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Investment Securities | 9 Months Ended
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Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities Our investment securities portfolio consists of U.S. Treasury securities, obligations of state and political subdivisions, U.S. federal government agencies such as Government National Mortgage Association ("GNMA") and Small Business Administration ("SBA"), U.S. government-sponsored enterprises ("GSEs"), such as Federal National Mortgage Association ("FNMA"), Federal Home Loan Mortgage Corporation ("FHLMC"), Federal Farm Credit Banks Funding Corporation and FHLB and U.S. Corporations. We also invest in residential and commercial mortgage-backed securities (“MBS”/"CMBS") and collateralized mortgage obligations (“CMOs”) issued or guaranteed by the GSEs, as reflected in the following table. A summary of the amortized cost, fair value and allowance for credit losses related to securities held-to-maturity as of September 30, 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) |
September 30, 2023 |  |  |  |  |  |  |
Securities of U.S. government-sponsored enterprises: |  |  |  |  |  |  |
MBS pass-through securities issued by FHLMC, FNMA and GNMA | $ | 311,595 |  | $ | — |  | $ | 311,595 |  | $ | — |  | $ | (61,870) |  | $ | 249,725 |  |
CMOs issued by FHLMC | 228,194 |  | — |  | 228,194 |  | 71 |  | (33,448) |  | 194,817 |  |
CMOs issued by FNMA | 104,031 |  | — |  | 104,031 |  | — |  | (9,125) |  | 94,906 |  |
CMOs issued by GNMA | 51,268 |  | — |  | 51,268 |  | 155 |  | (4,816) |  | 46,607 |  |
SBA-backed securities | 1,853 |  | — |  | 1,853 |  | — |  | (140) |  | 1,713 |  |
Debentures of government-sponsored agencies | 146,050 |  | — |  | 146,050 |  | — |  | (28,893) |  | 117,157 |  |
Obligations of state and political subdivisions | 62,151 |  | — |  | 62,151 |  | — |  | (12,066) |  | 50,085 |  |
Corporate bonds | 30,000 |  | — |  | 30,000 |  | — |  | (1,794) |  | 28,206 |  |
Total held-to-maturity | $ | 935,142 |  | $ | — |  | $ | 935,142 |  | $ | 226 |  | $ | (152,152) |  | $ | 783,216 |  |
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 September 30, 2023 and December 31, 2022, respectively, which is included in interest receivable and other assets in the consolidated statements of condition. |
Management measures expected credit losses on held-to-maturity securities collectively by major security type with each type sharing similar risk characteristics, and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. With regard to MBSs and CMOs issued or guaranteed by the GSEs, and SBA-backed securities, we expect to receive all the contractual principal and interest on these securities as such securities are backed by the full faith and credit of and/or guaranteed by the U.S. government. Accordingly, no allowance for credit losses has been recorded for these securities. With regard to securities issued by states and political subdivisions and corporate bonds, management considers: (i) issuer and/or guarantor credit ratings, (ii) historical probability of default and loss given default rates for given bond ratings and remaining maturity, (iii) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities, (iv) internal credit review of the financial information, and (v) whether or not such securities have credit enhancements such as guarantees, contain a defeasance clause, or are pre-refunded by the issuers. Based on our comprehensive anal ysis, no cred it losses are expected. 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, 2023 and December 31, 2022.
