0001275168-23-000094 | 10-Q | XBRL Viewer

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Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2023	May 05, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-40379
Entity Registrant Name	FIVE STAR BANCORP
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	75-3100966
Entity Address, Address Line One	3100 Zinfandel Drive
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Rancho Cordova
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95670
City Area Code	(916)
Local Phone Number	626-5000
Title of 12(b) Security	Common stock, no par value per share
Trading Symbol	FSBC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		17,258,737
Entity Central Index Key	0001275168
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Cash and due from financial institutions	$ 26,556	$ 32,561
Interest-bearing deposits in banks	321,383	227,430
Cash and cash equivalents	347,939	259,991
Time deposits in banks	9,617	9,849
Securities available-for-sale, at fair value	115,140	115,988
Securities held-to-maturity, at amortized cost (fair value of $3,323 and $3,432 at March 31, 2023 and December 31, 2022, respectively)	3,514	3,756
Loans held for sale	11,315	9,416
Loans held for investment	2,869,848	2,791,326
Allowance for credit losses - loans	(34,172)	(28,389)
Loans held for investment, net of allowance for credit losses	2,835,676	2,762,937
FHLB stock	10,890	10,890
Operating leases, right-of-use asset, net	5,175	3,981
Premises and equipment, net	1,677	1,605
Bank-owned life insurance	16,771	14,669
Interest receivable and other assets	39,594	34,077
Total assets	3,397,308	3,227,159
Deposits:
Non-interest-bearing	836,673	971,246
Interest-bearing	2,083,733	1,810,758
Total deposits	2,920,406	2,782,004
FHLB advances	120,000	100,000
Subordinated debt, net	73,640	73,606
Operating lease liability	5,433	4,243
Interest payable and other liabilities	17,173	14,481
Total liabilities	3,136,652	2,974,334
Commitments and contingencies (Note 8)
Shareholders’ equity
Preferred stock, no par value; 10,000,000 shares authorized; zero issued and outstanding at March 31, 2023 and December 31, 2022	0	0
Common stock, no par value; 100,000,000 shares authorized; 17,258,904 shares issued and outstanding at March 31, 2023; 17,241,926 shares issued and outstanding at December 31, 2022	219,785	219,543
Retained earnings	52,817	46,736
Accumulated other comprehensive loss, net	(11,946)	(13,454)
Total shareholders’ equity	260,656	252,825
Total liabilities and shareholders’ equity	$ 3,397,308	$ 3,227,159

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Securities held-to-maturity	$ 3,323	$ 3,432
Preferred stock (in USD per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common Stock (in USD per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	17,258,904	17,241,926
Common stock, shares outstanding (in shares)	17,258,904	17,241,926

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest and fee income:
Loans, including fees	$ 37,494	$ 22,112
Taxable securities	466	390
Nontaxable securities	184	177
Interest-bearing deposits in other banks	2,167	192
Total interest and fee income	40,311	22,871
Interest expense:
Deposits	9,378	545
FHLB advances	624	0
Subordinated debt	1,161	443
Total interest expense	11,163	988
Net interest income	29,148	21,883
Provision for credit losses	900	950
Net interest income after provision for credit losses	28,248	20,933
Non-interest income:
Service charges on deposit accounts	117	108
Net gain on sale of securities available-for-sale	0	5
Gain on sale of loans	598	918
Loan-related fees	308	596
FHLB stock dividends	193	102
Earnings on BOLI	102	90
Other	53	345
Total non-interest income	1,371	2,164
Non-interest expense:
Salaries and employee benefits	6,618	5,675
Occupancy and equipment	523	520
Data processing and software	872	716
FDIC insurance	402	165
Professional services	631	554
Advertising and promotional	418	344
Loan-related expenses	255	278
Other operating expenses	1,399	1,323
Total non-interest expense	11,118	9,575
Income before provision for income taxes	18,501	13,522
Provision for income taxes	5,340	3,660
Net income	$ 13,161	$ 9,862
Basic earnings per common share (in USD per share)	$ 0.77	$ 0.58
Diluted earnings per common share (in USD per share)	$ 0.77	$ 0.58

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net income	$ 13,161	$ 9,862
Unrealized gain (loss) on securities:
Net unrealized holding gain (loss) on securities available-for-sale during the period	2,140	(9,438)
Reclassification adjustment for net realized gains included in net income	0	(5)
Income tax expense (benefit) related to items of other comprehensive income	632	(2,791)
Other comprehensive income (loss)	1,508	(6,652)
Total comprehensive income	$ 14,669	$ 3,210

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2021			17,224,848
Beginning balance at Dec. 31, 2021	$ 235,046	$ 68	$ 218,444	$ 17,168	$ 68	$ (566)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,862			9,862
Other comprehensive loss	(6,652)					(6,652)
Stock issued under stock award plans, net (in shares)			22,201
Stock issued under stock award plans, net	0
Stock compensation expense	277		$ 277
Stock forfeitures (in shares)			(850)
Stock forfeitures	0
Cash dividends paid	(7,540)			(7,540)
Ending balance (in shares) at Mar. 31, 2022			17,246,199
Ending balance at Mar. 31, 2022	231,061		$ 218,721	19,558		(7,218)
Beginning balance (in shares) at Dec. 31, 2021			17,224,848
Beginning balance at Dec. 31, 2021	$ 235,046	68	$ 218,444	17,168	68	(566)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-02 [Member]
Ending balance (in shares) at Dec. 31, 2022			17,241,926
Ending balance at Dec. 31, 2022	$ 252,825	$ (4,491)	$ 219,543	46,736	$ (4,491)	(13,454)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	13,161			13,161
Other comprehensive loss	1,508					1,508
Stock issued under stock award plans, net (in shares)			16,978
Stock issued under stock award plans, net	0
Stock compensation expense	242		$ 242
Cash dividends paid	(2,589)			(2,589)
Ending balance (in shares) at Mar. 31, 2023			17,258,904
Ending balance at Mar. 31, 2023	$ 260,656		$ 219,785	$ 52,817		$ (11,946)

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends paid (in USD per share)	$ 0.15	$ 0.60

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 13,161	$ 9,862
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	900	950
Depreciation and amortization	419	411
Amortization of deferred loan fees and costs	(36)	(365)
Amortization of premiums and discounts on securities	313	358
Amortization of subordinated debt issuance costs	34	17
Stock compensation expense	242	277
Earnings on BOLI	(102)	(90)
Deferred tax provision	62	(2,777)
Loans originated for sale	(24,006)	(21,173)
Gain on sale of loans	(598)	(918)
Proceeds from sale of loans	13,289	11,705
Net gain on sale of securities available-for-sale	0	(5)
Decrease in operating lease liability	(233)	(234)
Net changes in:
Interest receivable and other assets	(4,331)	1,880
Interest payable and other liabilities	1,580	3,588
Net cash provided by operating activities	694	3,486
Cash flows from investing activities:
Proceeds from sale of securities available-for-sale	0	1,623
Maturities, prepayments, and calls of securities available-for-sale	2,899	4,731
Purchases of securities available-for-sale	0	(1,642)
Net change in time deposits in banks	232	0
Loan originations, net of repayments	(69,450)	(134,951)
Purchase of premises and equipment	(240)	(224)
Purchase of BOLI	(2,000)	(3,050)
Net cash used in investing activities	(68,559)	(133,513)
Cash flows from financing activities:
Net change in deposits	138,402	217,202
FHLB advances	20,000	0
Cash dividends paid	(2,589)	(7,540)
Net cash provided by financing activities	155,813	209,662
Net change in cash and cash equivalents	87,948	79,635
Cash and cash equivalents at beginning of period	259,991	425,329
Cash and cash equivalents at end of period	347,939	504,964
Supplemental disclosure of cash flow information:
Interest paid	471	932
Supplemental disclosure of noncash items:
Transfer from loans held for sale to loans held for investment	9,416	10,671
Unrealized gain (loss) on securities	2,140	(9,438)
Operating lease liabilities recorded in conjunction with adoption of ASC 842	0	5,221
ROUA recorded in conjunction with adoption of ASC 842	1,423	4,974
ROUA acquired	(1,444)	0
Cumulative effect of adoption of ASC 842 and 326 on retained earnings	52,817
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2018-01
Supplemental disclosure of noncash items:
Cumulative effect of adoption of ASC 842 and 326 on retained earnings		$ 68
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2019-11
Supplemental disclosure of noncash items:
Cumulative effect of adoption of ASC 842 and 326 on retained earnings	$ (4,491)

Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

(a) Organization

Five Star Bank (the “Bank”) was chartered on October 26, 1999 and began operations on December 20, 1999. Five Star Bancorp (“Bancorp” or the “Company”) was incorporated on September 16, 2002 and subsequently obtained approval from the Federal Reserve to be a bank holding company in connection with its acquisition of the Bank. The Company became the sole shareholder of the Bank on June 2, 2003 in a statutory merger, pursuant to which each outstanding share of the Bank’s common stock was exchanged for one share of common stock of the Company.

The Company, through the Bank, provides financial services to customers who are predominately small and middle-market businesses, professionals, and individuals residing in the Northern California region. The Company’s primary loan products are commercial real estate loans, land development loans, construction loans, and operating lines of credit, and its primary deposit products are checking accounts, savings accounts, money market accounts, and term certificate accounts. The Bank currently has seven branch offices in Roseville, Natomas, Rancho Cordova, Redding, Elk Grove, Chico, and Yuba City, and one loan production office in Sacramento.

(b) Basis of Financial Statement Presentation and Consolidation

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) as contained within the Financial Accounting Standards Board’s (“FASB”) ASC and the rules and regulations of the SEC, including the instructions to Regulation S-X. These interim unaudited consolidated financial statements reflect all adjustments (consisting solely of normal recurring adjustments and accruals) which, in the opinion of management, are necessary for a fair presentation of financial position, results of operations and comprehensive income, changes in shareholders’ equity, and cash flows for the interim periods presented. These unaudited consolidated financial statements have been prepared on a basis consistent with, and should be read in conjunction with, the audited consolidated financial statements as of and for the year ended December 31, 2022, and the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report on Form 10-K”), which was filed with the SEC on February 24, 2023.

The unaudited consolidated financial statements include Five Star Bancorp and its wholly owned subsidiary, Five Star Bank. All significant intercompany transactions and balances are eliminated in consolidation.

The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results of operations that may be expected for any other interim period or for the year ending December 31, 2023.

The Company’s accounting and reporting policies conform to GAAP and to general practices within the banking industry.

Certain amounts reported in previous consolidated financial statements have been reclassified to conform to current period presentation. These reclassifications did not affect previously reported amounts of net income, total assets, or total shareholders’ equity.

While the Company’s chief decision-makers monitor the revenue streams of the various products and services, operations are managed, and financial performance is evaluated, on a Company-wide basis. Discrete financial information is not available other than on a Company-wide basis. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable operating segment.

(d) Emerging Growth Company

The Company qualifies as an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012, and, as such, may take advantage of specified reduced reporting requirements and deferred accounting standards adoption dates, and is relieved of other significant requirements that are otherwise generally applicable to other public companies. The Company will remain an Emerging Growth Company for five years after its IPO date, unless one of the following

occurs: (i) total annual gross revenues are $1.235 billion or more; (ii) the Company issues more than $1 billion in non-convertible debt; or (iii) the Company becomes a large accelerated filer with a public float of more than $0.7 billion.

(e) Significant Accounting Policies

The Company’s significant accounting policies are included in Note 1, Basis of Presentation on the 2022 Annual Report on Form 10-K. There have been no changes to these significant accounting policies during the first three months of 2023 other than adoption of ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and all subsequent amendments that modified ASU 2016-13 (collectively, “ASC 326”) as discussed below in this Note, which impacted the following policies:

Allowance for Credit Losses (“ACL”)

The ACL is a valuation account that offsets the amortized cost basis of loans receivable and certain other financial assets, including unfunded loan commitments and held-to-maturity debt securities. Under ASC 326, amortized cost basis is the basis on which the ACL is determined. Amortized cost basis on loans receivable is principal outstanding, net of any purchase premiums and discounts, and net of any deferred loan fees and costs.

Credit losses are charged off when management believes that the collectability of at least some portion of outstanding principal is unlikely. These charge-offs are recorded as a reversal to, thereby reducing, the allowance for credit losses. Subsequent recoveries of previously charged-off amounts, if any, are recorded as a provision to, thereby increasing, the allowance for credit losses. The allowance for credit losses is maintained at a level to absorb expected credit losses over the contractual life, including consideration of prepayments. Determining the adequacy of the allowance is complex and requires judgments that are inherently subjective, as it requires estimates that are susceptible to revision as additional information becomes available. While the Company has determined an allowance for credit losses it considers appropriate, there can be no assurance that the allowance will be sufficient to absorb future losses.

The Company’s process for determining expected lifetime credit losses entails a loan-level, model-based approach and considers a broad range of information, including historical loss experience, current conditions, and reasonable and supportable forecasts. Credit loss is estimated for all loans. Accordingly, the Company has stratified the full loan population into segments sharing similar characteristics to perform the evaluation of the credit loss collectively. The Company can also further stratify loans of similar types, risk attributes, and methods for credit risk monitoring.

The Company has determined pools based primarily on regulatory reporting codes as the loans within each pool share similar risk characteristics and there is sufficient historical peer loss data from the Federal Financial Institutions Examination Council to provide statistically meaningful support in the models developed. The Company further stratified the C&I portfolio into traditional C&I loans and SBA loans, as the loans in these pools have different repayment structures and credit risk characteristics. The Company also stratified C&I loans and consumer loans that do not require reserves as the Company has third party agreements in place to cover loan losses. The Company has identified the following pools subject to an estimate of credit loss: (1) 1-4 Family Construction; (2) Other Construction; (3) Farmland; (4) Revolving Secured by 1-4 Family; (5) Residential Secured by First Liens; (6) Residential Secured by Junior Liens; (7) Multifamily; (8) CRE Owner Occupied; (9) CRE Non-Owner Occupied; (10) Agriculture; (11) C&I; (12) C&I SBA; (13) Consumer; and (14) Municipal.

The Company has determined, given its limited loss experience, that peer data and other external data to support loss history provides the best basis for its assessment of expected credit losses. The Company believes that the use of peer loss data from 2008 to 2019 presents loss histories that appropriately reflect a full economic cycle, reflects asset-specific risk characteristics at each pool level identified, and includes a historical look-back period that is objective and reflective of future expected credit losses. Loss data from 2020 to 2021 was excluded from the data set to exclude pandemic-related data in the models.

The method for determining the estimate of lifetime credit losses includes, among other things, the following main components: (1) the use of Probability of Default (“PD”) and Loss Given Default (“LGD”) assumptions under a Discounted Cash Flow model; (2) a multi-scenario macroeconomic forecast; (3) an initial and reasonable and supportable forecast period of one year for all loan segments; and (4) a reversion period of one year using a linear transition method to historical loss rates.

Given the inherent limitations of a quantitative-only model, qualitative adjustments are included to factor in data points not captured from a quantitative analysis alone.

Qualitative criteria that can be considered includes, among other things, the following:

•Concentrations – the existence and effect of any concentrations of credit, and changes in the level of such concentrations;

•Volume – changes in the nature and volume of the portfolio and in the terms of the loans;

•Economic – changes in international, national, regional, and local economic and business conditions and developments that affect the collectibility of the portfolio, including the condition of various market segments;

•Policy – changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses;

•Quality – changes in the volume and severity of past due loans, the volume of non-accrual loans, and the volume and severity of adversely classified or graded loans; and

•External – the effect of other external factors, such as competition and legal and regulatory requirements on the level of estimated credit losses in the Company’s loan portfolio.

Management reviews current information on a quarterly basis to assess the forecasted future economic impact for purposes of evaluating the adequacy of the ACL. The forecasted direction and magnitude of change with respect to future economic conditions is then assessed against the estimate in the model. Any changes resulting from the quarterly assessment are recorded in “Provision for credit losses” in the unaudited consolidated statements of income.

Accrued Interest

Accrued interest receivable is excluded from amortized cost of all financial instrument types and included in “Interest receivable and other assets” in the unaudited consolidated balance sheets. Accrued interest receivable is not subject to an estimate for credit loss as the Company has a policy to charge off accrued interest deemed uncollectible in a timely manner. When a loan is placed on non-accrual status, which occurs within 90 days of a borrower becoming delinquent, interest previously accrued but not collected is reversed against current period income.

Individually Assessed Loans

If an individual loan’s characteristics have deteriorated to below a range of the overall pool, the loan would be individually assessed. Individually assessed loans are measured for credit loss based on one of the following methods: (1) present value of future expected cash flows, discounted at the loan’s effective interest rate; (2) amount by which carrying value of the loan exceeds the loan’s observable market price; or (3) the fair value of the collateral, less estimated selling costs, if the loan is collateral dependent. The Company applies the practical expedient and defines collateral dependent loans as those where the borrower is experiencing financial difficulty and on which payment is expected to be provided substantially through the operation or sale of the collateral.

