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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2023 and December 31, 2022 is presented below.
Held-to-maturity:
Amortized Cost 1
Allowance for Credit LossesNet Carrying AmountGross UnrealizedFair Value
(in thousands)Gains(Losses)
June 30, 2023
Securities of U.S. government-sponsored enterprises:
MBS pass-through securities issued by FHLMC, FNMA and GNMA$316,968 $— $316,968 $— $(48,904)$268,064 
CMOs issued by FHLMC231,217 — 231,217 177 (27,759)203,635 
CMOs issued by FNMA106,894 — 106,894 113 (6,436)100,571 
CMOs issued by GNMA51,511 — 51,511 216 (3,271)48,456 
SBA-backed securities1,977 — 1,977 — (130)1,847 
Debentures of government-sponsored agencies145,973 — 145,973 — (24,087)121,886 
Obligations of state and political subdivisions62,268 — 62,268 6 (9,029)53,245 
Corporate bonds30,000 — 30,000 — (1,637)28,363 
Total held-to-maturity$946,808 $— $946,808 $512 $(121,253)$826,067 
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 FHLMC235,971 — 235,971 59 (29,503)206,527 
  CMOs issued by FNMA111,904 — 111,904 — (5,419)106,485 
  CMOs issued by GNMA52,356 — 52,356 11 (3,076)49,291 
  SBA-backed securities2,372 — 2,372 — (133)2,239 
Debentures of government-sponsored agencies145,823 — 145,823 — (26,467)119,356 
Obligations of state and political subdivisions62,500 — 62,500 — (10,741)51,759 
Corporate bonds30,000 — 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 $3.6 million and $3.7 million at June 30, 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 June 30, 2023.
Obligations of state and political subdivisionsCorporate bonds
(in thousands)June 30, 2023December 31, 2022June 30, 2023December 31, 2022
AAA / Aaa$42,783 $42,986 $— $— 
AA / Aa19,485 19,514 — — 
A2 / A— — 30,000 30,000 
Total$62,268 $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 June 30, 2023 and December 31, 2022 is presented below.
Available-for-sale:
Amortized Cost 1
Gross UnrealizedAllowance for Credit LossesFair Value
(in thousands)Gains(Losses)
June 30, 2023
Securities of U.S. government-sponsored enterprises:
MBS pass-through securities issued by FHLMC, FNMA and GNMA$102,420 $2 $(11,758)$— $90,664 
CMOs issued by FHLMC333,374 — (32,162)— 301,212 
CMOs issued by FNMA32,916 — (3,816)— 29,100 
CMOs issued by GNMA32,193 31 (3,377)— 28,847 
SBA-backed securities39,824 — (3,175)— 36,649 
Debentures of government- sponsored agencies149,129 — (13,261)— 135,868 
U.S. Treasury securities11,914 — (1,580)— 10,334 
Obligations of state and political subdivisions116,040 36 (13,160)— 102,916 
Corporate bonds36,991 — (2,948)— 34,043 
Asset-backed securities1,365 — (56)— 1,309 
Total available-for-sale$856,166 $69 $(85,293)$— $770,942 
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 FHLMC347,437 — (33,682)— 313,755 
CMOs issued by FNMA36,172 — (3,852)— 32,320 
CMOs issued by GNMA35,120 — (3,296)— 31,824 
SBA-backed securities47,724 2 (3,371)— 44,355 
Debentures of government- sponsored agencies149,114 — (14,008)— 135,106 
U.S. Treasury securities11,904 — (1,635)10,269 
Obligations of state and political subdivisions116,855 29 (14,761)— 102,123 
Corporate bonds36,990 — (3,714)— 33,276 
Asset-backed securities1,553 — (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 $3.2 million at June 30, 2023 and December 31, 2022, respectively, which is included in interest receivable and other assets in the consolidated statements of condition.
Schedule of Investments Classified by Contractual Maturity Date
The amortized cost and fair value of investment debt securities by contractual maturity at June 30, 2023 and December 31, 2022 are shown below. Expected maturities may differ from contractual maturities if the issuers of the securities have the right to call or prepay obligations with or without call or prepayment penalties.