Moody's / S&P | Obligations of state and political subdivisions | Corporate bonds |  |  |  |
(in thousands) | September 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 |  |  |  |
Aaa / AAA | $ | 42,680 |  | $ | 42,986 |  | $ | — |  | $ | — |  |  |  |  |
Aa2 / AA | 19,471 |  | 19,514 |  | — |  | — |  |  |  |  |
A2 / A | — |  | — |  | 30,000 |  | 30,000 |  |  |  |  |
Total | $ | 62,151 |  | $ | 62,500 |  | $ | 30,000 |  | $ | 30,000 |  |  |  |  |
A summary of the amortized cost, fair value and allowance for credit losses related to securities available-for-sale as of September 30, 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)
September 30, 2023 |  |  |  |  |
Securities of U.S. government-sponsored enterprises: |  |  |  |  |
MBS pass-through securities issued by FHLMC, FNMA and GNMA | $ | 84,654 |  | $ | 2 |  | $ | (13,263) |  | $ | — |  | $ | 71,393 |
CMOs issued by FHLMC | 307,119 |  | — |  | (37,236) |  | — |  | 269,883 |
CMOs issued by FNMA | 30,832 |  | — |  | (4,012) |  | — |  | 26,820 |
CMOs issued by GNMA | 20,505 |  | — |  | (3,668) |  | — |  | 16,837 |
SBA-backed securities | 31,389 |  | — |  | (3,166) |  | — |  | 28,223 |
Debentures of government- sponsored agencies | 129,137 |  | — |  | (11,971) |  | — |  | 117,166 |
U.S. Treasury securities | 11,918 |  | — |  | (1,703) |  | — |  | 10,215 |
Obligations of state and political subdivisions | 102,493 |  | — |  | (18,771) |  | — |  | 83,722 |
Corporate bonds | 36,991 |  | — |  | (2,435) |  | — |  | 34,556 |
Total available-for-sale | $ | 755,038 |  | $ | 2 |  | $ | (96,225) |  | $ | — |  | $ | 658,815 |
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 $2.7 million and $3.2 million at September 30, 2023 and December 31, 2022, respectively, which is included in interest receivable and other assets in the consolidated statements of condition.
As part of our ongoing review of our investment securities portfolio, we reassessed the classification of certain securities issued by government sponsored agencies. In March 2022, we transferred $357.5 million of these securities from available-for-sale to held-to-maturity at fair value. We intend and have the ability to hold these securities to maturity. The net unrealized pre-tax loss of $14.8 million that remained and the related accumulated other comprehensive loss are accreted to interest income over the remaining lives of the securities. Because these entries offset each other, there was no impact to net income. The amortized cost a nd fair value of investment debt securities by contractual maturity at September 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.
| September 30, 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 | $ | — |  | $ | — |  |  | $ | 25,103 |  | $ | 24,205 |  |  | $ | 450 |  | $ | 446 |  |  | $ | 1,254 |  | $ | 1,239 |
After one but within five years | 88,242 |  | 83,291 |  |  | 327,723 |  | 297,206 |  |  | 87,418 |  | 83,663 |  |  | 335,813 |  | 307,843 |
After five years through ten years | 304,952 |  | 247,742 |  |  | 99,406 |  | 85,685 |  |  | 262,072 |  | 222,280 |  |  | 185,997 |  | 166,273 |
After ten years | 541,948 |  | 452,183 |  |  | 302,806 |  | 251,719 |  |  | 622,267 |  | 538,850 |  |  | 369,541 |  | 326,741 |
Total | $ | 935,142 |  | $ | 783,216 |  |  | $ | 755,038 |  | $ | 658,815 |  |  | $ | 972,207 |  | $ | 845,239 |  |  | $ | 892,605 |  | $ | 802,096 |
Sales of investment securities and gross gains and losses are shown in the following table:
| Three months ended |  | Nine months ended
(in thousands) | September 30, 2023 | September 30, 2022 |  | September 30, 2023 | September 30, 2022
Available-for-sale: |  |  |  |  |
Sales proceeds | $ | 79,840 |  | $ | 10,664 |  |  | $ | 79,840 |  | $ | 10,664 |
Gross realized gains | 5 |  | 17 |  |  | 5 |  | 17 |
Gross realized losses | (2,798) |  | (80) |  |  | (2,798) |  | (80) |
Sale of equity securities: 1 |  |  |  |  |
Sales proceeds | 2,807 |  | — |  |  | 2,807 |  | — |
Gross realized gain | 2,807 |  | — |  |  | 2,807 |  | — |
1 Refer to VISA Inc. Class B Common Stock section below for more information. In October 2023, the Bank sold $55.0 million of available-for-sale securities for a pretax net loss of $2.1 million (or $1.5 million after tax). Management did not have the intent and was not required to sell these securities at the reporting date. Therefore, no impairment loss was recognized in the third quarter of 2023. The carrying values of pledged investment securities are shown in the following table:
