0001275168-24-000061 | 10-K | XBRL Viewer

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401(k) Benefit Plan -Narrative (Details) - USD ($)	12 Months Ended
401(k) Benefit Plan -Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Defined Contribution Plan Disclosure [Line Items]
Expense for matching employees' contributions	$ 787,000	$ 634,000
Matching contribution vesting percentage (in percent)	100.00%
3% Employee Contribution
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution (in percent)	100.00%
Employer matching contribution, percent of employees' gross pay (in percent)	3.00%
Exceeding 3% Employee Contribution
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution (in percent)	50.00%
Employer matching contribution, percent of employees' gross pay (in percent)	3.00%
Maximum
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percent of employees' gross pay (in percent)	5.00%

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

- Definition

Indicates amendment to accounting standards.

+ References

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+ Details

Parent Company Only Condensed Financial Information - Statement of Cash Flows (Details ) - USD ($)		12 Months Ended
	Mar. 17, 2022	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income		$ 47,734,000	$ 44,801,000
Adjustments to reconcile net income to net cash provided by operating activities:
Stock compensation expense		962,000	1,099,000
Amortization of subordinated note issuance costs		144,000	122,000
Extinguishment of redeemed subordinated note issuance costs		0	302,000
Net cash provided by operating activities		38,914,000	45,975,000
Cash flows from investing activities:
Net cash used in investing activities		(279,278,000)	(836,922,000)
Cash flows from financing activities:
Cash dividends paid	$ (4,953,000)	(12,943,000)	(15,301,000)
Proceeds from subordinated note issuance		0	75,000,000
Subordinated note issuance costs		0	(1,454,000)
Net cash provided by financing activities		301,949,000	625,609,000
Net change in cash and cash equivalents		61,585,000	(165,338,000)
Parent Company
Cash flows from operating activities:
Net income		47,734,000	44,801,000
Adjustments to reconcile net income to net cash provided by operating activities:
Stock compensation expense		962,000	1,099,000
Equity in undistributed banking subsidiary income		(32,993,000)	(32,984,000)
Amortization of subordinated note issuance costs		144,000	122,000
Extinguishment of redeemed subordinated note issuance costs		0	302,000
Change in other assets		(2,319,000)	(2,168,000)
Change in accrued expenses and other liabilities		(132,000)	1,385,000
Net cash provided by operating activities		13,396,000	12,557,000
Cash flows from investing activities:
Investment in subsidiary		0	(39,000,000)
Net cash used in investing activities		0	(39,000,000)
Cash flows from financing activities:
Cash dividends paid		(12,943,000)	(15,301,000)
Proceeds from subordinated note issuance		0	75,000,000
Subordinated note issuance costs		0	(1,454,000)
Subordinated note redemption		0	(28,750,000)
Net cash provided by financing activities		(12,943,000)	29,495,000
Net change in cash and cash equivalents		453,000	3,052,000
Cash and cash equivalents at beginning of period		8,688,000	5,636,000
Cash and cash equivalents at end of period		$ 9,141,000	$ 8,688,000

Investment Securities - Available-for-sale Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Less than twelve continuous months, fair value	$ 1,130	$ 32,552
Less than twelve continuous months, unrealized loss	(14)	(4,733)
Twelve continuous months or longer, fair value	101,730	78,693
Twelve continuous months or longer, unrealized loss	(16,852)	(14,469)
Total securities in a loss position, fair value	102,860	111,245
Total securities in a loss position, unrealized loss	(16,866)	(19,202)
U.S. government agency securities
Marketable Securities [Line Items]
Less than twelve continuous months, fair value	1,130	3,090
Less than twelve continuous months, unrealized loss	(14)	(125)
Twelve continuous months or longer, fair value	7,081	8,392
Twelve continuous months or longer, unrealized loss	(135)	(100)
Total securities in a loss position, fair value	8,211	11,482
Total securities in a loss position, unrealized loss	(149)	(225)
Mortgage-backed securities
Marketable Securities [Line Items]
Less than twelve continuous months, fair value	0	4,360
Less than twelve continuous months, unrealized loss	0	(470)
Twelve continuous months or longer, fair value	55,609	56,908
Twelve continuous months or longer, unrealized loss	(11,619)	(11,371)
Total securities in a loss position, fair value	55,609	61,268
Total securities in a loss position, unrealized loss	(11,619)	(11,841)
Obligations of states and political subdivisions
Marketable Securities [Line Items]
Less than twelve continuous months, fair value	0	24,707
Less than twelve continuous months, unrealized loss	0	(4,097)
Twelve continuous months or longer, fair value	36,930	11,670
Twelve continuous months or longer, unrealized loss	(4,841)	(2,721)
Total securities in a loss position, fair value	36,930	36,377
Total securities in a loss position, unrealized loss	(4,841)	(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	332	0
Twelve continuous months or longer, unrealized loss	(35)	0
Total securities in a loss position, fair value	332	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	1,778	1,723
Twelve continuous months or longer, unrealized loss	(222)	(277)
Total securities in a loss position, fair value	1,778	1,723
Total securities in a loss position, unrealized loss	$ (222)	$ (277)

Recently Issued Accounting Standards

12 Months Ended

Dec. 31, 2023

Accounting Changes and Error Corrections [Abstract]

Recently Issued Accounting Standards

The following reflects recent accounting standards that have been adopted or are pending adoption by the Company. As discussed in Note 1, Basis of Presentation, 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 with 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 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 was 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, the Company has 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 following table 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 - Loans	$	(28,389)	$	(5,262)	$	(33,651)
Allowance for Credit Losses - HTM Securities	—		(20)		(20)
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

In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements (“ASU 2023-06”), amending disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification (the “Codification”). ASU 2023-06 was issued in response to the SEC’s initiative to update and simplify disclosure requirements. The SEC identified 27 disclosure requirements that were incremental to those in the Codification and referred them to the FASB for potential incorporation into U.S. GAAP. To avoid duplication, the SEC intended to eliminate those disclosure requirements from existing SEC regulations as the FASB incorporated them into the relevant Codification subtopics. ASU 2023-06 adds 14 of the 27 identified disclosure or presentation requirements to the Codification. ASU 2023-06 is to be applied prospectively, and early adoption is prohibited. For reporting entities subject to the SEC’s existing disclosure requirements, the effective dates of ASU 2023-06 will be the date on which the SEC’s removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entities. ASU 2023-06 is not expected to have a significant impact on the Company's consolidated financial statements.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) - Improvement to Reportable Segment Disclosures (“ASU 2023-07”), amending disclosure requirements related to segment reporting primarily through enhanced disclosure about significant segment expenses and by requiring disclosure of segment information on an annual and interim basis. ASU 2023-07 is effective January 1, 2024 and is not expected to have a significant impact on the Company's consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures (“ASU 2023-09”), which enhances the transparency and decision usefulness of income tax disclosures. ASU 2023-09 will require disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. Entities will also be required to disclose income/(loss) from continuing operations before income tax expense/(benefit) disaggregated between domestic and foreign, as well as income tax expense/(benefit) from continuing operations disaggregated by federal, state and foreign. ASU 2023-09 is effective January 1, 2025 and is not expected to have a significant impact on the Company's consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investment Securities - Amortized Cost and Fair Value of Securities Available-for-sale (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Amortized Cost	$ 124,788	$ 135,087
Gross unrealized gains	161	103
Gross unrealized losses	(16,866)	(19,202)
Securities available-for-sale	108,083	115,988
U.S. government agency securities
Marketable Securities [Line Items]
Amortized Cost	10,548	14,317
Gross unrealized gains	142	81
Gross unrealized losses	(149)	(225)
Securities available-for-sale	10,541	14,173
Mortgage-backed securities
Marketable Securities [Line Items]
Amortized Cost	68,585	73,111
Gross unrealized gains	7	1
Gross unrealized losses	(11,619)	(11,841)
Securities available-for-sale	56,973	61,271
Obligations of states and political subdivisions
Marketable Securities [Line Items]
Amortized Cost	43,288	45,223
Gross unrealized gains	12	21
Gross unrealized losses	(4,841)	(6,818)
Securities available-for-sale	38,459	38,426
Collateralized mortgage obligations
Marketable Securities [Line Items]
Amortized Cost	367	436
Gross unrealized gains	0	0
Gross unrealized losses	(35)	(41)
Securities available-for-sale	332	395
Corporate bonds
Marketable Securities [Line Items]
Amortized Cost	2,000	2,000
Gross unrealized gains	0	0
Gross unrealized losses	(222)	(277)
Securities available-for-sale	$ 1,778	$ 1,723

Capital Requirements and Restrictions on Retained Earnings - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Assets	$ 3,593,125,000	$ 3,227,159,000
Common equity tier 1 capital (to risk-weighted assets), Actual Ratio, Ratio (in percent)	0.0907	0.0899
Common equity tier 1 capital (to risk-weighted assets), Required for Capital Adequacy Purposes, Ratio (in percent)	0.0450	0.0450
Tier 1 capital (to risk-weighted assets), Actual Ratio, Ratio (in percent)	0.0907	0.0899
Tier 1 capital (to risk-weighted assets), Required for Capital Adequacy Purposes, Ratio (in percent)	0.0600	0.0600
Total capital (to risk-weighted assets), Actual Ratio, Ratio (in percent)	0.1230	0.1246
Total capital (to risk-weighted assets), Required for Capital Adequacy Purposes, Ratio (in percent)	0.0800	0.0800
Tier 1 leverage, Required for Capital Adequacy Purposes, Ratio (in percent)	0.0400	0.0400
Maximum dividend distribution	$ 62,951,000	$ 33,867,000
Subsidiaries
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Common equity tier 1 capital (to risk-weighted assets), Actual Ratio, Ratio (in percent)	0.1095	0.1117
Common equity tier 1 capital (to risk-weighted assets), Required for Capital Adequacy Purposes, Ratio (in percent)	0.0450	0.0450
Common equity tier 1 capital, capital conservation buffer (in percent)	0.0250
Tier 1 capital (to risk-weighted assets), Actual Ratio, Ratio (in percent)	0.1095	0.1117
Tier 1 capital (to risk-weighted assets), Required for Capital Adequacy Purposes, Ratio (in percent)	0.0600	0.0600
Tier 1 capital (to risk-weighted assets), capital conservation buffer (in percent)	0.0250
Total capital (to risk-weighted assets), Actual Ratio, Ratio (in percent)	0.1193	0.1214
Total capital (to risk-weighted assets), Required for Capital Adequacy Purposes, Ratio (in percent)	0.0800	0.0800
Total capital (to risk-weighted assets), capital conservation buffer (in percent)	0.0250
Tier 1 leverage, Required for Capital Adequacy Purposes, Ratio (in percent)	0.0400	0.0400
Minimum \| Subsidiaries
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Common equity tier 1 capital (to risk-weighted assets), Actual Ratio, Ratio (in percent)	0.0700
Tier 1 capital (to risk-weighted assets), Actual Ratio, Ratio (in percent)	0.0850
Total capital (to risk-weighted assets), Actual Ratio, Ratio (in percent)	0.1050
Tier 1 leverage, Required for Capital Adequacy Purposes, Ratio (in percent)	0.0400
Maximum
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Assets	$ 3,000,000,000

Investment Securities - Sales of Investment Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Sales proceeds	$ 737	$ 1,623
Gross realized (losses) gains	$ (167)	$ 5

Commitments and Contingencies - Schedule of Other Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total commitments and standby letters of credit	$ 458,887	$ 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	181,855	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	107,712	79,121
Undisbursed construction loans
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total commitments and standby letters of credit	134,828	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	24,635	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	6,538	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	1,200	1,068
Other
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total commitments and standby letters of credit	$ 2,119	$ 1,868