Available-for-sale (“AFS”) Debt Securities

Unrealized credit losses are recognized through an allowance for credit losses instead of an adjustment to amortized cost basis, eliminating the other-than-temporary impairment concept. For AFS debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not, that it will be required to sell, the security before recovery of amortized cost basis. If either criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For AFS debt securities that do not meet the above conditions, the Company evaluates at the individual security level whether the decrease in fair value has resulted from credit factors or non-credit factors. If assessment determines that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis of the security, then a credit loss would be recognized, limited to the amount by which the fair value is less than the amortized cost basis. All other changes in fair value of an AFS debt security are recognized in other comprehensive income, net of applicable taxes. Changes in the allowance for credit losses, if any, are recognized as a provision for (or reversal of) credit losses. As of March 31, 2023, the Company’s portfolio of AFS debt securities is comprised primarily of debt, mortgage-backed securities, and collateralized mortgage obligations issued by the U.S. government, its agencies, or government-sponsored enterprises, which are either explicitly or implicitly guaranteed by the U.S. government. The remainder of the portfolio is primarily comprised of

obligations of state and political subdivisions, which are generally rated as high grade. The history of minimal credit losses from these issuers indicates that expectation of non-payment of the amortized cost basis is zero. As such, the Company determined that the unrealized loss positions in AFS securities were not due to credit losses, but instead related to changes in interest rates and general market conditions and therefore, no credit loss expense was recognized.

Loan Commitments

Loan commitments not unconditionally cancellable are subject to an estimate of credit loss under the CECL model. The Company’s process for determining the estimate of credit loss on loan commitments is the same as it is on loans. Unfunded loan commitment reserves are included in “Interest payable and other liabilities” in the unaudited consolidated balance sheets.

Held-to-maturity Debt Securities

The Company’s process for determining the estimate of credit loss on held-to-maturity debt securities is substantially similar to what it is on loans, with segmenting not being applicable. As the amount of held-to-maturity debt securities that the Company carries is limited and given the determination that expected credit loss was immaterial, an immaterial amount was recognized in allowance for credit loss upon adoption and no credit loss expense was recorded for the three months ended March 31, 2023.

TDRs

In accordance with the adoption of ASC 326, which includes ASU No. 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, accounting guidance for TDRs for creditors has been eliminated. New guidance with respect to recognition, measurement, and disclosures of loans for borrowers experiencing financial difficulties supersedes guidance on TDRs. As of March 31, 2023, the amount of loans modified for borrowers due to experiencing financial difficulties under criteria of principal forgiveness, interest rate reduction, other-than-insignificant payment delay, or term extension was immaterial.

(f) Recently Issued Accounting Standards

The following information reflects recent accounting standards that have been adopted or are pending adoption by the Company. The Company qualifies as an emerging growth company, and as such, has elected to use the extended transition period for complying with new or revised accounting standards and is not subject to the new or revised accounting standards applicable to public companies during the extended transition period. The accounting standards discussed below indicate effective dates for the Company as an emerging growth company using the extended transition period.

Accounting Standards Adopted

On January 1, 2023, the Company adopted ASC 326, which replaces the current “incurred loss” model for recognizing credit losses with an “expected loss” model referred to as the Current Expected Credit Loss (“CECL”) model. The CECL model applies to estimated credit losses on loans receivable, held-to-maturity debt securities, unfunded loan commitments, and certain other financial assets measured at amortized cost. Under ASC 326, available-for-sale debt securities are evaluated for impairment if fair value is less than amortized cost, with any estimated credit losses recorded through a credit loss expense and an allowance, rather than a write-down of the investment. Changes in fair value that are not credit-related will continue to be recorded in other comprehensive income. The Company adopted this standard using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective for financial assets measured at amortized cost. For certain new disclosures required under ASC 326, such as credit quality indicators by year of origination, we have not restated comparative financial information before January 1, 2023 to conform under ASC 326. This adoption method is considered a change in accounting principle requiring additional disclosure of the nature and reason for the change, which is solely due to adoption of ASC 326. On January 1, 2023, the Company also adopted ASU No. 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which had no material impact.

The table that follows reflects the cumulative-effect adjustments the Company recorded on January 1, 2023 for the adoption of ASC 326:


	January 1, 2023
(in thousands)	Pre-ASC 326 Adoption		Impact of ASC 326 Adoption		Post-ASC 326 Adoption
Assets:
Allowance for Credit Losses	$	(28,389)	$	(5,282)	$	(33,671)
Deferred Tax Asset (Interest receivable and other assets)	12,273		1,883		14,156

Liabilities:
Reserve for Unfunded Commitments (Interest payable and other liabilities)	(125)		(1,092)		(1,217)

Shareholders’ Equity:
Retained Earnings	(46,736)		4,491		(42,245)

Accounting Standards Issued But Not Yet Adopted

For the fiscal year beginning January 1, 2023, there have been no new accounting standards issued but not yet adopted that are expected to be material to the Company.

Fair Value of Assets and Liabilities

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities

Fair Value Hierarchy and Fair Value Measurement

Accounting standards require the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Company has the ability to access as of the measurement date.

Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

Level 3: Significant unobservable inputs that reflect the Company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

The fair values of securities are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs).

The following table summarizes the Company’s assets and liabilities that were required to be recorded at fair value on a recurring basis.


(in thousands)	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
March 31, 2023
Assets:
Securities available-for-sale:
U.S. government agencies, mortgage-backed securities, obligations of states and political subdivisions, collateralized mortgage obligations, and corporate bonds	$	115,140	$	—	$	115,140	$	—	OCI
Derivatives – interest rate swap	16		—		16		—		NI
Liabilities:
Derivatives – interest rate swap	16		—		16		—		NI

December 31, 2022
Assets:
Securities available-for-sale:
U.S. government agencies, mortgage-backed securities, obligations of states and political subdivisions, collateralized mortgage obligations, and corporate bonds	$	115,988	$	—	$	115,988	$	—	OCI
Derivatives – interest rate swap	16		—		16		—		NI
Liabilities:
Derivatives – interest rate swap	16		—		16		—		NI

Available-for-sale securities are recorded at fair value on a recurring basis. When available, quoted market prices (Level 1 inputs) are used to determine the fair value of available-for-sale securities. If quoted market prices are not available, management obtains pricing information from a reputable third-party service provider, who may utilize valuation techniques that use current market-based or independently sourced parameters, such as bid/ask prices, dealer-quoted prices, interest rates, benchmark yield curves, prepayment speeds, probability of default, loss severity, and credit spreads (Level 2 inputs). Level 2 securities include U.S. agencies’ or government-sponsored agencies’ debt securities, mortgage-backed securities, government agency-issued bonds, privately issued collateralized mortgage obligations, and corporate bonds. Level 3 securities are based on unobservable inputs that are supported by little or no market activity. In addition, values use discounted cash flow models and may include significant management judgment and estimation. As of March 31, 2023 and December 31, 2022, there were no Level 1 available-for-sale securities and no transfers between Level 1 and Level 2 classifications for assets or liabilities measured at fair value on a recurring basis.

On a recurring basis, derivative financial instruments are recorded at fair value, which is based on the income approach using observable Level 2 market inputs, reflecting market expectations of future interest rates as of the measurement date. Standard valuation techniques are used to calculate the present value of the future expected cash flows assuming an orderly transaction. Valuation adjustments may be made to reflect both the Company’s credit risk and the counterparties’ credit risk in determining the fair value of the derivatives. A similar credit risk adjustment, correlated to the credit standing of the counterparty, is made when collateral posted by the counterparty does not fully cover their liability to the Company.

Certain financial assets may be measured at fair value on a non-recurring basis. These assets are subject to fair value adjustments that result from the application of the lower of cost or fair value accounting or write-downs of individual assets, such as collateral dependent loans and other real estate owned. As of March 31, 2023 and December 31, 2022, the amount carried of assets measured at fair value on a non-recurring basis was immaterial to the Company.

Disclosures about Fair Value of Financial Instruments

The table below is a summary of fair value estimates for financial instruments as of March 31, 2023 and December 31, 2022. The carrying amounts in the following table are recorded in the consolidated balance sheets under the indicated captions. Further, management has not disclosed the fair value of financial instruments specifically excluded from disclosure requirements, such as BOLI.


	March 31, 2023					December 31, 2022
(in thousands)	Carrying Amounts		Fair Value		Fair Value Hierarchy	Carrying Amounts		Fair Value		Fair Value Hierarchy
Financial assets:
Cash and cash equivalents	$	347,939	$	347,939	Level 1	$	259,991	$	259,991	Level 1
Time deposits in banks	9,617		9,617		Level 1	9,849		9,849		Level 1
Securities available-for-sale	115,140		115,140		Level 2	115,988		115,988		Level 2
Securities held-to-maturity	3,514		3,323		Level 3	3,756		3,432		Level 3
Loans held for sale	11,315		12,500		Level 2	9,416		9,785		Level 2
Loans held for investment, net of allowance for credit losses	2,835,676		2,657,245		Level 3	2,762,937		2,570,176		Level 3
FHLB stock and other investments	17,652		N/A		N/A	16,570		N/A		N/A
Interest receivable	7,743		7,743		Level 2	7,454		7,454		Level 2
Interest rate swap	16		16		Level 2	16		16		Level 2
Financial liabilities:
Deposits	2,920,406		2,715,580		Level 2	2,782,004		2,562,600		Level 2
Interest payable	941		941		Level 2	1,568		1,568		Level 2
Interest rate swap	16		16		Level 2	16		16		Level 2
FHLB advances	120,000		120,000		Level 2	100,000		100,000		Level 2
Subordinated notes	73,640		72,326		Level 3	73,606		72,273		Level 3

The following methods and assumptions were used by the Company to estimate the fair value of its financial instruments at March 31, 2023 and December 31, 2022:

Cash and cash equivalents and time deposits in banks: The carrying amount is estimated to be fair value due to the liquid nature of the assets and their short-term maturities.

Investment securities: See discussion above for the methods and assumptions used by the Company to estimate the fair value of investment securities.

Loans held for sale: For loans held for sale, the fair value is based on what secondary markets are currently offering for portfolios with similar characteristics.

Loans held for investment, net of allowance for credit losses: For variable rate loans that reprice frequently with no significant change in credit risk, fair values are based on carrying values. Fair values for other loans are estimated using discounted cash flow analyses, which use interest rates being offered at each reporting date for loans with similar terms to borrowers of comparable creditworthiness without considering widening credit spreads due to market illiquidity, which approximates the exit price notion. The allowance for credit losses is considered to be a reasonable estimate of loan discount for credit quality concerns.

Interest receivable and payable: For interest receivable and payable, the carrying amount is estimated to be fair value.

Derivatives - interest rate swap: See above for a discussion of the methods and assumptions used by the Company to estimate the fair value of derivatives.

Deposits: The fair values for demand deposits are, by definition, equal to the amount payable on demand at the reporting date, as represented by their carrying amount. Fair values for fixed rate certificates of deposit are estimated using a

discounted cash flow analysis that uses interest rates being offered at each reporting date by the Company for certificates with similar remaining maturities. For variable rate time deposits, cost approximates fair value.

Subordinated notes: The fair value is estimated by discounting the future cash flow using the current three-month London Inter-Bank Offered Rate. The Company’s subordinated notes are not registered securities and were issued through private placements, resulting in a Level 3 classification. The notes are recorded at carrying value.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Investment Securities

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investment Securities

The Company’s investment securities portfolio includes obligations of states and political subdivisions, securities issued by U.S. federal government agencies such as the SBA, and securities issued by U.S. GSEs, such as FNMA, FHLMC, and FHLB. The Company also invests in residential and commercial mortgage-backed securities, collateralized mortgage obligations issued or guaranteed by government sponsored entities, and corporate bonds, as reflected in the following tables.

A summary of the amortized cost and fair value related to securities held-to-maturity as of March 31, 2023 and December 31, 2022 is presented below.


(in thousands)			Gross Unrealized
	Amortized Cost		Gains		(Losses)		Fair Value
March 31, 2023
Obligations of states and political subdivisions	$	3,514	$	—	$	(191)	$	3,323
Total held-to-maturity	$	3,514	$	—	$	(191)	$	3,323
December 31, 2022
Obligations of states and political subdivisions	$	3,756	$	—	$	(324)	$	3,432
Total held-to-maturity	$	3,756	$	—	$	(324)	$	3,432

For securities issued by states and political subdivisions, for purposes of evaluating whether to recognize credit loss expense, management considers: (i) issuer and/or guarantor credit ratings; (ii) historical probability of default and loss given default rates for given bond ratings and remaining maturity; (iii) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities; (iv) internal credit review of the financial information; and (v) whether or not such securities have credit enhancements such as guarantees, contain a defeasance clause, or are pre-refunded by the issuers.

The Company adopted ASC 326 on January 1, 2023, which affects accounting of credit loss expense on held-to-maturity and available-for-sale securities. Refer to Note 1, Basis of Presentation and Summary of Significant Accounting Policies, and Note 2, Fair Value of Assets and Liabilities, for further detail.

A summary of the amortized cost and fair value related to securities available-for-sale as of March 31, 2023 and December 31, 2022 is presented below.


(in thousands)	Amortized Cost		Gross Unrealized				Fair Value
			Gains		(Losses)
March 31, 2023
U.S. government agencies	$	13,211	$	93	$	(157)	$	13,147
Mortgage-backed securities	71,880		—		(10,911)		60,969
Obligations of states and political subdivisions	44,590		25		(5,744)		38,871
Collateralized mortgage obligations	419		—		(35)		384
Corporate bonds	2,000		—		(231)		1,769
Total available-for-sale	$	132,100	$	118	$	(17,078)	$	115,140
December 31, 2022
U.S. government agencies	$	14,317	$	81	$	(225)	$	14,173
Mortgage-backed securities	73,111		1		(11,841)		61,271
Obligations of states and political subdivisions	45,223		21		(6,818)		38,426
Collateralized mortgage obligations	436		—		(41)		395
Corporate bonds	2,000		—		(277)		1,723
Total available-for-sale	$	135,087	$	103	$	(19,202)	$	115,988

The amortized cost and fair value of investment debt securities by contractual maturity at March 31, 2023 and December 31, 2022 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.


(in thousands)	March 31, 2023								December 31, 2022
	Held-to-Maturity				Available-for-Sale				Held-to-Maturity				Available-for-Sale
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Within one year	$	354	$	334	$	—	$	—	$	417	$	381	$	501	$	501
After one but within five years	950		899		—		—		1,015		927		—		—
After five years through ten years	1,375		1,300		5,818		5,307		1,470		1,343		5,320		4,761
After ten years	835		790		38,772		33,564		854		781		39,402		33,164

Investment securities not due at a single maturity date:
U.S. government agencies	—		—		13,211		13,147		—		—		14,317		14,173
Mortgage-backed securities	—		—		71,880		60,969		—		—		73,111		61,271
Collateralized mortgage obligations	—		—		419		384		—		—		436		395
Corporate bonds	—		—		2,000		1,769		—		—		2,000		1,723
Total	$	3,514	$	3,323	$	132,100	$	115,140	$	3,756	$	3,432	$	135,087	$	115,988

Sales of investment securities and gross gains and losses are shown in the following table:


(in thousands)	For the three months ended
	March 31, 2023		March 31, 2022
Available-for-sale:
Sales proceeds	$	—	$	1,623
Gross realized gains	—		5

Pledged investment securities are shown in the following table:


(in thousands)	March 31, 2023		December 31, 2022
Pledged to:
The State of California, securing deposits of public funds and borrowings	$	40,196	$	40,465
The Federal Reserve Discount Window, increasing borrowing capacity	53,660		—
Total pledged investment securities	$	93,856	$	40,465

The following table 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 March 31, 2023 and December 31, 2022:


	Less than 12 months				12 months or more				Total securities in a loss position
(in thousands)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
March 31, 2023
U.S. government agencies	$	1,750	$	(1)	$	8,785	$	(156)	$	10,535	$	(157)
Mortgage-backed securities	176		(3)		60,570		(10,908)		60,746		(10,911)
Obligations of states and political subdivisions	257		(11)		37,063		(5,733)		37,320		(5,744)
Collateralized mortgage obligations	—		—		384		(35)		384		(35)
Corporate bonds	—		—		1,769		(231)		1,769		(231)
	$	2,183	$	(15)	$	108,571	$	(17,063)	$	110,754	$	(17,078)

December 31, 2022
U.S. government agencies	$	3,090	$	(125)	$	8,392	$	(100)	$	11,482	$	(225)
Mortgage-backed securities	4,360		(470)		56,908		(11,371)		61,268		(11,841)
Obligations of states and political subdivisions	24,707		(4,097)		11,670		(2,721)		36,377		(6,818)
Collateralized mortgage obligations	395		(41)		—		—		395		(41)
Corporate bonds	—		—		1,723		(277)		1,723		(277)
	$	32,552	$	(4,733)	$	78,693	$	(14,469)	$	111,245	$	(19,202)

There were 151 and 152 available-for-sale securities in unrealized loss positions at March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023, the investment portfolio included 147 investment securities that had been in a continuous loss position for twelve months or more and four investment securities that had been in a loss position for less than twelve months.

