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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule 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, 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)
December 31, 2023
Securities of U.S. government-sponsored enterprises:
MBS pass-through securities issued by FHLMC, FNMA and GNMA$306,261 $— $306,261 $— $(44,396)$261,865 
CMOs issued by FHLMC226,416 — 226,416 28 (24,869)201,575 
CMOs issued by FNMA101,502 — 101,502 — (4,779)96,723 
CMOs issued by GNMA51,006 — 51,006 — (5,235)45,771 
SBA-backed securities1,853 — 1,853 — (90)1,763 
Debentures of government-sponsored agencies146,126 — 146,126 — (21,994)124,132 
Obligations of state and political subdivisions62,034 — 62,034 47 (7,884)54,197 
Corporate bonds30,000 — 30,000 — (1,196)28,804 
Total held-to-maturity$925,198 $— $925,198 $75 $(110,443)$814,830 
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 December 31, 2023 and 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 December 31, 2023 and 2022.
Obligations of state and political subdivisionsCorporate bonds
 (in thousands)December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Aaa / AAA$42,577 $42,986 $— $— 
Aa2 / AA19,457 19,514 — — 
A2 / A— — 30,000 30,000 
Total$62,034 $62,500 $30,000 $30,000 
Schedule 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, 2023 and 2022 is presented below.

Available-for-sale:
Amortized Cost 1
Gross UnrealizedAllowance for Credit LossesFair Value
(in thousands)Gains(Losses)
December 31, 2023
Securities of U.S. government-sponsored enterprises:
MBS pass-through securities issued by FHLMC, FNMA and GNMA$81,937 $2 $(9,516)$— $72,423 
CMOs issued by FHLMC266,407 — (24,758)— 241,649 
CMOs issued by FNMA23,987 — (2,715)— 21,272 
CMOs issued by GNMA20,006 — (2,878)— 17,128 
SBA-backed securities21,126 — (1,655)— 19,471 
Debentures of government- sponsored agencies73,899 — (7,037)— 66,862 
U.S. Treasury securities11,923 — (1,300)— 10,623 
Obligations of state and political subdivisions102,202 1 (10,321)— 91,882 
Corporate bonds11,992 — (1,274)— 10,718 
Asset-backed securities— — — — — 
Total available-for-sale$613,479 $3 $(61,454)$— $552,028 
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 $2.3 million and $3.2 million at December 31, 2023 and 2022, respectively, which is included in interest receivable and other assets in the consolidated statements of condition.
Schedule of Investments Classified by Contractual Maturity Date
The amortized cost and fair value of investment debt securities by contractual maturity at December 31, 2023 and 2022 are shown below. Expected maturities may differ from contractual maturities if the issuers of the securities have the right to call or prepay obligations with or without call or prepayment penalties.
 December 31, 2023December 31, 2022
 Held-to-MaturityAvailable-for-SaleHeld-to-MaturityAvailable-for-Sale
(in thousands)Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
Within one year$— $— $101 $100 $450 $446 $1,254 $1,239 
After one but within five years87,887 84,541 226,669 208,444 87,418 83,663 335,813 307,843 
After five years through ten years304,976 261,654 95,552 85,447 262,072 222,280 185,997 166,273 
After ten years532,335 468,635 291,157 258,037 622,267 538,850 369,541 326,741 
Total$925,198 $814,830 $613,479 $552,028 $972,207 $845,239 $892,605 $802,096 
Schedule of Sale of Investment Securities and Gross Gains and Losses
Sales of investment securities and gross gains and losses for the years ended December 31, 2023, 2022 and 2021 are shown in the following table.
(in thousands)202320222021
Available-for-sale:
  Sales proceeds$205,795 $10,664 $6,632 
  Gross realized gains$5 $17 $1 
  Gross realized losses$(8,705)$(80)$(17)
Sale of equity securities: 1
Sales proceeds$2,807 $— $— 
Gross realized gain$2,807 $— $— 
1 Refer to VISA Inc. Class B Common Stock section below for more information.
Schedule of Financial Instruments Owned and Pledged as Collateral
The reported values of pledged investment securities are shown in the following table.
(in thousands)December 31, 2023December 31, 2022
Pledged to the State of California:
   Secure public deposits in compliance with the Local Agency Security Program$287,436 $231,307 
   Collateral for trust deposits666 669 
   Collateral for Wealth Management and Trust Services checking account562 564 
Total investment securities pledged to the State of California288,664 232,540 
Bankruptcy trustee deposits pledged with Federal Reserve Bank1,151 1,686 
Pledged to FHLB Securities-Backed Credit Program383,484 — 
Pledged to the Federal Reserve "BTFP"265,660 — 
Total pledged investment securities$938,959 $234,226 
Schedule of Unrealized Loss on Investments Those securities are summarized and classified according to the duration of the loss period in the tables below.
December 31, 2023< 12 continuous months≥ 12 continuous monthsTotal securities
 in a loss position
(in thousands)Fair valueUnrealized lossFair valueUnrealized lossFair valueUnrealized loss
Held-to-maturity:
MBS pass-through securities issued by FHLMC, FNMA and GNMA$— $— $261,865 $(44,396)$261,865 $(44,396)
CMOs issued by FHLMC8,662 (21)188,657 (24,848)197,319 (24,869)
CMOs issued by FNMA42,474 (411)54,249 (4,368)96,723 (4,779)
CMOs issued by GNMA10,988 (244)34,783 (4,991)45,771 (5,235)
SBA-backed securities— — 1,763 (90)1,763 (90)
Debentures of government-sponsored agencies— — 124,132 (21,994)124,132 (21,994)
Obligations of state and political subdivisions— — 44,437 (7,884)44,437 (7,884)
Corporate bonds— — 28,804 (1,196)28,804 (1,196)
Total held-to-maturity$62,124 $(676)$738,690 $(109,767)$800,814 $(110,443)
Available-for-sale:
MBS pass-through securities issued by FHLMC, FNMA and GNMA$— $— $72,146 $(9,516)$72,146 $(9,516)
CMOs issued by FHLMC1,235 (7)240,414 (24,751)241,649 (24,758)
CMOs issued by FNMA— — 21,272 (2,715)21,272 (2,715)
CMOs issued by GNMA— — 17,128 (2,878)17,128 (2,878)
SBA-backed securities— — 19,471 (1,655)19,471 (1,655)
Debentures of government-sponsored agencies— — 66,862 (7,037)66,862 (7,037)
U.S. Treasury securities— — 10,623 (1,300)10,623 (1,300)
Obligations of state and political subdivisions666 (1)90,655 (10,320)91,321 (10,321)
Corporate bonds— — 10,718 (1,274)10,718 (1,274)
Asset-backed securities— — — — — — 
Total available-for-sale$1,901 $(8)$549,289 $(61,446)$551,190 $(61,454)
Total securities at a loss position$64,025 $(684)$1,287,979 $(171,213)$1,352,004 $(171,897)
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-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 FHLMC169,760 (15,144)143,995 (18,538)313,755 (33,682)
CMOs issued by GNMA4,790 (235)27,529 (3,617)32,319 (3,852)
CMOs issued by FNMA8,214 (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-sale$354,695 $(33,887)$443,274 $(56,656)$797,969 $(90,543)
Total$714,008 $(57,620)$903,222 $(159,961)$1,617,230 $(217,581)