v3.26.1
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Summary of Debt Securities Held- to-Maturity
A summary of the amortized cost and fair value related to securities held-to-maturity as of June 30, 2026 and December 31, 2025 is presented in Table 3.1. Securities held-to-maturity, at amortized cost, had a $20.0 thousand allowance for credit losses as of June 30, 2026 and December 31, 2025.
Table 3.1: Securities Held-to-Maturity
(in thousands)Amortized CostGross UnrealizedFair Value
Gains(Losses)
June 30, 2026
Obligations of states and political subdivisions$2,135 $— $(208)$1,927 
Total held-to-maturity$2,135 $— $(208)$1,927 
December 31, 2025
Obligations of states and political subdivisions$2,190 $— $(195)$1,995 
Total held-to-maturity$2,190 $— $(195)$1,995 
Summary of Debt Securities Available-for-Sale
A summary of the amortized cost and fair value related to securities available-for-sale as of June 30, 2026 and December 31, 2025 is presented in Table 3.2. Securities available-for-sale did not have an allowance for credit losses as of June 30, 2026 or December 31, 2025.
Table 3.2: Securities Available-for-Sale
(in thousands)Amortized CostGross Unrealized Fair Value
Gains(Losses)
June 30, 2026
U.S. government agency securities$6,447 $154 $(50)$6,551 
Mortgage-backed securities54,171 28 (8,968)45,231 
Obligations of states and political subdivisions40,471 — (3,854)36,617 
Collateralized mortgage obligations219 — (16)203 
Corporate bonds2,000 — (18)1,982 
Total available-for-sale$103,308 $182 $(12,906)$90,584 
December 31, 2025
U.S. government agency securities$7,276 $138 $(53)$7,361 
Mortgage-backed securities56,941 31 (8,786)48,186 
Obligations of states and political subdivisions40,734 — (3,770)36,964 
Collateralized mortgage obligations246 — (15)231 
Corporate bonds2,000 — (43)1,957 
Total available-for-sale$107,197 $169 $(12,667)$94,699 
Summary of Investment Debt Securities by Contractual Maturity
The amortized cost and fair value of investment securities by contractual maturity at June 30, 2026 and December 31, 2025 are shown in Table 3.3. 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.
Table 3.3: Contractual Maturities - Investment Securities
(in thousands)June 30, 2026December 31, 2025
Held-to-MaturityAvailable-for-SaleHeld-to-MaturityAvailable-for-Sale
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
Within one year$165 $149 $— $— $170 $155 $— $— 
After one but within five years840 758 2,525 2,392 865 788 1,256 1,196 
After five years through ten years1,130 1,020 16,089 14,609 1,155 1,052 13,471 12,385 
After ten years— — 21,857 19,616 — — 26,007 23,383 
Investment securities not due at a single maturity date:
U.S. government agency securities— — 6,447 6,551 — — 7,276 7,361 
Mortgage-backed securities— — 54,171 45,231 — — 56,941 48,186 
Collateralized mortgage obligations— — 219 203 — — 246 231 
Corporate bonds— — 2,000 1,982 — — 2,000 1,957 
Total$2,135 $1,927 $103,308 $90,584 $2,190 $1,995 $107,197 $94,699 
Summary of Pledged Investment Securities
Table 3.4: Pledged Investment Securities
(in thousands)June 30, 2026December 31, 2025
Pledged to:
The State of California, securing deposits of public funds and borrowings$44,151 $47,091 
The Federal Reserve Discount Window, increasing borrowing capacity41,534 42,578 
Total pledged investment securities$85,685 $89,669 
Summary of Unrealized Losses and Fair Value of Available-for-Sale Securities
Table 3.5 details the gross unrealized losses and fair values aggregated by investment category and length of time that individual available-for-sale securities have been in a continuous unrealized loss position at June 30, 2026 and December 31, 2025.
Table 3.5: Securities Available-for-Sale in Continuous Unrealized Loss Positions
(in thousands)Less than 12 months 12 months or moreTotal securities in a loss position
Fair ValueUnrealized Loss Fair ValueUnrealized Loss Fair ValueUnrealized Loss
June 30, 2026
U.S. government agency securities$1,137 $(5)$1,858 $(45)$2,995 $(50)
Mortgage-backed securities— — 44,150 (8,968)44,150 (8,968)
Obligations of states and political subdivisions— — 36,617 (3,854)36,617 (3,854)
Collateralized mortgage obligations— — 203 (16)203 (16)
Corporate bonds— — 1,982 (18)1,982 (18)
Total temporarily impaired securities
$1,137 $(5)$84,810 $(12,901)$85,947 $(12,906)
December 31, 2025
U.S. government agency securities$1,683 $(6)$2,393 $(47)$4,076 $(53)
Mortgage-backed securities— — 47,090 (8,786)47,090 (8,786)
Obligations of states and political subdivisions360 (20)36,603 (3,750)36,963 (3,770)
Collateralized mortgage obligations— — 231 (15)231 (15)
Corporate bonds— — 1,957 (43)1,957 (43)
Total temporarily impaired securities
$2,043 $(26)$88,274 $(12,641)$90,317 $(12,667)