XML 29 R19.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Fair Value of Assets and Liabilities (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
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 In 1
June 30, 2024 |  |  |  |  |
Securities available-for-sale: |  |  |  |  |
Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies | $ | 144,976 |  | $ | — |  | $ | 144,976 |  | $ | — |  | OCI
SBA-backed securities | $ | 334 |  | $ | — |  | $ | 334 |  | $ | — |  | OCI
Debentures of government sponsored agencies | $ | 7,134 |  | $ | — |  | $ | 7,134 |  | $ | — |  | OCI
U.S. Treasury securities | $ | 10,570 |  | $ | 10,570 |  | $ | — |  | $ | — |  | OCI
Obligations of state and political subdivisions | $ | 84,481 |  | $ | — |  | $ | 84,481 |  | $ | — |  | OCI
Corporate bonds | $ | 5,422 |  | $ | — |  | $ | 5,422 |  | $ | — |  | OCI
Derivative financial assets (interest rate contracts) | $ | 551 |  | $ | — |  | $ | 551 |  | $ | — |  | NI
December 31, 2023 |  |  |  |  |
Securities available-for-sale: |  |  |  |  |
Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies | $ | 352,472 |  | $ | — |  | $ | 352,472 |  | $ | — |  | OCI
SBA-backed securities | $ | 19,471 |  | $ | — |  | $ | 19,471 |  | $ | — |  | OCI
Debentures of government sponsored agencies | $ | 66,862 |  | $ | — |  | $ | 66,862 |  | $ | — |  | OCI
U.S. Treasury securities | $ | 10,623 |  | $ | 10,623 |  | $ | — |  | $ | — |  | OCI
Obligations of state and political subdivisions | $ | 91,882 |  | $ | — |  | $ | 91,882 |  | $ | — |  | OCI
Corporate bonds | $ | 10,718 |  | $ | — |  | $ | 10,718 |  | $ | — |  | OCI
Derivative financial assets (interest rate contracts) | $ | 287 |  | $ | — |  | $ | 287 |  | $ | — |  | NI
Derivative financial liabilities (interest rate contracts) | $ | 1,361 |  | $ | — |  | $ | 1,361 |  | $ | — |  | NI
1 Other comprehensive income ("OCI") or net income ("NI").
Schedule of Fair Value of Financial Instruments | The table below is a summary of fair value estimates for financial instruments as of June 30, 2024 and December 31, 2023, 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 as of June 30, 2024 and March 31, 2024. There were no impairments or changes resulting from observable price changes in orderly transactions for the identical or similar investments of the same issuer as of June 30, 2024 or December 31, 2023. See further discussion on values within Note 4, Investment Securities.
| June 30, 2024 |  | December 31, 2023
(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 | $ | 231,408 |  | $ | 231,408 |  | Level 1 |  | $ | 30,453 |  | $ | 30,453 |  | Level 1
Investment securities held-to-maturity | 904,610 |  | 783,397 |  | Level 2 |  | 925,198 |  | 814,830 |  | Level 2
Loans, net of allowance for credit losses | 2,051,724 |  | 1,945,814 |  | Level 3 |  | 2,048,548 |  | 1,939,702 |  | Level 3
Interest receivable | 12,051 |  | 12,051 |  | Level 2 |  | 12,752 |  | 12,752 |  | Level 2
Financial liabilities (recorded at amortized cost) |  |  |  |  |  |
Time deposits | 267,122 |  | 268,872 |  | Level 2 |  | 251,317 |  | 252,824 |  | Level 2
FRBSF short-term borrowings under the BTFP | — |  | — |  | Level 2 |  | 26,000 |  | 25,998 |  | Level 2
Interest payable | 2,595 |  | 2,595 |  | Level 2 |  | 2,752 |  | 2,752 |  | Level 2

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration