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Investments (Tables) | 3 Months Ended
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Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract] |
Amortized Cost and Estimated Fair Value of Available-For-Sale Investment Securities | The amortized cost and estimated fair value of available-for-sale investment securities are as follows: Amortized Cost And Estimated Fair Value (dollars in thousands, unaudited)
|  | March 31, 2020
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
U.S. government agencies |  | $ | 11,587 |  | $ | 204 |  | $ | (49) |  | $ | 11,742
Mortgage-backed securities |  |  | 393,680 |  |  | 11,742 |  |  | (176) |  |  | 405,246
State and political subdivisions |  |  | 195,565 |  |  | 7,623 |  |  | (22) |  |  | 203,166
Total securities |  | $ | 600,832 |  | $ | 19,569 |  | $ | (247) |  | $ | 620,154
|  | December 31, 2019
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
U.S. government agencies |  | $ | 12,125 |  | $ | 124 |  | $ | (104) |  | $ | 12,145
Mortgage-backed securities |  |  | 398,353 |  |  | 3,354 |  |  | (1,318) |  |  | 400,389
State and political subdivisions |  |  | 181,900 |  |  | 6,478 |  |  | (113) |  |  | 188,265
Total securities |  | $ | 592,378 |  | $ | 9,956 |  | $ | (1,535) |  | $ | 600,799
Realized Gain (Loss) on Investments | The table below summarizes the Company’s gross realized gains and losses as well as gross proceeds from the sales of securities, for the periods indicated: Investment Portfolio - Realized Gains/(Losses) (dollars in thousands, unaudited)
|  | Three months ended March 31,
|  | 2020 |  | 2019
Proceeds from sales, calls and maturities of securities available for sale |  | $ | 2,430 |  | $ | 16,654
Gross gains on sales, calls and maturities of securities available for sale |  |  | — |  |  | 94
Gross losses on sales, calls and maturities of securities available for sale |  |  | — |  |  | (88)
Net gains on sale of securities available for sale |  | $ | $— |  | $ | $6
Information Pertaining to Investment Securities Aggregated by Investment Category and Length of Time that Individual Securities in a Continuous Loss Position | Gross unrealized losses on our investment securities as of the indicated dates are disclosed in the table below, categorized by investment type and by the duration of time that loss positions on individual securities have continuously existed (over or under twelve months). Investment Portfolio - Unrealized Losses (dollars in thousands, unaudited)
|  | March 31, 2020
|  | Less than twelve months |  | Twelve months or more
|  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value
U.S. government agencies |  | $ | (3) |  | $ | 1,199 |  | $ | (46) |  | $ | 2,587
Mortgage-backed securities |  |  | (94) |  |  | 7,717 |  |  | (82) |  |  | 8,717
State and political subdivisions |  |  | (22) |  |  | 5,791 |  |  | — |  |  | —
Total |  | $ | (119) |  | $ | 14,707 |  | $ | (128) |  | $ | 11,304
|  | December 31, 2019
|  | Less than twelve months |  | Twelve months or more
|  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value
U.S. government agencies |  | $ | (32) |  | $ | 3,240 |  | $ | (72) |  | $ | 2,689
Mortgage-backed securities |  |  | (494) |  |  | 100,518 |  |  | (824) |  |  | 78,538
State and political subdivisions |  |  | (113) |  |  | 19,762 |  |  | — |  |  | —
Total |  | $ | (639) |  | $ | 123,520 |  | $ | (896) |  | $ | 81,227
Investments Classified by Contractual Maturity Date |
|  | Three months ended March 31,
|  | 2020 |  | 2019
Proceeds from sales, calls and maturities of securities available for sale |  | $ | 2,430 |  | $ | 16,654
Gross gains on sales, calls and maturities of securities available for sale |  |  | — |  |  | 94
Gross losses on sales, calls and maturities of securities available for sale |  |  | — |  |  | (88)
Net gains on sale of securities available for sale |  | $ | $— |  | $ | $6