(in thousands) | September 30, 2023 | December 31, 2022
Pledged to the State of California: |  |
Secure public deposits in compliance with the Local Agency Security Program | $ | 203,936 |  | $ | 231,307 |
Collateral for trust deposits | 649 |  | 669 |
Collateral for Wealth Management and Trust Services checking account | 547 |  | 564 |
Total investment securities pledged to the State of California | 205,132 |  | 232,540 |
Bankruptcy trustee deposits pledged with Federal Reserve Bank | 1,321 |  | 1,686 |
Pledged to FHLB Securities-Backed Credit Program | 386,713 |  | — |
Pledged to the Federal Reserve BTFP | 269,961 |  | — |
Total pledged investment securities | $ | 863,127 |  | $ | 234,226 |
There were 331 and 407 securities in unrealized loss positions at September 30, 2023 and December 31, 2022, respectively. Those securities are summarized and classified according to the duration of the loss period in the tables below:
September 30, 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 | $ | — |  | $ | — |  |  | $ | 249,726 |  | $ | (61,870) |  |  | $ | 249,726 |  | $ | (61,870) |
CMOs issued by FHLMC | 4,311 |  | (68) |  |  | 181,530 |  | (33,380) |  |  | 185,841 |  | (33,448) |
CMOs issued by FNMA | 41,398 |  | (2,413) |  |  | 53,508 |  | (6,712) |  |  | 94,906 |  | (9,125) |
CMOs issued by GNMA | 11,481 |  | (154) |  |  | 25,859 |  | (4,662) |  |  | 37,340 |  | (4,816) |
SBA-backed securities | — |  | — |  |  | 1,713 |  | (140) |  |  | 1,713 |  | (140) |
Debentures of government-sponsored agencies | — |  | — |  |  | 117,157 |  | (28,893) |  |  | 117,157 |  | (28,893) |
Obligations of state and political subdivisions | 3,034 |  | (43) |  |  | 47,051 |  | (12,023) |  |  | 50,085 |  | (12,066) |
Corporate bonds | — |  | — |  |  | 28,206 |  | (1,794) |  |  | 28,206 |  | (1,794) |
Total held-to-maturity | 60,224 |  | (2,678) |  |  | 704,750 |  | (149,474) |  |  | 764,974 |  | (152,152) |
Available-for-sale: |  |  |  |  |  |  |  |
MBS pass-through securities issued by FHLMC, FNMA and GNMA | — |  | — |  |  | 70,980 |  | (13,263) |  |  | 70,980 |  | (13,263) |
CMOs issued by FHLMC | — |  | — |  |  | 269,883 |  | (37,236) |  |  | 269,883 |  | (37,236) |
CMOs issued by FNMA | — |  | — |  |  | 26,820 |  | (4,012) |  |  | 26,820 |  | (4,012) |
CMOs issued by GNMA | — |  | — |  |  | 16,837 |  | (3,668) |  |  | 16,837 |  | (3,668) |
SBA-backed securities | — |  | — |  |  | 28,223 |  | (3,166) |  |  | 28,223 |  | (3,166) |
Debentures of government- sponsored agencies | — |  | — |  |  | 117,166 |  | (11,971) |  |  | 117,166 |  | (11,971) |
U.S. Treasury securities | — |  | — |  |  | 10,215 |  | (1,703) |  |  | 10,215 |  | (1,703) |
Obligations of state and political subdivisions | 1,196 |  | (36) |  |  | 82,526 |  | (18,735) |  |  | 83,722 |  | (18,771) |
Corporate bonds | — |  | — |  |  | 34,556 |  | (2,435) |  |  | 34,556 |  | (2,435) |
Asset-backed securities | — |  | — |  |  | — |  | — |  |  | — |  | — |
Total available-for-sale | 1,196 |  | (36) |  |  | 657,206 |  | (96,189) |  |  | 658,402 |  | (96,225) |
Total securities at loss position | $ | 61,420 |  | $ | (2,714) |  |  | $ | 1,361,956 |  | $ | (245,663) |  |  | $ | 1,423,376 |  | $ | (248,377) |
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) |
As of September 30, 2023, the investment portfolio included 323 investment securities that had been in a continuous loss position for twelve months or more and 8 investment securities that had been in a loss position for less than twelve months. Securities issued by government-sponsored enterprises, such as FNMA and FHLMC, usually have implicit credit support by the U.S. federal government. However, since 2008, FNMA and FHLMC have been under government conservatorship and, therefore, contractual cash flows for these investments carry explicit guarantees by the U.S. federal government. Securities issued by the SBA and GNMA have explicit credit guarantees by the U.S. federal government, which protects us from credit losses on the contractual cash flows of the securities. Our investment in obligations of state and political subdivisions bonds are deemed credit worthy after our comprehensive analysis of the issuers' latest