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Investment Securities (Tables)
 6 Months Ended
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 CostGross UnrealizedFair 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 CostGross Unrealized Fair Value
Gains(Losses)
June 30, 2024
U.S. government agency securities$9,494 $144 $(109)$9,529 
Mortgage-backed securities65,712 3 (11,695)54,020 
Obligations of states and political subdivisions43,027 2 (5,500)37,529 
Collateralized mortgage obligations336 — (31)305 
Corporate bonds2,000 — (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 securities68,585 7 (11,619)56,973 
Obligations of states and political subdivisions43,288 12 (4,841)38,459 
Collateralized mortgage obligations367 — (35)332 
Corporate bonds2,000 — (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, 2024December 31, 2023
Held-to-MaturityAvailable-for-SaleHeld-to-MaturityAvailable-for-Sale
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
Within one year$218 $205 $— $— $277 $263 $— $— 
After one but within five years920 867 806 736 935 885 394 367 
After five years through ten years1,340 1,263 8,511 7,459 1,365 1,292 6,407 5,838 
After ten years495 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, 2024December 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 capacity47,094 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 moreTotal securities in a loss position
Fair ValueUnrealized Loss Fair ValueUnrealized Loss Fair ValueUnrealized Loss
June 30, 2024
U.S. government agency securities$199 $(1)$5,549 $(108)$5,748 $(109)
Mortgage-backed securities1,013 (2)52,686 (11,693)53,699 (11,695)
Obligations of states and political subdivisions512 — 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)