There was one held-to-maturity security in a continuous unrealized loss position at March 31, 2023, which had been in a continuous loss position for more than twelve months.

Obligations issued or guaranteed by government agencies such as GNMA and the SBA or GSEs under conservatorship such as the FNMA and the FHLMC are guaranteed or sponsored by agencies of the U.S. government and have strong credit profiles. The Company therefore expects to receive all contractual interest payments on time and believes the risk of credit losses on these securities is remote.

The Company’s investment in obligations of states and political subdivisions are deemed credit worthy after management’s comprehensive analysis of the issuers’ latest financial information, credit ratings by major credit agencies, and/or credit enhancements.

Non-Marketable Securities Included in Other Assets

FHLB capital stock: As a member of the FHLB, the Company is required to maintain a minimum investment in FHLB capital stock determined by the board of directors of the FHLB. The minimum investment requirements can increase in the event the Company increases its total asset size or borrowings with the FHLB. Shares cannot be purchased or sold except between the FHLB and its members at the $100 per share par value. The Company held $10.9 million and $10.9 million of FHLB stock at March 31, 2023 and December 31, 2022, respectively. The carrying amounts of these investments are reasonable estimates of fair value because the securities are restricted to member banks and do not have a readily determinable market value. Based on management’s analysis of the FHLB’s financial condition and certain qualitative factors, management determined that the FHLB stock was not impaired at March 31, 2023 and December 31, 2022. On February 22, 2023, the FHLB announced a cash dividend for the fourth quarter of 2022 at an annualized dividend rate of 7.00%, which was paid on March 10, 2023. Cash dividends received on FHLB capital stock amounted to $0.2 million and $0.1 million for the three months ended March 31, 2023 and 2022, respectively, and were recorded as non-interest income on the unaudited consolidated statements of income.

Loans and Allowance for Credit Losses

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Loans and Allowance for Credit Losses

The Company’s loan portfolio is its largest class of earning assets and typically provides higher yields than other types of earning assets. Associated with the higher yields is an inherent amount of credit risk which the Company attempts to mitigate through strong underwriting practices. The following table presents the balance of each major product type within the Company’s portfolio as of the dates indicated.


(in thousands)	March 31, 2023		December 31, 2022
Real estate:
Commercial	$	2,442,520	$	2,394,674
Commercial land and development	15,475		7,477
Commercial construction	98,415		88,669
Residential construction	9,410		6,693
Residential	23,862		24,230
Farmland	51,616		52,478
Commercial:
Secured	173,500		165,186
Unsecured	24,776		25,431

Consumer and other	32,378		28,628
Subtotal	2,871,952		2,793,466
Less: Net deferred loan fees	2,104		2,140
Less: Allowance for credit losses	34,172		28,389
Loans held for investment, net of allowance for credit losses	$	2,835,676	$	2,762,937

Underwriting

Commercial loans: Commercial loans are underwritten after evaluating and understanding the borrower’s ability to operate profitably and prudently expand its business. Underwriting standards are designed to promote relationship banking rather than transactional banking. Once it is determined that the borrower’s management possesses sound ethics and solid business acumen, the Company’s management examines current and projected cash flows to determine the ability of the borrower to repay its obligations as agreed. Commercial loans are primarily made based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected, and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee; however, some short-term loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers.

Real estate loans: Real estate loans are subject to underwriting standards and processes similar to commercial loans. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts, and the repayment of these loans is generally largely dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected than other loans by conditions in the real estate market or in the general economy. The properties securing the Company’s commercial real estate portfolio are diverse in terms of type. This diversity helps reduce the Company’s exposure to adverse economic events that affect any single market or industry. Management monitors and evaluates commercial real estate loans based on collateral, geography, and risk grade criteria.

Construction loans: With respect to construction loans that the Company may originate from time to time, the Company generally requires the borrower to have had an existing relationship with the Company and have a proven record of success. Construction loans are underwritten utilizing feasibility studies, independent appraisal reviews, sensitivity analysis of absorption and lease rates, and financial analysis of the developers and property owners. Construction loans are generally based upon estimates of costs and value associated with the completed project. These estimates may be inaccurate. Construction loans often involve the disbursement of substantial funds with repayment substantially dependent

on the ultimate success of the project. Sources of repayment for these types of loans may be pre-committed permanent loans from approved long-term lenders, sales of developed property, or an interim loan commitment from the Company until permanent financing is obtained. These loans are closely monitored using on-site inspections and are generally considered to have higher risks than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, governmental regulation of real property, general economic conditions, and the availability of long-term financing.

Residential real estate loans: Residential real estate loans are underwritten based upon the borrower’s income, credit history, and collateral. To monitor and manage residential loan risk, policies and procedures are developed and modified, as needed. This activity, coupled with relatively small loan amounts that are spread across many individual borrowers, minimizes risk. Underwriting standards for home loans are heavily influenced by statutory requirements, which include, but are not limited to, a maximum loan-to-value percentage, collection remedies, the number of such loans a borrower can have at one time, and documentation requirements.

Farmland loans: Farmland loans are generally made to producers and processors of crops and livestock. Repayment is primarily from the sale of an agricultural product or service. Farmland loans are secured by real property and are susceptible to changes in market demand for specific commodities. This may be exacerbated by, among other things, industry changes, changes in the individual financial capacity of the business owner, general economic conditions, and changes in business cycles, as well as adverse weather conditions.

Consumer loans: The Company purchased consumer loans underwritten utilizing credit scoring analysis to supplement the underwriting process. To monitor and manage consumer loan risk, policies and procedures are developed and modified, as needed. This activity, coupled with relatively small loan amounts that are spread across many individual borrowers, minimizes risk. Underwriting standards for home equity loans are heavily influenced by statutory requirements, which include, but are not limited to, a maximum loan-to-value percentage, collection remedies, the number of such loans a borrower can have at one time, and documentation requirements.

Credit Quality Indicators

The Company has established a loan risk rating system to measure and monitor the quality of the loan portfolio. All loans are assigned a risk rating from the inception of the loan until the loan is paid off. The primary loan grades are as follows:

Loans rated pass: These are loans to borrowers with satisfactory financial support, repayment capacity, and credit strength. Borrowers in this category demonstrate fundamentally sound financial positions, repayment capacity, credit history, and management expertise. Loans in this category must have an identifiable and stable source of repayment and meet the Company’s policy regarding debt service coverage ratios. These borrowers are capable of sustaining normal economic, market, or operational setbacks without significant financial impacts. Financial ratios and trends are acceptable. Negative external industry factors are generally not present. The loan may be secured, unsecured, or supported by non-real estate collateral for which the value is more difficult to determine and/or marketability is more uncertain.

Loans rated watch: These are loans which have deficient loan quality and potentially significant issues, but losses do not appear to be imminent, and the issues are expected to be temporary in nature. The significant issues are typically: (i) a history of losses or events that threaten the borrower’s viability; (ii) a property with significant depreciation and/or marketability concerns; or (iii) poor or deteriorating credit, occasional late payments, and/or limited reserves but the loan is generally kept current. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date.

Loans rated substandard: These are loans which are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged (if any). Loans so classified exhibit a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Loans are characterized by the distinct possibility that the Company may sustain some loss if the deficiencies are not corrected.

Loans rated doubtful: These are loans for which the collection or liquidation of the entire debt is highly questionable or improbable. Typically, the possibility of loss is extremely high. The losses on these loans are deferred until all pending factors have been addressed.

The amortized cost basis of the Company’s loans by origination year, where origination is defined as the later of origination or renewal date, and credit quality indicator as of March 31, 2023 was as follows (disclosure not comparative due to adoption of ASC 326 on January 1, 2023 – refer to Note 1, Basis of Presentation and Summary of Significant Accounting Policies, for further details):


	Amortized Cost Basis by Origination Year
(in thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans		Revolving Converted to Term		Total
Real estate:
Commercial
Pass	$	72,905	$	981,387	$	725,336	$	245,756	$	131,860	$	262,890	$	2,966	$	—	$	2,423,100
Watch	—		2,500		—		7,044		—		5,734		1,393		—		16,671
Substandard	—		—		—		—		—		102		—		—		102
Doubtful	—		—		—		—		—		—		—		—		—
Total	72,905		983,887		725,336		252,800		131,860		268,726		4,359		—		2,439,873
Commercial land and development
Pass	8,376		4,553		1,296		187		—		1,019		—		—		15,431
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	8,376		4,553		1,296		187		—		1,019		—		—		15,431
Commercial construction
Pass	757		32,079		47,673		11,725		—		—		—		—		92,234
Watch	—		—		—		—		—		5,900		—		—		5,900
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	757		32,079		47,673		11,725		—		5,900		—		—		98,134
Residential construction
Pass	—		3,209		6,201		—		—		—		—		—		9,410
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	—		3,209		6,201		—		—		—		—		—		9,410
Residential
Pass	628		4,048		6,399		2,336		2,299		6,605		1,407		—		23,722
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		175		—		—		175
Doubtful	—		—		—		—		—		—		—		—		—
Total	628		4,048		6,399		2,336		2,299		6,780		1,407		—		23,897
Farmland
Pass	—		8,157		12,811		8,129		12,753		9,731		—		—		51,581
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	—		8,157		12,811		8,129		12,753		9,731		—		—		51,581
Commercial:
Secured
Pass	4,196		52,454		25,275		17,792		12,243		15,668		44,634		—		172,262
Watch	—		610		8		38		13		906		—		—		1,575
Substandard	—		—		—		—		56		62		—		—		118
Doubtful	—		—		—		—		—		—		—		—		—
Total	4,196		53,064		25,283		17,830		12,312		16,636		44,634		—		173,955


	Amortized Cost Basis by Origination Year
(in thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans		Revolving Converted to Term		Total
Commercial:
Unsecured
Pass	4,243		3,362		4,560		4,965		2,680		67		4,953		—		24,830
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	4,243		3,362		4,560		4,965		2,680		67		4,953		—		24,830
Consumer and other
Pass	6,155		15,636		10,563		—		—		360		—		—		32,714
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		23		—		—		—		—		—		—		23
Doubtful	—		—		—		—		—		—		—		—		—
Total	6,155		15,659		10,563		—		—		360		—		—		32,737
Total
Pass	97,260		1,104,885		840,114		290,890		161,835		296,340		53,960		—		2,845,284
Watch	—		3,110		8		7,082		13		12,540		1,393		—		24,146
Substandard	—		23		—		—		56		339		—		—		418
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	97,260	$	1,108,018	$	840,122	$	297,972	$	161,904	$	309,219	$	55,353	$	—	$	2,869,848

Management regularly reviews the Company’s loans for accuracy of risk grades whenever new information is received. Borrowers are generally required to submit financial information at regular intervals. Typically, commercial borrowers with lines of credit are required to submit financial information with reporting intervals ranging from monthly to annually depending on credit size, risk, and complexity. In addition, investor commercial real estate borrowers with loans exceeding a certain dollar threshold are usually required to submit rent rolls or property income statements annually. Management monitors construction loans monthly and reviews consumer loans based on delinquency. Management also reviews loans graded “watch” or worse, regardless of loan type, no less than quarterly.

The age analysis of past due loans by class as of March 31, 2023 consisted of the following:


(in thousands)	Past Due
	30-89 Days		Greater Than 90 Days		Total Past Due		Current		Total Loans Receivable
Real estate:
Commercial	$	—	$	—	$	—	$	2,439,873	$	2,439,873
Commercial land and development	—		—		—		15,431		15,431
Commercial construction	—		—		—		98,134		98,134
Residential construction	—		—		—		9,410		9,410
Residential	—		175		175		23,722		23,897
Farmland	—		—		—		51,581		51,581
Commercial:
Secured	46		—		46		173,909		173,955
Unsecured	—		—		—		24,830		24,830

Consumer and other	81		—		81		32,656		32,737
Total	$	127	$	175	$	302	$	2,869,546	$	2,869,848

There were no loans between 60-89 days past due nor any loans greater than 90 days past due and still accruing as of March 31, 2023.

The age analysis of past due loans by class as of December 31, 2022 consisted of the following:


(in thousands)	Past Due				Total Past Due		Current		Total Loans Receivable
	30-89 Days		Greater Than 90 Days
Real estate:
Commercial	$	—	$	—	$	—	$	2,392,053	$	2,392,053
Commercial land and development	—		—		—		7,447		7,447
Commercial construction	—		—		—		88,314		88,314
Residential construction	—		—		—		6,693		6,693
Residential	175		—		175		24,088		24,263
Farmland	—		—		—		52,446		52,446
Commercial:
Secured	—		—		—		165,609		165,609
Unsecured	—		—		—		25,488		25,488

Consumer and other	194		—		194		28,819		29,013
Total	$	369	$	—	$	369	$	2,790,957	$	2,791,326

There were no loans between 60-89 days past due nor any loans greater than 90 days past due and still accruing as of December 31, 2022.

One collateral dependent loan was in process of foreclosure at March 31, 2023: a commercial term loan secured by a single family residence with an unpaid principal balance of $175.0 thousand and no related allowance.

Non-accrual loans, segregated by class, were as follows as of March 31, 2023 and December 31, 2022:


(in thousands)	March 31, 2023		December 31, 2022
Real estate:
Commercial	$	102	$	106
Residential	175		175
Commercial:
Secured	118		123
Consumer and other	23		—
Total non-accrual loans	$	418	$	404

No interest income was recognized on non-accrual loans in the three months ended March 31, 2023 or March 31, 2022. Non-accrual real estate loans did not have an allowance for credit losses as of March 31, 2023. Interest income can be recognized on non-accrual loans in cases where resolution occurs through a sale or full payment is received on the non-accrual loan.

The amount of foregone interest income related to non-accrual loans was $9.1 thousand for the three months ended March 31, 2023, compared to $18.3 thousand for the three months ended March 31, 2022.

Allowance for Credit Losses

The following table discloses activity in the allowance for credit losses for the three months ended March 31, 2023.


(in thousands)	Beginning Balance		Effect of Adoption of ASC 326		Charge-offs		Recoveries		Provision (Benefit)		Ending Balance
Real estate:
Commercial	$	19,216	$	7,606	$	—	$	—	$	24	$	26,846
Commercial land and development	54		74		—		—		96		224
Commercial construction	645		882		—		—		(104)		1,423
Residential construction	49		81		—		—		43		173
Residential	175		3		—		—		1		179
Farmland	644		(396)		—		—		(31)		217
Commercial:
Secured	7,098		(3,060)		(488)		92		573		4,215
Unsecured	116		37		—		—		(3)		150

Consumer and other	347		80		(384)		401		(44)		400
Unallocated	45		(45)		—		—		345		345
Total	$	28,389	$	5,262	$	(872)	$	493	$	900	$	34,172

The following table discloses activity in the allowance for credit losses for the three months ended March 31, 2022.


(in thousands)	Beginning Balance		Charge-offs		Recoveries		Provision (Benefit)		Ending Balance
Real estate:
Commercial	$	12,869	$	—	$	—	$	999	$	13,868
Commercial land and development	50		—		—		16		66
Commercial construction	371		—		—		59		430
Residential construction	50		—		—		(10)		40
Residential	192		—		—		16		208
Farmland	645		—		—		(34)		611
Commercial:
Secured	6,859		(309)		46		443		7,039
Unsecured	207		—		—		39		246

Consumer and other	889		(67)		41		225		1,088
Unallocated	1,111		—		—		(803)		308
Total	$	23,243	$	(376)	$	87	$	950	$	23,904

Unfunded Loan Commitment Reserves

Unfunded loan commitment reserves are included in “Interest payable and other liabilities” in the unaudited consolidated balance sheets. Provisions for the unfunded loan commitments are included in “Other operating expenses” in the unaudited consolidated statements of income.


	Three months ended
(in thousands)	March 31, 2023		March 31, 2022
Balance at January 1	$	125	$	102
Effect of adoption of ASC 326	1,092		—



Balance at March 31	$	1,217	$	102

Pledged Loans

The Company’s FHLB line of credit is secured under terms of a collateral agreement by a pledge of certain qualifying loans with unpaid principal balances of $1.7 billion and $1.6 billion at March 31, 2023 and December 31, 2022, respectively. In addition, the Company pledges eligible tenants in common loans, which totaled $46.0 million and $41.9 million at March 31, 2023 and December 31, 2022, respectively, to secure its borrowing capacity with the Federal Reserve Bank of San Francisco. See Note 6, Long Term Debt and Other Borrowings, for further discussion of these borrowings.

