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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2025
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, 2025 and December 31, 2024 is presented below.
Held-to-maturity:
Amortized Cost 1
Allowance for Credit LossesNet Carrying AmountGross UnrealizedFair Value
(in thousands)Gains(Losses)
March 31, 2025
Securities of U.S. government-sponsored enterprises:
   CMBS issued by FHLMC, FNMA and GNMA$241,035 $— $241,035 $— $(30,022)$211,013 
CMOs issued by FHLMC, FNMA and GNMA205,424 — 205,424 63 (14,704)190,783 
MBS pass-through securities issued by FHLMC, FNMA and GNMA188,853 — 188,853 — (27,396)161,457 
SBA-backed securities1,382 — 1,382 — (45)1,337 
Debentures of government-sponsored agencies121,506 — 121,506 — (19,476)102,030 
Obligations of state and political subdivisions61,440 — 61,440 — (7,740)53,700 
Corporate bonds15,000 — 15,000 — (496)14,504 
Total held-to-maturity$834,640 $— $834,640 $63 $(99,879)$734,824 
December 31, 2024
Securities of U.S. government-sponsored enterprises:
  CMBS issued by FHLMC, FNMA and GNMA$242,559 $— $242,559 $— $(34,449)$208,110 
  CMOs issued by FHLMC, FNMA and GNMA209,748 — 209,748 — (18,492)191,256 
MBS pass-through securities issued by FHLMC, FNMA and GNMA192,388 — 192,388 — (30,942)161,446 
  SBA-backed securities1,513 — 1,513 — (61)1,452 
Debentures of government-sponsored agencies141,431 — 141,431 — (22,694)118,737 
Obligations of state and political subdivisions61,560 — 61,560 — (8,341)53,219 
Corporate bonds30,000 — 30,000 — (685)29,315 
Total held-to-maturity$879,199 $— $879,199 $— $(115,664)$763,535 
1 Amortized cost and fair values exclude accrued interest receivable of $2.2 million and $3.4 million at March 31, 2025 and December 31, 2024, 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, 2025 and December 31, 2024.
Obligations of state and political subdivisionsCorporate bonds
(in thousands)March 31, 2025December 31, 2024March 31, 2025December 31, 2024
Aaa / AAA$42,056 $42,161 $— $— 
Aa1 / AA+19,384 19,399 — — 
A2 / A— — 15,000 30,000 
Total$61,440 $61,560 $15,000 $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, 2025 and December 31, 2024 is presented below.
Available-for-sale:
Amortized Cost 1
Gross UnrealizedAllowance for Credit LossesFair Value
(in thousands)Gains(Losses)
March 31, 2025
Securities of U.S. government-sponsored enterprises:
   CMBS issued by FHLMC, FNMA and GNMA$231,202 $266 $(3,959)$— $227,509 
CMOs issued by FHLMC, FNMA and GNMA50,573 76 (5,163)— 45,486 
MBS pass-through securities issued by FHLMC, FNMA and GNMA29,559 2 (4,151)— 25,410 
SBA-backed securities295 — (16)— 279 
Debentures of government- sponsored agencies8,971 — (1,518)— 7,453 
U.S. Treasury securities12,019 — (993)— 11,026 
Obligations of state and political subdivisions95,860 — (12,710)— 83,150 
Corporate bonds6,000 — (304)— 5,696 
Total available-for-sale$434,479 $344 $(28,814)$— $406,009 
December 31, 2024
Securities of U.S. government-sponsored enterprises:
   CMBS issued by FHLMC, FNMA and GNMA$222,862 $154 $(4,977)$— 218,039 
   CMOs issued by FHLMC, FNMA and GNMA42,432 28 (6,321)— 36,139 
MBS pass-through securities issued by FHLMC, FNMA and GNMA30,498 2 (4,840)$— 25,660 
SBA-backed securities331 — (23)— 308 
Debentures of government- sponsored agencies8,971 — (1,761)— 7,210 
U.S. Treasury securities12,020 — (1,205)10,815 
Obligations of state and political subdivisions96,178 — (12,464)— 83,714 
Corporate bonds6,000 — (351)— 5,649 
Total available-for-sale$419,292 $184 $(31,942)$— $387,534 
1 Amortized cost and fair value exclude accrued interest receivable of $1.8 million and $1.7 million at March 31, 2025 and December 31, 2024, 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, 2025 and December 31, 2024 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, 2025December 31, 2024
 Held-to-MaturityAvailable-for-SaleHeld-to-MaturityAvailable-for-Sale
(in thousands)Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
Within one year$6,396 $6,319 $97,597 $97,432 $36,476 $36,380 $99,431 $99,258 
After one but within five years132,305 123,708 108,875 105,917 118,590 110,857 106,986 103,058 