The amortized cost and estimated fair value of investment securities available-for-sale at March 31, 2020 and December 31, 2019 are shown below, grouped by the remaining time to contractual maturity dates. The expected life of investment securities may not be consistent with contractual maturity dates, since the issuers of the securities might have the right to call or prepay obligations with or without penalties. Estimated Fair Value of Contractual Maturities (dollars in thousands, unaudited)
|  | March 31, 2020
|  | Amortized Cost |  | Fair Value
Maturing within one year |  | $ | 7,037 |  | $ | 7,158
Maturing after one year through five years |  |  | 15,424 |  |  | 15,631
Maturing after five years through ten years |  |  | 35,850 |  |  | 36,927
Maturing after ten years |  |  | 148,842 |  |  | 155,192
Securities not due at a single maturity date: |  |  |  |  |  |
Mortgage-backed securities |  |  | 194,774 |  |  | 199,613
Collateralized mortgage obligations |  |  | 198,905 |  |  | 205,633
|  | $ | 600,832 |  | $ | 620,154
|  | December 31, 2019
|  | Amortized Cost |  | Fair Value
Maturing within one year |  | $ | 7,155 |  | $ | 7,244
Maturing after one year through five years |  |  | 17,008 |  |  | 17,171
Maturing after five years through ten years |  |  | 33,805 |  |  | 34,881
Maturing after ten years |  |  | 136,057 |  |  | 141,114
Securities not due at a single maturity date: |  |  |  |  |  |
Mortgage-backed securities |  |  | 189,554 |  |  | 190,488
Collateralized mortgage obligations |  |  | 208,799 |  |  | 209,901
|  | $ | 592,378 |  | $ | 600,799
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: Revenue and General Obligation Bonds by Location (dollars in thousands, unaudited)
|  | March 31, 2020 |  | December 31, 2019
|  | Amortized |  | Fair Market |  | Amortized |  | Fair Market
General obligation bonds |  | Cost |  | Value |  | Cost |  | Value
State of issuance |  |  |  |  |  |  |  |  |  |  |  |
Texas |  | $ | 65,619 |  | $ | 68,182 |  | $ | 59,439 |  | $ | 61,519
Washington |  |  | 23,445 |  |  | 24,579 |  |  | 23,392 |  |  | 24,313
California |  |  | 23,873 |  |  | 24,996 |  |  | 23,882 |  |  | 25,030
Other (24 states) |  |  | 54,712 |  |  | 56,580 |  |  | 49,326 |  |  | 50,725
Total general obligation bonds |  |  | 167,649 |  |  | 174,337 |  |  | 156,039 |  |  | 161,587
Revenue bonds |  |  |  |  |  |  |  |  |  |  |  |
State of issuance |  |  |  |  |  |  |  |  |  |  |  |
Texas |  |  | 7,068 |  |  | 7,320 |  |  | 6,035 |  |  | 6,298
Washington |  |  | 2,787 |  |  | 2,927 |  |  | 1,737 |  |  | 1,856
California |  |  | 364 |  |  | 379 |  |  | 365 |  |  | 380
Other (13 states) |  |  | 17,697 |  |  | 18,203 |  |  | 17,724 |  |  | 18,144
Total revenue bonds |  |  | 27,916 |  |  | 28,829 |  |  | 25,861 |  |  | 26,678
Total obligations of states and political subdivisions |  | $ | 195,565 |  | $ | 203,166 |  | $ | 181,900 |  | $ | 188,265
The revenue bonds in the Company’s investment securities portfolios were issued by government municipalities and agencies to fund public services such as utilities (water, sewer, and power), educational facilities, and general public and economic improvements. The primary sources of revenue for these bonds are delineated in the table below, which shows the amortized cost and fair market values for the largest revenue concentrations as of the indicated dates. Revenue Bonds by Type (dollars in thousands, unaudited)
|  | March 31, 2020 |  | December 31, 2019
|  | Amortized |  | Fair Market |  | Amortized |  | Fair Market
Revenue bonds |  | Cost |  | Value |  | Cost |  | Value
Revenue source: |  |  |  |  |  |  |  |  |  |  |  |
Water |  | $ | 7,499 |  | $ | 7,774 |  | $ | 7,515 |  | $ | 7,775
Sewer |  |  | 4,752 |  |  | 4,854 |  |  | 4,760 |  |  | 4,811
Lease |  |  | 4,639 |  |  | 4,751 |  |  | 3,596 |  |  | 3,678
College & university |  |  | 1,993 |  |  | 2,031 |  |  | 1,997 |  |  | 2,019
Sales tax |  |  | 1,945 |  |  | 1,988 |  |  | 1,949 |  |  | 1,995
Electric & power |  |  | 1,419 |  |  | 1,478 |  |  | 1,421 |  |  | 1,521
Other (8 and 7 sources, respectively) |  |  | 5,669 |  |  | 5,953 |  |  | 4,623 |  |  | 4,879
Total revenue bonds |  | $ | 27,916 |  | $ | 28,829 |  | $ | 25,861 |  | $ | 26,678

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