Fair Value of Assets and Liabilities - Fair Value Estimates for Financial Instruments by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial assets:
Securities available-for-sale	$ 108,083	$ 115,988
Securities held-to-maturity	2,913	3,432
Carrying Amounts
Financial assets:
Cash and cash equivalents	321,576	259,991
Time deposits in banks	5,858	9,849
Securities available-for-sale	108,083	115,988
Securities held-to-maturity	3,077	3,756
Loans held for sale	11,464	9,416
Loans held for investment, net of allowance for credit losses	3,047,288	2,762,937
FHLB stock and other investments	21,801	16,570
Interest rate swap	10	16
Financial liabilities:
Interest rate swap	10	16
FHLB advances	170,000	100,000
Subordinated notes	73,749	73,606
Fair Value \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial assets:
Cash and cash equivalents	321,576	259,991
Time deposits in banks	5,858	9,849
Fair Value \| Significant Other Observable Inputs (Level 2)
Financial assets:
Securities available-for-sale	108,083	115,988
Loans held for sale	12,626	9,785
Interest rate swap	10	16
Financial liabilities:
Interest rate swap	10	16
FHLB advances	170,000	100,000
Fair Value \| Significant Unobservable Inputs (Level 3)
Financial assets:
Securities held-to-maturity	2,913	3,432
Loans held for investment, net of allowance for credit losses	2,891,925	2,570,176
Financial liabilities:
Subordinated notes	$ 72,693	$ 72,273

Interest Bearing Deposits - Composition of Network Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Interest Bearing Depostis [Line Items]
Total network deposits	$ 636,524	$ 285,967
CDARS
Interest Bearing Depostis [Line Items]
Total network deposits	16,325	13,248
ICS
Interest Bearing Depostis [Line Items]
Total network deposits	$ 620,199	$ 272,719

Commitments and Contingencies

12 Months Ended

Dec. 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 credit 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 consolidated balance sheets were as follows:


(in thousands)	2023		2022
Commercial lines of credit	$	181,855	$	147,021
Undisbursed commercial real estate loans	107,712		79,121
Undisbursed construction loans	134,828		80,726
Agricultural lines of credit	24,635		10,399
Undisbursed residential real estate loans	6,538		8,945
Undisbursed agricultural real estate loans	1,200		1,068
Other	2,119		1,868
Total commitments and standby letters of credit	$	458,887	$	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 $1,247,000 and $125,000 as of December 31, 2023 and 2022, respectively, which is recorded in “Interest payable and other liabilities” in the 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 92.30% of the Company’s loan portfolio at December 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 December 31, 2023, the Company had 93 deposit relationships that exceeded $5,000,000 each, totaling $1,867,267,000, or approximately 61.69% of total deposits. The Company’s largest single deposit relationship at December 31, 2023 totaled $260,000,000, or approximately 8.59% 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.

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 $22,348,000 and $16,163,000 at December 31, 2023 and 2022, respectively.

Leases

The Company leases office space for its banking operations under non-cancelable operating leases of various terms. The leases expire at dates through 2032 and provide for renewal options from less than one to five years. In the normal course of business, it is expected that these leases will be renewed or replaced by leases on other properties. All leases include predefined rental increases over the term of the lease.

The Company has a sublease agreement for space adjacent to the Redding location. The sublease has renewal terms extended to December 31, 2024.

The Company leases its Sacramento administrative office from a partnership comprised of certain shareholders and members of the Company’s board of directors. The Sacramento administrative office lease extends through May 2026. Rent expense paid to the partnership was $28,000 and $30,000 for the years ended December 31, 2023 and 2022, respectively, under this lease.

The Company leases a temporary administrative office in San Francisco from an entity affiliated with a member of our board of directors. Rent expense paid to this entity was $19,000 for the year ended December 31, 2023.

The Company adopted ASU 2016-02, Leases (Topic 842) as of January 1, 2022, which requires the Company to record an ROUA in the consolidated balance sheets for those leases that convey rights to control use of identified assets for a period of time in exchange for consideration. The Company is also required to record a lease liability in the consolidated balance sheets for the present value of future payment commitments. All of the Company’s leases are comprised of operating leases in which the Company is the lessee of real estate property for branches and operations. The Company elected not to include short-term leases (i.e., leases with initial terms of twelve months or less) within the ROUA and lease liability. Known or determinable adjustments to the required minimum future lease payments were included in the calculation of the Company’s ROUA and lease liability. Adjustments to the required minimum future lease payments that are variable and will not be determinable until a future period, if any, are included as variable lease costs. Additionally, expected variable payments for common area maintenance, taxes, and insurance were unknown and not determinable at lease commencement and, therefore, were not included in the determination of the Company’s ROUA and lease liability.

The value of the ROUA and lease liability is impacted by the amount of the periodic payment required, length of the lease term, and the discount rate used to calculate the present value of the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the ROUA and lease liability. ASC 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. For operating leases existing prior to January 1, 2022, the rate for the remaining lease term as of January 1, 2022 was used. The lease liability is reduced based on the discounted present value of remaining payments as of each reporting period. The ROUA value is measured using the lease liability as adjusted for prepaid or accrued lease payments and remaining lease incentives, unamortized direct costs, and impairment, if any.

As of December 31, 2023, the Company’s ROUA and lease liability were $5,284,000 and $5,603,000, respectively.

The following table presents the components of lease expense for the year ended December 31, 2023:


(in thousands)	Twelve months ended December 31, 2023
Operating lease expense	$	1,261


Sublease income	(22)
Total lease expense	$	1,239

The following table presents the weighted average operating lease term and discount rate at December 31, 2023:


	December 31, 2023
Weighted average remaining lease term	5.28 years
Weighted average discount rate	4.11	%

The following table shows the future minimum lease payments under the Company’s operating lease arrangements as of December 31, 2023.


(in thousands)	December 31, 2023
2024	$	1,255
2025	1,286
2026	1,216
2027	874
2028	789
Thereafter	829
Total expected operating lease payments	6,249
Discount for present value of expected cash flows	(646)
Lease liability at December 31, 2023	$	5,603

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.

Loans and Allowance for Credit Losses - Unfunded Loan Commitment Reserve (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 28,389,000	$ 23,243,000
Provision	3,970,000	6,700,000
Ending Balance	34,431,000	28,389,000
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	5,262,000
Ending Balance		5,262,000
Unfunded Loan Commitment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	125,000	100,000
Provision	30,000	25,000
Ending Balance	1,247,000	125,000
Unfunded Loan Commitment \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 1,092,000	0
Ending Balance		$ 1,092,000

- 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 - Maturities of Time Deposits (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Time Deposits, Fiscal Year Maturity [Abstract]
2024	$ 442,540,000
2025	22,545,000
2026	1,351,000
2027	0
2028	136,000
Total time deposits	$ 466,572,000	$ 342,514,000

Fair Value of Assets and Liabilities - Narrative (Details)	12 Months Ended
	Dec. 31, 2023
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Selling and commission costs (in percent)	0.0500
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Selling and commission costs (in percent)	0.0700

Loans and Allowance for Credit Losses - Balance of Each Major Product Type (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Subtotal	$ 3,083,976		$ 2,793,466
Net deferred loan fees	(2,257)		(2,140)
Allowance for credit losses - loans	(34,431)	$ (28,389)	(28,389)	$ (23,243)
Loans held for investment, net of allowance for credit losses	3,047,288		2,762,937
Commercial
Financing Receivable, Past Due [Line Items]
Subtotal	2,685,419		2,394,674
Allowance for credit losses - loans	(29,015)		(19,216)	(12,869)
Commercial land and development
Financing Receivable, Past Due [Line Items]
Subtotal	15,551		7,477
Allowance for credit losses - loans	(178)		(54)	(50)
Commercial construction
Financing Receivable, Past Due [Line Items]
Subtotal	62,863		88,669
Allowance for credit losses - loans	(718)		(645)	(371)
Residential construction
Financing Receivable, Past Due [Line Items]
Subtotal	15,456		6,693
Allowance for credit losses - loans	(89)		(49)	(50)
Residential
Financing Receivable, Past Due [Line Items]
Subtotal	25,893		24,230
Allowance for credit losses - loans	(151)		(175)	(192)
Farmland
Financing Receivable, Past Due [Line Items]
Subtotal	51,669		52,478
Allowance for credit losses - loans	(399)		(644)	(645)
Secured
Financing Receivable, Past Due [Line Items]
Subtotal	165,109		165,186
Allowance for credit losses - loans	(3,314)		(7,098)	(6,859)
Unsecured
Financing Receivable, Past Due [Line Items]
Subtotal	23,850		25,431
Allowance for credit losses - loans	(189)		(116)	(207)
Consumer and other
Financing Receivable, Past Due [Line Items]
Subtotal	38,166		28,628
Allowance for credit losses - loans	$ (378)		$ (347)	$ (889)

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Firm ID	659
Auditor Name	Moss Adams LLP
Auditor Location	Portland, Oregon

Premises and Equipment, Net - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 1,612,000	$ 1,636,000
Occupancy, Furniture, Fixtures, and Equipment
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 673,000	$ 649,000

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 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 consolidated balance sheets were as follows:


(in thousands)	2023		2022
Commercial lines of credit	$	181,855	$	147,021
Undisbursed commercial real estate loans	107,712		79,121
Undisbursed construction loans	134,828		80,726
Agricultural lines of credit	24,635		10,399
Undisbursed residential real estate loans	6,538		8,945
Undisbursed agricultural real estate loans	1,200		1,068
Other	2,119		1,868
Total commitments and standby letters of credit	$	458,887	$	329,148

Schedule of Least Cost

The following table presents the components of lease expense for the year ended December 31, 2023:


(in thousands)	Twelve months ended December 31, 2023
Operating lease expense	$	1,261


Sublease income	(22)
Total lease expense	$	1,239

The following table presents the weighted average operating lease term and discount rate at December 31, 2023:


	December 31, 2023
Weighted average remaining lease term	5.28 years
Weighted average discount rate	4.11	%

Schedule of Future Minimum Rental Payments for Operating Leases

The following table shows the future minimum lease payments under the Company’s operating lease arrangements as of December 31, 2023.