Interest-Bearing Deposits

3 Months Ended

Mar. 31, 2023

Interest-bearing Deposits

Interest-Bearing Deposits

Interest-bearing deposits consisted of the following as of March 31, 2023 and December 31, 2022:


(in thousands)	March 31, 2023		December 31, 2022
Interest-bearing transaction accounts	$	273,703	$	240,131
Savings accounts	143,110		154,581
Money market accounts	1,294,350		1,073,532
Time accounts, $250 or more	229,040		198,159
Other time accounts	143,530		144,355
Total interest-bearing deposits	$	2,083,733	$	1,810,758

Time deposits totaled $372.6 million and $342.5 million as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023, scheduled maturities of time deposits for the next five years were as follows:


(in thousands)
2023	$	331,773
2024	38,560
2025	916
2026	1,321
2027	—
Total time deposits	$	372,570

Total deposits include deposits offered through the IntraFi Network (formerly Promontory Interfinancial Network) that are comprised of Certificate of Deposit Account Registry Service® (“CDARS”) balances included in time deposits and Insured Cash Sweep® (“ICS”) balances included in money market deposits. Through this network, the Company offers customers access to FDIC-insured deposit products in aggregate amounts exceeding current insurance limits. When funds are deposited through CDARS and ICS on behalf of a customer, the Company has the option of receiving matching deposits through the network’s reciprocal deposit program or placing deposits “one-way,” for which the Company receives no matching deposits. The Company considers the reciprocal deposits to be in-market deposits, as distinguished from traditional out-of-market brokered deposits. There were no one-way deposits at March 31, 2023 and December 31, 2022. The composition of network deposits as of March 31, 2023 and December 31, 2022 was as follows:


(in thousands)	March 31, 2023		December 31, 2022
CDARS	$	13,046	$	13,248
ICS	512,716		272,719
Total network deposits	$	525,762	$	285,967

Interest expense recognized on interest-bearing deposits for periods ended March 31, 2023 and 2022 consisted of the following:


	Three months ended
(in thousands)	March 31, 2023		March 31, 2022
Interest-bearing transaction accounts	$	430	$	70
Savings accounts	545		25
Money market accounts	5,439		367
Time accounts, $250 or more	1,963		59
Other time accounts	1,001		24
Total interest expense on interest-bearing deposits	$	9,378	$	545

Long Term Debt and Other Borrowings	3 Months Ended
Long Term Debt and Other Borrowings	Mar. 31, 2023
Debt Disclosure [Abstract]
Long Term Debt and Other Borrowings	Long Term Debt and Other Borrowings Subordinated notes: On August 17, 2022, the Company completed a private placement of $75.0 million of fixed-to-floating rate subordinated notes to certain qualified investors, of which $19.3 million was purchased by existing or former members of the board of directors and their affiliates. The notes will be used for capital management and general corporate purposes, including, without limitation, the redemption of existing subordinated notes. The subordinated notes have a maturity date of September 1, 2032 and bear interest, payable semi-annually, at the rate of 6.00% per annum until September 1, 2027. On that date, the interest rate will be adjusted to float at a rate equal to the three-month Term SOFR plus 329.0 basis points (8.18% as of March 31, 2023) until maturity. The notes include a right of prepayment, on or after August 17, 2027 or, in certain limited circumstances, before that date. The indebtedness evidenced by the subordinated notes, including principal and interest, is unsecured and subordinate and junior in right to payment to general and secured creditors and depositors of the Company. The subordinated notes have been structured to qualify as Tier 2 capital for the Company for regulatory capital purposes. Eligible amounts will be phased out by 20% per year beginning five years before the maturity date of the notes. Debt issuance costs incurred in conjunction with the notes were $1.5 million, of which $0.1 million has been amortized as of March 31, 2023. The Company reflects debt issuance costs as a direct deduction from the face of the note. The debt issuance costs are amortized into interest expense through the maturity period. At March 31, 2023 and December 31, 2022, the Company’s subordinated debt outstanding was $73.6 million and $73.6 million, respectively. Other borrowings: In 2005, and through an amendment in 2014, the Company entered into an agreement with the FHLB which granted the FHLB a blanket lien on all loans receivable (except for construction and agricultural loans) as collateral for a borrowing line. Based on the dollar volume of qualifying loan collateral, the Company had a total financing availability of $1.1 billion at March 31, 2023 and $1.0 billion at December 31, 2022. At March 31, 2023 and December 31, 2022, the Company had $120.0 million and $100.0 million of outstanding borrowings, respectively. As of March 31, 2023 and December 31, 2022, the Company had letters of credit (“LCs”) issued on its behalf totaling $666.5 million and $686.5 million, respectively, as discussed below. At March 31, 2023 and December 31, 2022, LCs totaling $186.5 million and $206.5 million, respectively, were pledged to secure State of California deposits, and LCs totaling $480.0 million and $480.0 million, respectively, were pledged to secure local agency deposits. The LCs issued reduced the Company’s available borrowing capacity to $278.1 million and $216.3 million as of March 31, 2023 and December 31, 2022, respectively. At March 31, 2023 and December 31, 2022, the Company had seven unsecured federal funds lines of credit totaling $190.0 million with seven of its correspondent banks, respectively. There were no amounts outstanding at March 31, 2023 and December 31, 2022. At March 31, 2023 and December 31, 2022, the Company had the ability to borrow from the Federal Reserve Discount Window. At March 31, 2023 and December 31, 2022, the borrowing capacity under this arrangement was $76.7 million and $21.9 million, respectively. There were no amounts outstanding at March 31, 2023 and December 31, 2022. The borrowing line is secured by liens on the Company’s construction and agricultural loan portfolios and certain available-for-sale securities.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Shareholders’ Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

(a) EPS

Basic EPS is net income divided by the weighted average number of common shares outstanding during the period less average unvested restricted stock awards (“RSAs”). Diluted EPS includes the dilutive effect of additional potential common shares related to unvested RSAs using the treasury stock method. The Company has two forms of outstanding common stock: common stock and unvested RSAs. Holders of unvested RSAs receive non-forfeitable dividends at the same rate as common shareholders and they both share equally in undistributed earnings, and therefore the RSAs are considered participating securities. However, under the two-class method, the difference in EPS is not significant for these participating securities.


	Three months ended
(in thousands, except share count and earnings per common share)	March 31, 2023		March 31, 2022
Net income	$	13,161	$	9,862
Weighted average basic common shares outstanding	17,150,174		17,102,508
Add: Dilutive effects of assumed vesting of restricted stock	44,710		62,011
Weighted average diluted common shares outstanding	17,194,884		17,164,519
Earnings per common share:
Basic EPS	$	0.77	$	0.58
Diluted EPS	$	0.77	$	0.58

The Company did not have any anti-dilutive shares at March 31, 2023 or March 31, 2022.

(b) Dividends

On January 19, 2023, the board of directors declared a $0.15 per common share dividend, totaling $2.6 million.

The Company’s stock-based compensation consists of RSAs granted under its historical stock-based incentive arrangement (the “Historical Incentive Plan”) and RSAs issued under the Five Star Bancorp 2021 Equity Incentive Plan (the “Equity Incentive Plan”). The Historical Incentive Plan consisted of RSAs for certain executive officers of the Company. The arrangement provided that these executive officers would receive shares of restricted common stock of the Company that vested over three years, with the number of shares granted based upon achieving certain performance objectives. These objectives included, but were not limited to, net income adjusted for the provision for credit losses, deposit growth, efficiency ratio, net interest margin, and asset quality. Compensation expense for RSAs granted under the Historical

Incentive Plan is recognized over the service period, which is equal to the vesting period of the shares based on the fair value of the shares at issue date.

In connection with its IPO in May 2021, the Company granted RSAs under the Equity Incentive Plan to employees, officers, executives, and non-employee directors. Shares granted to non-employee directors vested immediately upon grant, while shares granted to employees, officers, and executives vest ratably over three, five, or seven years (as defined in the respective agreements). Since the completion of the IPO, the Company has granted RSAs under the Equity Incentive Plan to executives and directors, which vest annually over three years and over one year, respectively. All RSAs were granted at the fair value of common stock at the time of the award. The RSAs are considered fixed awards as the number of shares and fair value are known at the date of grant and the fair value at the grant date is amortized over the service period.

Non-cash stock compensation expense recognized for the three months ended March 31, 2023 and 2022 was $0.2 million and $0.3 million, respectively.

At March 31, 2023 and 2022, there were 108,363 and 138,856 unvested restricted shares, respectively. As of March 31, 2023, there was approximately $1.9 million of unrecognized compensation expense related to the 108,363 unvested restricted shares. The holders of unvested RSAs are entitled to dividends at the same per-share ratio as holders of common stock. Tax benefits for dividends paid on unvested RSAs are recorded as tax benefits in the consolidated statements of income with a corresponding decrease to current taxes payable. Such tax benefits are expected to be recognized over the the weighted average term remaining on the unvested restricted shares of 3.05 years as of March 31, 2023. The impact of tax benefits for dividends paid on unvested restricted stock on the Company’s unaudited consolidated statements of income for the three months ended March 31, 2023 and 2022 was immaterial.

The following table summarizes activity related to restricted shares for the periods indicated:


	For the three months ended March 31,
	2023			2022
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Beginning of the period balance	96,826	$	20.34	127,751	$	19.95
Shares granted	16,978	28.52		22,201	28.50
Shares vested	(5,441)	24.28		(10,246)	24.85
Shares forfeited	—	—		(850)	20.00
End of the period balance	108,363	$	21.43	138,856	$	20.95

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Financial Instruments with Off-Balance Sheet Risk

Some financial instruments, such as loan commitments, credit lines, letters of credit, and overdraft protection, are issued to meet customer financing needs. These are agreements to provide credit or to support the credit of others, as long as conditions established in the contract are met, and usually have expiration dates. Commitments may expire without being used. Substantially all of these commitments are at variable interest rates, based on an index, and have fixed expiration dates.

Off-balance sheet risk to loan loss exists up to the face amount of these instruments, although material losses are not anticipated. The Company uses the same credit policies in making commitments to originate loans and lines of credit as it does for on-balance sheet instruments, including obtaining collateral at exercise of the commitment. The contractual

amounts of unfunded loan commitments and standby letters of credit not reflected in the unaudited consolidated balance sheets were as follows:


(in thousands)	March 31, 2023		December 31, 2022
Commercial lines of credit	$	155,762	$	147,021
Undisbursed commercial real estate loans	82,286		79,121
Undisbursed construction loans	70,599		80,726
Agricultural lines of credit	14,449		10,399
Undisbursed residential real estate loans	9,300		8,945
Undisbursed agricultural real estate loans	946		1,068
Other	1,734		1,868
Total commitments and standby letters of credit	$	335,076	$	329,148

The Company records an allowance for credit losses on unfunded loan commitments at the consolidated balance sheet date based on estimates of the probability that these commitments will be drawn upon according to historical utilization experience of the different types of commitments and historical loss rates determined for pooled funded loans. The allowance for credit losses on unfunded commitments totaled $1.2 million as of March 31, 2023 and $0.1 million as of December 31, 2022, which is recorded in “Interest payable and other liabilities” in the unaudited consolidated balance sheets.

Concentrations of credit risk: The Company grants real estate mortgage, real estate construction, commercial, and consumer loans to customers primarily in Northern California. Although the Company has a diversified loan portfolio, a substantial portion is secured by commercial and residential real estate.

In management’s judgment, a concentration of loans exists in real estate related loans, which represented approximately 91.61% of the Company’s loan portfolio at March 31, 2023 and 91.84% of the Company’s loan portfolio at December 31, 2022. Although management believes such concentrations have no more than the normal risk of collectability, a substantial decline in the economy in general, or a decline in real estate values in the Company’s primary market areas in particular, could have an adverse impact on the collectability of these loans. Personal and business incomes represent the primary source of repayment for the majority of these loans.

Deposit concentrations: At March 31, 2023, the Company had 84 deposit relationships that exceeded $5.0 million each, totaling $1.9 billion, or approximately 64.32% of total deposits. The Company’s largest single deposit relationship at March 31, 2023 totaled $220.9 million, or approximately 7.56% of total deposits. Management maintains the Company’s liquidity position and lines of credit with correspondent banks to mitigate the risk of large withdrawals by this group of large depositors.

Contingencies: The Company is subject to legal proceedings and claims which arise in the ordinary course of business. In the opinion of management, the amount of ultimate liability with respect to such actions will not materially affect the consolidated financial position or results of operations of the Company.

Correspondent banking agreements: The Company maintains funds on deposit with other FDIC-insured financial institutions under correspondent banking agreements. Uninsured deposits through these agreements totaled $22.0 million and $16.2 million at March 31, 2023 and December 31, 2022, respectively.