financial information, credit ratings by major credit agencies, and/or credit enhancements. No allowances for credit losses have been recognized on available-for-sale securities in an unrealized loss position, as management did not believe any of the securities were impaired due to credit risk factors at either September 30, 2023 or December 31, 2022. In addition, for any available-for-sale securities in an unrealized loss position at September 30, 2023 and December 31, 2022, the Bank assessed whether it intended to sell the securities, or if it was more likely than not that it would be required to sell the securities before recovery of its amortized cost basis, which would require a write-down to fair value through net income. Because the Bank did not intend to sell those securities that were in an unrealized loss position, and it was not more-likely-than-not that the Bank would be required to sell the securities before recovery of their amortized cost bases, the Bank determined that no write-down was necessary as of the reporting date. On July 7, 2023, the Bank entered into various interest rate swap agreements with notional values totaling $101.8 million to hedge balance sheet interest rate sensitivity and protect selected securities in its available-for-sale portfolio against changes in fair value related to changes in the benchmark interest rate. For additional details, refer to Note 9, Derivative Financial Instruments and Hedging Activities. Non-Marketable Securities Included in Other Assets FHLB Capital Stock As a member of the FHLB, we are required to maintain a minimum investment in FHLB capital stock determined by the Board of Directors of the FHLB. The minimum investment requirements can increase in the event we increase our total asset size or borrowings with the FHLB. Shares cannot be purchased or sold except between the FHLB and its members at the $100 per share par value. We held $16.7 million of FHLB stock included in other assets on the consolidated statements of condition at both September 30, 2023 and December 31, 2022. The carrying amounts of these investments are reasonable estimates of fair value because the securities are restricted to member banks and they do not have a readily determinable market value. Based on our analysis of FHLB's financial condition and certain qualitative factors, we determined that the FHLB stock w as not im paired at September 30, 2023 and December 31, 2022. On October 26, 2023, FHLB announced a cash dividend for the third quarter of 2023 at an annualized dividend rate of 8.25% to be distributed on Novembe r 9, 20 23. Cash dividends paid on FHLB capital stock are recorded as non-interest income. VISA Inc. Class B Common Stock As a member bank of Visa U.S.A., we held 10,439 shares of Visa Inc. Class B common stock at December 31, 2022. These shares had a carrying value of zero and were restricted from resale to non-member banks of Visa U.S.A. until their conversion into Class A (voting) shares upon the termination of Visa Inc.'s Covered Litigation escrow account. Because of the restriction and the uncertainty on the conversion rate to Class A shares, these shares lacked a readily determinable fair value. On July 13, 2023, the Bank sold the entirety of its remaining investment in Visa Inc. Class B restricted common stock for a $2.8 million gain. For further information on the Covered Litigation, refer to Note 8, Commitments and Contingencies. Low Income Housing Tax Credits We invest in low-income housing tax credit funds as a limited partner, which totaled $2.1 million and $2.5 million recorded in other assets as of September 30, 2023 and December 31, 2022, respectively. In the first nine months of 2023, we recognized $450 thousand of low-income housing tax credits and other tax benefits, offset by $377 thousand of amortization expense of low-income housing tax credit investment, as a component of income tax expense. As of September 30, 2023, our unfunded commitments for these low-income housing tax credit funds totaled $346 thousand. We did not recognize any impairment losses on these low-income housing tax credit investments during the first nine months of 2023 or 2022, as the value of the future tax benefits exceeds the carrying value of the investments.

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