v3.26.1
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
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, 2026 and December 31, 2025 is presented below.
Available-for-sale:
Amortized Cost 1
Gross UnrealizedAllowance for Credit LossesFair Value
(in thousands)Gains(Losses)
June 30, 2026
Securities of Government Agencies and GSEs:
   CMBS issued by FHLMC2, FNMA3 and GNMA4
$462,043 $83 $(15,000)$— $447,126 
CMOs issued by FHLMC, FNMA and GNMA173,145 223 (1,922)— 171,446 
MBS pass-through securities issued by FHLMC, FNMA and GNMA558,213 64 (8,437)— 549,840 
Debentures of government- sponsored enterprises29,988 — (6,395)— 23,593 
Obligations of state and political subdivisions58,071 — (7,245)— 50,826 
Total available-for-sale$1,281,460 $370 $(38,999)$— $1,242,831 
December 31, 2025
Securities of Government Agencies and GSEs:
   CMBS issued by FHLMC, FNMA and GNMA$470,598 $1,052 $(12,347)$— $459,303 
   CMOs issued by FHLMC, FNMA and GNMA208,752 818 (949)— 208,621 
MBS pass-through securities issued by FHLMC, FNMA and GNMA583,409 1,639 (2,742)— 582,306 
Debentures of government- sponsored enterprises29,988 — (6,294)— 23,694 
Obligations of state and political subdivisions61,214 — (7,326)— 53,888 
Total available-for-sale$1,353,961 $3,509 $(29,658)$— $1,327,812 
1 Amortized cost and fair value exclude accrued interest receivable of $4.4 million and $4.8 million at June 30, 2026 and December 31, 2025, respectively, which is included in interest receivable and other assets in the consolidated statements of condition.
2 Federal Home Loan Mortgage Corporation
3 Federal National Mortgage Association
4 Government National Mortgage Association
Schedule of Investments Classified by Contractual Maturity Date
The amortized cost and fair value of investment debt securities by contractual maturity at June 30, 2026 and December 31, 2025 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, 2026December 31, 2025
Available-for-SaleAvailable-for-Sale
(in thousands)Amortized CostFair ValueAmortized CostFair Value
Within one year$17,992 $17,942 $21,905 $21,884 
After one but within five years295,881 293,340 277,409 277,643 
After five years through ten years396,972 381,305 366,118 364,430 
After ten years570,615 550,244 688,529 663,855 
Total$1,281,460 $1,242,831 $1,353,961 $1,327,812 
Schedule of Sale of Investment Securities and Gross Gains and Losses
Sale of investment securities and gross gains and losses are shown in the following table:
Three months endedSix months ended
(in thousands)June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Available-for-sale:
Sales proceeds$— $167,017 $— $167,017 
Gross realized gains— — — — 
Gross realized losses$— (18,736)$— $(18,736)
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, 2026December 31, 2025
Pledged to the State of California:
Secure public deposits in compliance with the Local Agency Security Program$262,677 $311,543 
Collateral for trust deposits991 1,010 
   Collateral for Wealth Management and Trust Services checking account1,242 1,260 
Total investment securities pledged to the State of California264,910 313,813 
Bankruptcy trustee deposits pledged with Federal Reserve Bank1,940 1,992 
Pledged to FHLB Securities-Backed Credit Program219,242 224,787 
Pledged to the Federal Reserve Discount Window264,990 297,610 
Total pledged investment securities$751,082 $838,202 
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, 2026< 12 continuous months≥ 12 continuous monthsTotal securities
 in a loss position
(in thousands)Fair valueUnrealized lossFair valueUnrealized lossFair valueUnrealized loss
Available-for-sale:
CMBS issued by FHLMC, FNMA and GNMA$302,536 $(2,374)$105,426 $(12,626)$407,962 $(15,000)
CMOs issued by FHLMC, FNMA and GNMA94,421 (996)15,020 (926)109,441 (1,922)
MBS pass-through securities issued by FHLMC, FNMA and GNMA500,109 (5,973)12,670 (2,464)512,779 (8,437)
Debentures of government- sponsored agencies— — 23,593 (6,395)23,593 (6,395)
Obligations of state and political subdivisions6,795 (25)44,031 (7,220)50,826 (7,245)
Total available-for-sale903,861 (9,368)200,740 (29,631)1,104,601 (38,999)
December 31, 2025< 12 continuous months≥ 12 continuous monthsTotal securities
 in a loss position
(in thousands)Fair valueUnrealized lossFair valueUnrealized lossFair valueUnrealized loss
Available-for-sale:
CMBS issued by FHLMC, FNMA and GNMA$142,774 $(218)$108,282 $(12,129)$251,056 $(12,347)
CMOs issued by FHLMC, FNMA and GNMA27,833 (165)36,861 (784)64,694 (949)
MBS pass-through securities issued by FHLMC, FNMA and GNMA113,487 (386)13,574 (2,356)127,061 (2,742)
Debentures of government- sponsored agencies— — 23,693 (6,294)23,693 (6,294)
Obligations of state and political subdivisions247 (3)50,616 (7,323)50,863 (7,326)
Total available-for-sale$284,341 $(772)$233,026 $(28,886)$517,367 $(29,658)