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Fair Value of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

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
June 30, 2023
Securities available-for-sale:
Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies			$	449,823		$	—		$	449,823		$	—		OCI
SBA-backed securities			$	36,649		$	—		$	36,649		$	—		OCI
Debentures of government sponsored agencies			$	135,868		$	—		$	135,868		$	—		OCI
U.S. Treasury securities			$	10,334		$	10,334		$	—		$	—		OCI
Obligations of state and political subdivisions			$	102,916		$	—		$	102,916		$	—		OCI
Corporate bonds			$	34,043		$	—		$	34,043		$	—		OCI
Asset-backed securities			$	1,309		$	—		$	1,309		$	—		OCI
Derivative financial assets (interest rate contracts)			$	631		$	—		$	631		$	—		NI
December 31, 2022
Securities available-for-sale:
Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies			$	475,505		$	—		$	475,505		$	—		OCI
SBA-backed securities			$	44,355		$	—		$	44,355		$	—		OCI
Debentures of government sponsored agencies			$	135,106		$	—		$	135,106		$	—		OCI
U.S. Treasury securities			$	10,269		$	10,269		$	—		$	—		OCI
Obligations of state and political subdivisions			$	102,123		$	—		$	102,123		$	—		OCI
Corporate bonds			$	33,276		$	—		$	33,276		$	—		OCI
Asset-backed securities			$	1,462		$	—		$	1,462		$	—		OCI
Derivative financial assets (interest rate contracts)			$	602		$	—		$	602		$	—		NI

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

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 June 30, 2023 and December 31, 2022.

(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)
June 30, 2023
Other real estate owned			$	415		$	—		$	—		$	415
December 31, 2022
Other real estate owned			$	455		$	—		$	—		$	455

Schedule of Fair Value by Balance Sheet Grouping

The table below is a summary of fair value estimates for financial instruments as of June 30, 2023 and December 31, 2022, 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"), lease obligations and non-maturity deposit liabilities. Additionally, we held shares of Federal Home Loan Bank ("FHLB") of San Francisco stock at cost and Visa Inc. Class B common stock with no carrying value, 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 June 30, 2023 or December 31, 2022. The values are discussed in Note 4, Investment Securities.

			June 30, 2023												December 31, 2022
(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			$	39,657		$	39,657		Level 1						$	45,424		$	45,424		Level 1
Investment securities held-to-maturity			946,808			826,067			Level 2						972,207			845,239			Level 2
Loans, net			2,078,964			1,985,481			Level 3						2,069,563			1,993,866			Level 3
Interest receivable			12,810			12,810			Level 2						13,069			13,069			Level 2
Financial liabilities (recorded at amortized cost):
Time deposits			203,463			204,679			Level 2						119,030			118,333			Level 2
Federal Home Loan Bank short-term borrowings			292,200			292,200			Level 2						112,000			112,000			Level 2
Interest payable			868			868			Level 2						75			75			Level 2

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- 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).

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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.

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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

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