(in thousands)	December 31, 2023
2024	$	1,255
2025	1,286
2026	1,216
2027	874
2028	789
Thereafter	829
Total expected operating lease payments	6,249
Discount for present value of expected cash flows	(646)
Lease liability at December 31, 2023	$	5,603

Equity Incentive Plan - Summary of Unvested Restricted Shares (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Shares
Beginning of the period balance (in shares)	96,826	127,751
Grants in period (in shares)	16,978	23,639
Vested in period (in shares)	(42,553)	(48,003)
Forfeited in period (in shares)	(1,913)	(6,561)
End of the period balance (in shares)	69,338	96,826
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	28.29
Shares vested (in USD per share)	23.07	23.07
Shares forfeited (in USD per share)	25.62	21.29
End of the period balance (in USD per share)	$ 20.53	$ 20.34

Loans and Allowance for Credit Losses - Credit Quality Indicators Related to the Company’s Loans by Class (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
2023	$ 407,767
2022	1,110,077
2021	778,437
2020	283,131
2019	154,902
Prior	286,477
Revolving Loans	60,928
Revolving Converted to Term	0
Total	3,081,719	$ 2,791,326
Pass
Financing Receivable, Past Due [Line Items]
2023	407,578
2022	1,092,713
2021	769,458
2020	278,341
2019	154,129
Prior	278,723
Revolving Loans	59,201
Revolving Converted to Term	0
Total	3,040,143
Watch
Financing Receivable, Past Due [Line Items]
2023	189
2022	17,352
2021	8,979
2020	4,790
2019	728
Prior	5,837
Revolving Loans	1,727
Revolving Converted to Term	0
Total	39,602
Substandard
Financing Receivable, Past Due [Line Items]
2023	0
2022	12
2021	0
2020	0
2019	45
Prior	1,917
Revolving Loans	0
Revolving Converted to Term	0
Total	1,974
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	329,876
2022	1,000,715
2021	721,239
2020	243,382
2019	128,998
Prior	253,816
Revolving Loans	4,685
Revolving Converted to Term	0
Total	2,682,711	2,392,053
Real Estate, Commercial \| Pass
Financing Receivable, Past Due [Line Items]
2023	329,876
2022	992,181
2021	714,965
2020	238,655
2019	128,424
Prior	247,030
Revolving Loans	4,685
Revolving Converted to Term	0
Total	2,655,816
Real Estate, Commercial \| Watch
Financing Receivable, Past Due [Line Items]
2023	0
2022	8,534
2021	6,274
2020	4,727
2019	574
Prior	4,896
Revolving Loans	0
Revolving Converted to Term	0
Total	25,005
Real Estate, Commercial \| Substandard
Financing Receivable, Past Due [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	1,890
Revolving Loans	0
Revolving Converted to Term	0
Total	1,890
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	11,388
2022	3,229
2021	0
2020	184
2019	0
Prior	733
Revolving Loans	0
Revolving Converted to Term	0
Total	15,534	7,447
Real estate , Commercial land and development \| Pass
Financing Receivable, Past Due [Line Items]
2023	11,388
2022	3,229
2021	0
2020	184
2019	0
Prior	733
Revolving Loans	0
Revolving Converted to Term	0
Total	15,534
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	9,074
2022	32,154
2021	4,189
2020	11,230
2019	0
Prior	5,897
Revolving Loans	0
Revolving Converted to Term	0
Total	62,544	88,314
Real estate, Commercial construction \| Pass
Financing Receivable, Past Due [Line Items]
2023	9,074
2022	32,154
2021	4,189
2020	11,230
2019	0
Prior	5,897
Revolving Loans	0
Revolving Converted to Term	0
Total	62,544
Real estate, Commercial 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, 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	2,412
2022	9,128
2021	3,912
2020	0
2019	0
Prior	0
Revolving Loans	0
Revolving Converted to Term	0
Total	15,452	6,693
Real estate, Residential construction \| Pass
Financing Receivable, Past Due [Line Items]
2023	2,412
2022	9,128
2021	3,912
2020	0
2019	0
Prior	0
Revolving Loans	0
Revolving Converted to Term	0
Total	15,452
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	4,838
2022	3,964
2021	6,244
2020	2,279
2019	1,182
Prior	5,995
Revolving Loans	1,420
Revolving Converted to Term	0
Total	25,922	24,263
Real estate, Residential \| Pass
Financing Receivable, Past Due [Line Items]
2023	4,838
2022	3,964
2021	6,244
2020	2,279
2019	1,182
Prior	5,995
Revolving Loans	1,420
Revolving Converted to Term	0
Total	25,922
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	0
Revolving Loans	0
Revolving Converted to Term	0
Total	0
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	2,311
2022	8,037
2021	12,678
2020	7,860
2019	12,365
Prior	8,391
Revolving Loans	4
Revolving Converted to Term	0
Total	51,646	52,446
Real estate, farmland \| Pass
Financing Receivable, Past Due [Line Items]
2023	2,311
2022	8,037
2021	12,678
2020	7,860
2019	12,365
Prior	8,391
Revolving Loans	4
Revolving Converted to Term	0
Total	51,646
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	25,488
2022	37,681
2021	17,009
2020	12,227
2019	10,117
Prior	11,331
Revolving Loans	51,747
Revolving Converted to Term	0
Total	165,600	165,609
Commercial, Secured \| Pass
Financing Receivable, Past Due [Line Items]
2023	25,299
2022	28,879
2021	14,304
2020	12,164
2019	9,918
Prior	10,363
Revolving Loans	50,020
Revolving Converted to Term	0
Total	150,947
Commercial, Secured \| Watch
Financing Receivable, Past Due [Line Items]
2023	189
2022	8,802
2021	2,705
2020	63
2019	154
Prior	941
Revolving Loans	1,727
Revolving Converted to Term	0
Total	14,581
Commercial, Secured \| Substandard
Financing Receivable, Past Due [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	45
Prior	27
Revolving Loans	0
Revolving Converted to Term	0
Total	72
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	3,891
2022	3,782
2021	4,902
2020	5,963
2019	2,240
Prior	7
Revolving Loans	3,072
Revolving Converted to Term	0
Total	23,857	25,488
Commercial, Unsecured \| Pass
Financing Receivable, Past Due [Line Items]
2023	3,891
2022	3,782
2021	4,902
2020	5,963
2019	2,240
Prior	7
Revolving Loans	3,072
Revolving Converted to Term	0
Total	23,857
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	18,489
2022	11,387
2021	8,264
2020	6
2019	0
Prior	307
Revolving Loans	0
Revolving Converted to Term	0
Total	38,453	$ 29,013
Consumer and other \| Pass
Financing Receivable, Past Due [Line Items]
2023	18,489
2022	11,359
2021	8,264
2020	6
2019	0
Prior	307
Revolving Loans	0
Revolving Converted to Term	0
Total	38,425
Consumer and other \| Watch
Financing Receivable, Past Due [Line Items]
2023	0
2022	16
2021	0
2020	0
2019	0
Prior	0
Revolving Loans	0
Revolving Converted to Term	0
Total	16
Consumer and other \| Substandard
Financing Receivable, Past Due [Line Items]
2023	0
2022	12
2021	0
2020	0
2019	0
Prior	0
Revolving Loans	0
Revolving Converted to Term	0
Total	12
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

Interest-Bearing Deposits (Tables)

12 Months Ended

Dec. 31, 2023

Interest-bearing Deposits

Schedule of Interest-Bearing Deposits

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


(in thousands)	2023		2022
Interest-bearing transaction accounts	$	320,356	$	240,131
Savings accounts	126,498		154,581
Money market accounts	1,282,369		1,073,532
Time accounts, $250 or more	344,694		198,159
Other time accounts	121,878		144,355
Total time deposits	466,572		342,514
Total interest-bearing deposits	$	2,195,795	$	1,810,758

Time Deposit Maturities

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


(in thousands)
2024	$	442,540
2025	22,545
2026	1,351
2027	—
2028	136
Total time deposits	$	466,572

Schedule of Composition of Network Deposits

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


(in thousands)	2023		2022
CDARS	$	16,325	$	13,248
ICS	620,199		272,719
Total network deposits	$	636,524	$	285,967

Interest expense recognized on interest-bearing deposits

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


(in thousands)	2023		2022
Interest-bearing transaction accounts	$	3,321	$	425
Savings accounts	3,073		376
Money market accounts	33,932		6,477
Time accounts, $250 or more	12,686		2,804
Other time accounts	4,849		841
Total interest expense on interest-bearing deposits	$	57,861	$	10,923

Investment Securities - Amortized Cost and Fair Value of Investment Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Amortized Cost
Within one year	$ 277	$ 417
After one but within five years	935	1,015
After five years through ten years	1,365	1,470
After ten years	500	854
Fair Value
Within one year	263	381
After one but within five years	885	927
After five years through ten years	1,292	1,343
After ten years	473	781
Amortized Cost
Within one year	0	501
After one but within five years	394	0
After five years through ten years	6,407	5,320
After ten years	36,487	39,402
Fair Value
Within one year	0	501
After one but within five years	367	0
After five years through ten years	5,838	4,761
After ten years	32,254	33,164
Securities held-to-maturity, at amortized cost	3,077	3,756
Securities held-to-maturity	2,913	3,432
Securities available-for-sale, at amortized cost	124,788	135,087
Securities available-for-sale	108,083	115,988
U.S. government agency securities
Fair Value
Securities held-to-maturity, at amortized cost	0	0
Securities held-to-maturity	0	0
Securities available-for-sale, at amortized cost	10,548	14,317
Securities available-for-sale	10,541	14,173
Mortgage-backed securities
Fair Value
Securities held-to-maturity, at amortized cost	0	0
Securities held-to-maturity	0	0
Securities available-for-sale, at amortized cost	68,585	73,111
Securities available-for-sale	56,973	61,271
Collateralized mortgage obligations
Fair Value
Securities held-to-maturity, at amortized cost	0	0
Securities held-to-maturity	0	0
Securities available-for-sale, at amortized cost	367	436
Securities available-for-sale	332	395
Corporate bonds
Fair Value
Securities held-to-maturity, at amortized cost	0	0
Securities held-to-maturity	0	0
Securities available-for-sale, at amortized cost	2,000	2,000
Securities available-for-sale	$ 1,778	$ 1,723

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - 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 (Loss) Income
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	44,801			44,801
Other comprehensive income (loss)	(12,888)					(12,888)
Stock issued under stock award plans (in shares)			23,639
Stock issued under stock award plans	0
Stock compensation expense	1,099		$ 1,099
Stock forfeitures (in shares)			(6,561)
Stock forfeitures	$ 0
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13 [Member]
Cash dividends paid	$ (15,301)			(15,301)
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	47,734			47,734
Other comprehensive income (loss)	1,687					1,687
Stock issued under stock award plans (in shares)			16,978
Stock issued under stock award plans	0
Stock compensation expense	962		$ 962
Stock forfeitures (in shares)			(1,915)
Stock forfeitures	0
Cash dividends paid	(12,943)			(12,943)
Ending balance (in shares) at Dec. 31, 2023			17,256,989
Ending balance at Dec. 31, 2023	$ 285,774		$ 220,505	$ 77,036		$ (11,767)

Recently Issued Accounting Standards - ASC 326 Adoption (Details) - USD ($)	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets:
Allowance for Credit Losses - Loans	$ (34,431,000)	$ (28,389,000)	$ (28,389,000)	$ (23,243,000)
Allowance for Credit Losses - HTM Securities	20,000	0	0
Deferred Tax Asset (Interest receivable and other assets)	1,891,000	12,273,000	749,000
Liabilities:
Allowance for Credit Losses - Loans	(34,431,000)	(28,389,000)	(28,389,000)	(23,243,000)
Shareholders’ Equity:
Retained earnings	77,036,000	(46,736,000)	46,736,000
Unfunded Loan Commitment
Assets:
Allowance for Credit Losses - Loans	(1,247,000)	(125,000)	(125,000)	(100,000)
Liabilities:
Allowance for Credit Losses - Loans	$ (1,247,000)	(125,000)	(125,000)	(100,000)
Cumulative Effect, Period of Adoption, Adjustment
Assets:
Allowance for Credit Losses - Loans		(5,262,000)	(5,262,000)
Allowance for Credit Losses - HTM Securities		20,000
Deferred Tax Asset (Interest receivable and other assets)		1,883,000
Liabilities:
Allowance for Credit Losses - Loans		(5,262,000)	(5,262,000)
Shareholders’ Equity:
Retained earnings		4,491,000
Cumulative Effect, Period of Adoption, Adjustment \| Unfunded Loan Commitment
Assets:
Allowance for Credit Losses - Loans		(1,092,000)	(1,092,000)	0
Liabilities:
Allowance for Credit Losses - Loans		(1,092,000)	$ (1,092,000)	$ 0
Cumulative Effect, Period of Adoption, Adjusted Balance
Assets:
Allowance for Credit Losses - Loans		(33,651,000)
Allowance for Credit Losses - HTM Securities		20,000
Deferred Tax Asset (Interest receivable and other assets)		14,156,000
Liabilities:
Allowance for Credit Losses - Loans		(33,651,000)
Shareholders’ Equity:
Retained earnings		(42,245,000)
Cumulative Effect, Period of Adoption, Adjusted Balance \| Unfunded Loan Commitment
Assets:
Allowance for Credit Losses - Loans		(1,217,000)
Liabilities:
Allowance for Credit Losses - Loans		$ (1,217,000)

Fair Value of Assets and Liabilities

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities

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
2023
Assets:
Securities available-for-sale:
U.S. government agency securities, mortgage-backed securities, obligations of states and political subdivisions, collateralized mortgage obligations, and corporate bonds	$	108,083	$	—	$	108,083	$	—	OCI
Derivatives – interest rate swap	10		—		10		—		NI
Liabilities:
Derivatives – interest rate swap	10		—		10		—		NI

2022
Assets:
Securities available-for-sale:
U.S. government agency securities, 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 December 31, 2023 and 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.