After five years through ten years210,571 180,823 83,968 77,239 229,040 191,328 75,429 67,940 
After ten years485,368 423,974 144,039 125,421 495,093 424,970 137,446 117,278 
Total$834,640 $734,824 $434,479 $406,009 $879,199 $763,535 $419,292 $387,534 
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, 2025December 31, 2024
Pledged to the State of California:
Secure public deposits in compliance with the Local Agency Security Program$300,703 $288,385 
Collateral for trust deposits923 1,284 
   Collateral for Wealth Management and Trust Services checking account1,304 895 
Total investment securities pledged to the State of California302,930 290,564 
Bankruptcy trustee deposits pledged with Federal Reserve Bank522 651 
Pledged to FHLB Securities-Backed Credit Program280,652 284,148 
Pledged to the Federal Reserve Discount Window327,455 365,759 
Total pledged investment securities$911,559 $941,122 
Schedule of Unrealized Loss on Investments Those securities are summarized and classified according to the duration of the loss period in the tables below:
March 31, 2025< 12 continuous months≥ 12 continuous monthsTotal securities
 in a loss position
(in thousands)Fair valueUnrealized lossFair valueUnrealized lossFair valueUnrealized loss
Held-to-maturity:
CMBS issued by FHLMC, FNMA and GNMA$— $— $211,013 $(30,022)$211,013 $(30,022)
CMOs issued by FHLMC, FNMA and GNMA7,849 (1,156)172,218 (13,548)180,067 (14,704)
MBS pass-through securities issued by FHLMC, FNMA and GNMA3,380 (84)158,077 (27,312)161,457 (27,396)
SBA-backed securities— — 1,337 (45)1,337 (45)
Debentures of government-sponsored agencies— — 102,030 (19,476)102,030 (19,476)
Obligations of state and political subdivisions5,515 (75)48,185 (7,665)53,700 (7,740)
Corporate bonds— — 14,504 (496)14,504 (496)
Total held-to-maturity16,744 (1,315)707,364 (98,564)724,108 (99,879)
Available-for-sale:
CMBS issued by FHLMC, FNMA and GNMA106,015 (235)52,028 (3,724)158,043 (3,959)
CMOs issued by FHLMC, FNMA and GNMA— — 33,697 (5,163)33,697 (5,163)
MBS pass-through securities issued by FHLMC, FNMA and GNMA4 — 25,243 (4,151)25,247 (4,151)
SBA-backed securities— — 279 (16)279 (16)
Debentures of government- sponsored agencies— — 7,453 (1,518)7,453 (1,518)
U.S. Treasury securities— — 11,026 (993)11,026 (993)
Obligations of state and political subdivisions— — 83,150 (12,710)83,150 (12,710)
Corporate bonds— — 5,696 (304)5,696 (304)
Total available-for-sale106,019 (235)218,572 (28,579)324,591 (28,814)
Total securities at loss position$122,763 $(1,550)$925,936 $(127,143)$1,048,699 $(128,693)
December 31, 2024< 12 continuous months≥ 12 continuous monthsTotal securities
 in a loss position
(in thousands)Fair valueUnrealized lossFair valueUnrealized lossFair valueUnrealized loss
Held-to-maturity:
CMBS issued by FHLMC, FNMA and GNMA$— $— $208,110 $(34,449)$208,110 $(34,449)
CMOs issued by FHLMC, FNMA and GNMA18,451 (1,623)172,805 (16,869)191,256 (18,492)
MBS pass-through securities issued by FHLMC, FNMA and GNMA3,487 (150)157,959 (30,792)161,446 (30,942)
SBA-backed securities— — 1,452 (61)1,452 (61)
Debentures of government- sponsored agencies— — 118,737 (22,694)118,737 (22,694)
Obligations of state and political subdivisions5,558 (44)47,661 (8,297)53,219 (8,341)
Corporate Bonds— — 29,315 (685)29,315 (685)
Total held-to-maturity27,496 (1,817)736,039 (113,847)763,535 (115,664)
Available-for-sale:
CMBS issued by FHLMC, FNMA and GNMA$129,402 $(343)$58,065 $(4,634)$187,467 $(4,977)
CMOs issued by FHLMC, FNMA and GNMA— — 33,749 (6,321)33,749 (6,321)
MBS pass-through securities issued by FHLMC, FNMA and GNMA7 — 25,495 (4,840)25,502 (4,840)
SBA-backed securities— — 309 (23)309 (23)
Debentures of government- sponsored agencies— — 7,210 (1,761)7,210 (1,761)
U.S. Treasury securities— — 10,815 (1,205)10,815 (1,205)
Obligations of state and political subdivisions— — 83,714 (12,464)83,714 (12,464)
Corporate Bonds— — 5,649 (351)5,649 (351)
Total available-for-sale129,409 (343)225,006 (31,599)354,415 (31,942)
Total securities at loss position$156,905 $(2,160)$961,045 $(145,446)$1,117,950 $(147,606)