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Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Summary of Debt Securities Held-to-maturity | A summary of the amortized cost and fair value related to securities held-to-maturity as of June 30, 2024 and December 31, 2023 is presented in Table 3.1.
Table 3.1: Securities Held-to-Maturity
(in thousands) |  | Amortized Cost |  | Gross Unrealized |  | Fair Value
|  | Gains |  | (Losses) |
June 30, 2024 |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 2,973 |  |  | $ | — |  |  | $ | (172) |  |  | $ | 2,801 |
Total held-to-maturity |  | $ | 2,973 |  |  | $ | — |  |  | $ | (172) |  |  | $ | 2,801 |
December 31, 2023 |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 3,077 |  |  | $ | — |  |  | $ | (164) |  |  | $ | 2,913 |
Total held-to-maturity |  | $ | 3,077 |  |  | $ | — |  |  | $ | (164) |  |  | $ | 2,913 |
Summary of Debt Securities Available-for-sale | A summary of the amortized cost and fair value related to securities available-for-sale as of June 30, 2024 and December 31, 2023 is presented in Table 3.2. Securities available-for-sale did not have an allowance for credit losses as of June 30, 2024 or December 31, 2023.
Table 3.2: Securities Available-for-Sale
(in thousands) |  | Amortized Cost |  | Gross Unrealized |  | Fair Value
|  | Gains |  | (Losses) |
June 30, 2024 |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 9,494 |  |  | $ | 144 |  |  | $ | (109) |  |  | $ | 9,529 |
Mortgage-backed securities |  | 65,712 |  |  | 3 |  |  | (11,695) |  |  | 54,020 |
Obligations of states and political subdivisions |  | 43,027 |  |  | 2 |  |  | (5,500) |  |  | 37,529 |
Collateralized mortgage obligations |  | 336 |  |  | — |  |  | (31) |  |  | 305 |
Corporate bonds |  | 2,000 |  |  | — |  |  | (179) |  |  | 1,821 |
Total available-for-sale |  | $ | 120,569 |  |  | $ | 149 |  |  | $ | (17,514) |  |  | $ | 103,204 |
December 31, 2023 |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 10,548 |  |  | $ | 142 |  |  | $ | (149) |  |  | $ | 10,541 |
Mortgage-backed securities |  | 68,585 |  |  | 7 |  |  | (11,619) |  |  | 56,973 |
Obligations of states and political subdivisions |  | 43,288 |  |  | 12 |  |  | (4,841) |  |  | 38,459 |
Collateralized mortgage obligations |  | 367 |  |  | — |  |  | (35) |  |  | 332 |
Corporate bonds |  | 2,000 |  |  | — |  |  | (222) |  |  | 1,778 |
Total available-for-sale |  | $ | 124,788 |  |  | $ | 161 |  |  | $ | (16,866) |  |  | $ | 108,083 |
Summary of Investment Debt Securities by Contractual Maturity | The amortized cost and fair value of investment securities by contractual maturity at June 30, 2024 and December 31, 2023 are shown in Table 3.3. Expected maturities may differ from contractual maturities if the issuers of the securities have the right to call or prepay obligations with or without call or prepayment penalties.