The Company’s investment portfolio service bureau has developed a model for pricing available-for-sale debt securities. Information such as historical and current performance of the underlying collateral, deferral/default rates, collateral coverage ratios, break-even yield calculations, cash flow projections, liquidity, and credit premiums required by a market participant, as well as financial trend analysis with respect to the individual issuing financial institutions and insurance companies, are utilized in determining individual security valuations. Due to current market conditions, as well as the limited trading activity of the securities, the market value of the securities is highly sensitive to assumption changes and market volatility.

The Company’s 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.

The fair value of collateral dependent impaired loans and other real estate is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Management also incorporates assumptions regarding market trends or other relevant factors and selling and commission costs ranging from 5.00% to 7.00%. Such adjustments and assumptions are typically significant and result in a Level 3 classification of the inputs for determining fair value.

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 OREO. As of December 31, 2023 and 2022, the carrying amount 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 December 31, 2023 and 2022. These estimates are made at a specific point in time based on relevant market data and information about the financial instruments. These estimates do not reflect any premium or discount that could result from offering the Company’s entire holdings of a particular financial instrument for sale at one time, nor do they attempt to estimate the value of anticipated future business related to the instruments. In addition, the tax ramifications related to the realization of unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of these estimates.

Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the fair values presented. 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.


(in thousands)	December 31, 2023					December 31, 2022
	Carrying Amounts		Fair Value		Fair Value Hierarchy	Carrying Amounts		Fair Value		Fair Value Hierarchy
Financial assets:
Cash and cash equivalents	$	321,576	$	321,576	Level 1	$	259,991	$	259,991	Level 1
Time deposits in banks	5,858		5,858		Level 1	9,849		9,849		Level 1
Securities available-for-sale	108,083		108,083		Level 2	115,988		115,988		Level 2
Securities held-to-maturity	3,077		2,913		Level 3	3,756		3,432		Level 3
Loans held for sale	11,464		12,626		Level 2	9,416		9,785		Level 2
Loans held for investment, net of allowance for credit losses	3,047,288		2,891,925		Level 3	2,762,937		2,570,176		Level 3
FHLB stock and other investments	21,801		N/A		N/A	16,570		N/A		N/A
Interest rate swap	10		10		Level 2	16		16		Level 2
Financial liabilities:
Interest rate swap	$	10	$	10	Level 2	$	16	$	16	Level 2
FHLB advances	170,000		170,000		Level 2	100,000		100,000		Level 2
Subordinated notes	73,749		72,693		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 December 31, 2023 and 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. Fair value of held-to-maturity securities is estimated by calculating the net present value of future cash flows based on observable market data, such as interest rates and yield curves (observable at commonly quoted intervals) as provided by an independent third party.

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.

FHLB stock and other investments: 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.

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.

FHLB advances: For FHLB advances, the carrying amount is estimated to be fair value.

Commitments to extend credit: Commitments to extend credit are primarily for adjustable rate loans. For these commitments, there are no differences between the committed amounts and their fair values. Commitments to fund fixed rate loans are at rates which approximate fair value at each reporting date.

Subordinated notes: The fair value is estimated by discounting the future cash flow using the current three-month CME Term SOFR. 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

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends paid (in USD per share)	$ 0.75	$ 1.05

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Available for sale, allowance for credit loss	$ 0	$ 0
Amortized Cost	124,788,000	135,087,000
Allowance for Credit Losses - HTM Securities	20,000	0
Fair Value	$ 2,913,000	$ 3,432,000
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)	17,256,989	17,241,926
Common stock, shares outstanding (in shares)	17,256,989	17,241,926

Equity Incentive Plan - Narrative (Details) - USD ($)	12 Months Ended
Equity Incentive Plan - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	0	0
Maximum number of shares available for grant (in shares)	1,504,761
Stock compensation expense	$ 962,000	$ 1,099,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	16,978	23,639
Unrecognized compensation expense	$ 1,103,000
Number of unvested restricted shares (in shares)	69,338	96,826	127,751
Weighted average remaining term of unvested restricted shares (in years)	2 years 10 months 17 days
Employee \| Officer
Retirement Benefits [Abstract]
Share-based compensation, payment award, vesting period (in years)	5 years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, payment award, vesting period (in years)	5 years
Director
Retirement Benefits [Abstract]
Share-based compensation, payment award, vesting period (in years)		1 year
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, payment award, vesting period (in years)		1 year
Grants in period (in shares)	13,882	15,156
Minimum \| Employee
Retirement Benefits [Abstract]
Share-based compensation, payment award, vesting period (in years)	3 years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, payment award, vesting period (in years)	3 years
Minimum \| Executives and Directors
Retirement Benefits [Abstract]
Share-based compensation, payment award, vesting period (in years)	1 year
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, payment award, vesting period (in years)	1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for grant (in shares)	1,700,000
Maximum \| Employee \| Executive Officer
Retirement Benefits [Abstract]
Share-based compensation, payment award, vesting period (in years)	7 years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, payment award, vesting period (in years)	7 years
Maximum \| Executives and Directors
Retirement Benefits [Abstract]
Share-based compensation, payment award, vesting period (in years)	3 years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, payment award, vesting period (in years)	3 years

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 18, 2024, the board of directors declared a $0.20 per common share dividend for shareholders of record as of February 5, 2024, which was paid on February 12, 2024 in the amount of $3,451,000.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 47,734,000	$ 44,801,000
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	4,000,000	6,700,000
Depreciation and amortization	1,612,000	1,636,000
Amortization of deferred loan fees and costs	117,000	534,000
Amortization of premiums and discounts on securities	1,152,000	1,267,000
Amortization of subordinated note issuance costs	144,000	122,000
Stock compensation expense	962,000	1,099,000
Earnings on BOLI	(510,000)	(412,000)
Deferred tax provision	(897,000)	(1,942,000)
Loans originated for sale	(47,922,000)	(60,173,000)
Gain on sale of loans	(1,952,000)	(2,934,000)
Proceeds from sale of loans	38,410,000	53,691,000
Net loss (gain) on sale of securities available-for-sale	167,000	(5,000)
Decrease in operating lease liability	(900,000)	(978,000)
Extinguishment of redeemed subordinated note issuance costs	0	302,000
Investment-related gain on cost method investments	(1,683,000)	0
Net changes in:
Interest receivable and other assets	(3,417,000)	(5,096,000)
Interest payable and other liabilities	1,897,000	7,363,000
Net cash provided by operating activities	38,914,000	45,975,000
Cash flows from investing activities:
Proceeds from sale of securities available-for-sale	737,000	1,623,000
Maturities, prepayments, and calls of securities available-for-sale	10,056,000	15,523,000
Purchases of securities available-for-sale	(1,151,000)	(2,642,000)
Capital call for venture-backed investment	(1,407,000)	0
Proceeds received from venture-backed investment	1,915,000	0
Low income housing credits	(2,341,000)	0
Net change in time deposits in banks	3,991,000	4,615,000
Loan originations, net of repayments	(284,314,000)	(848,283,000)
Purchase of premises and equipment	(653,000)	(481,000)
Purchase of FHLB stock	(4,110,000)	(4,223,000)
Purchase of BOLI	(2,001,000)	(3,054,000)
Net cash used in investing activities	(279,278,000)	(836,922,000)
Cash flows from financing activities:
Net change in deposits	244,892,000	496,114,000
FHLB advances	70,000,000	100,000,000
Cash dividends paid	(12,943,000)	(15,301,000)
Proceeds from subordinated note issuance	0	75,000,000
Subordinated note issuance costs	0	(1,454,000)
Subordinated note redemption	0	(28,750,000)
Net cash provided by financing activities	301,949,000	625,609,000
Net change in cash and cash equivalents	61,585,000	(165,338,000)
Cash and cash equivalents at beginning of period	259,991,000	425,329,000
Cash and cash equivalents at end of period	321,576,000	259,991,000
Supplemental disclosure of cash flow information:
Interest paid	61,854,000	1,345,000
Income taxes paid	19,969,000	5,200,000
Supplemental disclosure of noncash investing and financing activities:
Transfer from loans held for sale to loans held for investment	9,416,000	10,671,000
Unrealized gain (loss) on securities	2,228,000	(18,291,000)
Operating lease liabilities recorded in conjunction with adoption of ASC 842	2,260,000	5,221,000
ROUA recorded in conjunction with adoption of ASC 842	0	4,974,000
ROUA recorded for new operating leases	(2,243,000)	0
Commitment for low income housing tax credits	(13,612,000)	0
Retained earnings	77,036,000	46,736,000
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2018-01
Supplemental disclosure of noncash investing and financing activities:
Retained earnings	0	68,000
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2019-11
Supplemental disclosure of noncash investing and financing activities:
Retained earnings	$ (4,491,000)	$ 0

Bank-owned Life Insurance - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Investments, All Other Investments [Abstract]
Death benefits	$ 37,494,000
Bank-owned life insurance	17,180,000	$ 14,669,000
Earnings on BOLI	$ 510,000	$ 412,000

Bank-owned Life Insurance	12 Months Ended
Bank-owned Life Insurance	Dec. 31, 2023
Investments, All Other Investments [Abstract]
Bank-owned Life Insurance	Bank-owned Life Insurance The Company owns life insurance policies on the lives of certain current and former officers designated by the board of directors to fund its employee benefit programs. Death benefits provided under the specific terms of these insurance policies are estimated to be $37,494,000 at December 31, 2023. The benefits to employees’ beneficiaries are limited to each employee’s active service period. The investment in BOLI policies is reported at their cash surrender value, net of surrender charges, of $17,180,000 and $14,669,000 at December 31, 2023 and 2022, respectively. The cash surrender value includes both the original premiums paid for the life insurance policies and the accumulated accretion of policy income since inception of the policies, net of mortality costs and other fees. Income of $510,000 and $412,000 was recognized on these life insurance policies for the years ended December 31, 2023 and 2022, respectively.

Parent Company Only Condensed Financial Information - Statement of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]
Dividends from banking subsidiary	$ 174,382	$ 117,918
Interest expense	63,502	14,848
Income before provision for income taxes	66,616	62,858
Income tax benefit	(18,882)	(18,057)
Net income	47,734	44,801
Parent Company
Condensed Financial Statements, Captions [Line Items]
Dividends from banking subsidiary	19,643	16,301
Interest expense	4,646	3,740
Other expense	2,500	2,836
Income before provision for income taxes	12,497	9,725
Income tax benefit	2,244	2,094
Equity in undistributed banking subsidiary income	32,993	32,982
Net income	$ 47,734	$ 44,801

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

- 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

Basis of Presentation (Policies)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations and Principles of Consolidation

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 a broad range of banking products and services to customers who are predominately small and medium-sized businesses, professionals, and individuals primarily 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.

