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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022 is presented below.

Held-to-maturity:			Amortized Cost 1			Allowance for Credit Losses			Net Carrying Amount			Gross Unrealized						Fair Value
(in thousands)												Gains			(Losses)
March 31, 2023
Securities of U.S. government-sponsored enterprises:
MBS pass-through securities issued by FHLMC, FNMA and GNMA			$	322,691		$	—		$	322,691		$	—		$	(45,007)		$	277,684
CMOs issued by FHLMC			233,796			—			233,796			139			(24,973)			208,962
CMOs issued by FNMA			109,694			—			109,694			176			(3,729)			106,141
CMOs issued by GNMA			52,120			—			52,120			164			(3,020)			49,264
SBA-backed securities			1,977			—			1,977			—			(99)			1,878
Debentures of government-sponsored agencies			145,898			—			145,898			—			(22,149)			123,749
Obligations of state and political subdivisions			62,384			—			62,384			24			(8,728)			53,680
Corporate bonds			30,000			—			30,000			—			(1,233)			28,767
Total held-to-maturity			$	958,560		$	—		$	958,560		$	503		$	(108,938)		$	850,125
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
1 Amortized cost and fair values exclude accrued interest receivable of $2.6 million and $3.7 million at March 31, 2023 and December 31, 2022, 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 March 31, 2023.

			Obligations of state and political subdivisions						Corporate bonds
(in thousands)			March 31, 2023			December 31, 2022			March 31, 2023			December 31, 2022
AAA / Aaa			$	42,884		$	42,986		$	—		$	—
AA / Aa			19,500			19,514			—			—
A2 / A			—			—			30,000			30,000
Total			$	62,384		$	62,500		$	30,000		$	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 March 31, 2023 and December 31, 2022 is presented below.

Available-for-sale:			Amortized Cost 1			Gross Unrealized						Allowance for Credit Losses			Fair Value
(in thousands)						Gains			(Losses)
March 31, 2023
Securities of U.S. government-sponsored enterprises:
MBS pass-through securities issued by FHLMC, FNMA and GNMA			$	106,151		$	4		$	(10,423)		$	—		$	95,732
CMOs issued by FHLMC			340,647			—			(27,514)			—			313,133
CMOs issued by FNMA			34,782			—			(3,182)			—			31,600
CMOs issued by GNMA			33,714			22			(2,743)			—			30,993
SBA-backed securities			40,547			2			(2,578)			—			37,971
Debentures of government- sponsored agencies			149,121			—			(12,000)			—			137,121
U.S. Treasury securities			11,909			—			(1,385)			—			10,524
Obligations of state and political subdivisions			116,549			84			(11,497)			—			105,136
Corporate bonds			36,990			—			(3,029)			—			33,961
Asset-backed securities			1,419			—			(57)			—			1,362
Total available-for-sale			$	871,829		$	112		$	(74,408)		$	—		$	797,533
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
1 Amortized cost and fair value exclude accrued interest receivable of $3.1 million and $3.2 million at March 31, 2023 and December 31, 2022, respectively, which is included in interest receivable and other assets in the consolidated statements of condition.

Schedule of Investments Classified by Contractual Maturity Date

The amortized cost and fair value of investment debt securities by contractual maturity at March 31, 2023 and December 31, 2022 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.

			March 31, 2023																		December 31, 2022
			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			$	52		$	51					$	1,132		$	1,124					$	450		$	446					$	1,254		$	1,239
After one but within five years			85,323			82,266						362,588			336,054						87,418			83,663						335,813			307,843
After five years through ten years			268,433			232,936						154,572			141,260						262,072			222,280						185,997			166,273
After ten years			604,752			534,872						353,537			319,095						622,267			538,850						369,541			326,741
Total			$	958,560		$	850,125					$	871,829		$	797,533					$	972,207		$	845,239					$	892,605		$	802,096

Schedule of Financial Instruments Owned and Pledged as Collateral

The carrying values of pledged investment securities are shown in the following table:

(in thousands)			March 31, 2023			December 31, 2022
Pledged to the State of California:
Secure public deposits in compliance with the Local Agency Security Program			$	228,970		$	235,587
Collateral for trust deposits			674			677
Collateral for Wealth Management and Trust Services checking account			567			569
Total investment securities pledged to the State of California			230,211			236,833
Bankruptcy trustee deposits pledged with Federal Reserve Bank			1,700			1,737
Pledged to FHLB Securities-Backed Credit Program			395,780			—
Pledged to the Federal Reserve Bank Term Funding Program ("BTFP")			278,638			—
Total pledged investment securities			$	906,329		$	238,570

Schedule of Unrealized Loss on Investments

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

March 31, 2023			< 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			$	9,107		$	(316)					$	268,577		$	(44,691)					$	277,684		$	(45,007)
CMOs issued by FHLMC			44,217			(1,091)						150,466			(23,882)						194,683			(24,973)
CMOs issued by FNMA			37,106			(353)						41,538			(3,376)						78,644			(3,729)
CMOs issued by GNMA			27,285			(1,802)						10,467			(1,218)						37,752			(3,020)
SBA-backed securities			—			—						1,878			(99)						1,878			(99)
Debentures of government-sponsored agencies			29,433			(561)						94,316			(21,588)						123,749			(22,149)
Obligations of state and political subdivisions			9,000			(74)						41,565			(8,654)						50,565			(8,728)
Corporate bonds			—			—						28,767			(1,233)						28,767			(1,233)
Total held-to-maturity			156,148			(4,197)						637,574			(104,741)						793,722			(108,938)
Available-for-sale:
MBS pass-through securities issued by FHLMC, FNMA and GNMA			7,729			(233)						87,173			(10,190)						94,902			(10,423)
CMOs issued by FHLMC			13,194			(263)						299,939			(27,251)						313,133			(27,514)
CMOs issued by FNMA			279			(4)						31,321			(3,178)						31,600			(3,182)
CMOs issued by GNMA			71			(1)						27,014			(2,742)						27,085			(2,743)
SBA-backed securities			30			—						37,580			(2,578)						37,610			(2,578)
Debentures of government- sponsored agencies			—			—						137,121			(12,000)						137,121			(12,000)
U.S. Treasury securities			—			—						10,523			(1,385)						10,523			(1,385)
Obligations of state and political subdivisions			4,486			(11)						92,776			(11,486)						97,262			(11,497)
Corporate bonds			—			—						33,962			(3,029)						33,962			(3,029)
Asset-backed securities			—			—						1,361			(57)						1,361			(57)
Total available-for-sale			25,789			(512)						758,770			(73,896)						784,559			(74,408)
Total securities at loss position			$	181,937		$	(4,709)					$	1,396,344		$	(178,637)					$	1,578,281		$	(183,346)

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 loss position			$	714,008		$	(57,620)					$	903,222		$	(159,961)					$	1,617,230		$	(217,581)

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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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-Publisher FASB
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Tabular disclosure of financial instruments held by the entity for its own account for trading or investment purposes that are carried at fair value and pledged to counterparties as collateral for financing transactions. Description may include equity, fixed income, debt or other securities.

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