Investments, Debt and Equity Securities [Abstract]

Schedule of amortized cost of held-to-maturity municipal bonds aggregated by NRSRO credit rating

Held-To-Maturity by Credit Rating

(dollars in thousands, unaudited)


	Held-To-Maturity
	March 31, 2024		December 31, 2023
State and political subdivisions
AAA/Aaa	$	57,781	$	57,792
AA/Aa		112,901		112,978
A/A2		540		542
Not rated		942		944
Total	$	172,164	$	172,256

Schedule of gross realized gains and losses as well as gross proceeds from the sales of securities

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,
	2024		2023
Proceeds from sales, calls and maturities of securities available for sale	$	266,900	$	36,213
Gross gains on sales, calls and maturities of securities available for sale		54		45
Gross losses on sales, calls and maturities of securities available for sale		(17,371)		—
Net (loss) gain on sale of securities available for sale	$	(17,317)	$	45

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, 2024				December 31, 2023
	Amortized		Fair Market		Amortized		Fair Market
General obligation bonds	Cost		Value		Cost		Value
State of issuance
Texas	$	83,196	$	82,208	$	146,215	$	146,589
California		51,523		49,174		63,316		61,048
Other (20 & 26 states, respectively)		63,033		63,238		115,148		117,006
Total general obligation bonds		197,752		194,620		324,679		324,643

Revenue bonds
State of issuance
Texas		5,438		5,393		8,850		8,899
California		3,571		3,496		3,794		3,735
Other (20 & 15 states, respectively)		16,463		16,301		34,990		35,094
Total revenue bonds		25,472		25,190		47,634		47,728
Total obligations of states and political subdivisions	$	223,224	$	219,810	$	372,313	$	372,371

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, 2024				December 31, 2023
	Amortized		Fair Market		Amortized		Fair Market
Revenue bonds	Cost		Value		Cost		Value
Revenue source:
Water	$	9,211	$	9,064	$	19,113	$	19,158
Lease		3,932		4,210		6,323		6,380
Sewer		3,607		3,760		6,070		6,312
Sales tax revenue		1,690		1,630		4,349		4,010
Local or GTD housing		1,032		852		—		—
Other (9 and 10 sources, respectively)		6,000		5,674		11,779		11,868
Total revenue bonds	$	25,472	$	25,190	$	47,634	$	47,728