The Company terminated its status as a Subchapter S corporation as of May 5, 2021, in connection with the Company’s IPO and became a taxable C Corporation. Prior to that date, as an S Corporation, the Company had no U.S. federal income tax expense.

The Company publicly filed a Registration Statement on Form S-1 with the SEC in connection with its IPO, which was declared effective by the SEC on May 4, 2021. In connection with the IPO, the Company issued 6,054,750 shares of common stock, no par value, which included 789,750 shares sold pursuant to the underwriters’ exercise of their option to purchase additional shares. The securities were sold to the public at a price of $20.00 per share and began trading on the Nasdaq Global Select Market on May 5, 2021. On May 7, 2021, the closing date of the IPO, the Company received total net proceeds of $111,243,000. The net proceeds less other related expenses, including audit fees, legal fees, listing fees, and other expenses, totaled $109,082,000.

Basis of Financial Statement Presentation and Consolidation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) as contained within the FASB’s ASC, including ASU, and the rules and regulations of the SEC, including the instructions to Regulation S-X.

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

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.

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

The Company qualifies as an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012, and a smaller reporting company, and, as such, may take advantage of specified reduced reporting requirements and is relieved of other significant requirements that are otherwise generally applicable to other public companies.

Use of Estimates

Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions affect the amounts reported in the consolidated financial statements and the disclosures provided, and actual results could differ. The allowance for credit losses is the most significant accounting estimate reflected in the Company’s consolidated financial statements. Other estimates include fair value measurements, valuation of servicing assets, and deferred tax asset valuation.

Cash and Cash Equivalents

The Company defines cash and cash equivalents as cash, due from financial institutions, interest-bearing deposits in banks with short-term original maturities, and federal funds sold. Generally, federal funds are sold for one-day periods, if at all. At times throughout the year, balances can exceed FDIC insurance limits. The Company has not experienced any historical losses associated with balances maintained with financial institutions in excess of FDIC insurance limits, and management continues to monitor the financial condition of the major financial institutions where these funds are held.

Securities Available-for-Sale

Available-for-sale securities consist of bonds, notes, and debentures not classified as trading securities or held-to-maturity securities. Securities are classified as available-for-sale if the Company intends and has the ability to hold those securities for a period of time, but not necessarily to maturity. Any decision to sell a security classified as available-for-sale would be based on various factors, including significant movements in interest rates, changes in the maturity mix of assets and liabilities, liquidity needs, regulatory capital considerations, and other similar factors.

Securities available-for-sale are carried at fair value. Unrealized holding gains or losses are included in other comprehensive income as a separate component of shareholders’ equity, net of tax. Realized gains or losses, determined based on the cost of specific securities sold, are included in earnings. Premiums are amortized over the life of the security or, if a callable bond, over the earliest call date, and discounts are accreted over the life of the related investment security as an adjustment to interest income using the effective interest method. Interest income is recognized when earned.

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 available-for-sale 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 available-for-sale 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 available-for-sale 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. 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.

Securities Held-to-Maturity

Securities are classified as held-to-maturity if the Company has both the intent and ability to hold those securities to maturity regardless of changes in market conditions, liquidity needs, or changes in general economic conditions. These securities are carried at cost adjusted for amortization of premium to the earliest callable call date and accretion of discount, computed by the effective interest method over the life of the related investment. Estimated credit losses are recorded under 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”) through a credit loss expense and an allowance. 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.

Loans and ACL

Loans

Loans are reported at the principal amount outstanding, net of deferred loan fees and costs and the allowance for credit losses - loans. Interest on loans is accrued daily based on the principal outstanding.

Loan fees, net of certain direct costs of origination, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. During the years ended December 31, 2023 and 2022, salaries and employee benefits totaling $3,461,000 and $6,155,000, respectively, were deferred as loan origination costs.

Loans on which the accrual of interest has been discontinued are designated as non-accrual loans. Accrual of interest on loans is discontinued either when reasonable doubt exists as to the full and timely collection of interest or principal or when a loan becomes contractually past due by 90 days or more with respect to interest or principal. When a loan is placed on

non-accrual status, all interest previously accrued, but not collected, is reversed against current period interest income. Income on such loans is then recognized only to the extent that cash is received and where the future collection of principal is probable. Interest accruals are resumed on such loans only when they are brought fully current with respect to interest and principal and when, in the judgment of management, the loans are estimated to be fully collectible as to both principal and interest.

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 FFIEC 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 credit 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 and beyond 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: (i) the use of Probability of Default and Loss Given Default assumptions under a Discounted Cash Flow model; (ii) a multi-scenario macroeconomic forecast; (iii) an initial and reasonable and supportable forecast period of one year for all loan segments; and (iv) 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 collectability 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. The Audit Committee of the board of directors reviews the adequacy of the allowance at least quarterly.

Accrued interest receivable is excluded from amortized cost of all financial instrument types and included in “Interest receivable and other assets” in the 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.

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: (i) present value of future expected cash flows, discounted at the loan’s effective interest rate; (ii) amount by which carrying value of the loan exceeds the loan’s observable market price; or (iii) 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.

Troubled Debt Restructurings (“TDRs”) and Other Loan Modifications

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. Under ASU No. 2022-02, the Company is required to evaluate whether a loan modification represents a new loan or a continuation of an existing loan. The amendment enhanced existing disclosure requirements and introduced new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty under criteria of principal forgiveness, interest rate reduction, other-than-insignificant payment delay, or term extension.

Federal Home Loan Bank Stock

Federal Home Loan Bank stock represents the Company’s investment in the stock of the FHLB and is carried at par value. While technically these are considered equity securities, there is no market for FHLB stock. Therefore, the shares are considered as other investment securities.

Management periodically evaluates FHLB stock for impairment. Management’s determination of whether these investments are impaired is based on its assessment of the ultimate recoverability of cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of cost is influenced by criteria such as: (i) the significance of any decline in net assets of the FHLB, as compared to the capital stock amount for the FHLB and the length of time this situation has persisted; (ii) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB; (iii) the impact of legislative and regulatory changes on institutions and, accordingly, the customer base of the FHLB; and (iv) the liquidity position of the FHLB. Both cash and stock dividends are reported as non-interest income.

Premises and Equipment

Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are provided for in amounts sufficient to relate the cost of depreciable assets to operations over their estimated service lives using a straight-line basis. The normal estimated lives used in determining depreciation are as follows:


Equipment			3 - 12 years
Furniture and fixtures			5 - 10 years
Leasehold improvements			5 - 15 years
Automobiles			3 - 5 years

Leasehold improvements are amortized over the lesser of the useful life of the asset or the remaining term of the lease. The straight-line method of depreciation is followed for all assets for financial reporting purposes, but accelerated methods are used for tax purposes.

When assets are sold or otherwise disposed of, the cost and related accumulated depreciation or amortization are removed from the accounts, and any resulting gain or loss is recognized in income for the period. The cost of maintenance and repairs is charged to expense as incurred.

Other Real Estate

Real estate properties acquired through, or in lieu of, loan foreclosure, are classified as OREO, are to be sold, and are initially recorded at fair value of the property at the date of foreclosure less estimated selling costs. Any write-downs in value are recorded against the allowance for credit losses. Subsequent to foreclosure, valuations are periodically performed, and any revisions in the estimate of fair value are reported as adjustments to the carrying value of the real estate, provided the adjusted carrying amount does not exceed the original amount at foreclosure. Subsequent valuation adjustments are recognized as OREO write-downs. Revenues and expenses incurred from OREO property management are recorded in non-interest income and non-interest expense, respectively. During 2023 and 2022, the Bank did not foreclose on any loans.

BOLI

BOLI is recorded at the amount that can be realized under the insurance contract at the consolidated balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Increases in contract value are recorded as non-interest income, and insurance proceeds received are recorded as a reduction of the contract value.

Long-Term Assets

Premises, equipment, and other long-term assets are reviewed for impairment when events indicate that their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are adjusted to reflect their fair value.

Leases

The Company records a ROUA in the consolidated balance sheets for those leases that convey rights to control use of identified assets for a period of time in exchange for consideration. The Company records a lease liability in the consolidated balance sheets for the present value of future payment commitments. All of the Company’s leases are comprised of operating leases in which the Company is the lessee of real estate property for branches and operations. The Company elected not to include short-term leases (i.e., leases with initial terms of 12 months or less) within the ROUA and lease liability.

Equity Investments

Equity investments with readily determinable fair values are carried at fair value, with changes in fair value reported in net income. Equity investments without readily determinable fair values are carried at cost, less impairment, if any, and adjusted for changes resulting from observable price changes in orderly transactions for the identical or similar investment.

Loss Contingencies

Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated.

Transfers of Financial Assets

Transfers of an entire financial asset, a group of financial assets, or a participating interest in an entire financial asset are accounted for as sales when control has been relinquished. Control is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of more than trivial conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.

Included in the loan portfolio are loans guaranteed by the SBA, the Farm Service Agency, the Federal Agriculture Mortgage Corporation, and the United States Department of Agriculture, of which the guaranteed portion is expected to be sold in the secondary market in exchange for a one-time premium. At the time the guaranteed portion of the loan is sold, the unguaranteed portion and related right to service the entire loan is retained with the Company, to earn future servicing income. The loans held for sale are accounted for at the lower of cost or fair value, using the aggregate method. Government-guaranteed loans held for sale totaled $11,464,000 and $9,416,000 at December 31, 2023 and 2022, respectively.

Servicing rights acquired through the origination of loans, which are subsequently sold with servicing rights retained, are recognized as separate assets or liabilities. Servicing assets and liabilities are initially recorded at fair value and are subsequently amortized in proportion to, and over the period of, the related net servicing income or expense. The amortized assets are assessed for impairment or increased obligations at the loan level, based on the fair value on a periodic basis.

Loan Commitments and Related Financial Instruments

Financial instruments include off-balance sheet credit instruments, such as commitments to make loans, and financial standby letters of credit issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded.

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. Reserves for unfunded commitments are included as a component of “Interest payable and other liabilities” in the consolidated balance sheets.

Stock-Based Compensation

Compensation cost is recognized for stock options and restricted stock awards (“RSAs”) issued to executives, directors, and employees, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the grant date fair value of stock options, while the fair value of the Company’s common stock at the date of grant is used for RSAs. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award.

Supplemental Executive Retirement Plan

The Bank has entered into a non-qualified retirement plan for the Chief Executive Officer based on a continuation of employment. The present value of annual post-retirement payments is allocated to expense over the years of required service.

Income Taxes

The Company files its income taxes on a consolidated basis with its subsidiary. The allocation of income tax expense represents each entity’s proportionate share of the consolidated provision for income taxes.

Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between

carrying amounts and tax bases of assets and liabilities computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized.

The Company accounts for uncertain tax positions in accordance with FASB ASC Topic No. 740, Accounting for Uncertainty in Income Taxes. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that has a likelihood greater than 50% of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded.

Derivatives

All derivative instruments are recorded at fair value. If derivative instruments are designated as hedges of fair values, both the change in the fair value of the hedge and the hedged item are included in current earnings. Fair value adjustments related to cash flow hedges, if any, are recorded in other comprehensive income or loss and reclassified to earnings when the hedged transaction is reflected in earnings.

Comprehensive Income or Loss

Comprehensive income or loss consists of net income and other comprehensive income or loss. Other comprehensive income or loss includes unrealized gains and losses on securities available-for-sale, net of tax, which are also recognized as separate components of shareholders’ equity.

EPS

Basic EPS is net income divided by the weighted average number of common shares outstanding during the period less average unvested RSAs. Diluted EPS includes the dilutive effect of additional potential common shares related to unvested RSAs using the treasury stock method. During the years ended December 31, 2023 and 2022, there were no outstanding stock options. 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.