Litigation Matters

The Company is subject to legal proceedings and claims which arise in the ordinary course of business. In the opinion of management, the amount of ultimate liability with respect to such actions will not materially affect the consolidated financial position or results of operations of the Company.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn April 20, 2023, the Board of Directors of the Company authorized a cash dividend of $0.20 per common share, payable on May 15, 2023 to shareholders of record on May 8, 2023.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Five Star Bank (the “Bank”) was chartered on October 26, 1999 and began operations on December 20, 1999. Five Star Bancorp (“Bancorp” or the “Company”) was incorporated on September 16, 2002 and subsequently obtained approval from the Federal Reserve to be a bank holding company in connection with its acquisition of the Bank. The Company became the sole shareholder of the Bank on June 2, 2003 in a statutory merger, pursuant to which each outstanding share of the Bank’s common stock was exchanged for one share of common stock of the Company. The Company, through the Bank, provides financial services to customers who are predominately small and middle-market businesses, professionals, and individuals residing in the Northern California region. The Company’s primary loan products are commercial real estate loans, land development loans, construction loans, and operating lines of credit, and its primary deposit products are checking accounts, savings accounts, money market accounts, and term certificate accounts. The Bank currently has seven branch offices in Roseville, Natomas, Rancho Cordova, Redding, Elk Grove, Chico, and Yuba City, and one loan production office in Sacramento.
Basis of Financial Statement Presentation and Consolidation and Emerging Growth Company	Basis of Financial Statement Presentation and Consolidation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) as contained within the Financial Accounting Standards Board’s (“FASB”) ASC and the rules and regulations of the SEC, including the instructions to Regulation S-X. These interim unaudited consolidated financial statements reflect all adjustments (consisting solely of normal recurring adjustments and accruals) which, in the opinion of management, are necessary for a fair presentation of financial position, results of operations and comprehensive income, changes in shareholders’ equity, and cash flows for the interim periods presented. These unaudited consolidated financial statements have been prepared on a basis consistent with, and should be read in conjunction with, the audited consolidated financial statements as of and for the year ended December 31, 2022, and the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report on Form 10-K”), which was filed with the SEC on February 24, 2023. The unaudited consolidated financial statements include Five Star Bancorp and its wholly owned subsidiary, Five Star Bank. All significant intercompany transactions and balances are eliminated in consolidation. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results of operations that may be expected for any other interim period or for the year ending December 31, 2023. The Company’s accounting and reporting policies conform to GAAP and to general practices within the banking industry. Emerging Growth CompanyThe Company qualifies as an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012, and, as such, may take advantage of specified reduced reporting requirements and deferred accounting standards adoption dates, and is relieved of other significant requirements that are otherwise generally applicable to other public companies. The Company will remain an Emerging Growth Company for five years after its IPO date, unless one of the following occurs: (i) total annual gross revenues are $1.235 billion or more; (ii) the Company issues more than $1 billion in non-convertible debt; or (iii) the Company becomes a large accelerated filer with a public float of more than $0.7 billion.
Reclassifications	Certain amounts reported in previous consolidated financial statements have been reclassified to conform to current period presentation. These reclassifications did not affect previously reported amounts of net income, total assets, or total shareholders’ equity.
Segments	SegmentsWhile the Company’s chief decision-makers monitor the revenue streams of the various products and services, operations are managed, and financial performance is evaluated, on a Company-wide basis. Discrete financial information is not available other than on a Company-wide basis. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable operating segment.
Accrued Interest	Accrued Interest Accrued interest receivable is excluded from amortized cost of all financial instrument types and included in “Interest receivable and other assets” in the unaudited consolidated balance sheets. Accrued interest receivable is not subject to an estimate for credit loss as the Company has a policy to charge off accrued interest deemed uncollectible in a timely manner. When a loan is placed on non-accrual status, which occurs within 90 days of a borrower becoming delinquent, interest previously accrued but not collected is reversed against current period income.
Individually Assessed Loans and TDRs	Allowance for Credit Losses (“ACL”) The ACL is a valuation account that offsets the amortized cost basis of loans receivable and certain other financial assets, including unfunded loan commitments and held-to-maturity debt securities. Under ASC 326, amortized cost basis is the basis on which the ACL is determined. Amortized cost basis on loans receivable is principal outstanding, net of any purchase premiums and discounts, and net of any deferred loan fees and costs. Credit losses are charged off when management believes that the collectability of at least some portion of outstanding principal is unlikely. These charge-offs are recorded as a reversal to, thereby reducing, the allowance for credit losses. Subsequent recoveries of previously charged-off amounts, if any, are recorded as a provision to, thereby increasing, the allowance for credit losses. The allowance for credit losses is maintained at a level to absorb expected credit losses over the contractual life, including consideration of prepayments. Determining the adequacy of the allowance is complex and requires judgments that are inherently subjective, as it requires estimates that are susceptible to revision as additional information becomes available. While the Company has determined an allowance for credit losses it considers appropriate, there can be no assurance that the allowance will be sufficient to absorb future losses. The Company’s process for determining expected lifetime credit losses entails a loan-level, model-based approach and considers a broad range of information, including historical loss experience, current conditions, and reasonable and supportable forecasts. Credit loss is estimated for all loans. Accordingly, the Company has stratified the full loan population into segments sharing similar characteristics to perform the evaluation of the credit loss collectively. The Company can also further stratify loans of similar types, risk attributes, and methods for credit risk monitoring. The Company has determined pools based primarily on regulatory reporting codes as the loans within each pool share similar risk characteristics and there is sufficient historical peer loss data from the Federal Financial Institutions Examination Council to provide statistically meaningful support in the models developed. The Company further stratified the C&I portfolio into traditional C&I loans and SBA loans, as the loans in these pools have different repayment structures and credit risk characteristics. The Company also stratified C&I loans and consumer loans that do not require reserves as the Company has third party agreements in place to cover loan losses. The Company has identified the following pools subject to an estimate of credit loss: (1) 1-4 Family Construction; (2) Other Construction; (3) Farmland; (4) Revolving Secured by 1-4 Family; (5) Residential Secured by First Liens; (6) Residential Secured by Junior Liens; (7) Multifamily; (8) CRE Owner Occupied; (9) CRE Non-Owner Occupied; (10) Agriculture; (11) C&I; (12) C&I SBA; (13) Consumer; and (14) Municipal. The Company has determined, given its limited loss experience, that peer data and other external data to support loss history provides the best basis for its assessment of expected credit losses. The Company believes that the use of peer loss data from 2008 to 2019 presents loss histories that appropriately reflect a full economic cycle, reflects asset-specific risk characteristics at each pool level identified, and includes a historical look-back period that is objective and reflective of future expected credit losses. Loss data from 2020 to 2021 was excluded from the data set to exclude pandemic-related data in the models. The method for determining the estimate of lifetime credit losses includes, among other things, the following main components: (1) the use of Probability of Default (“PD”) and Loss Given Default (“LGD”) assumptions under a Discounted Cash Flow model; (2) a multi-scenario macroeconomic forecast; (3) an initial and reasonable and supportable forecast period of one year for all loan segments; and (4) a reversion period of one year using a linear transition method to historical loss rates. Given the inherent limitations of a quantitative-only model, qualitative adjustments are included to factor in data points not captured from a quantitative analysis alone. Qualitative criteria that can be considered includes, among other things, the following: •Concentrations – the existence and effect of any concentrations of credit, and changes in the level of such concentrations; •Volume – changes in the nature and volume of the portfolio and in the terms of the loans; •Economic – changes in international, national, regional, and local economic and business conditions and developments that affect the collectibility of the portfolio, including the condition of various market segments; •Policy – changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses; •Quality – changes in the volume and severity of past due loans, the volume of non-accrual loans, and the volume and severity of adversely classified or graded loans; and •External – the effect of other external factors, such as competition and legal and regulatory requirements on the level of estimated credit losses in the Company’s loan portfolio. Management reviews current information on a quarterly basis to assess the forecasted future economic impact for purposes of evaluating the adequacy of the ACL. The forecasted direction and magnitude of change with respect to future economic conditions is then assessed against the estimate in the model. Any changes resulting from the quarterly assessment are recorded in “Provision for credit losses” in the unaudited consolidated statements of income. Individually Assessed Loans If an individual loan’s characteristics have deteriorated to below a range of the overall pool, the loan would be individually assessed. Individually assessed loans are measured for credit loss based on one of the following methods: (1) present value of future expected cash flows, discounted at the loan’s effective interest rate; (2) amount by which carrying value of the loan exceeds the loan’s observable market price; or (3) the fair value of the collateral, less estimated selling costs, if the loan is collateral dependent. The Company applies the practical expedient and defines collateral dependent loans as those where the borrower is experiencing financial difficulty and on which payment is expected to be provided substantially through the operation or sale of the collateral. TDRs In accordance with the adoption of ASC 326, which includes ASU No. 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, accounting guidance for TDRs for creditors has been eliminated. New guidance with respect to recognition, measurement, and disclosures of loans for borrowers experiencing financial difficulties supersedes guidance on TDRs. As of March 31, 2023, the amount of loans modified for borrowers due to experiencing financial difficulties under criteria of principal forgiveness, interest rate reduction, other-than-insignificant payment delay, or term extension was immaterial.
Available-for-sale (AFS) and Held-to-maturity Debt Securities	Available-for-sale (“AFS”) Debt Securities Unrealized credit losses are recognized through an allowance for credit losses instead of an adjustment to amortized cost basis, eliminating the other-than-temporary impairment concept. For AFS debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not, that it will be required to sell, the security before recovery of amortized cost basis. If either criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For AFS debt securities that do not meet the above conditions, the Company evaluates at the individual security level whether the decrease in fair value has resulted from credit factors or non-credit factors. If assessment determines that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis of the security, then a credit loss would be recognized, limited to the amount by which the fair value is less than the amortized cost basis. All other changes in fair value of an AFS debt security are recognized in other comprehensive income, net of applicable taxes. Changes in the allowance for credit losses, if any, are recognized as a provision for (or reversal of) credit losses. As of March 31, 2023, the Company’s portfolio of AFS debt securities is comprised primarily of debt, mortgage-backed securities, and collateralized mortgage obligations issued by the U.S. government, its agencies, or government-sponsored enterprises, which are either explicitly or implicitly guaranteed by the U.S. government. The remainder of the portfolio is primarily comprised of obligations of state and political subdivisions, which are generally rated as high grade. The history of minimal credit losses from these issuers indicates that expectation of non-payment of the amortized cost basis is zero. As such, the Company determined that the unrealized loss positions in AFS securities were not due to credit losses, but instead related to changes in interest rates and general market conditions and therefore, no credit loss expense was recognized. Held-to-maturity Debt Securities The Company’s process for determining the estimate of credit loss on held-to-maturity debt securities is substantially similar to what it is on loans, with segmenting not being applicable. As the amount of held-to-maturity debt securities that the Company carries is limited and given the determination that expected credit loss was immaterial, an immaterial amount was recognized in allowance for credit loss upon adoption and no credit loss expense was recorded for the three months ended March 31, 2023.
Loan Commitments	Loan CommitmentsLoan commitments not unconditionally cancellable are subject to an estimate of credit loss under the CECL model. The Company’s process for determining the estimate of credit loss on loan commitments is the same as it is on loans. Unfunded loan commitment reserves are included in “Interest payable and other liabilities” in the unaudited consolidated balance sheets.
Recently Issued Accounting Standards, Accounting Standards Adopted, and Accounting Standards Issued But Not Yet Adopted	Recently Issued Accounting Standards The following information reflects recent accounting standards that have been adopted or are pending adoption by the Company. The Company qualifies as an emerging growth company, and as such, has elected to use the extended transition period for complying with new or revised accounting standards and is not subject to the new or revised accounting standards applicable to public companies during the extended transition period. The accounting standards discussed below indicate effective dates for the Company as an emerging growth company using the extended transition period. Accounting Standards Adopted On January 1, 2023, the Company adopted ASC 326, which replaces the current “incurred loss” model for recognizing credit losses with an “expected loss” model referred to as the Current Expected Credit Loss (“CECL”) model. The CECL model applies to estimated credit losses on loans receivable, held-to-maturity debt securities, unfunded loan commitments, and certain other financial assets measured at amortized cost. Under ASC 326, available-for-sale debt securities are evaluated for impairment if fair value is less than amortized cost, with any estimated credit losses recorded through a credit loss expense and an allowance, rather than a write-down of the investment. Changes in fair value that are not credit-related will continue to be recorded in other comprehensive income. The Company adopted this standard using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective for financial assets measured at amortized cost. For certain new disclosures required under ASC 326, such as credit quality indicators by year of origination, we have not restated comparative financial information before January 1, 2023 to conform under ASC 326. This adoption method is considered a change in accounting principle requiring additional disclosure of the nature and reason for the change, which is solely due to adoption of ASC 326. On January 1, 2023, the Company also adopted ASU No. 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which had no material impact. Accounting Standards Issued But Not Yet Adopted For the fiscal year beginning January 1, 2023, there have been no new accounting standards issued but not yet adopted that are expected to be material to the Company.
EPS	EPSBasic EPS is net income divided by the weighted average number of common shares outstanding during the period less average unvested restricted stock awards (“RSAs”). Diluted EPS includes the dilutive effect of additional potential common shares related to unvested RSAs using the treasury stock method. The Company has two forms of outstanding common stock: common stock and unvested RSAs. Holders of unvested RSAs receive non-forfeitable dividends at the same rate as common shareholders and they both share equally in undistributed earnings, and therefore the RSAs are considered participating securities. However, under the two-class method, the difference in EPS is not significant for these participating securities.

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Cumulative Effect Adjustment for Adoption of ASC 326

The table that follows reflects the cumulative-effect adjustments the Company recorded on January 1, 2023 for the adoption of ASC 326:


	January 1, 2023
(in thousands)	Pre-ASC 326 Adoption		Impact of ASC 326 Adoption		Post-ASC 326 Adoption
Assets:
Allowance for Credit Losses	$	(28,389)	$	(5,282)	$	(33,671)
Deferred Tax Asset (Interest receivable and other assets)	12,273		1,883		14,156

Liabilities:
Reserve for Unfunded Commitments (Interest payable and other liabilities)	(125)		(1,092)		(1,217)

Shareholders’ Equity:
Retained Earnings	(46,736)		4,491		(42,245)

Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Fair Value of Assets and Liabilities Measured on Recurring Basis

The following table summarizes the Company’s assets and liabilities that were required to be recorded at fair value on a recurring basis.


(in thousands)	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
March 31, 2023
Assets:
Securities available-for-sale:
U.S. government agencies, mortgage-backed securities, obligations of states and political subdivisions, collateralized mortgage obligations, and corporate bonds	$	115,140	$	—	$	115,140	$	—	OCI
Derivatives – interest rate swap	16		—		16		—		NI
Liabilities:
Derivatives – interest rate swap	16		—		16		—		NI

December 31, 2022
Assets:
Securities available-for-sale:
U.S. government agencies, mortgage-backed securities, obligations of states and political subdivisions, collateralized mortgage obligations, and corporate bonds	$	115,988	$	—	$	115,988	$	—	OCI
Derivatives – interest rate swap	16		—		16		—		NI
Liabilities:
Derivatives – interest rate swap	16		—		16		—		NI

Summary of Fair Value Estimates for Financial Instruments by Balance Sheet Grouping


	March 31, 2023					December 31, 2022
(in thousands)	Carrying Amounts		Fair Value		Fair Value Hierarchy	Carrying Amounts		Fair Value		Fair Value Hierarchy
Financial assets:
Cash and cash equivalents	$	347,939	$	347,939	Level 1	$	259,991	$	259,991	Level 1
Time deposits in banks	9,617		9,617		Level 1	9,849		9,849		Level 1
Securities available-for-sale	115,140		115,140		Level 2	115,988		115,988		Level 2
Securities held-to-maturity	3,514		3,323		Level 3	3,756		3,432		Level 3
Loans held for sale	11,315		12,500		Level 2	9,416		9,785		Level 2
Loans held for investment, net of allowance for credit losses	2,835,676		2,657,245		Level 3	2,762,937		2,570,176		Level 3
FHLB stock and other investments	17,652		N/A		N/A	16,570		N/A		N/A
Interest receivable	7,743		7,743		Level 2	7,454		7,454		Level 2
Interest rate swap	16		16		Level 2	16		16		Level 2
Financial liabilities:
Deposits	2,920,406		2,715,580		Level 2	2,782,004		2,562,600		Level 2
Interest payable	941		941		Level 2	1,568		1,568		Level 2
Interest rate swap	16		16		Level 2	16		16		Level 2
FHLB advances	120,000		120,000		Level 2	100,000		100,000		Level 2
Subordinated notes	73,640		72,326		Level 3	73,606		72,273		Level 3

Investment Securities (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022 is presented below.


(in thousands)			Gross Unrealized
	Amortized Cost		Gains		(Losses)		Fair Value
March 31, 2023
Obligations of states and political subdivisions	$	3,514	$	—	$	(191)	$	3,323
Total held-to-maturity	$	3,514	$	—	$	(191)	$	3,323
December 31, 2022
Obligations of states and political subdivisions	$	3,756	$	—	$	(324)	$	3,432
Total held-to-maturity	$	3,756	$	—	$	(324)	$	3,432

Summary of Debt Securities Available-for-sale

A summary of the amortized cost and fair value related to securities available-for-sale as of March 31, 2023 and December 31, 2022 is presented below.


(in thousands)	Amortized Cost		Gross Unrealized				Fair Value
			Gains		(Losses)
March 31, 2023
U.S. government agencies	$	13,211	$	93	$	(157)	$	13,147
Mortgage-backed securities	71,880		—		(10,911)		60,969
Obligations of states and political subdivisions	44,590		25		(5,744)		38,871
Collateralized mortgage obligations	419		—		(35)		384
Corporate bonds	2,000		—		(231)		1,769
Total available-for-sale	$	132,100	$	118	$	(17,078)	$	115,140
December 31, 2022
U.S. government agencies	$	14,317	$	81	$	(225)	$	14,173
Mortgage-backed securities	73,111		1		(11,841)		61,271
Obligations of states and political subdivisions	45,223		21		(6,818)		38,426
Collateralized mortgage obligations	436		—		(41)		395
Corporate bonds	2,000		—		(277)		1,723
Total available-for-sale	$	135,087	$	103	$	(19,202)	$	115,988

Summary of Investment Debt Securities by Contractual Maturity


(in thousands)	March 31, 2023								December 31, 2022
	Held-to-Maturity				Available-for-Sale				Held-to-Maturity				Available-for-Sale
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Within one year	$	354	$	334	$	—	$	—	$	417	$	381	$	501	$	501
After one but within five years	950		899		—		—		1,015		927		—		—
After five years through ten years	1,375		1,300		5,818		5,307		1,470		1,343		5,320		4,761
After ten years	835		790		38,772		33,564		854		781		39,402		33,164

Investment securities not due at a single maturity date:
U.S. government agencies	—		—		13,211		13,147		—		—		14,317		14,173
Mortgage-backed securities	—		—		71,880		60,969		—		—		73,111		61,271
Collateralized mortgage obligations	—		—		419		384		—		—		436		395
Corporate bonds	—		—		2,000		1,769		—		—		2,000		1,723
Total	$	3,514	$	3,323	$	132,100	$	115,140	$	3,756	$	3,432	$	135,087	$	115,988

Schedule of Realized Gain (Loss)

Sales of investment securities and gross gains and losses are shown in the following table:


(in thousands)	For the three months ended
	March 31, 2023		March 31, 2022
Available-for-sale:
Sales proceeds	$	—	$	1,623
Gross realized gains	—		5

Schedule of Pledged Investment Securities

Pledged investment securities are shown in the following table:


(in thousands)	March 31, 2023		December 31, 2022
Pledged to:
The State of California, securing deposits of public funds and borrowings	$	40,196	$	40,465
The Federal Reserve Discount Window, increasing borrowing capacity	53,660		—
Total pledged investment securities	$	93,856	$	40,465

Schedule of Unrealized Losses and Fair Value of Available-for-sale Securities


	Less than 12 months				12 months or more				Total securities in a loss position
(in thousands)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
March 31, 2023
U.S. government agencies	$	1,750	$	(1)	$	8,785	$	(156)	$	10,535	$	(157)
Mortgage-backed securities	176		(3)		60,570		(10,908)		60,746		(10,911)
Obligations of states and political subdivisions	257		(11)		37,063		(5,733)		37,320		(5,744)
Collateralized mortgage obligations	—		—		384		(35)		384		(35)
Corporate bonds	—		—		1,769		(231)		1,769		(231)
	$	2,183	$	(15)	$	108,571	$	(17,063)	$	110,754	$	(17,078)

December 31, 2022
U.S. government agencies	$	3,090	$	(125)	$	8,392	$	(100)	$	11,482	$	(225)
Mortgage-backed securities	4,360		(470)		56,908		(11,371)		61,268		(11,841)
Obligations of states and political subdivisions	24,707		(4,097)		11,670		(2,721)		36,377		(6,818)
Collateralized mortgage obligations	395		(41)		—		—		395		(41)
Corporate bonds	—		—		1,723		(277)		1,723		(277)
	$	32,552	$	(4,733)	$	78,693	$	(14,469)	$	111,245	$	(19,202)

Loans and Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

The following table presents the balance of each major product type within the Company’s portfolio as of the dates indicated.


