Leach-Bliley Act of 1999
BHCABank Holding Company Act of 1956, as amendedGNMAGovernment National Mortgage Association
BOLIBank Owned Life InsuranceHTMHeld to Maturity
CAAConsolidated Appropriations Act, 2021ICSInsured Cash Sweep
CARES ActCoronavirus Aid, Relief and Economic Security ActLIBORThe London Inter-bank Offered Rate
CDARSCertificate of Deposit Account Registry ServiceMBSMortgage-Backed Securities
CECLCurrent Expected Credit LossOTTIOther-Than-Temporary Impairment
CMOCollateralized Mortgage ObligationsPCDPurchased Financial Assets with Credit Deterioration
COVID-19Coronavirus Disease 2019PCIPurchased Credit Impaired
CRACommunity Reinvestment ActPPPPaycheck Protection Program
CRECommercial Real EstateROURight-of-Use
DCFDiscounted cash flowsRREResidential Real Estate
Dodd-Frank ActDodd-Frank Wall Street Reform and Consumer Protection ActRPACredit Risk Participation Agreement
ECLExpected Credit LossesSBAU.S. Small Business Administration
EVEEconomic Value of EquitySECU.S. Securities and Exchange Commission
FASBFinancial Accounting Standards BoardTDRTroubled Debt Restructuring



Table of Contents
Item 1.   Financial Statements.

MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 March 31, 2021 December 31, 2020
(unaudited) (dollars in thousands, except per share amounts) 
ASSETS
Cash and due from banks$57,154 $65,078 
Interest earning deposits in banks80,924 17,409 
Federal funds sold7,691 172 
Total cash and cash equivalents145,769 82,659 
Debt securities available for sale at fair value1,896,894 1,657,381 
Loans held for sale58,333 59,956 
Gross loans held for investment3,374,076 3,496,790 
Unearned income, net(15,915)(14,567)
Loans held for investment, net of unearned income3,358,161 3,482,223 
Allowance for credit losses(50,650)(55,500)
Total loans held for investment, net3,307,511 3,426,723 
Premises and equipment, net85,581 86,401 
Goodwill62,477 62,477 
Other intangible assets, net23,735 25,242 
Foreclosed assets, net1,487 2,316 
Other assets155,525 153,493 
Total assets$5,737,312 $5,556,648 
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest bearing deposits$958,526 $910,655 
Interest bearing deposits3,836,037 3,636,394 
Total deposits4,794,563 4,547,049 
Short-term borrowings175,785 230,789 
Long-term debt201,696 208,691 
Other liabilities53,948 54,869 
Total liabilities5,225,992 5,041,398 
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 15,981,088 and 16,016,780
16,581 16,581 
Additional paid-in capital299,747 300,137 
Retained earnings206,230 188,191 
Treasury stock at cost, 599,929 and 564,237 shares
(15,278)(14,251)
Accumulated other comprehensive income4,040 24,592 
Total shareholders' equity511,320 515,250 
Total liabilities and shareholders' equity$5,737,312 $5,556,648 
See accompanying notes to consolidated financial statements.  
1

Table of Contents
MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
 
Three Months Ended
March 31,
(unaudited) (dollars in thousands, except per share amounts)2021 2020
Interest income 
Loans, including fees$36,542  $42,012 
Taxable investment securities5,093  3,717 
Tax-exempt investment securities2,555  1,512 
Other14 164 
Total interest income44,204  47,405 
Interest expense 
Deposits3,608  7,949 
Short-term borrowings128  334 
Long-term debt1,851  1,716 
Total interest expense5,587  9,999 
Net interest income38,617  37,406 
Credit loss (benefit) expense(4,734) 21,733 
Net interest income after credit loss (benefit) expense43,351  15,673 
Noninterest income 
Investment services and trust activities2,836  2,536 
Service charges and fees1,487  1,826 
Card revenue1,536  1,365 
Loan revenue4,730  1,123 
Bank-owned life insurance542  520 
Investment securities gains, net27  42 
Other666 2,743 
Total noninterest income11,824  10,155 
Noninterest expense 
Compensation and employee benefits16,917  16,617 
Occupancy expense of premises, net2,318  2,341 
Equipment1,793 1,880 
Legal and professional783 1,535 
Data processing1,252 1,354 
Marketing1,006 1,062 
Amortization of intangibles1,507  2,028 
FDIC insurance512  448 
Communications409  457 
Foreclosed assets, net47 138 
Other1,156  2,141 
Total noninterest expense27,700  30,001 
Income (loss) before income tax expense27,475  (4,173)
Income tax expense (benefit)5,827  (2,198)
Net income (loss)$21,648  $(1,975)
Per common share information 
Earnings (loss) - basic$1.35  $(0.12)
Earnings (loss) - diluted$1.35  $(0.12)
Dividends paid$0.2250  $0.2200 
See accompanying notes to consolidated financial statements.
2