(in thousands, except share and per share data)	2023		2022
Net income	$	47,734	$	44,801
Weighted average basic common shares outstanding	17,166,592		17,128,282
Add: Dilutive effects of assumed vesting of restricted stock	21,377		37,328
Weighted average diluted common shares outstanding	17,187,969		17,165,610
Income per common share:
Basic EPS	$	2.78	$	2.61
Diluted EPS	$	2.78	$	2.61

Anti-dilutive shares, which are excluded from the dilutive EPS calculation, were deemed to be immaterial.

Subordinated Notes

The subordinated notes are recorded at par with related debt issuance costs reported as a direct reduction from the carrying amount. Issuance costs are amortized over the remaining maturity of the notes and reflected in interest expense.

Fair Value of Financial Instruments

The consolidated financial statements include various estimated fair value information as of December 31, 2023 and 2022. Such information, which pertains to the Company’s financial instruments, does not purport to represent the aggregate net fair value of the Company. Further, the fair value estimates are based on various assumptions, methodologies, and subjective considerations, which vary widely among different financial institutions, and are subject to change.

Fair Value Measurements

The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The Company bases the fair values on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Securities available-for-sale and derivatives, if any, are recorded at fair value on a recurring basis.

Additionally, from time to time, the Company may be required to record certain assets at fair value on a non-recurring basis, such as loans held for sale and certain collateral dependent impaired loans held for investment. These non-recurring fair value adjustments typically involve write-downs of individual assets due to application of lower of cost or fair value accounting.

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).

As a result, if other assumptions had been used, the Company’s recorded earnings or disclosures could have been materially different from those reflected in these consolidated financial statements.

Subsequent Events

The Company has evaluated events and transactions subsequent to December 31, 2023 for recognition or disclosure.

Recently Issued Accounting Standards, Accounting Standards Adopted, and Accounting Standards Issued But Not Yet Adopted

Accounting Standards Adopted

Accounting Standards Issued But Not Yet Adopted

Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2022
Deferred tax assets:
Allowance for credit losses	$ 10,820		$ 9,039
Supplemental employee retirement plan	409		507
Gain on available-for-sale assets	303		152
Net unrealized loss on securities available-for-sale	4,938		5,647
State tax	751		1,044
Right of use liability	1,759		1,351
Other	1,891	$ 12,273	749
Total deferred tax assets	20,871		18,489
Deferred tax liabilities:
Deferred loan fees	(4,063)		(4,006)
Depreciation	(411)		(405)
ROUA	(1,648)		(1,268)
Other	(416)		(537)
Total deferred tax liabilities	(6,538)		(6,216)
Net deferred tax asset	$ 14,333		$ 12,273

Interest Receivable and Other Assets (Tables)

12 Months Ended

Dec. 31, 2023

Interest Receivable and Other Assets [Abstract]

Interest Receivable and Other Assets

Interest receivable and other assets consisted of the following as of December 31, 2023 and 2022:


(in thousands)	2023		2022
Interest receivable	$	8,970	$	7,454
Equity investments	6,801		5,680
Servicing assets	2,161		2,286
Low income housing tax credits	13,612		—
Other assets	25,148		18,657
Interest receivable and other assets	$	56,692	$	34,077

Related Party Transactions - Summary of Loans (Details) - Related Party - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Beginning balance	$ 6,250	$ 9,418
Proceeds from subordinated note issuance	1,275	340
Repayments	(2,070)	(3,146)
Transfers out	0	(362)
Ending balance	$ 5,455	$ 6,250

Long Term Debt and Other Borrowings	12 Months Ended
Long Term Debt and Other Borrowings	Dec. 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 $75,000,000 of fixed-to-floating rate subordinated notes to certain qualified investors, of which $19,250,000 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 (8.62% as of December 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. On November 5, 2022, the Company exercised its right of redemption on subordinated notes issued in two series: $3,750,000 aggregate principal amount originally issued in 2019 and $25,000,000 aggregate principal amount originally issued in 2017. On December 15, 2022, the subordinated notes were redeemed for cash by the Company at 100% of their principal amount, plus accrued and unpaid interest, in accordance with the subordinated note purchase agreements applicable to each series. Remaining unamortized deferred financing costs associated with such notes were expensed and included in “Other operating expenses” in the consolidated statements of income. 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 $1,454,000, of which $205,000 has been amortized through December 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 December 31, 2023 and 2022, the carrying value of the Company’s subordinated notes was $73,749,000 and $73,606,000, respectively. Other borrowings: The Company has an agreement with the FHLB that 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 $996,712,000 at December 31, 2023 and $1,002,838,000 at December 31, 2022. The Company had $170,000,000 and $100,000,000 of borrowings outstanding at December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, the Company had letters of credit issued on its behalf totaling $681,500,000 and $686,500,000, respectively, as discussed below. As of December 31, 2023, letters of credit totaling $271,500,000 were pledged to secure State of California deposits and $410,000,000 were pledged to secure local agency deposits. As of December 31, 2022, letters of credit totaling $206,500,000 were pledged to secure State of California deposits and $480,000,000 were pledged to secure local agency deposits. The letters of credit issued and outstanding borrowings reduced the Company’s available borrowing capacity to $145,212,000 and $216,338,000 as of December 31, 2023 and 2022, respectively. At December 31, 2023, the Company had five unsecured federal funds lines of credit totaling $175,000,000 with five of its correspondent banks, respectively. At December 31, 2022, the Company had seven unsecured federal funds lines of credit totaling $190,000,000 with seven of its correspondent banks, respectively. There were no amounts outstanding at December 31, 2023 and 2022. At December 31, 2023 and 2022, the Company had the ability to borrow from the Federal Reserve Discount Window. At December 31, 2023 and 2022, the borrowing capacity under this arrangement was $770,572,000 and $21,868,000, respectively. There were no amounts outstanding at December 31, 2023 and 2022. The borrowing line is secured by certain liens on the Company’s loans and certain available-for-sale securities.

Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Parent Company Only Condensed Financial Information

CONDENSED BALANCE SHEETS

December 31, 2023 and 2022

(in thousands)


	2023		2022
ASSETS
Cash and cash equivalents	$	9,141	$	8,688
Investment in banking subsidiary	346,809		316,620
Other assets	5,408		3,090
Total assets	$	361,358	$	328,398

LIABILITIES AND SHAREHOLDERS’ EQUITY
Subordinated notes and other liabilities	$	75,584	$	75,573
Shareholders’ equity	285,774		252,825
Total liabilities and shareholders’ equity	$	361,358	$	328,398

CONDENSED STATEMENTS OF INCOME

Years ended December 31, 2023 and 2022

(in thousands)


	2023		2022
Dividends from banking subsidiary	$	19,643	$	16,301
Interest expense	4,646		3,740
Other expense	2,500		2,836
Income before income tax and undistributed banking subsidiary income	12,497		9,725
Income tax benefit	2,244		2,094
Equity in undistributed banking subsidiary income	32,993		32,982
Net income	$	47,734	$	44,801

CONDENSED STATEMENTS OF CASH FLOWS

Years ended December 31, 2023 and 2022

(in thousands)


	2023		2022
Cash flows from operating activities:
Net income	$	47,734	$	44,801
Adjustments to reconcile net income to net cash provided by operating activities:
Stock compensation expense	962		1,099
Equity in undistributed banking subsidiary income	(32,993)		(32,984)
Amortization of subordinated note issuance costs	144		122
Extinguishment of redeemed subordinated note issuance costs	—		302
Change in other assets	(2,319)		(2,168)
Change in accrued expenses and other liabilities	(132)		1,385
Net cash provided by operating activities	13,396		12,557
Cash flows from investing activities:
Investment in subsidiary	—		(39,000)
Net cash used in investing activities	—		(39,000)
Cash flows from financing activities:

Cash dividends paid	(12,943)		(15,301)
Proceeds from subordinated note issuance	—		75,000
Subordinated note issuance costs	—		(1,454)
Subordinated note redemption	—		(28,750)
Net cash provided by financing activities	(12,943)		29,495
Net change in cash and cash equivalents	453		3,052
Cash and cash equivalents at beginning of period	8,688		5,636
Cash and cash equivalents at end of period	$	9,141	$	8,688

Commitments and Contingencies- Narrative (Details)	12 Months Ended
Commitments and Contingencies- Narrative (Details)	Dec. 31, 2023 USD ($) deposit_relationship	Dec. 31, 2022 USD ($)	Jan. 01, 2023 USD ($)	Dec. 31, 2021 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Allowance for credit losses - loans	$ 34,431,000	$ 28,389,000	$ 28,389,000	$ 23,243,000
Real estate related loans percentage (in percent)	92.30%	91.84%
Number of deposits \| deposit_relationship	93
Deposits over five million, total	$ 5,000,000
Deposits over five million, amount	$ 1,867,267,000
Percentage of deposits over five million deposits	61.69%
Largest single deposit	$ 260,000,000
Percentage of largest single deposit to total deposits	8.59%
Uninsured amount	$ 22,348,000	$ 16,163,000
Operating leases, right-of-use asset, net	5,284,000	3,981,000
Operating lease liability	5,603,000	4,243,000
Unfunded Loan Commitment
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Allowance for credit losses - loans	1,247,000	125,000	$ 125,000	$ 100,000
Affiliated Entity \| Sacramento Administrative Office Lease, Maturity May 2026
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Operating lease expense	28,000	$ 30,000
Affiliated Entity \| Temporary Administrative Office In San Francisco
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Operating lease expense	$ 19,000
Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Renewal term (in years)	1 year
Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Renewal term (in years)	5 years

Interest Bearing Deposits - Interest-Bearing Deposits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Interest-bearing Deposits
Interest-bearing transaction accounts	$ 320,356	$ 240,131
Savings accounts	126,498	154,581
Money market accounts	1,282,369	1,073,532
Time accounts, $250 or more	344,694	198,159
Other time accounts	121,878	144,355
Total time deposits	466,572	342,514
Total interest-bearing deposits	2,195,795	1,810,758
Time deposits minimum	$ 250	$ 250

Shareholders’ Equity	12 Months Ended
Shareholders’ Equity	Dec. 31, 2023
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Dividends During the year ended December 31, 2023, the Company declared cash dividends on its common shares totaling $12,943,000. During the year ended December 31, 2022, the Company declared cash dividends on its common shares totaling $15,301,000. Of those total dividends, during 2022, $4,953,000 was paid out for certain shareholders affected by the Company’s termination of its S corporation status. This distribution was for the remaining balance on the Company’s federal AAA for previously taxed, but undistributed, earnings.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current tax expense:
Federal	$ 13,234	$ 13,167
State	6,439	6,837
Total current tax expense	19,673	20,004
Deferred tax benefit:
Federal	(741)	(1,762)
State	(50)	(185)
Total deferred tax benefit	(791)	(1,947)
Provision for income taxes	$ 18,882	$ 18,057

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Interest Receivable and Other Assets

12 Months Ended

Dec. 31, 2023

Interest Receivable and Other Assets [Abstract]

Interest Receivable and Other Assets

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)	2023		2022
Real estate:
Commercial	$	2,685,419	$	2,394,674
Commercial land and development	15,551		7,477
Commercial construction	62,863		88,669
Residential construction	15,456		6,693
Residential	25,893		24,230
Farmland	51,669		52,478
Commercial:
Secured	165,109		165,186
Unsecured	23,850		25,431

Consumer and other	38,166		28,628
Subtotal	3,083,976		2,793,466
Net deferred loan fees	(2,257)		(2,140)
Allowance for credit losses - loans	(34,431)		(28,389)
Loans held for investment, net of allowance for credit losses	$	3,047,288	$	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.