(in thousands)	March 31, 2023		December 31, 2022
Real estate:
Commercial	$	2,442,520	$	2,394,674
Commercial land and development	15,475		7,477
Commercial construction	98,415		88,669
Residential construction	9,410		6,693
Residential	23,862		24,230
Farmland	51,616		52,478
Commercial:
Secured	173,500		165,186
Unsecured	24,776		25,431

Consumer and other	32,378		28,628
Subtotal	2,871,952		2,793,466
Less: Net deferred loan fees	2,104		2,140
Less: Allowance for credit losses	34,172		28,389
Loans held for investment, net of allowance for credit losses	$	2,835,676	$	2,762,937

Summary of Credit Quality Indicators


	Amortized Cost Basis by Origination Year
(in thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans		Revolving Converted to Term		Total
Real estate:
Commercial
Pass	$	72,905	$	981,387	$	725,336	$	245,756	$	131,860	$	262,890	$	2,966	$	—	$	2,423,100
Watch	—		2,500		—		7,044		—		5,734		1,393		—		16,671
Substandard	—		—		—		—		—		102		—		—		102
Doubtful	—		—		—		—		—		—		—		—		—
Total	72,905		983,887		725,336		252,800		131,860		268,726		4,359		—		2,439,873
Commercial land and development
Pass	8,376		4,553		1,296		187		—		1,019		—		—		15,431
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	8,376		4,553		1,296		187		—		1,019		—		—		15,431
Commercial construction
Pass	757		32,079		47,673		11,725		—		—		—		—		92,234
Watch	—		—		—		—		—		5,900		—		—		5,900
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	757		32,079		47,673		11,725		—		5,900		—		—		98,134
Residential construction
Pass	—		3,209		6,201		—		—		—		—		—		9,410
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	—		3,209		6,201		—		—		—		—		—		9,410
Residential
Pass	628		4,048		6,399		2,336		2,299		6,605		1,407		—		23,722
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		175		—		—		175
Doubtful	—		—		—		—		—		—		—		—		—
Total	628		4,048		6,399		2,336		2,299		6,780		1,407		—		23,897
Farmland
Pass	—		8,157		12,811		8,129		12,753		9,731		—		—		51,581
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	—		8,157		12,811		8,129		12,753		9,731		—		—		51,581
Commercial:
Secured
Pass	4,196		52,454		25,275		17,792		12,243		15,668		44,634		—		172,262
Watch	—		610		8		38		13		906		—		—		1,575
Substandard	—		—		—		—		56		62		—		—		118
Doubtful	—		—		—		—		—		—		—		—		—
Total	4,196		53,064		25,283		17,830		12,312		16,636		44,634		—		173,955


	Amortized Cost Basis by Origination Year
(in thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans		Revolving Converted to Term		Total
Commercial:
Unsecured
Pass	4,243		3,362		4,560		4,965		2,680		67		4,953		—		24,830
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	4,243		3,362		4,560		4,965		2,680		67		4,953		—		24,830
Consumer and other
Pass	6,155		15,636		10,563		—		—		360		—		—		32,714
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		23		—		—		—		—		—		—		23
Doubtful	—		—		—		—		—		—		—		—		—
Total	6,155		15,659		10,563		—		—		360		—		—		32,737
Total
Pass	97,260		1,104,885		840,114		290,890		161,835		296,340		53,960		—		2,845,284
Watch	—		3,110		8		7,082		13		12,540		1,393		—		24,146
Substandard	—		23		—		—		56		339		—		—		418
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	97,260	$	1,108,018	$	840,122	$	297,972	$	161,904	$	309,219	$	55,353	$	—	$	2,869,848

Summary of Age Analysis of Past Due Loans

The age analysis of past due loans by class as of March 31, 2023 consisted of the following:


(in thousands)	Past Due
	30-89 Days		Greater Than 90 Days		Total Past Due		Current		Total Loans Receivable
Real estate:
Commercial	$	—	$	—	$	—	$	2,439,873	$	2,439,873
Commercial land and development	—		—		—		15,431		15,431
Commercial construction	—		—		—		98,134		98,134
Residential construction	—		—		—		9,410		9,410
Residential	—		175		175		23,722		23,897
Farmland	—		—		—		51,581		51,581
Commercial:
Secured	46		—		46		173,909		173,955
Unsecured	—		—		—		24,830		24,830

Consumer and other	81		—		81		32,656		32,737
Total	$	127	$	175	$	302	$	2,869,546	$	2,869,848

The age analysis of past due loans by class as of December 31, 2022 consisted of the following:


(in thousands)	Past Due				Total Past Due		Current		Total Loans Receivable
	30-89 Days		Greater Than 90 Days
Real estate:
Commercial	$	—	$	—	$	—	$	2,392,053	$	2,392,053
Commercial land and development	—		—		—		7,447		7,447
Commercial construction	—		—		—		88,314		88,314
Residential construction	—		—		—		6,693		6,693
Residential	175		—		175		24,088		24,263
Farmland	—		—		—		52,446		52,446
Commercial:
Secured	—		—		—		165,609		165,609
Unsecured	—		—		—		25,488		25,488

Consumer and other	194		—		194		28,819		29,013
Total	$	369	$	—	$	369	$	2,790,957	$	2,791,326

Schedule of Non-accrual Loans

Non-accrual loans, segregated by class, were as follows as of March 31, 2023 and December 31, 2022:


(in thousands)	March 31, 2023		December 31, 2022
Real estate:
Commercial	$	102	$	106
Residential	175		175
Commercial:
Secured	118		123
Consumer and other	23		—
Total non-accrual loans	$	418	$	404

Disclosure of Activity in the Allowance For Loan Losses

The following table discloses activity in the allowance for credit losses for the three months ended March 31, 2023.


(in thousands)	Beginning Balance		Effect of Adoption of ASC 326		Charge-offs		Recoveries		Provision (Benefit)		Ending Balance
Real estate:
Commercial	$	19,216	$	7,606	$	—	$	—	$	24	$	26,846
Commercial land and development	54		74		—		—		96		224
Commercial construction	645		882		—		—		(104)		1,423
Residential construction	49		81		—		—		43		173
Residential	175		3		—		—		1		179
Farmland	644		(396)		—		—		(31)		217
Commercial:
Secured	7,098		(3,060)		(488)		92		573		4,215
Unsecured	116		37		—		—		(3)		150

Consumer and other	347		80		(384)		401		(44)		400
Unallocated	45		(45)		—		—		345		345
Total	$	28,389	$	5,262	$	(872)	$	493	$	900	$	34,172

The following table discloses activity in the allowance for credit losses for the three months ended March 31, 2022.


(in thousands)	Beginning Balance		Charge-offs		Recoveries		Provision (Benefit)		Ending Balance
Real estate:
Commercial	$	12,869	$	—	$	—	$	999	$	13,868
Commercial land and development	50		—		—		16		66
Commercial construction	371		—		—		59		430
Residential construction	50		—		—		(10)		40
Residential	192		—		—		16		208
Farmland	645		—		—		(34)		611
Commercial:
Secured	6,859		(309)		46		443		7,039
Unsecured	207		—		—		39		246

Consumer and other	889		(67)		41		225		1,088
Unallocated	1,111		—		—		(803)		308
Total	$	23,243	$	(376)	$	87	$	950	$	23,904

Provisions for the unfunded loan commitments are included in “Other operating expenses” in the unaudited consolidated statements of income.


	Three months ended
(in thousands)	March 31, 2023		March 31, 2022
Balance at January 1	$	125	$	102
Effect of adoption of ASC 326	1,092		—



Balance at March 31	$	1,217	$	102

Interest-Bearing Deposits (Tables)

3 Months Ended

Mar. 31, 2023

Interest-bearing Deposits

Schedule of Interest-Bearing Deposits.

Interest-bearing deposits consisted of the following as of March 31, 2023 and December 31, 2022:


(in thousands)	March 31, 2023		December 31, 2022
Interest-bearing transaction accounts	$	273,703	$	240,131
Savings accounts	143,110		154,581
Money market accounts	1,294,350		1,073,532
Time accounts, $250 or more	229,040		198,159
Other time accounts	143,530		144,355
Total interest-bearing deposits	$	2,083,733	$	1,810,758

Time Deposit Maturities

As of March 31, 2023, scheduled maturities of time deposits for the next five years were as follows:


(in thousands)
2023	$	331,773
2024	38,560
2025	916
2026	1,321
2027	—
Total time deposits	$	372,570

Schedule of Composition of Network Deposits

The composition of network deposits as of March 31, 2023 and December 31, 2022 was as follows:


(in thousands)	March 31, 2023		December 31, 2022
CDARS	$	13,046	$	13,248
ICS	512,716		272,719
Total network deposits	$	525,762	$	285,967

Interest Expense Recognized on Interest-Bearing Deposits

Interest expense recognized on interest-bearing deposits for periods ended March 31, 2023 and 2022 consisted of the following:


	Three months ended
(in thousands)	March 31, 2023		March 31, 2022
Interest-bearing transaction accounts	$	430	$	70
Savings accounts	545		25
Money market accounts	5,439		367
Time accounts, $250 or more	1,963		59
Other time accounts	1,001		24
Total interest expense on interest-bearing deposits	$	9,378	$	545

Shareholders’ Equity (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Earnings Per Share


	Three months ended
(in thousands, except share count and earnings per common share)	March 31, 2023		March 31, 2022
Net income	$	13,161	$	9,862
Weighted average basic common shares outstanding	17,150,174		17,102,508
Add: Dilutive effects of assumed vesting of restricted stock	44,710		62,011
Weighted average diluted common shares outstanding	17,194,884		17,164,519
Earnings per common share:
Basic EPS	$	0.77	$	0.58
Diluted EPS	$	0.77	$	0.58

Nonvested Restricted Stock Shares

The following table summarizes activity related to restricted shares for the periods indicated:


	For the three months ended March 31,
	2023			2022
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Beginning of the period balance	96,826	$	20.34	127,751	$	19.95
Shares granted	16,978	28.52		22,201	28.50
Shares vested	(5,441)	24.28		(10,246)	24.85
Shares forfeited	—	—		(850)	20.00
End of the period balance	108,363	$	21.43	138,856	$	20.95

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Other Commitments

The contractual

amounts of unfunded loan commitments and standby letters of credit not reflected in the unaudited consolidated balance sheets were as follows:


(in thousands)	March 31, 2023		December 31, 2022
Commercial lines of credit	$	155,762	$	147,021
Undisbursed commercial real estate loans	82,286		79,121
Undisbursed construction loans	70,599		80,726
Agricultural lines of credit	14,449		10,399
Undisbursed residential real estate loans	9,300		8,945
Undisbursed agricultural real estate loans	946		1,068
Other	1,734		1,868
Total commitments and standby letters of credit	$	335,076	$	329,148

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 office segment	Jun. 02, 2003 shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Bank common stock exchanged for company common stock (in shares) \| shares		1
Number of branch offices	7
Number of loan production offices	1
Number of reportable segments \| segment	1

Basis of Presentation and Summary of Significant Accounting Policies - ASC 326 Adoption (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Allowance for Credit Losses	$ (34,172)	$ (28,389)	$ (28,389)	$ (23,904)	$ (23,243)
Deferred tax asset (Interest receivable and other assets)		12,273
Liabilities:
Allowance for Credit Losses	(34,172)	(28,389)	(28,389)	(23,904)	(23,243)
Shareholders’ Equity:
Retained earnings	52,817	(46,736)	46,736
Unfunded Loan Commitment
ASSETS
Allowance for Credit Losses	(1,217)	(125)	(125)	(102)	(102)
Liabilities:
Allowance for Credit Losses	$ (1,217)	(125)	(125)	$ (102)	(102)
Cumulative Effect, Period of Adoption, Adjustment
ASSETS
Allowance for Credit Losses		(5,282)	(5,262)
Deferred tax asset (Interest receivable and other assets)		1,883
Liabilities:
Allowance for Credit Losses		(5,282)	(5,262)
Shareholders’ Equity:
Retained earnings		4,491
Cumulative Effect, Period of Adoption, Adjustment \| Unfunded Loan Commitment
ASSETS
Allowance for Credit Losses		(1,092)	(1,092)		0
Liabilities:
Allowance for Credit Losses		(1,092)	$ (1,092)		$ 0
Cumulative Effect, Period of Adoption, Adjusted Balance
ASSETS
Allowance for Credit Losses		(33,671)
Deferred tax asset (Interest receivable and other assets)		14,156
Liabilities:
Allowance for Credit Losses		(33,671)
Shareholders’ Equity:
Retained earnings		(42,245)
Cumulative Effect, Period of Adoption, Adjusted Balance \| Unfunded Loan Commitment
ASSETS
Allowance for Credit Losses		(1,217)
Liabilities:
Allowance for Credit Losses		$ (1,217)

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Fair Value of Assets and Liabilities - Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available-for-sale, at fair value	$ 115,140	$ 115,988
Assets: \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available-for-sale, at fair value	115,140	115,988
Assets: \| Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available-for-sale, at fair value	0	0
Assets: \| Fair Value, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available-for-sale, at fair value	115,140	115,988
Assets: \| Fair Value, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available-for-sale, at fair value	0	0
Assets: \| Derivatives – interest rate swap \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives – interest rate swap	16	16
Assets: \| Derivatives – interest rate swap \| Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives – interest rate swap	0	0
Assets: \| Derivatives – interest rate swap \| Fair Value, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives – interest rate swap	16	16
Assets: \| Derivatives – interest rate swap \| Fair Value, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives – interest rate swap	0	0
Liabilities: \| Derivatives – interest rate swap \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives – interest rate swap	16	16
Liabilities: \| Derivatives – interest rate swap \| Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives – interest rate swap	0	0
Liabilities: \| Derivatives – interest rate swap \| Fair Value, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives – interest rate swap	16	16
Liabilities: \| Derivatives – interest rate swap \| Fair Value, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives – interest rate swap	$ 0	$ 0

Fair Value of Assets and Liabilities - Fair Value Estimates for Financial Instruments by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financial assets:
Securities available-for-sale	$ 115,140	$ 115,988
Securities held-to-maturity	3,323	3,432
Carrying Amounts
Financial assets:
Cash and cash equivalents	347,939	259,991
Time deposits in banks	9,617	9,849
Securities available-for-sale	115,140	115,988
Securities held-to-maturity	3,514	3,756
Loans held for sale	11,315	9,416
Loans held for investment, net of allowance for credit losses	2,835,676	2,762,937
FHLB stock and other investments	17,652	16,570
Interest receivable	7,743	7,454
Interest rate swap	16	16
Financial liabilities:
Deposits	2,920,406	2,782,004
Interest payable	941	1,568
Interest rate swap	16	16
FHLB advances	120,000	100,000
Subordinated notes	73,640	73,606
Fair Value \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial assets:
Cash and cash equivalents	347,939	259,991
Time deposits in banks	9,617	9,849
Fair Value \| Significant Other Observable Inputs (Level 2)
Financial assets:
Securities available-for-sale	115,140	115,988
Loans held for sale	12,500	9,785
Interest receivable	7,743	7,454
Interest rate swap	16	16
Financial liabilities:
Deposits	2,715,580	2,562,600
Interest payable	941	1,568
Interest rate swap	16	16
FHLB advances	120,000	100,000
Fair Value \| Significant Unobservable Inputs (Level 3)
Financial assets:
Securities held-to-maturity	3,323	3,432
Loans held for investment, net of allowance for credit losses	2,657,245	2,570,176
Financial liabilities:
Subordinated notes	$ 72,326	$ 72,273

Investment Securities - Amortized Cost and Fair Value of Securities Held-to-maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Securities held-to-maturity, at amortized cost	$ 3,514	$ 3,756
Gross unrealized gains	0	0
Gross unrealized losses	(191)	(324)
Securities held-to-maturity	3,323	3,432
Obligations of states and political subdivisions
Marketable Securities [Line Items]
Securities held-to-maturity, at amortized cost	3,514	3,756
Gross unrealized gains	0	0
Gross unrealized losses	(191)	(324)
Securities held-to-maturity	$ 3,323	$ 3,432

