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Investment Securities (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of Held-to-Maturity Investments

A summary of the amortized cost, fair value and allowance for credit losses related to securities held-to-maturity as of September 30, 2022 and December 31, 2021 is presented below.

Held-to-maturity:			Amortized Cost 1			Allowance for Credit Losses			Net Carrying Amount			Gross Unrealized						Fair Value
(in thousands)												Gains			(Losses)
September 30, 2022
Securities of U.S. government-sponsored enterprises:
MBS pass-through securities issued by FHLMC, FNMA and GNMA			$	335,959		$	—		$	335,959		$	—		$	(53,659)		$	282,300
CMOs issued by FHLMC			236,061			—			236,061			—			(30,272)			205,789
CMOs issued by FNMA			115,043			—			115,043			—			(6,066)			108,977
CMOs issued by GNMA			32,070			—			32,070			—			(2,204)			29,866
SBA-backed securities			2,373			—			2,373			—			(143)			2,230
Debentures of government-sponsored agencies			145,747			—			145,747			—			(25,193)			120,554
Obligations of state and political subdivisions			62,614			—			62,614			—			(11,697)			50,917
Corporate bonds			30,000			—			30,000			—			(1,585)			28,415
Total held-to-maturity			$	959,867		$	—		$	959,867		$	—		$	(130,819)		$	829,048
December 31, 2021
Securities of U.S. government-sponsored enterprises:
MBS pass-through securities issued by FHLMC, FNMA and GNMA			$	126,990		$	—		$	126,990		$	2,110		$	(712)		$	128,388
CMOs issued by FHLMC			106,851			—			106,851			668			(1,045)			106,474
CMOs issued by FNMA			4,866			—			4,866			128			—			4,994
SBA-backed securities			4,840			—			4,840			198			—			5,038
Debentures of government-sponsored agencies			51,472			—			51,472			—			(901)			50,571
Obligations of state and political subdivisions			47,203			—			47,203			296			(209)			47,290
Total held-to-maturity			$	342,222		$	—		$	342,222		$	3,400		$	(2,867)		$	342,755
1 Amortized cost and fair values exclude accrued interest receivable of $2.6 million and $1.1 million at September 30, 2022 and December 31, 2021, respectively, which is included in interest receivable and other assets in the consolidated statements of condition.

Schedule of Bond Ratings for Held-to-Maturity Securities

The following table summarizes the amortized cost of our portfolio of held-to-maturity securities issued by states and political subdivisions and corporate bonds by Moody's and/or Standard & Poor's bond ratings as of September 30, 2022.

			Obligations of state and political subdivisions						Corporate bonds
(in thousands)			September 30, 2022			December 31, 2021			September 30, 2022			December 31, 2021
AAA / Aaa			$	43,087		$	34,229		$	—		$	—
AA / Aa			19,527			12,873			—			—
A2 / A			—			101			30,000			—
Total			$	62,614		$	47,203		$	30,000		$	—

Summary of Available-for-Sale Investments

A summary of the amortized cost, fair value and allowance for credit losses related to securities available-for-sale as of September 30, 2022 and December 31, 2021 is presented below.

Available-for-sale:			Amortized Cost 1			Gross Unrealized						Allowance for Credit Losses			Fair Value
(in thousands)						Gains			(Losses)
September 30, 2022
Securities of U.S. government-sponsored enterprises:
MBS pass-through securities issued by FHLMC, FNMA and GNMA			$	113,941		$	3		$	(13,702)		$	—		$	100,242
CMOs issued by FHLMC			357,486			—			(35,575)			—			321,911
CMOs issued by FNMA			38,125			—			(4,177)			—			33,948
CMOs issued by GNMA			36,747			—			(3,459)			—			33,288
SBA-backed securities			48,372			4			(3,585)			—			44,791
Debentures of government- sponsored agencies			149,106			—			(14,185)			—			134,921
U.S. Treasury securities			11,899			—			(1,741)			—			10,158
Obligations of state and political subdivisions			117,161			—			(18,734)			—			98,427
Corporate bonds			36,989			—			(3,787)			—			33,202
Asset-backed securities			1,650			—			(45)			—			1,605
Total available-for-sale			$	911,476		$	7		$	(98,990)		$	—		$	812,493
December 31, 2021
Securities of U.S. government-sponsored enterprises:
MBS pass-through securities issued by FHLMC, FNMA and GNMA			$	316,090		$	1,224		$	(2,784)		$	—		$	314,530
CMOs issued by FHLMC			343,047			3,209			(4,829)			—			341,427
CMOs issued by FNMA			48,187			152			(611)			—			47,728
CMOs issued by GNMA			56,345			99			(553)			—			55,891
SBA-backed securities			32,640			993			(155)			—			33,478
Debentures of government- sponsored agencies			191,449			25			(2,947)			—			188,527
U.S. Treasury securities			11,886			—			(256)						11,630
Obligations of state and political subdivisions			129,009			5,372			(381)			—			134,000
Corporate bonds			39,001			—			(506)			—			38,495
Asset-backed securities			1,866			—			(4)			—			1,862
Total available-for-sale			$	1,169,520		$	11,074		$	(13,026)		$	—		$	1,167,568
1 Amortized cost and fair value exclude accrued interest receivable of $3.1 million and $3.7 million at September 30, 2022 and December 31, 2021, respectively, which is included in interest receivable and other assets in the consolidated statements of condition.

Investments Classified by Contractual Maturity Date

The amortized cost and fair value of investment debt securities by contractual maturity at September 30, 2022 and December 31, 2021 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.

