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Investment Securities (Tables)

12 Months Ended

Dec. 31, 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 December 31, 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)
December 31, 2022
Securities of U.S. government-sponsored enterprises:
MBS pass-through securities issued by FHLMC, FNMA and GNMA			$	331,281		$	—		$	331,281		$	—		$	(50,147)		$	281,134
CMOs issued by FHLMC			235,971			—			235,971			59			(29,503)			206,527
CMOs issued by FNMA			111,904			—			111,904			—			(5,419)			106,485
CMOs issued by GNMA			52,356			—			52,356			11			(3,076)			49,291
SBA-backed securities			2,372			—			2,372			—			(133)			2,239
Debentures of government-sponsored agencies			145,823						145,823			—			(26,467)			119,356
Obligations of state and political subdivisions			62,500			—			62,500			—			(10,741)			51,759
Corporate bonds			30,000			—			30,000			—			(1,552)			28,448
Total held-to-maturity			$	972,207		$	—		$	972,207		$	70		$	(127,038)		$	845,239
December 31, 2021
Securities of U.S. government-sponsored enterprises:
MBS pass-through securities issued by FHLMC and FNMA			$	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 $3.7 million and $1.1 million at December 31, 2022 and 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 December 31, 2022.

			Obligations of state and political subdivisions						Corporate bonds
(in thousands)			December 31, 2022			December 31, 2021			December 31, 2022			December 31, 2021
AAA / Aaa			$	42,986		$	34,229		$	—		$	—
AA / Aa			19,514			12,873			—			—
A			—			101			30,000			—
Total			$	62,500		$	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 December 31, 2022 and 2021 is presented below.

Available-for-sale:			Amortized Cost 1			Gross Unrealized						Allowance for Credit Losses			Fair Value
(in thousands)						Gains			(Losses)
December 31, 2022
Securities of U.S. government-sponsored enterprises:
MBS pass-through securities issued by FHLMC, FNMA and GNMA			$	109,736		$	3		$	(12,133)		$	—		$	97,606
CMOs issued by FHLMC			347,437			—			(33,682)			—			313,755
CMOs issued by FNMA			36,172			—			(3,852)			—			32,320
CMOs issued by GNMA			35,120			—			(3,296)			—			31,824
SBA-backed securities			47,724			2			(3,371)			—			44,355
Debentures of government- sponsored agencies			149,114			—			(14,008)			—			135,106
U.S. Treasury securities			11,904			—			(1,635)			—			10,269
Obligations of state and political subdivisions			116,855			29			(14,761)			—			102,123
Corporate bonds			36,990			—			(3,714)			—			33,276
Asset-backed securities			1,553			—			(91)			—			1,462
Total available-for-sale			$	892,605		$	34		$	(90,543)		$	—		$	802,096
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 $3.2 million and $3.7 million at December 31, 2022 and 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 December 31, 2022 and 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.

			December 31, 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			$	450		$	446		$	1,254		$	1,239		$	101		$	103		$	10,785		$	10,841
After one but within five years			87,418			83,663			335,813			307,843			25,666			26,559			219,474			219,957
After five years through ten years			262,072			222,280			185,997			166,273			182,604			182,303			299,937			300,187
After ten years			622,267			538,850			369,541			326,741			133,851			133,790			639,324			636,583
Total			$	972,207		$	845,239		$	892,605		$	802,096		$	342,222		$	342,755		$	1,169,520		$	1,167,568

Sale of Investment Securities and Gross Gains and Losses

Sales of investment securities and gross gains and losses are shown in the following table.

(in thousands)			2022			2021			2020
Available-for-sale:
Sales proceeds			$	10,664		$	6,632		$	33,756
Gross realized gains			$	17		$	1		$	916
Gross realized losses			$	(80)		$	(17)		$	(1)

Schedule of Financial Instruments Owned and Pledged as Collateral

Pledged investment securities are shown in the following table.

(in thousands)			December 31, 2022			December 31, 2021
Pledged to the State of California:
Secure public deposits in compliance with the Local Agency Security Program			$	231,307		$	213,861
Collateral for trust deposits			669			729
Collateral for Wealth Management and Trust Services checking account			564			614
Total investment securities pledged to the State of California			232,540			215,204
Bankruptcy trustee deposits pledged with Federal Reserve Bank			1,686			2,645
Total pledged investment securities			$	234,226		$	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.

December 31, 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			$	62,627		$	(5,960)					$	218,507		$	(44,187)					$	281,134		$	(50,147)
CMOs issued by FHLMC			78,144			(5,874)						113,796			(23,629)						191,940			(29,503)
CMOs issued by FNMA			106,485			(5,419)						—			—						106,485			(5,419)
CMOs issued by GNMA			27,570			(1,676)						10,331			(1,400)						37,901			(3,076)
SBA-backed securities			2,239			(133)						—			—						2,239			(133)
Debentures of government-sponsored agencies			38,645			(2,530)						80,711			(23,937)						119,356			(26,467)
Obligations of state and political subdivisions			15,155			(589)						36,603			(10,152)						51,758			(10,741)
Corporate bonds			28,448			(1,552)						—			—						28,448			(1,552)
Total held-to-maturity			$	359,313		$	(23,733)					$	459,948		$	(103,305)					$	819,261		$	(127,038)
Available-for-sale:
MBS pass-through securities issued by FHLMC, FNMA and GNMA			$	44,630		$	(4,501)					$	52,235		$	(7,632)					$	96,865		$	(12,133)
CMOs issued by FHLMC			169,760			(15,144)						143,995			(18,538)						313,755			(33,682)
CMOs issued by FNMA			4,790			(235)						27,529			(3,617)						32,319			(3,852)
CMOs issued by GNMA			8,214			(374)						23,612			(2,922)						31,826			(3,296)
SBA-backed securities			37,845			(3,228)						6,133			(143)						43,978			(3,371)
Debentures of government-sponsored agencies			19,054			(946)						116,052			(13,062)						135,106			(14,008)
U.S. Treasury securities			—			—						10,269			(1,635)						10,269			(1,635)
Obligations of state and political subdivisions			70,402			(9,459)						28,711			(5,302)						99,113			(14,761)
Corporate bonds			—			—						33,276			(3,714)						33,276			(3,714)
Asset-backed securities			—			—						1,462			(91)						1,462			(91)
Total available-for-sale			$	354,695		$	(33,887)					$	443,274		$	(56,656)					$	797,969		$	(90,543)
Total securities at a loss position			$	714,008		$	(57,620)					$	903,222		$	(159,961)					$	1,617,230		$	(217,581)

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			$	998,985		$	(15,278)					$	14,173		$	(615)					$	1,013,158		$	(15,893)

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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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