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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Schedule of Held-to-maturity Securities Reconciliation We also invest in residential and commercial mortgage-backed securities ("MBS"/"CMBS") and collateralized mortgage obligations ("CMOs") issued or guaranteed by the GSEs, as reflected in the following table:
 
December 31, 2019
December 31, 2018
 
Amortized

Fair

Gross Unrealized
Amortized

Fair

Gross Unrealized
(in thousands)
Cost

Value

Gains

(Losses)

Cost

Value

Gains

(Losses)

Held-to-maturity:
 
 
 
 
 
 
 
 
Securities of U.S. government-sponsored enterprises:

 
 
 
 
 
 
 
 
MBS pass-through securities issued by FHLMC and FNMA
$
80,451

$
81,325

$
1,018

$
(144
)
$
88,606

$
85,804

$
7

$
(2,809
)
  SBA-backed securities
7,999

8,264

265

—

8,720

8,757

37

—

  CMOs issued by FNMA

10,210

10,492

282

—

11,447

11,327

—

(120
)
  CMOs issued by FHLMC
31,477

32,157

685

(5
)
33,583

33,021

8

(570
)
  CMOs issued by GNMA
3,763

3,816

53

—

3,739

3,769

30

—

Obligations of state and
political subdivisions
3,513

3,588

75

—

11,111

11,216

128

(23
)
Total held-to-maturity
137,413

139,642

2,378

(149
)
157,206

153,894

210

(3,522
)
Available-for-sale:
 
 
 
 
 
 
 
 
Securities of U.S. government-sponsored enterprises:
 
 
 
 
 
 
 
 
MBS pass-through securities issued by FHLMC and FNMA
98,502

100,071

1,617

(48
)
95,339

94,467

358

(1,230
)
SBA-backed securities
35,674

36,286

688

(76
)
50,722

50,781

465

(406
)
CMOs issued by FNMA
22,702

23,092

390

—

28,275

28,079

134

(330
)
CMOs issued by FHLMC
139,398

143,226

3,892

(64
)
145,979

144,836

454

(1,597
)
CMOs issued by GNMA
11,719

11,755

42

(6
)
11,294

11,021

1

(274
)
Debentures of government- sponsored agencies
48,389

49,046

727

(70
)
52,956

53,018

185

(123
)
Privately issued CMOs
—

—

—

—

295

297

2

—

Obligations of state and
political subdivisions
66,042

67,282

1,386

(146
)
79,046

77,960

134

(1,220
)
Corporate bonds
1,497

1,502

6

(1
)
2,004

2,005

15

(14
)
Total available-for-sale
423,923

432,260

8,748

(411
)
465,910

462,464

1,748

(5,194
)
Total investment securities
$
561,336

$
571,902

$
11,126

$
(560
)
$
623,116

$
616,358

$
1,958

$
(8,716
)
Schedule of Available-for-sale Securities We also invest in residential and commercial mortgage-backed securities ("MBS"/"CMBS") and collateralized mortgage obligations ("CMOs") issued or guaranteed by the GSEs, as reflected in the following table:
 
December 31, 2019
December 31, 2018
 
Amortized

Fair

Gross Unrealized
Amortized

Fair

Gross Unrealized
(in thousands)
Cost

Value

Gains

(Losses)

Cost

Value

Gains

(Losses)

Held-to-maturity:
 
 
 
 
 
 
 
 
Securities of U.S. government-sponsored enterprises:

 
 
 
 
 
 
 
 
MBS pass-through securities issued by FHLMC and FNMA
$
80,451

$
81,325

$
1,018

$
(144
)
$
88,606

$
85,804

$
7

$
(2,809
)
  SBA-backed securities
7,999

8,264

265

—

8,720

8,757

37

—

  CMOs issued by FNMA

10,210

10,492

282

—

11,447

11,327

—

(120
)
  CMOs issued by FHLMC
31,477

32,157

685

(5
)
33,583

33,021

8

(570
)
  CMOs issued by GNMA
3,763

3,816

53

—

3,739

3,769

30

—

Obligations of state and
political subdivisions
3,513

3,588

75

—

11,111

11,216

128

(23
)
Total held-to-maturity
137,413

139,642

2,378

(149
)
157,206

153,894

210

(3,522
)
Available-for-sale:
 
 
 
 
 
 
 
 
Securities of U.S. government-sponsored enterprises:
 
 
 
 
 
 
 
 
MBS pass-through securities issued by FHLMC and FNMA
98,502

100,071

1,617

(48
)
95,339

94,467

358

(1,230
)
SBA-backed securities
35,674

36,286

688

(76
)
50,722

50,781

465

(406
)
CMOs issued by FNMA
22,702

23,092

390

—

28,275

28,079

134

(330
)
CMOs issued by FHLMC
139,398

143,226

3,892

(64
)
145,979

144,836

454

(1,597
)
CMOs issued by GNMA
11,719

11,755

42

(6
)
11,294

11,021

1

(274
)
Debentures of government- sponsored agencies
48,389

49,046

727

(70
)
52,956

53,018

185

(123
)
Privately issued CMOs
—

—

—

—

295

297

2

—

Obligations of state and
political subdivisions
66,042

67,282

1,386

(146
)
79,046

77,960

134

(1,220
)
Corporate bonds
1,497

1,502

6

(1
)
2,004

2,005

15

(14
)
Total available-for-sale
423,923

432,260

8,748

(411
)
465,910

462,464

1,748

(5,194
)
Total investment securities
$
561,336

$
571,902

$
11,126

$
(560
)
$
623,116

$
616,358

$
1,958

$
(8,716
)
Investments Classified by Contractual Maturity Date
The amortized cost and fair value of investment debt securities by contractual maturity at December 31, 2019 and 2018 are shown below. 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.
 
