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Fair Value of Assets and Liabilities - (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table summarizes our assets and liabilities that were required to be recorded at fair value on a recurring basis.

(in thousands)   Description of Financial Instruments			Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs  (Level 3)			Measurement Categories: Changes in Fair Value Recorded In1
September 30, 2021
Securities available-for-sale:
Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies			$	693,532		$	—		$	693,532		$	—		OCI
SBA-backed securities			$	34,609		$	—		$	34,609		$	—		OCI
Debentures of government sponsored agencies			$	70,214		$	—		$	70,214		$	—		OCI
U.S. Treasury securities			$	11,777		$	11,777		$	—		$	—		OCI
Obligations of state and political subdivisions			$	137,215		$	—		$	137,215		$	—		OCI
Corporate bonds			$	13,777		$	—		$	13,777		$	—		OCI
Asset-backed securities			$	1,909		$	—		$	1,909		$	—		OCI
Derivative financial liabilities (interest rate contracts)			$	1,266		$	—		$	1,266		$	—		NI
December 31, 2020
Securities available-for-sale:
Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies			$	228,651		$	—		$	228,651		$	—		OCI
SBA-backed securities			$	32,862		$	—		$	36,286		$	—		OCI
Debentures of government sponsored agencies			$	20,186		$	—		$	20,186		$	—		OCI
Obligations of state and political subdivisions			$	110,652		$	—		$	110,652		$	—		OCI
Derivative financial liabilities (interest rate contracts)			$	1,912		$	—		$	1,912		$	—		NI

 1 Other comprehensive income ("OCI") or net income ("NI").

Schedule of Fair Value by Balance Sheet Grouping

The table below is a summary of fair value estimates for financial instruments as of September 30, 2021 and December 31, 2020, excluding financial instruments recorded at fair value on a recurring basis (summarized in the first table in this note). The carrying amounts in the following table are recorded in the consolidated statements of condition under the indicated captions. Further, we have not disclosed the fair value of financial instruments specifically excluded from disclosure requirements such as bank-owned life insurance policies ("BOLI") and non-maturity deposit liabilities. Additionally, we held shares of Federal Home Loan Bank ("FHLB") of San Francisco

stock and Visa Inc. Class B common stock, both recorded at cost, as there was no impairment or changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer as of September 30, 2021 or December 31, 2020. The values are discussed in Note 4, Investment Securities.

			September 30, 2021												December 31, 2020
(in thousands)			Carrying Amounts			Fair Value			Fair Value Hierarchy						Carrying Amounts			Fair Value			Fair Value Hierarchy
Financial assets (recorded at amortized cost):
Cash and cash equivalents			$	584,739		$	584,739		Level 1						$	200,320		$	200,320		Level 1
Investment securities held-to-maturity			196,801			201,052			Level 2						109,036			115,185			Level 2
Loans, net			2,294,605			2,305,003			Level 3						2,065,682			2,089,192			Level 3
Interest receivable			10,898			10,898			Level 2						10,922			10,922			Level 2
Financial liabilities (recorded at amortized cost):
Time deposits			140,173			140,385			Level 2						97,433			97,769			Level 2
Subordinated debenture			—			—			Level 3						2,777			3,115			Level 3
Interest payable			82			82			Level 2						97			97			Level 2

Schedule of Fair Value Assets Measured on Non-recurring Basis

The following table presents the carrying value of assets measured at fair value on a non-recurring basis and that were held in the consolidated statements of condition at each respective period end, by level within the fair value hierarchy as of September 30, 2021 and December 31, 2020.

(in thousands)			Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs  (Level 3)
September 30, 2021
Other real estate owned			$	800		$	—		$	—		$	800
December 31, 2020
Other real estate owned			$	—		$	—		$	—		$	—

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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