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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Held-to-Maturity Amortized Cost and Fair Value
A summary of the amortized cost, fair value and allowance for credit losses related to securities held-to-maturity as of March 31, 2024 and December 31, 2023 is presented below.
Held-to-maturity:
Amortized Cost 1
Allowance for Credit LossesNet Carrying AmountGross UnrealizedFair Value
(in thousands)Gains(Losses)
March 31, 2024
Securities of U.S. government-sponsored enterprises:
MBS pass-through securities issued by FHLMC, FNMA and GNMA$300,976 $— $300,976 $— $(48,474)$252,502 
CMOs issued by FHLMC224,676 — 224,676 — (26,902)197,774 
CMOs issued by FNMA98,951 — 98,951 — (6,009)92,942 
CMOs issued by GNMA50,695 — 50,695 — (5,436)45,259 
SBA-backed securities1,652 — 1,652 — (95)1,557 
Debentures of government-sponsored agencies146,202 — 146,202 — (22,942)123,260 
Obligations of state and political subdivisions61,916 — 61,916 4 (8,022)53,898 
Corporate bonds30,000 — 30,000 — (1,283)28,717 
Total held-to-maturity$915,068 $— $915,068 $4 $(119,163)$795,909 
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 FHLMC
226,416 — 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 
1 Amortized cost and fair values exclude accrued interest receivable of $2.5 million and $3.6 million at March 31, 2024 and December 31, 2023, 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, 2024 and December 31, 2023.
Obligations of state and political subdivisionsCorporate bonds
(in thousands)March 31, 2024December 31, 2023March 31, 2024December 31, 2023
Aaa / AAA$42,474 $42,577 $— $— 
Aa2 / AA19,442 19,457 — — 
A2 / A— — 30,000 30,000 
Total$61,916 $62,034 $30,000 $30,000 
Schedule of Available-for-Sale Securities Amortized Cost and Fair Value
A summary of the amortized cost, fair value and allowance for credit losses related to securities available-for-sale as of March 31, 2024 and December 31, 2023 is presented below.
Available-for-sale:
Amortized Cost 1
Gross UnrealizedAllowance for Credit LossesFair Value
(in thousands)Gains(Losses)
March 31, 2024
Securities of U.S. government-sponsored enterprises:
MBS pass-through securities issued by FHLMC, FNMA and GNMA$79,460 $2 $(10,073)$— $69,389 
CMOs issued by FHLMC261,797 — (26,837)— 234,960 
CMOs issued by FNMA23,099 — (2,835)— 20,264 
CMOs issued by GNMA19,486 — (3,191)— 16,295 
SBA-backed securities18,805 — (1,657)— 17,148 
Debentures of government- sponsored agencies73,906 — (7,218)— 66,688 
U.S. Treasury securities11,928 — (1,394)— 10,534 
Obligations of state and political subdivisions101,911 — (11,568)— 90,343 
Corporate bonds11,992 — (1,248)— 10,744 
Total available-for-sale$602,384 $2 $(66,021)$— $536,365 
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 
Total available-for-sale$613,479 $3 $(61,454)$— $552,028 
1 Amortized cost and fair value exclude accrued interest receivable of $2.3 million and $2.3 million at March 31, 2024 and December 31, 2023, 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, 2024 and December 31, 2023 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, 2024December 31, 2023
 Held-to-MaturityAvailable-for-SaleHeld-to-MaturityAvailable-for-Sale
(in thousands)Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
Within one year$15,000 $14,615 $4,181 $4,076 $— $— $101 $100 
After one but within five years72,200 69,109 249,923 228,662 87,887 84,541 226,669 208,444 
After five years through ten years304,877 259,599 62,426 54,421 304,976 261,654 95,552 85,447 
After ten years522,991 452,586 285,854 249,206 532,335 468,635 291,157 258,037 
Total$915,068 $795,909 $602,384 $536,365 $925,198 $814,830 $613,479 $552,028 
Schedule of Financial Instruments Owned and Pledged as Collateral
The reported values of pledged investment securities are shown in the following table.
(in thousands)March 31, 2024December 31, 2023
Pledged to the State of California:
Secure public deposits in compliance with the Local Agency Security Program$282,826 $287,436 
Collateral for trust deposits659 666 
   Collateral for Wealth Management and Trust Services checking account557 562 
Total investment securities pledged to the State of California284,042 288,664 
Bankruptcy trustee deposits pledged with Federal Reserve Bank1,003 1,151 
Pledged to FHLB Securities-Backed Credit Program296,614 383,484 
Pledged to the Federal Reserve "BTFP"— 265,660 
Pledged to the Federal Reserve Discount Window345,896 — 
Total pledged investment securities$927,555 $938,959 
Schedule of Unrealized Loss on Investments Those securities are summarized and classified according to the duration of the loss period in the tables below:
March 31, 2024< 12 continuous months≥ 12 continuous monthsTotal securities
 in a loss position
(in thousands)Fair valueUnrealized lossFair valueUnrealized lossFair valueUnrealized loss
Held-to-maturity:
MBS pass-through securities issued by FHLMC, FNMA and GNMA$— $— $252,501 $(48,474)$252,501 $(48,474)
CMOs issued by FHLMC12,455 (68)185,319 (26,834)197,774 (26,902)
CMOs issued by FNMA40,962 (1,054)51,980 (4,955)92,942 (6,009)
CMOs issued by GNMA10,808 (350)34,452 (5,086)45,260 (5,436)
SBA-backed securities— — 1,556 (95)1,556 (95)
Debentures of government-sponsored agencies— — 123,260 (22,942)123,260 (22,942)
Obligations of state and political subdivisions6,589 (46)44,242 (7,976)50,831 (8,022)
Corporate bonds— — 28,717 (1,283)28,717 (1,283)
Total held-to-maturity70,814 (1,518)722,027 (117,645)792,841 (119,163)
Available-for-sale:
MBS pass-through securities issued by FHLMC, FNMA and GNMA3 — 69,152 (10,073)69,155 (10,073)
CMOs issued by FHLMC958 (4)234,002 (26,833)234,960 (26,837)
CMOs issued by FNMA— — 20,264 (2,835)20,264 (2,835)
CMOs issued by GNMA— — 16,295 (3,191)16,295 (3,191)
SBA-backed securities— — 17,148 (1,657)17,148 (1,657)
Debentures of government- sponsored agencies— — 66,688 (7,218)66,688 (7,218)
U.S. Treasury securities— — 10,534 (1,394)10,534 (1,394)
Obligations of state and political subdivisions557 (2)89,786 (11,566)90,343 (11,568)
Corporate bonds— — 10,744 (1,248)10,744 (1,248)
Total available-for-sale1,518 (6)534,613 (66,015)536,131 (66,021)
Total securities at loss position$72,332 $(1,524)$1,256,640 $(183,660)$1,328,972 $(185,184)
December 31, 2023< 12 continuous months≥ 12 continuous monthsTotal securities
 in a loss position
(in thousands)Fair valueUnrealized lossFair valueUnrealized lossFair valueUnrealized loss
Held-to-maturity:
MBS pass-through securities issued by FHLMC, FNMA and GNMA$— $— $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-maturity62,124 (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)
Total available-for-sale1,901 (8)549,289 (61,446)551,190 (61,454)
Total securities at loss position$64,025 $(684)$1,287,979 $(171,213)$1,352,004 $(171,897)