December 31, 2019
December 31, 2018
 
Held-to-Maturity
Available-for-Sale
Held-to-Maturity
Available-for-Sale
(in thousands)
Amortized Cost

Fair Value

Amortized Cost

Fair Value

Amortized Cost

Fair Value

Amortized Cost

Fair Value

Within one year
$
1,807

$
1,811

$
6,699

$
6,706

$
6,194

$
6,182

$
9,863

$
9,795

After one but within five years
2,256

2,296

48,706

49,619

5,481

5,492

84,871

84,435

After five years through ten years
56,221

57,544

208,806

214,277

59,231

58,120

252,274

250,055

After ten years
77,129

77,991

159,712

161,658

86,300

84,100

118,902

118,179

Total
$
137,413

$
139,642

$
423,923

$
432,260

$
157,206

$
153,894

$
465,910

$
462,464
Gain (Loss) on Investments
Sales of investment securities and gross gains and losses are shown in the following table.
(in thousands)
2019
2018
Available-for-sale:
 
 
  Sales proceeds
$
66,081

$
16,972

  Gross realized gains
$
214

$
27

  Gross realized losses
$
(159
)
$
(106
)
Schedule of Financial Instruments Owned and Pledged as Collateral
Pledged investment securities are shown in the following table:
(in thousands)
December 31, 2019
December 31, 2018
Pledged to the State of California:
 
 
   Secure public deposits in compliance with the Local Agency Security Program
$
126,598

$
125,696

   Collateral for trust deposits
742

734

      Total investment securities pledged to the State of California
$
127,340

$
126,430

Collateral for Wealth Management and Trust Services ("WMTS') checking account
$
622

$
2,000
Schedule of Unrealized Loss on Investments Those securities are summarized and classified according to the duration of the loss period in the tables below:
December 31, 2019
< 12 continuous months
 
 
≥ 12 continuous months
 
 
Total securities
 in a loss position
 
(in thousands)
Fair value

Unrealized loss

 
Fair value

Unrealized loss

 
Fair value

Unrealized loss

Held-to-maturity:
 
 
 
 
 
 
 
 
MBS pass-through securities issued by FHLMC and FNMA
$
14,203

$
(60
)
 
$
6,073

$
(84
)
 
$
20,276

$
(144
)
CMOs issued by FHLMC
—

—

 
1,725

(5
)
 
1,725

(5
)
Total held-to-maturity
14,203

(60
)
 
7,798

(89
)
 
22,001

(149
)
Available-for-sale:
 
 
 
 
 
 
 
 
MBS pass-through securities issued by FHLMC and FNMA
4,367

(34
)
 
4,464

(14
)
 
8,831

(48
)
SBA-backed securities
9,227

(14
)
 
2,448

(62
)
 
11,675

(76
)
CMOs issued by FHLMC
14,918

(58
)
 
2,981

(6
)
 
17,899

(64
)
CMOs issued by GNMA
7,139

(6
)
 
—

—

 
7,139

(6
)
Debentures of government-sponsored agencies
25,228

(70
)
 
—

—

 
25,228

(70
)
Obligations of state and political subdivisions
20,579

(145
)
 
659

(1
)
 
21,238

(146
)
Corporate bonds
500

(1
)
 
—

—

 
500

(1
)
Total available-for-sale
81,958

(328
)
 
10,552

(83
)
 
92,510

(411
)
Total temporarily impaired securities
$
96,161

$
(388
)
 
$
18,350

$
(172
)
 
$
114,511

$
(560
)
December 31, 2018
< 12 continuous months
 
 
> 12 continuous months
 
 
Total securities
 in a loss position
 
(in thousands)
Fair value

Unrealized loss

 
Fair value

Unrealized loss

 
Fair value

Unrealized loss

Held-to-maturity:
 
 
 
 
 
 
 
 
MBS pass-through securities issued by FHLMC and FNMA
$
198

$
(9
)
 
$
83,990

$
(2,800
)
 
$
84,188

$
(2,809
)
CMOs issued by FNMA
—

—

 
11,327

(120
)
 
$
11,327

$
(120
)
CMOs issued by FHLMC

2,880

(3
)
 
28,171

(567
)
 
31,051

(570
)
Obligations of state and political subdivisions
—

—

 
3,565

(23
)
 
3,565

(23
)
Total held-to-maturity
3,078

(12
)
 
127,053

(3,510
)
 
130,131

(3,522
)
Available-for-sale:
 
 
 
 
 
 
 
 
MBS pass-through securities issued by FHLMC and FNMA
19,971

(128
)
 
50,077

(1,102
)
 
70,048

(1,230
)
SBA-backed securities
13,175

(122
)
 
20,123

(284
)
 
33,298

(406
)
CMOs issued by FNMA
2,345

(8
)
 
16,138

(322
)
 
18,483

(330
)
CMOs issued by FHLMC
24,094

(330
)
 
74,243

(1,267
)
 
98,337

(1,597
)
CMOs issued by GNMA
1,666

(7
)
 
9,112

(267
)
 
10,778

(274
)
Debentures of government- sponsored agencies
4,992

(8
)
 
11,349

(115
)
 
16,341

(123
)
Obligations of state and political subdivisions
15,290

(54
)
 
52,804

(1,166
)
 
68,094

(1,220
)
Corporate bonds
—

—

 
1,004

(14
)
 
1,004

(14
)
Total available-for-sale
81,533

(657
)
 
234,850

(4,537
)
 
316,383

(5,194
)
Total temporarily impaired securities
$
84,611

$
(669
)
 
$
361,903

$
(8,047
)
 
$
446,514

$
(8,716
)