Investment Securities - Amortized Cost and Fair Value of Securities Available-for-sale (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Amortized Cost	$ 132,100	$ 135,087
Gross unrealized gains	118	103
Gross unrealized losses	(17,078)	(19,202)
Securities available-for-sale	115,140	115,988
U.S. government agencies
Marketable Securities [Line Items]
Amortized Cost	13,211	14,317
Gross unrealized gains	93	81
Gross unrealized losses	(157)	(225)
Securities available-for-sale	13,147	14,173
Mortgage-backed securities
Marketable Securities [Line Items]
Amortized Cost	71,880	73,111
Gross unrealized gains	0	1
Gross unrealized losses	(10,911)	(11,841)
Securities available-for-sale	60,969	61,271
Obligations of states and political subdivisions
Marketable Securities [Line Items]
Amortized Cost	44,590	45,223
Gross unrealized gains	25	21
Gross unrealized losses	(5,744)	(6,818)
Securities available-for-sale	38,871	38,426
Collateralized mortgage obligations
Marketable Securities [Line Items]
Amortized Cost	419	436
Gross unrealized gains	0	0
Gross unrealized losses	(35)	(41)
Securities available-for-sale	384	395
Corporate bonds
Marketable Securities [Line Items]
Amortized Cost	2,000	2,000
Gross unrealized gains	0	0
Gross unrealized losses	(231)	(277)
Securities available-for-sale	$ 1,769	$ 1,723

Investment Securities - Amortized Cost and Fair Value of Investment Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Amortized Cost
Within one year	$ 354	$ 417
After one but within five years	950	1,015
After five years through ten years	1,375	1,470
After ten years	835	854
Fair Value
Within one year	334	381
After one but within five years	899	927
After five years through ten years	1,300	1,343
After ten years	790	781
Amortized Cost
Within one year	0	501
After one but within five years	0	0
After five years through ten years	5,818	5,320
After ten years	38,772	39,402
Fair Value
Within one year	0	501
After one but within five years	0	0
After five years through ten years	5,307	4,761
After ten years	33,564	33,164
Securities held-to-maturity, at amortized cost (fair value of $3,323 and $3,432 at March 31, 2023 and December 31, 2022, respectively)	3,514	3,756
Securities held-to-maturity	3,323	3,432
Amortized Cost	132,100	135,087
Securities available-for-sale, at fair value	115,140	115,988
U.S. government agencies
Fair Value
Securities held-to-maturity, at amortized cost (fair value of $3,323 and $3,432 at March 31, 2023 and December 31, 2022, respectively)	0	0
Securities held-to-maturity	0	0
Amortized Cost	13,211	14,317
Securities available-for-sale, at fair value	13,147	14,173
Mortgage-backed securities
Fair Value
Securities held-to-maturity, at amortized cost (fair value of $3,323 and $3,432 at March 31, 2023 and December 31, 2022, respectively)	0	0
Securities held-to-maturity	0	0
Amortized Cost	71,880	73,111
Securities available-for-sale, at fair value	60,969	61,271
Collateralized mortgage obligations
Fair Value
Securities held-to-maturity, at amortized cost (fair value of $3,323 and $3,432 at March 31, 2023 and December 31, 2022, respectively)	0	0
Securities held-to-maturity	0	0
Amortized Cost	419	436
Securities available-for-sale, at fair value	384	395
Corporate bonds
Fair Value
Securities held-to-maturity, at amortized cost (fair value of $3,323 and $3,432 at March 31, 2023 and December 31, 2022, respectively)	0	0
Securities held-to-maturity	0	0
Amortized Cost	2,000	2,000
Securities available-for-sale, at fair value	$ 1,769	$ 1,723

Investment Securities - Sales of Investment Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Sales proceeds	$ 0	$ 1,623
Gross realized gains	$ 0	$ 5

Investment Securities - Pledged Investment Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Securities available-for-sale, at fair value	$ 115,140	$ 115,988
Federal Funds Purchased
Marketable Securities [Line Items]
Securities available-for-sale, at fair value	53,660	0
Deposits and Federal Funds Purchased
Marketable Securities [Line Items]
Securities available-for-sale, at fair value	93,856	40,465
CALIFORNIA \| Deposits
Marketable Securities [Line Items]
Securities available-for-sale, at fair value	$ 40,196	$ 40,465

Investment Securities - Available-for-sale Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Less than twelve continuous months, fair value	$ 2,183	$ 32,552
Less than twelve continuous months, unrealized loss	(15)	(4,733)
Twelve continuous months or longer, fair value	108,571	78,693
Twelve continuous months or longer, unrealized loss	(17,063)	(14,469)
Total securities in a loss position, fair value	110,754	111,245
Total securities in a loss position, unrealized loss	(17,078)	(19,202)
U.S. government agencies
Marketable Securities [Line Items]
Less than twelve continuous months, fair value	1,750	3,090
Less than twelve continuous months, unrealized loss	(1)	(125)
Twelve continuous months or longer, fair value	8,785	8,392
Twelve continuous months or longer, unrealized loss	(156)	(100)
Total securities in a loss position, fair value	10,535	11,482
Total securities in a loss position, unrealized loss	(157)	(225)
Mortgage-backed securities
Marketable Securities [Line Items]
Less than twelve continuous months, fair value	176	4,360
Less than twelve continuous months, unrealized loss	(3)	(470)
Twelve continuous months or longer, fair value	60,570	56,908
Twelve continuous months or longer, unrealized loss	(10,908)	(11,371)
Total securities in a loss position, fair value	60,746	61,268
Total securities in a loss position, unrealized loss	(10,911)	(11,841)
Obligations of states and political subdivisions
Marketable Securities [Line Items]
Less than twelve continuous months, fair value	257	24,707
Less than twelve continuous months, unrealized loss	(11)	(4,097)
Twelve continuous months or longer, fair value	37,063	11,670
Twelve continuous months or longer, unrealized loss	(5,733)	(2,721)
Total securities in a loss position, fair value	37,320	36,377
Total securities in a loss position, unrealized loss	(5,744)	(6,818)
Collateralized mortgage obligations
Marketable Securities [Line Items]
Less than twelve continuous months, fair value	0	395
Less than twelve continuous months, unrealized loss	0	(41)
Twelve continuous months or longer, fair value	384	0
Twelve continuous months or longer, unrealized loss	(35)	0
Total securities in a loss position, fair value	384	395
Total securities in a loss position, unrealized loss	(35)	(41)
Corporate bonds
Marketable Securities [Line Items]
Less than twelve continuous months, fair value	0	0
Less than twelve continuous months, unrealized loss	0	0
Twelve continuous months or longer, fair value	1,769	1,723
Twelve continuous months or longer, unrealized loss	(231)	(277)
Total securities in a loss position, fair value	1,769	1,723
Total securities in a loss position, unrealized loss	$ (231)	$ (277)

Investment Securities - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) security $ / shares	Mar. 31, 2022 USD ($)	Feb. 22, 2023	Dec. 31, 2022 USD ($) security
Marketable Securities [Line Items]
Number of securities in unrealized loss positions	151			152
Number of investment securities in a continuous loss position for twelve months or more	147
Investment securities in a loss position for less than twelve months	4
Held-to-maturity securities in a continuous loss position for twelve months or less	1
FHLB stock price (in USD per share) \| $ / shares	$ 100
FHLB Stock \| $	$ 10,890			$ 10,890
Investment interest rate			7.00%
FHLB stock dividends \| $	193	$ 102
Investment in Federal Home Loan Bank Stock
Marketable Securities [Line Items]
FHLB stock dividends \| $	$ 200	$ 100

Loans and Allowance for Credit Losses - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) loan	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Financing Receivable, Past Due [Line Items]
Financing receivable, gross	$ 2,869,848,000		$ 2,791,326,000
Loans greater than 90 days past due	0		0
Interest income related to non-accrual loans	9,100	$ 18,300
Pledged loans	$ 1,700,000,000		1,600,000,000
Number of collateral dependent loans in process of foreclosure \| loan	1
Commercial Portfolio Segment
Financing Receivable, Past Due [Line Items]
Unpaid principal balance	$ 175,000
Federal Reserve Bank of San Francisco
Financing Receivable, Past Due [Line Items]
FRB pledged loans	46,000,000		41,900,000
60 - 89 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, gross	$ 0		$ 0

Loans and Allowance for Credit Losses - Balance of Each Major Product Type (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Subtotal	$ 2,871,952		$ 2,793,466
Less: Net deferred loan fees	2,104		2,140
Less: Allowance for credit losses	34,172	$ 28,389	28,389	$ 23,904	$ 23,243
Loans held for investment, net of allowance for credit losses	2,835,676		2,762,937
Commercial
Financing Receivable, Past Due [Line Items]
Subtotal	2,442,520		2,394,674
Less: Allowance for credit losses	26,846		19,216	13,868	12,869
Commercial land and development
Financing Receivable, Past Due [Line Items]
Subtotal	15,475		7,477
Less: Allowance for credit losses	224		54	66	50
Commercial construction
Financing Receivable, Past Due [Line Items]
Subtotal	98,415		88,669
Less: Allowance for credit losses	1,423		645	430	371
Residential construction
Financing Receivable, Past Due [Line Items]
Subtotal	9,410		6,693
Less: Allowance for credit losses	173		49	40	50
Residential
Financing Receivable, Past Due [Line Items]
Subtotal	23,862		24,230
Less: Allowance for credit losses	179		175	208	192
Farmland
Financing Receivable, Past Due [Line Items]
Subtotal	51,616		52,478
Less: Allowance for credit losses	217		644	611	645
Secured
Financing Receivable, Past Due [Line Items]
Subtotal	173,500		165,186
Less: Allowance for credit losses	4,215		7,098	7,039	6,859
Unsecured
Financing Receivable, Past Due [Line Items]
Subtotal	24,776		25,431
Less: Allowance for credit losses	150		116	246	207
Consumer and other
Financing Receivable, Past Due [Line Items]
Subtotal	32,378		28,628
Less: Allowance for credit losses	$ 400		$ 347	$ 1,088	$ 889

Loans and Allowance for Credit Losses - Credit Quality Indicators Related to the Company’s Loans by Class (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
2023	$ 97,260
2022	1,108,018
2021	840,122
2020	297,972
2019	161,904
Prior	309,219
Revolving Loans	55,353
Revolving Converted to Term	0
Total	2,869,848	$ 2,791,326
Pass
Financing Receivable, Past Due [Line Items]
2023	97,260
2022	1,104,885
2021	840,114
2020	290,890
2019	161,835
Prior	296,340
Revolving Loans	53,960
Revolving Converted to Term	0
Total	2,845,284
Watch
Financing Receivable, Past Due [Line Items]
2023	0
2022	3,110
2021	8
2020	7,082
2019	13
Prior	12,540
Revolving Loans	1,393
Revolving Converted to Term	0
Total	24,146
Substandard
Financing Receivable, Past Due [Line Items]
2023	0
2022	23
2021	0
2020	0
2019	56
Prior	339
Revolving Loans	0
Revolving Converted to Term	0
Total	418
Doubtful
Financing Receivable, Past Due [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans	0
Revolving Converted to Term	0
Total	0
Real Estate, Commercial
Financing Receivable, Past Due [Line Items]
2023	72,905
2022	983,887
2021	725,336
2020	252,800
2019	131,860
Prior	268,726
Revolving Loans	4,359
Revolving Converted to Term	0
Total	2,439,873	2,392,053
Real Estate, Commercial \| Pass
Financing Receivable, Past Due [Line Items]
2023	72,905
2022	981,387
2021	725,336
2020	245,756
2019	131,860
Prior	262,890
Revolving Loans	2,966
Revolving Converted to Term	0
Total	2,423,100
Real Estate, Commercial \| Watch
Financing Receivable, Past Due [Line Items]
2023	0
2022	2,500
2021	0
2020	7,044
2019	0
Prior	5,734
Revolving Loans	1,393
Revolving Converted to Term	0
Total	16,671
Real Estate, Commercial \| Substandard
Financing Receivable, Past Due [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	102
Revolving Loans	0
Revolving Converted to Term	0
Total	102
Real Estate, Commercial \| Doubtful
Financing Receivable, Past Due [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans	0
Revolving Converted to Term	0
Total	0
Real estate , Commercial land and development
Financing Receivable, Past Due [Line Items]
2023	8,376
2022	4,553
2021	1,296
2020	187
2019	0
Prior	1,019
Revolving Loans	0
Revolving Converted to Term	0
Total	15,431	7,447
Real estate , Commercial land and development \| Pass
Financing Receivable, Past Due [Line Items]
2023	8,376
2022	4,553
2021	1,296
2020	187
2019	0
Prior	1,019
Revolving Loans	0
Revolving Converted to Term	0
Total	15,431
Real estate , Commercial land and development \| Watch
Financing Receivable, Past Due [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans	0
Revolving Converted to Term	0
Total	0
Real estate , Commercial land and development \| Substandard
Financing Receivable, Past Due [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans	0
Revolving Converted to Term	0
Total	0
Real estate , Commercial land and development \| Doubtful
Financing Receivable, Past Due [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans	0
Revolving Converted to Term	0
Total	0
Real estate, Commercial construction
Financing Receivable, Past Due [Line Items]
2023	757
2022	32,079
2021	47,673
2020	11,725
2019	0
Prior	5,900
Revolving Loans	0
Revolving Converted to Term	0
Total	98,134	88,314
Real estate, Commercial construction \| Pass
Financing Receivable, Past Due [Line Items]
2023	757
2022	32,079
2021	47,673
2020	11,725
2019	0
Prior	0
Revolving Loans	0
Revolving Converted to Term	0
Total	92,234
Real estate, Commercial construction \| Watch
Financing Receivable, Past Due [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	5,900
Revolving Loans	0
Revolving Converted to Term	0
Total	5,900
Real estate, Commercial construction \| Substandard
Financing Receivable, Past Due [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans	0
Revolving Converted to Term	0
Total	0
Real estate, Commercial construction \| Doubtful
Financing Receivable, Past Due [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans	0
Revolving Converted to Term	0
Total	0
Real estate, Residential construction
Financing Receivable, Past Due [Line Items]
2023	0
2022	3,209
2021	6,201
2020	0
2019	0
Prior	0
Revolving Loans	0
Revolving Converted to Term	0
Total	9,410	6,693
Real estate, Residential construction \| Pass
Financing Receivable, Past Due [Line Items]
2023	0
2022	3,209
2021	6,201
2020	0
2019	0
Prior	0
Revolving Loans	0
Revolving Converted to Term	0
Total	9,410
Real estate, Residential construction \| Watch
Financing Receivable, Past Due [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans	0
Revolving Converted to Term	0
Total	0
Real estate, Residential construction \| Substandard
Financing Receivable, Past Due [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans	0
Revolving Converted to Term	0
Total	0
Real estate, Residential construction \| Doubtful
Financing Receivable, Past Due [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans	0
Revolving Converted to Term	0
Total	0
Real estate, Residential
Financing Receivable, Past Due [Line Items]
2023	628
2022	4,048
2021	6,399
2020	2,336
2019	2,299
Prior	6,780
Revolving Loans	1,407
Revolving Converted to Term	0
Total	23,897	24,263
Real estate, Residential \| Pass
Financing Receivable, Past Due [Line Items]
2023	628
2022	4,048
2021	6,399
2020	2,336
2019	2,299
Prior	6,605
Revolving Loans	1,407
Revolving Converted to Term	0
Total	23,722
Real estate, Residential \| Watch
Financing Receivable, Past Due [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans	0
Revolving Converted to Term	0
Total	0
Real estate, Residential \| Substandard
Financing Receivable, Past Due [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	175
Revolving Loans	0
Revolving Converted to Term	0
Total	175
Real estate, Residential \| Doubtful
Financing Receivable, Past Due [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans	0
Revolving Converted to Term	0
Total	0
Real estate, farmland
Financing Receivable, Past Due [Line Items]
2023	0
2022	8,157
2021	12,811
2020	8,129
2019	12,753
Prior	9,731
Revolving Loans	0
Revolving Converted to Term	0
Total	51,581	52,446
Real estate, farmland \| Pass
Financing Receivable, Past Due [Line Items]
2023	0
2022	8,157
2021	12,811
2020	8,129
2019	12,753
Prior	9,731
Revolving Loans	0
Revolving Converted to Term	0
Total	51,581
Real estate, farmland \| Watch
Financing Receivable, Past Due [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans	0
Revolving Converted to Term	0
Total	0
Real estate, farmland \| Substandard
Financing Receivable, Past Due [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans	0
Revolving Converted to Term	0
Total	0
Real estate, farmland \| Doubtful
Financing Receivable, Past Due [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans	0
Revolving Converted to Term	0
Total	0
Commercial, Secured
Financing Receivable, Past Due [Line Items]
2023	4,196
2022	53,064
2021	25,283
2020	17,830
2019	12,312
Prior	16,636
Revolving Loans	44,634
Revolving Converted to Term	0
Total	173,955	165,609
Commercial, Secured \| Pass
Financing Receivable, Past Due [Line Items]
2023	4,196
2022	52,454
2021	25,275
2020	17,792
2019	12,243
Prior	15,668
Revolving Loans	44,634
Revolving Converted to Term	0
Total	172,262
Commercial, Secured \| Watch
Financing Receivable, Past Due [Line Items]
2023	0
2022	610
2021	8
2020	38
2019	13
Prior	906
Revolving Loans	0
Revolving Converted to Term	0
Total	1,575
Commercial, Secured \| Substandard
Financing Receivable, Past Due [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	56
Prior	62
Revolving Loans	0
Revolving Converted to Term	0
Total	118
Commercial, Secured \| Doubtful
Financing Receivable, Past Due [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans	0
Revolving Converted to Term	0
Total	0
Commercial, Unsecured
Financing Receivable, Past Due [Line Items]
2023	4,243
2022	3,362
2021	4,560
2020	4,965
2019	2,680
Prior	67
Revolving Loans	4,953
Revolving Converted to Term	0
Total	24,830	25,488
Commercial, Unsecured \| Pass
Financing Receivable, Past Due [Line Items]
2023	4,243
2022	3,362
2021	4,560
2020	4,965
2019	2,680
Prior	67
Revolving Loans	4,953
Revolving Converted to Term	0
Total	24,830
Commercial, Unsecured \| Watch
Financing Receivable, Past Due [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans	0
Revolving Converted to Term	0
Total	0
Commercial, Unsecured \| Substandard
Financing Receivable, Past Due [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans	0
Revolving Converted to Term	0
Total	0
Commercial, Unsecured \| Doubtful
Financing Receivable, Past Due [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans	0
Revolving Converted to Term	0
Total	0
Consumer and other
Financing Receivable, Past Due [Line Items]
2023	6,155
2022	15,659
2021	10,563
2020	0
2019	0
Prior	360
Revolving Loans	0
Revolving Converted to Term	0
Total	32,737	$ 29,013
Consumer and other \| Pass
Financing Receivable, Past Due [Line Items]
2023	6,155
2022	15,636
2021	10,563
2020	0
2019	0
Prior	360
Revolving Loans	0
Revolving Converted to Term	0
Total	32,714
Consumer and other \| Watch
Financing Receivable, Past Due [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans	0
Revolving Converted to Term	0
Total	0
Consumer and other \| Substandard
Financing Receivable, Past Due [Line Items]
2023	0
2022	23
2021	0
2020	0
2019	0
Prior	0
Revolving Loans	0
Revolving Converted to Term	0
Total	23
Consumer and other \| Doubtful
Financing Receivable, Past Due [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans	0
Revolving Converted to Term	0
Total	$ 0