Table of Contents
MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
Three Months Ended
March 31,
(unaudited) (dollars in thousands)2021 2020
Net income (loss) $21,648 $(1,975)
Other comprehensive (loss) income, net of tax:
Unrealized (loss) gain from debt securities available for sale:
Unrealized net holding (loss) gain on debt securities available for sale arising during the period
(27,784)4,325 
Reclassification adjustment for gains included in net income
(27)(42)
Income tax benefit (expense)
7,259 (1,118)
Unrealized net (loss) gain on debt securities available for sale, net of reclassification adjustment
(20,552)3,165 
Unrealized loss from cash flow hedging instruments:
Unrealized net holding loss in cash flow hedging instruments arising during the period
 (888)
Reclassification adjustment for net gain in cash flow hedging instruments included in income
 (5)
Income tax benefit
 233 
Unrealized net losses on cash flow hedge instruments, net of reclassification adjustment
 (660)
Other comprehensive (loss) income, net of tax(20,552)2,505 
Comprehensive income$1,096 $530 
See accompanying notes to consolidated financial statements.

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

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, 2019$16,581 $297,390 $201,105 $(10,466)$4,372 $508,982 
Cumulative effect of change in accounting principle(1)
— — (5,362)— — (5,362)
Net loss— — (1,975)— — (1,975)
Other comprehensive income— — — — 2,505 2,505 
Acquisition fair value finalization(2)
— 2,355 — — — 2,355 
Release/lapse of restriction on RSUs (22,946 shares)
— (679)— 552 — (127)
Repurchase of common stock (95,340 shares)
— — — (2,604)— (2,604)
Share-based compensation— 346 — — — 346 
Dividends paid on common stock ($0.2200 per share)
— — (3,556)— — (3,556)
Balance at March 31, 2020$16,581 $299,412 $190,212 $(12,518)$6,877 $500,564 
Balance at December 31, 2020$16,581 $300,137 $188,191 $(14,251)$24,592 $515,250 
Net income— — 21,648 — — 21,648 
Other comprehensive loss— — — — (20,552)(20,552)
Release/lapse of restriction on RSUs (26,896 shares, net)
— (774)(11)672 — (113)
Repurchase of common stock (62,588 shares)
— — — (1,699)— (1,699)
Share-based compensation— 384 — — — 384 
Dividends paid on common stock ($0.2250 per share)
— — (3,598)— — (3,598)
Balance at March 31, 2021$16,581 $299,747 $206,230 $(15,278)$4,040 $511,320 
(1) Reclassification pursuant to adoption of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.
(2) Relates to the finalization of the purchase accounting adjustments for the ATBancorp acquisition. This purchase accounting adjustment had a $2.06 million impact on goodwill, $296 thousand impact on deferred income taxes, with the offsetting impact being to additional paid-in capital.
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MIDWESTONE FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
Three Months Ended March 31,
(unaudited) (dollars in thousands)2021 2020
Cash flows from operating activities:
Net income (loss)
$21,648  $(1,975)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
 
Credit loss (benefit) expense
(4,734) 21,733 
Depreciation, amortization, and accretion
(342) 1,456 
Net loss on sale of premises and equipment
  5 
Share-based compensation
384  346 
Net gain on sale or call of debt securities available for sale
  (42)
Net gain on sale of foreclosed assets, net
(146) (37)
Writedown of foreclosed assets
145 131 
Net gain on sale of loans held for sale(3,089)(810)
Origination of loans held for sale
(82,898) (50,305)
Proceeds from sales of loans held for sale
87,610 47,032 
Increase in cash surrender value of bank-owned life insurance(541)(521)
Decrease (increase) in deferred income taxes, net810 (3,655)
Change in:
Other assets
4,871  (5,316)
Other liabilities
(8,666)13,367 
Net cash provided by operating activities
$15,052  $21,409 
Cash flows from investing activities: 
Proceeds from sales of debt securities available for sale
$  $22,140 
Proceeds from maturities and calls of debt securities available for sale
108,976  28,426 
Purchases of debt securities available for sale
(369,754) (142,632)
Net decrease in loans held for investment
128,164  27,819 
Purchases of premises and equipment
(349) (403)
Proceeds from sale of foreclosed assets
1,010 2,151 
Proceeds from sale of premises and equipment
  2 
Net cash (used in) investing activities
$(131,953) $(62,497)
Cash flows from financing activities: 
Net increase (decrease) in:
Deposits
$247,469  $131,094 
Short-term borrowings
(55,004)(9,860)
         Payments of subordinated debt issuance costs(9) 
         Payments on finance lease liability(35)(31)
Payments of Federal Home Loan Bank borrowings
(7,000)(20,000)
Payments of other long-term debt (1,767)
Taxes paid relating to the release/lapse of restriction on RSUs
(113)(127)
Dividends paid
(3,598) (3,556)
Repurchase of common stock
(1,699)(2,604)
Net cash provided by financing activities
$180,011  $93,149 
Net increase in cash and cash equivalents
$63,110  $52,061 
Cash and cash equivalents:
        Beginning of Period82,659  73,484 
        Ending balance$145,769  $125,545 