Table 3.3: Contractual Maturities - Investment Securities
(in thousands) |  | June 30, 2024 |  | December 31, 2023
| Held-to-Maturity |  | Available-for-Sale |  | Held-to-Maturity |  | Available-for-Sale
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Within one year |  | $ | 218 |  |  | $ | 205 |  |  | $ | — |  |  | $ | — |  |  | $ | 277 |  |  | $ | 263 |  |  | $ | — |  |  | $ | — |
After one but within five years |  | 920 |  |  | 867 |  |  | 806 |  |  | 736 |  |  | 935 |  |  | 885 |  |  | 394 |  |  | 367 |
After five years through ten years |  | 1,340 |  |  | 1,263 |  |  | 8,511 |  |  | 7,459 |  |  | 1,365 |  |  | 1,292 |  |  | 6,407 |  |  | 5,838 |
After ten years |  | 495 |  |  | 466 |  |  | 33,710 |  |  | 29,334 |  |  | 500 |  |  | 473 |  |  | 36,487 |  |  | 32,254 |
Investment securities not due at a single maturity date: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency securities |  | — |  |  | — |  |  | 9,494 |  |  | 9,529 |  |  | — |  |  | — |  |  | 10,548 |  |  | 10,541 |
Mortgage-backed securities |  | — |  |  | — |  |  | 65,712 |  |  | 54,020 |  |  | — |  |  | — |  |  | 68,585 |  |  | 56,973 |
Collateralized mortgage obligations |  | — |  |  | — |  |  | 336 |  |  | 305 |  |  | — |  |  | — |  |  | 367 |  |  | 332 |
Corporate bonds |  | — |  |  | — |  |  | 2,000 |  |  | 1,821 |  |  | — |  |  | — |  |  | 2,000 |  |  | 1,778 |
Total |  | $ | 2,973 |  |  | $ | 2,801 |  |  | $ | 120,569 |  |  | $ | 103,204 |  |  | $ | 3,077 |  |  | $ | 2,913 |  |  | $ | 124,788 |  |  | $ | 108,083 |
Schedule of Pledged Investment Securities | Pledged investment securities are shown in Table 3.4.
Table 3.4: Pledged Investment Securities
(in thousands) |  | June 30, 2024 |  | December 31, 2023
Pledged to: |  |  |  |
The State of California, securing deposits of public funds and borrowings |  | $ | 52,687 |  |  | $ | 55,435 |
The Federal Reserve Discount Window, increasing borrowing capacity |  | 47,094 |  |  | 48,964 |
Total pledged investment securities |  | $ | 99,781 |  |  | $ | 104,399 |
Schedule of Unrealized Losses and Fair Value of Available-for-sale Securities | Table 3.5 details the gross unrealized losses and fair values aggregated by investment category and length of time that individual available-for-sale securities have been in a continuous unrealized loss position at June 30, 2024 and December 31, 2023.
Table 3.5: Securities Available-for-Sale in Continuous Unrealized Loss Positions
(in thousands) |  | Less than 12 months |  | 12 months or more |  | Total securities in a loss position
| Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 199 |  |  | $ | (1) |  |  | $ | 5,549 |  |  | $ | (108) |  |  | $ | 5,748 |  |  | $ | (109) |
Mortgage-backed securities |  | 1,013 |  |  | (2) |  |  | 52,686 |  |  | (11,693) |  |  | 53,699 |  |  | (11,695) |
Obligations of states and political subdivisions |  | 512 |  |  | — |  |  | 36,016 |  |  | (5,500) |  |  | 36,528 |  |  | (5,500) |
Collateralized mortgage obligations |  | — |  |  | — |  |  | 304 |  |  | (31) |  |  | 304 |  |  | (31) |
Corporate bonds |  | — |  |  | — |  |  | 1,821 |  |  | (179) |  |  | 1,821 |  |  | (179) |
Total temporarily impaired securities |  | $ | 1,724 |  |  | $ | (3) |  |  | $ | 96,376 |  |  | $ | (17,511) |  |  | $ | 98,100 |  |  | $ | (17,514) |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 1,130 |  |  | $ | (14) |  |  | $ | 7,081 |  |  | $ | (135) |  |  | $ | 8,211 |  |  | $ | (149) |
Mortgage-backed securities |  | — |  |  | — |  |  | 55,609 |  |  | (11,619) |  |  | 55,609 |  |  | (11,619) |
Obligations of states and political subdivisions |  | — |  |  | — |  |  | 36,930 |  |  | (4,841) |  |  | 36,930 |  |  | (4,841) |
Collateralized mortgage obligations |  | — |  |  | — |  |  | 332 |  |  | (35) |  |  | 332 |  |  | (35) |
Corporate bonds |  | — |  |  | — |  |  | 1,778 |  |  | (222) |  |  | 1,778 |  |  | (222) |
Total temporarily impaired securities |  | $ | 1,130 |  |  | $ | (14) |  |  | $ | 101,730 |  |  | $ | (16,852) |  |  | $ | 102,860 |  |  | $ | (16,866) |

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