Concentrations

The Company’s customers are primarily located in the Greater Sacramento and North Valley regions of California. As of December 31, 2023, approximately 93% of the Company’s loans were real estate related, 6% were commercial, and 1% were consumer.

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 and their 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 December 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, 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	$	329,876	$	992,181	$	714,965	$	238,655	$	128,424	$	247,030	$	4,685	$	—	$	2,655,816
Watch	—		8,534		6,274		4,727		574		4,896		—		—		25,005
Substandard	—		—		—		—		—		1,890		—		—		1,890
Doubtful	—		—		—		—		—		—		—		—		—
Total	329,876		1,000,715		721,239		243,382		128,998		253,816		4,685		—		2,682,711
Commercial land and development
Pass	11,388		3,229		—		184		—		733		—		—		15,534
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	11,388		3,229		—		184		—		733		—		—		15,534
Commercial construction
Pass	9,074		32,154		4,189		11,230		—		5,897		—		—		62,544
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	9,074		32,154		4,189		11,230		—		5,897		—		—		62,544
Residential construction
Pass	2,412		9,128		3,912		—		—		—		—		—		15,452
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	2,412		9,128		3,912		—		—		—		—		—		15,452


	Amortized Cost Basis by Origination Year
(in thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans		Revolving Converted to Term		Total
Real estate:
Residential
Pass	4,838		3,964		6,244		2,279		1,182		5,995		1,420		—		25,922
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	4,838		3,964		6,244		2,279		1,182		5,995		1,420		—		25,922
Farmland
Pass	2,311		8,037		12,678		7,860		12,365		8,391		4		—		51,646
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	2,311		8,037		12,678		7,860		12,365		8,391		4		—		51,646
Commercial:
Secured
Pass	25,299		28,879		14,304		12,164		9,918		10,363		50,020		—		150,947
Watch	189		8,802		2,705		63		154		941		1,727		—		14,581
Substandard	—		—		—		—		45		27		—		—		72
Doubtful	—		—		—		—		—		—		—		—		—
Total	25,488		37,681		17,009		12,227		10,117		11,331		51,747		—		165,600
Unsecured
Pass	3,891		3,782		4,902		5,963		2,240		7		3,072		—		23,857
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	3,891		3,782		4,902		5,963		2,240		7		3,072		—		23,857
Consumer and other
Pass	18,489		11,359		8,264		6		—		307		—		—		38,425
Watch	—		16		—		—		—		—		—		—		16
Substandard	—		12		—		—		—		—		—		—		12
Doubtful	—		—		—		—		—		—		—		—		—
Total	18,489		11,387		8,264		6		—		307		—		—		38,453
Total
Pass	407,578		1,092,713		769,458		278,341		154,129		278,723		59,201		—		3,040,143
Watch	189		17,352		8,979		4,790		728		5,837		1,727		—		39,602
Substandard	—		12		—		—		45		1,917		—		—		1,974
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	407,767	$	1,110,077	$	778,437	$	283,131	$	154,902	$	286,477	$	60,928	$	—	$	3,081,719

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 December 31, 2023 consisted of the following:


(in thousands)	Past Due
	30-59 Days		60-89 Days		Greater Than 90 Days		Total Past Due		Current		Total Loans Receivable
Real estate:
Commercial	$	—	$	—	$	—	$	—	$	2,682,711	$	2,682,711
Commercial land and development	—		—		—		—		15,534		15,534
Commercial construction	—		—		—		—		62,544		62,544
Residential construction	—		—		—		—		15,452		15,452
Residential	—		—		—		—		25,922		25,922
Farmland	—		—		—		—		51,646		51,646
Commercial:
Secured	—		—		—		—		165,600		165,600
Unsecured	—		—		—		—		23,857		23,857
Consumer and other	76		—		—		76		38,377		38,453
Total	$	76	$	—	$	—	$	76	$	3,081,643	$	3,081,719

There were no loans greater than 90 days past due and still accruing interest income as of December 31, 2023.

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


(in thousands)	Past Due
	30-59 Days		60-89 Days		Greater Than 90 Days		Total Past Due		Current		Total Loans Receivable
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	$	194	$	175	$	—	$	369	$	2,790,957	$	2,791,326

There were no loans greater than 90 days past due and still accruing interest income as of December 31, 2022.

No collateral dependent loans were in process of foreclosure at December 31, 2023.

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


(in thousands)	2023		2022
Real estate:
Commercial	$	1,893	$	106
Residential	—		175
Commercial:
Secured	72		123
Total non-accrual loans	$	1,965	$	404

No interest income was recognized on non-accrual loans in the years ended December 31, 2023 and 2022. Non-accrual real estate loans did not have an allowance for credit losses as of December 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 $95,000 and $39,000 for the years ended December 31, 2023 and 2022, respectively.

Allowance for Credit Losses - Loans

The following table discloses activity in the allowance for credit losses - loans for the year ended December 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	$	—	$	—	$	2,193	$	29,015
Commercial land and development	54		74		—		—		50		178
Commercial construction	645		882		—		—		(809)		718
Residential construction	49		81		—		—		(41)		89
Residential	175		3		—		—		(27)		151
Farmland	644		(396)		—		—		151		399
Commercial:
Secured	7,098		(3,060)		(3,496)		423		2,349		3,314
Unsecured	116		37		(6)		—		42		189

Consumer and other	347		80		(1,106)		995		62		378
Unallocated	45		(45)		—		—		—		—
Total	$	28,389	$	5,262	$	(4,608)	$	1,418	$	3,970	$	34,431

The following table discloses activity in the allowance for credit losses - loans for the year ended December 31, 2022.


(in thousands)	Beginning Balance		Charge-offs		Recoveries		Provision (Benefit)		Ending Balance
Real estate:
Commercial	$	12,869	$	—	$	—	$	6,347	$	19,216
Commercial land and development	50		—		—		4		54
Commercial construction	371		—		—		274		645
Residential construction	50		—		—		(1)		49
Residential	192		—		—		(17)		175
Farmland	645		—		—		(1)		644
Commercial:
Secured	6,859		(1,690)		204		1,725		7,098
Unsecured	207		(2)		—		(89)		116
PPP	—		(21)		21		—		—
Consumer and other	889		(906)		840		(476)		347
Unallocated	1,111		—		—		(1,066)		45
Total	$	23,243	$	(2,619)	$	1,065	$	6,700	$	28,389

Unfunded Loan Commitment Reserves

Unfunded loan commitment reserves are included in “Interest payable and other liabilities” in the consolidated balance sheets. Provisions for unfunded loan commitments are included in “Provision for credit losses” in the consolidated statements of income. Prior to adoption of ASC 326, provisions for unfunded loan commitments were included in “Other operating expenses” in the consolidated statements of income.


(in thousands)	2023		2022
Balance at January 1	$	125	$	100
Effect of adoption of ASC 326	1,092		—
Provision	30		25


Balance at December 31	$	1,247	$	125

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 $1,658,262,000 and $1,627,056,000 at December 31, 2023 and 2022, respectively. In addition, the Company pledges eligible tenants in common loans, which totaled $1,167,644,000 and $41,934,000 at December 31, 2023 and 2022, respectively, to secure its borrowing capacity with the Federal Reserve Bank of San Francisco. See Note 9, Long Term Debt and Other Borrowings, for further discussion of these borrowings.

Interest Receivable and Other Assets

Interest receivable and other assets consisted of the following as of December 31, 2023 and 2022:


(in thousands)	2023		2022
Interest receivable	$	8,970	$	7,454
Equity investments	6,801		5,680
Servicing assets	2,161		2,286
Low income housing tax credits	13,612		—
Other assets	25,148		18,657
Interest receivable and other assets	$	56,692	$	34,077

Servicing assets represent the assets related to servicing loans for others, including collecting payments, maintaining escrow accounts, disbursing payments to investors, and conducting foreclosure proceedings. The Company serviced loans with unpaid principal balances of $191,551,000 and $192,880,000 as of December 31, 2023 and 2022, respectively, on behalf of others.

Capital Requirements and Restrictions on Retained Earnings - Schedule of Capital Ratios (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Total capital (to risk-weighted assets), Actual Ratio, Amount	$ 404,829	$ 366,113
Total capital (to risk-weighted assets), Actual Ratio, Ratio (in percent)	0.1230	0.1246
Total capital (to risk-weighted assets), Required for Capital Adequacy Purposes, Amount	$ 259,090	$ 235,065
Total capital (to risk-weighted assets), Required for Capital Adequacy Purposes, Ratio (in percent)	0.0800	0.0800
Tier 1 capital (to risk-weighted assets), Actual Ratio, Amount	$ 298,749	$ 263,993
Tier 1 capital (to risk-weighted assets), Actual Ratio, Ratio (in percent)	0.0907	0.0899
Tier 1 capital (to risk-weighted assets), Required for Capital Adequacy Purposes, Amount	$ 197,534	$ 176,191
Tier 1 capital (to risk-weighted assets), Required for Capital Adequacy Purposes, Ratio (in percent)	0.0600	0.0600
Common equity tier 1 capital (to risk-weighted assets), Actual Ratio, Amount	$ 298,749	$ 263,993
Common equity tier 1 capital (to risk-weighted assets), Actual Ratio, Ratio (in percent)	0.0907	0.0899
Common equity tier 1 capital (to risk-weighted assets), Required for Capital Adequacy Purposes, Amount	$ 148,150	$ 132,144
Common equity tier 1 capital (to risk-weighted assets), Required for Capital Adequacy Purposes, Ratio (in percent)	0.0450	0.0450
Tier 1 leverage, Actual Ratio, Amount	$ 298,749	$ 263,993
Tier 1 leverage, Actual Ratio, Ratio (in percent)	0.0873	0.0860
Tier 1 Leverage, Required for Capital Adequacy Purposes, Amount	$ 136,953	$ 122,788
Tier 1 leverage, Required for Capital Adequacy Purposes, Ratio (in percent)	0.0400	0.0400
Subsidiaries
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Total capital (to risk-weighted assets), Actual Ratio, Amount	$ 392,114	$ 356,301
Total capital (to risk-weighted assets), Actual Ratio, Ratio (in percent)	0.1193	0.1214
Total capital (to risk-weighted assets), Required for Capital Adequacy Purposes, Amount	$ 262,947	$ 234,795
Total capital (to risk-weighted assets), Required for Capital Adequacy Purposes, Ratio (in percent)	0.0800	0.0800
Tier 1 capital (to risk-weighted assets), Actual Ratio, Amount	$ 359,783	$ 327,788
Tier 1 capital (to risk-weighted assets), Actual Ratio, Ratio (in percent)	0.1095	0.1117
Tier 1 capital (to risk-weighted assets), Required for Capital Adequacy Purposes, Amount	$ 197,211	$ 176,072
Tier 1 capital (to risk-weighted assets), Required for Capital Adequacy Purposes, Ratio (in percent)	0.0600	0.0600
Common equity tier 1 capital (to risk-weighted assets), Actual Ratio, Amount	$ 359,783	$ 327,788
Common equity tier 1 capital (to risk-weighted assets), Actual Ratio, Ratio (in percent)	0.1095	0.1117
Common equity tier 1 capital (to risk-weighted assets), Required for Capital Adequacy Purposes, Amount	$ 147,908	$ 132,054
Common equity tier 1 capital (to risk-weighted assets), Required for Capital Adequacy Purposes, Ratio (in percent)	0.0450	0.0450
Tier 1 leverage, Actual Ratio, Amount	$ 359,783	$ 327,788
Tier 1 leverage, Actual Ratio, Ratio (in percent)	0.1052	0.1069
Tier 1 Leverage, Required for Capital Adequacy Purposes, Amount	$ 136,757	$ 122,652
Tier 1 leverage, Required for Capital Adequacy Purposes, Ratio (in percent)	0.0400	0.0400
Total capital (to risk-weighted assets), Ratio to be Well-Capitalized under Prompt Corrective Action Provisions, Amount	$ 328,684	$ 293,494
Total capital (to risk-weighted assets), Ratio to be Well-Capitalized under Prompt Corrective Action Provisions, Ratio (in percent)	0.1000	0.1000
Tier 1 capital (to risk-weighted assets), Ratio to be Well-Capitalized under Prompt Corrective Action Provisions, Amount	$ 262,947	$ 234,763
Tier 1 capital (to risk-weighted assets), Ratio to be Well-Capitalized under Prompt Corrective Action Provisions, Ratio (in percent)	0.0800	0.0800
Common equity tier 1 capital (to risk-weighted assets), Ratio to be Well-Capitalized under Prompt Corrective Action Provisions, Amount	$ 213,645	$ 190,745
Common equity tier 1 capital (to risk-weighted assets), Ratio to be Well-Capitalized under Prompt Corrective Action Provisions, Ratio (in percent)	0.0650	0.0650
Tier 1 leverage, Ratio to be Well-Capitalized under Prompt Corrective Action Provisions, Amount	$ 170,946	$ 153,315
Tier 1 leverage, Ratio to be Well-Capitalized under Prompt Corrective Action Provisions, Ratio (in percent)	0.0500	0.0500