 June 30, 2023December 31, 2022
 Held-to-MaturityAvailable-for-SaleHeld-to-MaturityAvailable-for-Sale
(in thousands)Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
Within one year$— $— $26,665 $25,344 $450 $446 $1,254 $1,239 
After one but within five years89,625 85,060 354,735 324,368 87,418 83,663 335,813 307,843 
After five years through ten years266,785 227,818 130,738 117,530 262,072 222,280 185,997 166,273 
After ten years590,398 513,189 344,028 303,700 622,267 538,850 369,541 326,741 
Total$946,808 $826,067 $856,166 $770,942 $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)June 30, 2023December 31, 2022
Pledged to the State of California:
Secure public deposits in compliance with the Local Agency Security Program$199,327 $235,587 
Collateral for trust deposits672 677 
   Collateral for Wealth Management and Trust Services checking account565 569 
Total investment securities pledged to the State of California200,564 236,833 
Bankruptcy trustee deposits pledged with Federal Reserve Bank1,594 1,737 
Pledged to FHLB Securities-Backed Credit Program391,668 — 
Pledged to the Federal Reserve Bank Term Funding Program ("BTFP")274,215 — 
Total pledged investment securities$868,041 $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:
June 30, 2023< 12 continuous months≥ 12 continuous monthsTotal securities
 in a loss position
(in thousands)Fair valueUnrealized lossFair valueUnrealized lossFair valueUnrealized loss
Held-to-maturity:
MBS pass-through securities issued by FHLMC, FNMA and GNMA$4,178 $(132)$263,886 $(48,772)$268,064 $(48,904)
CMOs issued by FHLMC31,915 (1,171)162,369 (26,588)194,284 (27,759)
CMOs issued by FNMA43,167 (2,064)39,161 (4,372)82,328 (6,436)
CMOs issued by GNMA27,024 (1,895)9,902 (1,376)36,926 (3,271)
SBA-backed securities— — 1,847 (130)1,847 (130)
Debentures of government-sponsored agencies29,245 (749)92,642 (23,338)121,887 (24,087)
Obligations of state and political subdivisions— — 50,154 (9,029)50,154 (9,029)
Corporate bonds— — 28,363 (1,637)28,363 (1,637)
Total held-to-maturity135,529 (6,011)648,324 (115,242)783,853 (121,253)
Available-for-sale:
MBS pass-through securities issued by FHLMC, FNMA and GNMA4,422 (177)85,498 (11,581)89,920 (11,758)
CMOs issued by FHLMC12 — 301,200 (32,162)301,212 (32,162)
CMOs issued by FNMA37 (1)29,063 (3,815)29,100 (3,816)
CMOs issued by GNMA— — 25,070 (3,377)25,070 (3,377)
SBA-backed securities29 — 36,309 (3,175)36,338 (3,175)
Debentures of government- sponsored agencies— — 135,868 (13,261)135,868 (13,261)
U.S. Treasury securities— — 10,334 (1,580)10,334 (1,580)
Obligations of state and political subdivisions4,799 (54)90,869 (13,106)95,668 (13,160)
Corporate bonds— — 34,043 (2,948)34,043 (2,948)
Asset-backed securities— — 1,309 (56)1,309 (56)
Total available-for-sale9,299 (232)749,563 (85,061)758,862 (85,293)
Total securities at loss position$144,828 $(6,243)$1,397,887 $(200,303)$1,542,715 $(206,546)
December 31, 2022< 12 continuous months≥ 12 continuous monthsTotal securities
 in a loss position
(in thousands)Fair valueUnrealized lossFair valueUnrealized lossFair valueUnrealized 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 FHLMC78,144 (5,874)113,796 (23,629)191,940 (29,503)
CMOs issued by FNMA106,485 (5,419)— — 106,485 (5,419)
CMOs issued by GNMA27,570 (1,676)10,331 (1,400)37,901 (3,076)
SBA-backed securities2,239 (133)— — 2,239 (133)
Debentures of government- sponsored agencies38,645 (2,530)80,711 (23,937)119,356 (26,467)
Obligations of state and political subdivisions15,155 (589)36,603 (10,152)51,758 (10,741)
Corporate Bonds28,448 (1,552)— — 28,448 (1,552)
Total held-to-maturity359,313 (23,733)459,948 (103,305)819,261 (127,038)
Available-for-sale:
MBS pass-through securities issued by FHLMC, FNMA and GNMA44,630 (4,501)52,235 (7,632)96,865 (12,133)
CMOs issued by FHLMC169,760 (15,144)143,995 (18,538)313,755 (33,682)
CMOs issued by FNMA4,790 (235)27,529 (3,617)32,319 (3,852)
CMOs issued by GNMA8,214 (374)23,612 (2,922)31,826 (3,296)
SBA-backed securities37,845 (3,228)6,133 (143)43,978 (3,371)
Debentures of government- sponsored agencies19,054 (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 subdivisions70,402 (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-sale354,695 (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)