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(unaudited) (dollars in thousands)Three Months Ended March 31,
 2021 2020
Supplemental disclosures of cash flow information: 
Cash paid during the period for interest
$6,835  $9,993 
Cash paid during the period for income taxes
   
Supplemental schedule of non-cash investing and financing activities:
Transfer of loans to foreclosed assets, net
$180  $493 
Investment securities purchased but not settled 7,945 7,267 
See accompanying notes to consolidated financial statements.
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MidWestOne Financial Group, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)

1.    Summary of Significant Accounting Policies
Nature of Business
MidWestOne Financial Group, Inc., 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.
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, 2020, filed with the SEC on March 11, 2021.
Risks and Uncertainties
The outbreak of COVID-19 has adversely impacted a broad range of industries in which the Company’s customers operate and could impair their ability to fulfill their financial obligations to the Company. The World Health Organization declared COVID-19 to be a global pandemic, indicating that almost all public commerce and related business activities must be, to varying degrees, curtailed with the goal of decreasing the rate of new infections. The spread of the outbreak has caused significant disruptions in the U.S. economy and has disrupted banking and other financial activity in the areas in which the Company operates. While there has been no material impact to the Company’s employees to date, COVID-19 could also potentially create widespread business continuity issues for the Company.

Congress, the President, and the FRB have taken several actions designed to mitigate the economic impact of the pandemic. The CARES Act was signed into law in March 2020 as a $2 trillion legislative package. In addition to the general impact of COVID-19, certain provisions of the CARES Act as well as other recent legislative and regulatory relief efforts are expected to have a material impact on the Company’s operations. On December 27, 2020, a new COVID-19 relief bill was signed into law by President Trump, which includes as part of the bill up to $284.5 billion of a second wave of PPP funding. The American Rescue Plan Act of 2021 was signed into law on March 11, 2021 by President Biden as a $1.9 trillion legislative package, which includes as part of the bill a variety of economic assistance programs for Americans. In addition, on March 30, 2021, President Biden signed into law the PPP Extension Act of 2021, which provided an extension to May 31, 2021 for qualifying businesses to apply for a PPP loan and provided an additional 30 days for the SBA to process pending PPP loan applications.

The Company’s business is dependent upon the willingness and ability of its employees and customers to conduct banking and other financial transactions. If the global response to contain COVID-19 escalates further or is unsuccessful, the Company could experience a material adverse effect on its business, financial condition, results of operations and cash flows. While it is not possible to know the full universe or extent that the impact of COVID-19, and related measures to curtail its spread or to provide economic assistance to entities and individuals or otherwise stimulate the economy, will have on the Company’s operations, the Company discloses in this report potentially material items of which it is aware at the time this report is filed with the SEC.

Financial position and results of operations
The Company’s interest income could be reduced due to COVID-19. In accordance with CARES Act provisions and regulatory guidance, the Company is actively working with COVID-19 affected borrowers to defer their payments, interest, and fees. While interest and fees will still accrue to income, through normal GAAP accounting, should eventual credit losses on these deferred payments emerge, interest income and fees accrued would need to be reversed. In such a scenario, interest income in future periods could be negatively impacted. At this time, the Company is unable to project the materiality of such
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an impact, but recognizes that the breadth of the economic impact of COVID-19 may affect its borrowers’ ability to repay in future periods.