Loans and Allowance for Credit Losses - Age Analysis of Past Due Loans by Class (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Total	$ 2,869,848	$ 2,791,326
30-89 Days
Financing Receivable, Past Due [Line Items]
Total	127	369
Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Total	175	0
Total Past Due
Financing Receivable, Past Due [Line Items]
Total	302	369
Current
Financing Receivable, Past Due [Line Items]
Total	2,869,546	2,790,957
Commercial
Financing Receivable, Past Due [Line Items]
Total	2,439,873	2,392,053
Commercial \| 30-89 Days
Financing Receivable, Past Due [Line Items]
Total	0	0
Commercial \| Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Total	0	0
Commercial \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Commercial \| Current
Financing Receivable, Past Due [Line Items]
Total	2,439,873	2,392,053
Commercial land and development
Financing Receivable, Past Due [Line Items]
Total	15,431	7,447
Commercial land and development \| 30-89 Days
Financing Receivable, Past Due [Line Items]
Total	0	0
Commercial land and development \| Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Total	0	0
Commercial land and development \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Commercial land and development \| Current
Financing Receivable, Past Due [Line Items]
Total	15,431	7,447
Commercial construction
Financing Receivable, Past Due [Line Items]
Total	98,134	88,314
Commercial construction \| 30-89 Days
Financing Receivable, Past Due [Line Items]
Total	0	0
Commercial construction \| Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Total	0	0
Commercial construction \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Commercial construction \| Current
Financing Receivable, Past Due [Line Items]
Total	98,134	88,314
Residential construction
Financing Receivable, Past Due [Line Items]
Total	9,410	6,693
Residential construction \| 30-89 Days
Financing Receivable, Past Due [Line Items]
Total	0	0
Residential construction \| Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Total	0	0
Residential construction \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Residential construction \| Current
Financing Receivable, Past Due [Line Items]
Total	9,410	6,693
Residential
Financing Receivable, Past Due [Line Items]
Total	23,897	24,263
Residential \| 30-89 Days
Financing Receivable, Past Due [Line Items]
Total	0	175
Residential \| Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Total	175	0
Residential \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total	175	175
Residential \| Current
Financing Receivable, Past Due [Line Items]
Total	23,722	24,088
Farmland
Financing Receivable, Past Due [Line Items]
Total	51,581	52,446
Farmland \| 30-89 Days
Financing Receivable, Past Due [Line Items]
Total	0	0
Farmland \| Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Total	0	0
Farmland \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Farmland \| Current
Financing Receivable, Past Due [Line Items]
Total	51,581	52,446
Secured
Financing Receivable, Past Due [Line Items]
Total	173,955	165,609
Secured \| 30-89 Days
Financing Receivable, Past Due [Line Items]
Total	46	0
Secured \| Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Total	0	0
Secured \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total	46	0
Secured \| Current
Financing Receivable, Past Due [Line Items]
Total	173,909	165,609
Unsecured
Financing Receivable, Past Due [Line Items]
Total	24,830	25,488
Unsecured \| 30-89 Days
Financing Receivable, Past Due [Line Items]
Total	0	0
Unsecured \| Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Total	0	0
Unsecured \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Unsecured \| Current
Financing Receivable, Past Due [Line Items]
Total	24,830	25,488
Consumer and other
Financing Receivable, Past Due [Line Items]
Total	32,737	29,013
Consumer and other \| 30-89 Days
Financing Receivable, Past Due [Line Items]
Total	81	194
Consumer and other \| Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Total	0	0
Consumer and other \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total	81	194
Consumer and other \| Current
Financing Receivable, Past Due [Line Items]
Total	$ 32,656	$ 28,819

Loans and Allowance for Credit Losses - Non-accrual Loans Segregated by Class (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Total non-accrual loans	$ 418	$ 404
Commercial
Financing Receivable, Past Due [Line Items]
Total non-accrual loans	102	106
Residential
Financing Receivable, Past Due [Line Items]
Total non-accrual loans	175	175
Secured
Financing Receivable, Past Due [Line Items]
Total non-accrual loans	118	123
Consumer and other
Financing Receivable, Past Due [Line Items]
Total non-accrual loans	$ 23	$ 0

Loans and Allowance for Credit Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 28,389	$ 23,243
Charge-offs	(872)	(376)
Recoveries	493	87
Provision (Benefit)	900	950
Ending Balance	34,172	23,904
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	5,262
Commercial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	19,216	12,869
Charge-offs	0	0
Recoveries	0	0
Provision (Benefit)	24	999
Ending Balance	26,846	13,868
Commercial \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	7,606
Commercial land and development
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	54	50
Charge-offs	0	0
Recoveries	0	0
Provision (Benefit)	96	16
Ending Balance	224	66
Commercial land and development \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	74
Commercial construction
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	645	371
Charge-offs	0	0
Recoveries	0	0
Provision (Benefit)	(104)	59
Ending Balance	1,423	430
Commercial construction \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	882
Residential construction
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	49	50
Charge-offs	0	0
Recoveries	0	0
Provision (Benefit)	43	(10)
Ending Balance	173	40
Residential construction \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	81
Residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	175	192
Charge-offs	0	0
Recoveries	0	0
Provision (Benefit)	1	16
Ending Balance	179	208
Residential \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	3
Farmland
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	644	645
Charge-offs	0	0
Recoveries	0	0
Provision (Benefit)	(31)	(34)
Ending Balance	217	611
Farmland \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	(396)
Secured
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	7,098	6,859
Charge-offs	(488)	(309)
Recoveries	92	46
Provision (Benefit)	573	443
Ending Balance	4,215	7,039
Secured \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	(3,060)
Unsecured
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	116	207
Charge-offs	0	0
Recoveries	0	0
Provision (Benefit)	(3)	39
Ending Balance	150	246
Unsecured \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	37
Consumer and other
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	347	889
Charge-offs	(384)	(67)
Recoveries	401	41
Provision (Benefit)	(44)	225
Ending Balance	400	1,088
Consumer and other \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	80
Unallocated
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	45	1,111
Charge-offs	0	0
Recoveries	0	0
Provision (Benefit)	345	(803)
Ending Balance	345	$ 308
Unallocated \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ (45)

Loans and Allowance for Credit Losses - Unfunded Loan Commitment Reserve (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022	Mar. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 28,389	$ 28,389	$ 23,904	$ 23,243
Allowance for credit loss	34,172	28,389	28,389	23,904
Ending Balance	34,172	28,389	28,389	23,904
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	5,282	5,262
Allowance for credit loss		5,282	5,262
Ending Balance		5,282	5,262
Unfunded Loan Commitment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	125	125	102	102
Allowance for credit loss	1,217	125	125	102
Ending Balance	1,217	125	125	102
Unfunded Loan Commitment \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 1,092	1,092		$ 0
Allowance for credit loss		1,092	1,092
Ending Balance		$ 1,092	$ 1,092

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Interest Bearing Deposits - Interest-Bearing Deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Interest-bearing Deposits
Interest-bearing transaction accounts	$ 273,703	$ 240,131
Savings accounts	143,110	154,581
Money market accounts	1,294,350	1,073,532
Time accounts, $250 or more	229,040	198,159
Other time accounts	143,530	144,355
Total interest-bearing deposits	$ 2,083,733	$ 1,810,758

Interest-Bearing Deposits - Narrative (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Interest-bearing Deposits
Interest-bearing domestic deposit, time deposits	$ 372,570,000	$ 342,500,000
One-way deposits	$ 0	$ 0

Interest Bearing Deposits - Maturities of Time Deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Interest-bearing Deposits
2023	$ 331,773
2024	38,560
2025	916
2026	1,321
2027	0
Total time deposits	$ 372,570	$ 342,500

Interest Bearing Deposits - Composition of Network Deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Interest Bearing Deposits [Line Items]
Total network deposits	$ 525,762	$ 285,967
CDARS
Interest Bearing Deposits [Line Items]
Total network deposits	13,046	13,248
ICS
Interest Bearing Deposits [Line Items]
Total network deposits	$ 512,716	$ 272,719

Interest Bearing Deposits - Interest Expense Recognized on Interest-bearing Deposits (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest-bearing Deposits
Interest-bearing transaction accounts	$ 430	$ 70
Savings accounts	545	25
Money market accounts	5,439	367
Time accounts, $250 or more	1,963	59
Other time accounts	1,001	24
Total interest expense on interest-bearing deposits	9,378	$ 545
Time deposits minimum	$ 250

Long Term Debt and Other Borrowings (Details)	Aug. 17, 2022 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) federalFund correspondentBank
Debt Instrument [Line Items]
Subordinated debt, net		$ 73,640,000	$ 73,606,000
Number of unsecured federal funds \| federalFund			7
Number of correspondent banks \| correspondentBank			7
FHLB Agreement
Debt Instrument [Line Items]
Line of credit		120,000,000	$ 100,000,000
Subordinated Debt
Debt Instrument [Line Items]
Debt issuance costs		1,500,000
Amortization, debt issuance costs		$ 100,000
Subordinated Debt \| Fixed-to-floating Rate Subordinated Notes Issued August 2022
Debt Instrument [Line Items]
Subordinated debt, net	$ 75,000,000
Interest rate	6.00%
Floating interest rate		8.18%
Subordinated Debt \| Fixed-to-floating Rate Subordinated Notes Issued August 2022 \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	3.29%
Subordinated Debt \| Entity controlled by existing and former board members and their affiliates
Debt Instrument [Line Items]
Face amount	$ 19,300,000
Letter of Credit \| FHLB Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,100,000,000	1,000,000,000
Letters of credit amount		666,500,000	686,500,000
Line of Credit
Debt Instrument [Line Items]
Line of credit		0	0
Line of Credit \| Secure State of California Deposits
Debt Instrument [Line Items]
Letters of credit amount		186,500,000	206,500,000
Line of Credit \| Secure Local Agency Deposit
Debt Instrument [Line Items]
Letters of credit amount		480,000,000	480,000,000
Line of Credit \| Federal Reserve Discount Window
Debt Instrument [Line Items]
Maximum borrowing capacity		76,700,000	21,900,000
Line of credit outstanding		0	0
Line of Credit \| FHLB Agreement
Debt Instrument [Line Items]
Remaining borrowing capacity		$ 278,100,000	216,300,000
Line of Credit \| Five Unsecured Federal Funds Line Of Credit
Debt Instrument [Line Items]
Line of credit			$ 190,000,000

Shareholders’ Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Jan. 19, 2023	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock declared (in USD per share)	$ 0.15
Dividends payable	$ 2,600
Stock compensation expense		$ 242	$ 277
Unvested restricted shares (in shares)		108,363	138,856
Unrecognized compensation expense		$ 1,900
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining term on the unvested restricted shares (in years)		3 years 18 days
Employee \| Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, payment award, vesting period (in years)		5 years
Employee \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, payment award, vesting period (in years)		3 years
Employee \| Maximum \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, payment award, vesting period (in years)		7 years
Executives and Directors \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, payment award, vesting period (in years)		1 year
Executives and Directors \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, payment award, vesting period (in years)		3 years

Shareholders' Equity - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Net income	$ 13,161	$ 9,862
Weighted average basic common shares outstanding (in shares)	17,150,174	17,102,508
Add: Dilutive effects of assumed vesting of restricted stock (in shares)	44,710	62,011
Weighted average diluted common shares outstanding (in shares)	17,194,884	17,164,519
Earnings per common share:
Basic EPS (in USD per share)	$ 0.77	$ 0.58
Diluted EPS (in USD per share)	$ 0.77	$ 0.58

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Shareholders' Equity - Summary of Unvested Shares Activity (Details) - Restricted Stock - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Shares
Beginning of the period balance (in shares)	96,826	127,751
Grants in period (in shares)	16,978	22,201
Vested in Period (in shares)	(5,441)	(10,246)
Forfeited in period (in shares)	0	(850)
End of the period balance (in shares)	108,363	138,856
Weighted Average Grant Date Fair Value
Beginning of the period balance (in USD per share)	$ 20.34	$ 19.95
Shares granted (in USD per share)	28.52	28.50
Shares vested (in USD per share)	24.28	24.85
Shares forfeited (in USD per share)	0	20.00
End of the period balance (in USD per share)	$ 21.43	$ 20.95

Commitments and Contingencies - Unfunded Loan Commitments and Standby Letters of Credit (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total commitments and standby letters of credit	$ 335,076	$ 329,148
Commercial lines of credit
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total commitments and standby letters of credit	155,762	147,021
Undisbursed commercial real estate loans
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total commitments and standby letters of credit	82,286	79,121
Undisbursed construction loans
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total commitments and standby letters of credit	70,599	80,726
Agricultural lines of credit
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total commitments and standby letters of credit	14,449	10,399
Undisbursed residential real estate loans
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total commitments and standby letters of credit	9,300	8,945
Undisbursed agricultural real estate loans
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total commitments and standby letters of credit	946	1,068
Other
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total commitments and standby letters of credit	$ 1,734	$ 1,868

Commitments and Contingencies - Narrative (Details) $ in Thousands	Mar. 31, 2023 USD ($) depositRelationship	Jan. 01, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Other Commitments [Line Items]
Allowance for credit loss	$ 34,172	$ 28,389	$ 28,389	$ 23,904	$ 23,243
Real estate related loans percentage	91.61%		91.84%
Number of deposits \| depositRelationship	84
Deposits over five million, total	$ 5,000
Deposits over five million, amount	$ 1,900,000
Percentage of deposits over five million deposits	64.32%
Largest single deposit	$ 220,900
Percentage of largest single deposit to total deposits	7.56%
Uninsured amount	$ 22,000		$ 16,200
Unfunded Loan Commitment
Other Commitments [Line Items]
Allowance for credit loss	$ 1,217	$ 125	$ 125	$ 102	$ 102

Subsequent Events (Details Narrative) - $ / shares	Apr. 20, 2023	Jan. 19, 2023
Subsequent Event [Line Items]
Common stock declared (in USD per share)		$ 0.15
Subsequent Event
Subsequent Event [Line Items]
Common stock declared (in USD per share)	$ 0.20

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-02 [Member]

- Definition

Indicates amendment to accounting standards.

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