XML 31 R21.htm IDEA: XBRL DOCUMENT v3.25.2
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 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)
June 30, 2025
Securities of U.S. government-sponsored enterprises:
   CMBS issued by FHLMC, FNMA and GNMA$239,623 $— $239,623 $— $(28,390)$211,233 
CMOs issued by FHLMC, FNMA and GNMA200,269 — 200,269 101 (13,276)187,094 
MBS pass-through securities issued by FHLMC, FNMA and GNMA184,141 — 184,141 — (26,982)157,159 
SBA-backed securities1,382 — 1,382 — (33)1,349 
Debentures of government-sponsored agencies121,580 — 121,580 — (18,687)102,893 
Obligations of state and political subdivisions61,319 — 61,319 1 (8,071)53,249 
Corporate bonds15,000 — 15,000 — (381)14,619 
Total held-to-maturity$823,314 $— $823,314 $102 $(95,820)$727,596 
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 $2.9 million and $3.4 million at June 30, 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 June 30, 2025 and December 31, 2024.
Obligations of state and political subdivisionsCorporate bonds
(in thousands)June 30, 2025December 31, 2024June 30, 2025December 31, 2024
Aaa / AAA$38,479 $42,161 $— $— 
Aa1 / AA+22,840 19,399 — — 
A2 / A— — 15,000 30,000 
Total$61,319 $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 June 30, 2025 and December 31, 2024 is presented below.
Available-for-sale:
Amortized Cost 1
Gross UnrealizedAllowance for Credit LossesFair Value
(in thousands)Gains(Losses)
June 30, 2025
Securities of U.S. government-sponsored enterprises:
   CMBS issued by FHLMC, FNMA and GNMA$175,456 $528 $(627)$— $175,357 
CMOs issued by FHLMC, FNMA and GNMA150,444 105 (1,646)— 148,903 
MBS pass-through securities issued by FHLMC, FNMA and GNMA42,732 159 (2,513)— 40,378 
Obligations of state and political subdivisions33,573 — (6,226)— 27,347 
Total available-for-sale$402,205 $792 $(11,012)$— $391,985 
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 $1.4 million and $1.7 million at June 30, 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 June 30, 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.
 June 30, 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$13,426 $13,269 $48,086 $48,018 $36,476 $36,380 $99,431 $99,258 
After one but within five years123,981 116,754 69,789 70,072 118,590 110,857 106,986 103,058 
After five years through ten years209,666 182,041 74,799 74,811 229,040 191,328 75,429 67,940 
After ten years476,241 415,532 209,531 199,084 495,093 424,970 137,446 117,278 
Total$823,314 $727,596 $402,205 $391,985 $879,199 $763,535 $419,292 $387,534 
Schedule of Sale of Investment Securities and Gross Gains and Losses
Sales of investment securities and gross gains and losses are shown in the following table:
 Three months endedSix months ended
(in thousands)June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Available-for-sale:
Sales proceeds$167,017 $292,627 $167,017 $292,627 
Gross realized gains— — — — 
Gross realized losses(18,736)(32,542)(18,736)(32,542)
Schedule of Financial Instruments Owned and Pledged as Collateral
The reported values of pledged investment securities are shown in the following table.
(in thousands)June 30, 2025December 31, 2024
Pledged to the State of California:
Secure public deposits in compliance with the Local Agency Security Program$326,962 $288,385 
Collateral for trust deposits1,200 1,284 
   Collateral for Wealth Management and Trust Services checking account1,500 895 
Total investment securities pledged to the State of California329,662 290,564 
Bankruptcy trustee deposits pledged with Federal Reserve Bank2,142 651 
Pledged to FHLB Securities-Backed Credit Program274,290 284,148 
Pledged to the Federal Reserve Discount Window322,977 365,759 
Total pledged investment securities$929,071 $941,122 
Schedule of Unrealized Loss on Investments Those securities are summarized and classified according to the duration of the loss period in the tables below:
June 30, 2025< 12 continuous months≥ 12 continuous monthsTotal securities
 in a loss position
(in thousands)Fair valueUnrealized lossFair valueUnrealized lossFair valueUnrealized loss
Held-to-maturity:
CMBS issued by FHLMC, FNMA and GNMA$— $— $211,233 $(28,390)$211,233 $(28,390)
CMOs issued by FHLMC, FNMA and GNMA7,882 (1,119)168,972 (12,157)176,854 (13,276)
MBS pass-through securities issued by FHLMC, FNMA and GNMA3,230 (87)153,929 (26,895)157,159 (26,982)
SBA-backed securities— — 1,349 (33)1,349 (33)
Debentures of government-sponsored agencies— — 102,893 (18,687)102,893 (18,687)
Obligations of state and political subdivisions2,434 (119)47,788 (7,952)50,222 (8,071)
Corporate bonds— — 14,619 (381)14,619 (381)
Total held-to-maturity13,546 (1,325)700,783 (94,495)714,329 (95,820)
Available-for-sale:
CMBS issued by FHLMC, FNMA and GNMA70,746 (146)13,509 (481)84,255 (627)
CMOs issued by FHLMC, FNMA and GNMA95,080 (976)3,342 (670)98,422 (1,646)
MBS pass-through securities issued by FHLMC, FNMA and GNMA— — 12,091 (2,513)12,091 (2,513)
Obligations of state and political subdivisions— — 27,347 (6,226)27,347 (6,226)
Total available-for-sale165,826 (1,122)56,289 (9,890)222,115 (11,012)
Total securities at loss position$179,372 $(2,447)$757,072 $(104,385)$936,444 $(106,832)
December 31, 2024< 12 continuous months≥ 12 continuous monthsTotal securities
 in a loss position
(in thousands)Fair valueUnrealized lossFair valueUnrealized lossFair valueUnrealized loss
Held-to-maturity:
CMBS issued by FHLMC, FNMA and GNMA$— $— $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)