Capital and liquidity
While the Company believes that it has sufficient capital to withstand an extended economic recession brought about by COVID-19, its reported and regulatory capital ratios could be adversely impacted by further credit losses. The Company relies on cash on hand as well as dividends from its subsidiary bank to service its debt. If the Company’s capital deteriorates such that its subsidiary bank is unable to pay dividends to it for an extended period of time, the Company may not be able to service its debt. If an extended recession causes large numbers of the Company’s deposit customers to withdraw their funds, the Company might become more reliant on volatile or more expensive sources of funding.

Asset valuation
Currently, the Company does not expect COVID-19 to affect its ability to account timely for the assets on its balance sheet; however, this could change in future periods. While certain valuation assumptions and judgments will change to account for pandemic-related circumstances such as widening credit spreads, the Company does not anticipate significant changes in methodology used to determine the fair value of assets measured in accordance with GAAP.

It is possible that the lingering effects of COVID-19 could cause the occurrence of what management would deem to be subsequent triggering events that could, under certain circumstances, cause us to perform a goodwill or intangible asset impairment test and result in an impairment charge being recorded for that period. In the event that the Company concludes that all or a portion of its goodwill or intangible assets is impaired, a non-cash charge for the amount of such impairment would be recorded to earnings. Such a charge would have no impact on tangible capital or regulatory capital, cash flows or liquidity position.

Credit
The Company is working with customers directly affected by COVID-19. The Company has offered and continues to offer short-term assistance in accordance with regulatory guidelines. As a result of the current economic environment caused by the COVID-19 pandemic, the Company is engaging in more frequent communication with borrowers to better understand their situations and the challenges faced, allowing it to respond proactively as needs and issues arise. Should economic conditions worsen, the Company could experience further increases in its required ACL and record additional credit loss expense. It is possible that the Company’s asset quality measures could worsen in future periods if the effects of COVID-19 are prolonged.

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, 2021 may not be indicative of results for the year ending December 31, 2021, 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, 2020, filed with the SEC on March 11, 2021.
Segment Reporting
The Company’s activities are considered to be one reportable segment. The Company is engaged in the business of commercial and retail banking, and trust and investment services, with operations throughout Iowa, the Minneapolis/St. Paul metropolitan area of Minnesota, western 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.

2.    Effect of New Financial Accounting Standards
Accounting Guidance Pending Adoption at March 31, 2021
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. Entities may apply the provision as of the beginning of the reporting period when the election is made until December 31, 2022. The Company is currently evaluating the impact of ASU 2020-04.

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3.    Debt Securities
The amortized cost and fair value of investment debt securities AFS, with gross unrealized gains and losses, were as follows:
 As of March 31, 2021
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit Loss related to Debt SecuritiesFair Value
U.S. Government agencies and corporations$335 $5 $ $ $340 
State and political subdivisions672,120 9,510 7,707  673,923 
Mortgage-backed securities
78,512 1,237 744  79,005 
Collateralized mortgage obligations717,112 4,546 5,677  715,981 
Corporate debt securities423,348 7,995 3,698  427,645 
Total debt securities
$1,891,427 $23,293 $17,826 $ $1,896,894 
 
 As of December 31, 2020
(in thousands)
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit Loss related to Debt Securities
Fair Value
U.S. Government agencies and corporations$355 $6 $ $ $361 
State and political subdivisions611,666 17,163 483  628,346 
Mortgage-backed securities
92,261 1,758 1  94,018 
Collateralized mortgage obligations559,718 6,332 214  565,836 
Corporate debt securities360,103 9,333 616  368,820 
Total debt securities
$1,624,103 $34,592 $1,314 $ $1,657,381 
 
Investment securities with a fair value of $516.1 million and $434.7 million at March 31, 2021 and December 31, 2020, respectively, were pledged on public deposits, securities sold under agreements to repurchase and for other purposes, as required or permitted by law.
The following table presents debt securities AFS in an unrealized loss position for which an allowance for credit losses has not been recorded at March 31, 2021, aggregated by investment category and length of time in a continuous loss position:  
  As of March 31, 2021
Number
of
Securities
Less than 12 Months12 Months or MoreTotal
Available for Sale
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
(in thousands, except number of securities) 
State and political subdivisions145 $274,770 $7,413 $9,468 $294 $284,238 $7,707 
Mortgage-backed securities
8 20,218 743 110 1 20,328 744 
Collateralized mortgage obligations
22 392,272 5,677   392,272 5,677 
Corporate debt securities28 143,592 3,543 750 155 144,342 3,698 
Total
203 $830,852 $17,376 $10,328 $450 $