			September 30, 2022																		December 31, 2021
			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			$	453		$	450					$	1,831		$	1,813					$	101		$	103					$	10,785		$	10,841
After one but within five years			90,541			86,684						273,040			251,164						25,666			26,559						219,474			219,957
After five years through ten years			260,148			220,313						256,608			228,766						182,604			182,303						299,937			300,187
After ten years			608,725			521,601						379,997			330,750						133,851			133,790						639,324			636,583
Total			$	959,867		$	829,048					$	911,476		$	812,493					$	342,222		$	342,755					$	1,169,520		$	1,167,568

Sale of Investment Securities and Gross Gains and Losses

			Three months ended									Nine months ended
(in thousands)			September 30, 2022			September 30, 2021						September 30, 2022			September 30, 2021
Available-for-sale:
Sales proceeds			$	10,664		$	4,099					$	10,664		$	4,099
Gross realized gains			17			1						17			1
Gross realized losses			(80)			—						(80)			—

Schedule of Financial Instruments Owned and Pledged as Collateral

Pledged investment securities are shown in the following table:

(in thousands)			September 30, 2022			December 31, 2021
Pledged to the State of California:
Secure public deposits in compliance with the Local Agency Security Program			$	193,479		$	213,861
Collateral for trust deposits			656			729
Collateral for Wealth Management and Trust Services checking account			554			614
Total investment securities pledged to the State of California			194,689			215,204
Bankruptcy trustee deposits pledged with Federal Reserve Bank			1,844			2,645
Total pledged investment securities			$	196,533		$	217,849

Schedule of Unrealized Loss on Investments

Those securities are summarized and classified according to the duration of the loss period in the tables below:

September 30, 2022			< 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, FNMA and GNMA			$	203,739		$	(36,140)					$	78,562		$	(17,519)					$	282,301		$	(53,659)
CMOs issued by FHLMC			144,517			(18,126)						51,272			(12,146)						195,789			(30,272)
CMOs issued by FNMA			108,978			(6,066)						—			—						108,978			(6,066)
CMOs issued by GNMA			19,059			(735)						10,807			(1,469)						29,866			(2,204)
SBA-backed securities			2,230			(143)						—			—						2,230			(143)
Debentures of government-sponsored agencies			54,445			(6,704)						66,109			(18,489)						120,554			(25,193)
Obligations of state and political subdivisions			35,899			(7,399)						15,018			(4,298)						50,917			(11,697)
Corporate bonds			28,415			(1,585)						—			—						28,415			(1,585)
Total held-to-maturity			597,282			(76,898)						221,768			(53,921)						819,050			(130,819)
Available-for-sale:
MBS pass-through securities issued by FHLMC, FNMA and GNMA			54,639			(6,702)						44,711			(7,000)						99,350			(13,702)
CMOs issued by FHLMC			192,988			(17,898)						128,923			(17,677)						321,911			(35,575)
CMOs issued by FNMA			7,310			(514)						26,638			(3,663)						33,948			(4,177)
CMOs issued by GNMA			11,248			(399)						22,039			(3,060)						33,287			(3,459)
SBA-backed securities			37,629			(3,443)						6,649			(142)						44,278			(3,585)
Debentures of government- sponsored agencies			128,077			(12,060)						6,844			(2,125)						134,921			(14,185)
U.S. Treasury securities			—			—						10,159			(1,741)						10,159			(1,741)
Obligations of state and political subdivisions			84,021			(15,366)						14,406			(3,368)						98,427			(18,734)
Corporate bonds			23,221			(1,779)						9,981			(2,008)						33,202			(3,787)
Asset-backed securities			1,606			(45)						—			—						1,606			(45)
Total available-for-sale			540,739			(58,206)						270,350			(40,784)						811,089			(98,990)
Total securities at loss position			$	1,138,021		$	(135,104)					$	492,118		$	(94,705)					$	1,630,139		$	(229,809)

December 31, 2021			< 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			$	76,619		$	(712)					$	—		$	—					$	76,619		$	(712)
CMOs issued by FHLMC			54,811			(1,045)						—			—						54,811			(1,045)
Obligations of state and political subdivisions			19,203			(209)						—			—						19,203			(209)
Debentures of government-sponsored agencies			50,571			(901)						—			—						50,571			(901)
Total held-to-maturity			201,204			(2,867)						—			—						201,204			(2,867)
Available-for-sale:
MBS pass-through securities issued by FHLMC and FNMA			263,474			(2,784)						—			—						263,474			(2,784)
SBA-backed securities			7,478			(112)						1,209			(43)						8,687			(155)
CMOs issued by FHLMC			226,175			(4,677)						4,415			(152)						230,590			(4,829)
CMOs issued by GNMA			44,790			(553)						—			—						44,790			(553)
CMOs issued by FNMA			37,348			(611)						—			—						37,348			(611)
Debentures of government- sponsored agencies			148,979			(2,527)						8,549			(420)						157,528			(2,947)
U.S. Treasury securities			11,629			(256)						—			—						11,629			(256)
Obligations of state and political subdivisions			17,552			(381)						—			—						17,552			(381)
Corporate Bonds			38,495			(506)						—			—						38,495			(506)
Asset-backed securities			1,861			(4)						—			—						1,861			(4)
Total available-for-sale			797,781			(12,411)						14,173			(615)						811,954			(13,026)
Total securities at loss position			$	998,985		$	(15,278)					$	14,173		$	(615)					$	1,013,158		$	(15,893)

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Debt Securities, Available-For-Sale And Held-To-Maturity, Continuous Unrealized Loss Position, Fair Value

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Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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