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Investment Securities (Tables)
12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost And Estimated Fair Value

The amortized cost and fair value of the securities available-for-sale and held-to-maturity are as follows (dollars in thousands):

December 31, 2022

    

Amortized
Cost

    

Gross
Unrealized
Gains

    

Gross
Unrealized
Losses

Allowance for Credit Losses

    

Estimated Fair
Value

Available-for-sale

U.S. government agencies

$

50,625

$

49

$

(75)

$

$

50,599

Mortgage-backed securities

129,948

(7,416)

122,532

State and political subdivisions

223,810

607

(18,437)

205,980

Corporate bonds

65,164

10

(7,739)

57,435

Collateralized loan obligations

515,032

60

(16,715)

498,377

Total available-for-sale securities

$

984,579

$

726

$

(50,382)

$

$

934,923

Amortized
Cost

Gross
Unrecognized
Gains

Gross
Unrecognized
Losses

Estimated Fair
Value

Allowance for Credit Losses

Held-to-maturity

U.S. government agencies

$

6,047

$

$

(621)

$

5,426

$

Mortgage-backed securities

157,473

(9,915)

147,558

State and political subdivisions

173,424

585

1,018

175,027

(63)

Total held-to-maturity securities

$

336,944

$

585

$

(9,518)

$

328,011

$

(63)

December 31, 2021

    

Amortized
Cost

    

Gross
Unrealized
Gains

    

Gross
Unrealized
Losses

Allowance for Credit Losses

    

Fair Value

Available-for-sale

U.S. government agencies

$

1,546

$

28

$

$

$

1,574

Mortgage-backed securities

303,912

4,772

(1,957)

306,727

State and political subdivisions

290,729

13,807

(268)

304,268

Corporate bonds

28,436

94

(1)

28,529

Collateralized loan obligations

332,836

68

(688)

332,216

Total available-for-sale securities

$

957,459

$

18,769

$

(2,914)

$

$

973,314

Information Pertaining to Investment Securities Aggregated by Investment Category and Length of Time that Individual Securities in a Continuous Loss Position

The following table summarizes available-for-sale debt securities that were in an unrealized loss position for which an ACL has not been recorded, based on the length of time the individual securities have been in an unrealized loss position, including the number of available-for-sale debt securities in an unrealized loss position, as of the dates indicated below (dollars in thousands):

December 31, 2022

Less than twelve months

Twelve months or longer

Total

Number of Securities

    

Gross
Unrealized
Losses

    

Fair Value

    

Gross
Unrealized
Losses

    

Fair Value

    

Gross
Unrealized
Losses

    

Fair Value

Available-for-sale

U.S. government agencies

8

$

(75)

$

27,550

$

$

$

(75)

$

27,550

Mortgage-backed securities

340

(7,108)

119,260

(308)

3,227

(7,416)

122,487

State and political subdivisions

252

(15,732)

147,635

(2,705)

9,807

(18,437)

157,442

Corporate bonds

52

(7,644)

54,636

(95)

405

(7,739)

55,041

Collateralized loan obligations

60

(10,152)

309,102

(6,563)

169,743

(16,715)

478,845

Total available-for-sale

712

$

(40,711)

$

658,183

$

(9,671)

$

183,182

$

(50,382)

$

841,365

December 31, 2021

Less than twelve months

Twelve months or longer

Total

Number of Securities

    

Gross
Unrealized
Losses

    

Fair Value

    

Gross
Unrealized
Losses

    

Fair Value

Gross
Unrealized
Losses

Fair Value

Available-for-sale

U.S. government agencies

$

$

$

$

$

$

Mortgage-backed securities

47

(1,797)

107,026

(160)

2,808

(1,957)

109,834

State and political subdivisions

28

(268)

30,170

(268)

30,170

Corporate bonds

1

(1)

499

(1)

499

Collateralized loan obligations

22

(688)

175,581

(688)

175,581

Total available-for-sale

98

$

(2,754)

$

313,276

$

(160)

$

2,808

$

(2,914)

$

316,084

Realized Gain (Loss) on Investments

Gross gains and losses from the sales and calls of securities for the years ended were as follows (dollars in thousands):

December 31,

    

2022

    

2021

    

2020

Gross gains on sales and calls of securities

$

1,487

$

11

$

433

Gross losses on sales and calls of securities

(43)

Net gains (losses) on sales and calls of securities

$

1,487

$

11

$

390

Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of investment securities available-for-sale and held-to-maturity at December 31, 2022 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to call or prepay obligations with or without penalties (dollars in thousands):

December 31, 2022

Available-for-Sale

Held-to-Maturity

    

Amortized Cost

    

Fair Value

Amortized Cost

    

Fair Value

Maturing within one year

$

12,141

$

12,184

    

$

672

$

666

Maturing after one year through five years

21,013

20,831

2,059

2,032

Maturing after five years through ten years

119,649

111,513

19,048

17,431

Maturing after ten years

186,796

169,486

157,692

160,324

Securities not due at a single maturity date:

Mortgage-backed securities

129,948

122,532

157,473

147,558

Collateralized loan obligations

515,032

498,377

$

984,579

$

934,923

$

336,944

$

328,011

Summary of Amortized Cost and Fair Values of General Obligation and Revenue Bonds

The following table summarizes the amortized cost and fair values of general obligation and revenue bonds in the Company’s investment securities portfolio at the indicated dates, identifying the state in which the issuing municipality or agency operates for our largest geographic concentrations (dollars in thousands):

December 31, 2022

December 31, 2021

General obligation bonds

    

Amortized Cost

    

Fair Value

    

Amortized Cost

    

Fair Value

State of Issuance:

Texas

$

153,209

$

146,667

$

85,045

$

89,225

California

65,758

60,701

64,092

67,066

Washington

21,635

21,312

23,858

24,812

Other (29 and 21 states, respectively)

102,336

100,480

75,037

78,579

Total general obligation bonds

342,938

329,160

248,032

259,682

Revenue bonds

State of Issuance:

Texas

9,216

8,840

7,038

7,377

California

3,788

3,673

1,349

1,392

Washington

4,083

3,490

4,334

4,602

Other (20 and 14 states, respectively)

37,209

35,844

29,976

31,215

Total revenue bonds

54,296

51,847

42,697

44,586

Total obligations of states and political subdivisions

$

397,234

$

381,007

$

290,729

$

304,268

The following table summarizes the amortized cost and fair value of revenue bonds in the Company’s investment securities portfolio at the indicated dates, identifying the revenue source of repayment for our largest source concentrations (dollars in thousands):

December 31, 2022

December 31, 2021

Revenue bonds

    

Amortized Cost

    

Fair Value

    

Amortized Cost

    

Fair Value

Revenue Source:

Water

$

21,246

$

19,977

$

15,534

$

16,220

Lease

7,035

7,250

6,556

6,718

Sewer

6,560

6,405

3,932

4,165

Sales tax

4,123

3,934

5,514

5,842

Local or guaranteed housing

3,040

2,951

1,020

1,121

Other (10 and 10 sources, respectively)

12,292

11,330

10,141

10,520

Total revenue bonds

$

54,296

$

51,847

$

42,697

$

44,586