Capital Requirements and Restrictions on Retained Earnings (Tables)

12 Months Ended

Dec. 31, 2023

Banking Regulation, Risk-Based Information [Abstract]

Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations

The Company’s and the Bank’s actual capital amounts and ratios as of December 31, 2023 and 2022 are presented in the following tables. As of December 31, 2023 and 2022, Bancorp’s Tier 2 capital included subordinated notes, which were not included at the bank level. Eligible amounts of subordinated notes included in Tier 2 capital will be phased out by 20% per year beginning five years before the maturity date of the notes.


Capital Ratios for Bancorp (dollars in thousands)	Actual Ratio				Required for Capital Adequacy Purposes1				Ratio to be Well-Capitalized under Prompt Corrective Action Provisions
	Amount		Ratio		Amount		Ratio		Amount	Ratio
December 31, 2023
Total capital (to risk-weighted assets)	$	404,829	12.30	%	$	259,090	8.00	%	N/A	N/A
Tier 1 capital (to risk-weighted assets)	$	298,749	9.07	%	$	197,534	6.00	%	N/A	N/A
Common equity tier 1 capital (to risk-weighted assets)	$	298,749	9.07	%	$	148,150	4.50	%	N/A	N/A
Tier 1 leverage	$	298,749	8.73	%	$	136,953	4.00	%	N/A	N/A
December 31, 2022
Total capital (to risk-weighted assets)	$	366,113	12.46	%	$	235,065	8.00	%	N/A	N/A
Tier 1 capital (to risk-weighted assets)	$	263,993	8.99	%	$	176,191	6.00	%	N/A	N/A
Common equity tier 1 capital (to risk-weighted assets)	$	263,993	8.99	%	$	132,144	4.50	%	N/A	N/A
Tier 1 leverage	$	263,993	8.60	%	$	122,788	4.00	%	N/A	N/A


Capital Ratios for the Bank (dollars in thousands)	Actual Ratio				Required for Capital Adequacy Purposes				Ratio to be Well-Capitalized under Prompt Corrective Action Provisions
	Amount		Ratio		Amount		Ratio		Amount		Ratio
December 31, 2023
Total capital (to risk-weighted assets)	$	392,114	11.93	%	$	262,947	8.00	%	$	328,684	10.00	%
Tier 1 capital (to risk-weighted assets)	$	359,783	10.95	%	$	197,211	6.00	%	$	262,947	8.00	%
Common equity tier 1 capital (to risk-weighted assets)	$	359,783	10.95	%	$	147,908	4.50	%	$	213,645	6.50	%
Tier 1 leverage	$	359,783	10.52	%	$	136,757	4.00	%	$	170,946	5.00	%
December 31, 2022
Total capital (to risk-weighted assets)	$	356,301	12.14	%	$	234,795	8.00	%	$	293,494	10.00	%
Tier 1 capital (to risk-weighted assets)	$	327,788	11.17	%	$	176,072	6.00	%	$	234,763	8.00	%
Common equity tier 1 capital (to risk-weighted assets)	$	327,788	11.17	%	$	132,054	4.50	%	$	190,745	6.50	%
Tier 1 leverage	$	327,788	10.69	%	$	122,652	4.00	%	$	153,315	5.00	%


1			The listed capital adequacy ratios exclude capital conservation buffers.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Net income	$ 47,734	$ 44,801
Unrealized gain (loss) on securities:
Net unrealized holding gain (loss) on securities available-for-sale during the period	2,228	(18,291)
Reclassification for net (gain) loss on sale of securities included in net income	167	(5)
Less: Income tax expense (benefit) related to other comprehensive income (loss)	708	(5,408)
Other comprehensive income (loss)	1,687	(12,888)
Total comprehensive income	$ 49,421	$ 31,913

- Definition

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

+ References

+ Details

CONSOLIDATED STATEMENTS OF INCOME - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Interest and fee income:
Loans, including fees	$ 162,713,000	$ 111,795,000
Taxable securities	1,876,000	1,714,000
Nontaxable securities	724,000	713,000
Interest-bearing deposits in other banks	9,069,000	3,696,000
Total interest and fee income	174,382,000	117,918,000
Interest expense:
Deposits	57,861,000	10,923,000
FHLB advances	995,000	185,000
Subordinated notes	4,646,000	3,740,000
Total interest expense	63,502,000	14,848,000
Net interest income	110,880,000	103,070,000
Provision for credit losses	4,000,000	6,700,000
Net interest income after provision for credit losses	106,880,000	96,370,000
Non-interest income:
Service charges on deposit accounts	575,000	467,000
Net gain (loss) on sale of securities	(167,000)	5,000
Gain on sale of loans	1,952,000	2,934,000
Loan-related fees	1,719,000	2,207,000
FHLB stock dividends	970,000	546,000
Earnings on BOLI	510,000	412,000
Other	1,952,000	586,000
Total non-interest income	7,511,000	7,157,000
Non-interest expense:
Salaries and employee benefits	27,097,000	22,571,000
Occupancy and equipment	2,218,000	2,059,000
Data processing and software	4,015,000	3,091,000
FDIC insurance	1,557,000	850,000
Professional services	2,575,000	2,467,000
Advertising and promotional	2,403,000	1,908,000
Loan-related expenses	1,192,000	1,287,000
Other operating expenses	6,718,000	6,436,000
Total non-interest expense	47,775,000	40,669,000
Income before provision for income taxes	66,616,000	62,858,000
Provision for income taxes	18,882,000	18,057,000
Net income	$ 47,734,000	$ 44,801,000
Basic earnings per common share (in USD per share)	$ 2.78	$ 2.61
Diluted earnings per common share (in USD per share)	$ 2.78	$ 2.61

Investment Securities - Narrative (Details)	12 Months Ended
Investment Securities - Narrative (Details)	Dec. 31, 2023 USD ($) security $ / shares	Dec. 31, 2022 USD ($) security
Marketable Securities [Line Items]
Number of securities in unrealized loss positions	149	152
Number of investment securities in a continuous loss position for twelve months or more	146
Investment securities in a loss position for less than twelve months	3
Held-to-maturity securities in a continuous loss position for more than 12 months	1
FHLB stock price (in USD per share) \| $ / shares	$ 100
FHLB Stock \| $	$ 15,000,000	$ 10,890,000
FHLB stock dividends \| $	970,000	546,000
Investment in Federal Home Loan Bank Stock
Marketable Securities [Line Items]
FHLB stock dividends \| $	$ 970,000	$ 546,000

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Cash and due from financial institutions	$ 26,986,000	$ 32,561,000
Interest-bearing deposits in banks	294,590,000	227,430,000
Cash and cash equivalents	321,576,000	259,991,000
Time deposits in banks	5,858,000	9,849,000
Securities available-for-sale, at fair value, net of allowance for credit losses of $0 at December 31, 2023 and 2022 (amortized cost of $124,788 and $135,087 at December 31, 2023 and 2022, respectively)	108,083,000	115,988,000
Securities held-to-maturity, at amortized cost, net of allowance for credit losses of $20 at December 31, 2023 and $0 at December 31, 2022 (fair value of $2,913 and $3,432 at December 31, 2023 and 2022, respectively)	3,077,000	3,756,000
Loans held for sale	11,464,000	9,416,000
Loans held for investment	3,081,719,000	2,791,326,000
Allowance for credit losses - loans	(34,431,000)	(28,389,000)
Loans held for investment, net of allowance for credit losses	3,047,288,000	2,762,937,000
FHLB stock	15,000,000	10,890,000
Operating leases, right-of-use asset, net	5,284,000	3,981,000
Premises and equipment, net	1,623,000	1,605,000
Bank-owned life insurance	17,180,000	14,669,000
Interest receivable and other assets	56,692,000	34,077,000
Total assets	3,593,125,000	3,227,159,000
Deposits:
Non-interest-bearing	831,101,000	971,246,000
Interest-bearing	2,195,795,000	1,810,758,000
Total deposits	3,026,896,000	2,782,004,000
FHLB advances	170,000,000	100,000,000
Subordinated notes, net	73,749,000	73,606,000
Operating lease liability	5,603,000	4,243,000
Interest payable and other liabilities	31,103,000	14,481,000
Total liabilities	3,307,351,000	2,974,334,000
Commitments and contingencies (Note 15)
Shareholders’ equity
Preferred stock, no par value; 10,000,000 shares authorized; zero issued and outstanding at December 31, 2023 and 2022, respectively	0	0
Common stock, no par value; 100,000,000 shares authorized; 17,256,989 shares issued and outstanding at December 31, 2023; 17,241,926 shares issued and outstanding at December 31, 2022	220,505,000	219,543,000
Retained earnings	77,036,000	46,736,000
Accumulated other comprehensive loss, net	(11,767,000)	(13,454,000)
Total shareholders’ equity	285,774,000	252,825,000
Total liabilities and shareholders’ equity	$ 3,593,125,000	$ 3,227,159,000

Loans and Allowance for Credit Losses

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Loans and Allowance for Credit Losses


(in thousands)	2023		2022
Real estate:
Commercial	$	2,685,419	$	2,394,674
Commercial land and development	15,551		7,477
Commercial construction	62,863		88,669
Residential construction	15,456		6,693
Residential	25,893		24,230
Farmland	51,669		52,478
Commercial:
Secured	165,109		165,186
Unsecured	23,850		25,431

Consumer and other	38,166		28,628
Subtotal	3,083,976		2,793,466
Net deferred loan fees	(2,257)		(2,140)
Allowance for credit losses - loans	(34,431)		(28,389)
Loans held for investment, net of allowance for credit losses	$	3,047,288	$	2,762,937

Underwriting

Concentrations

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	$	329,876	$	992,181	$	714,965	$	238,655	$	128,424	$	247,030	$	4,685	$	—	$	2,655,816
Watch	—		8,534		6,274		4,727		574		4,896		—		—		25,005
Substandard	—		—		—		—		—		1,890		—		—		1,890
Doubtful	—		—		—		—		—		—		—		—		—
Total	329,876		1,000,715		721,239		243,382		128,998		253,816		4,685		—		2,682,711
Commercial land and development
Pass	11,388		3,229		—		184		—		733		—		—		15,534
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	11,388		3,229		—		184		—		733		—		—		15,534
Commercial construction
Pass	9,074		32,154		4,189		11,230		—		5,897		—		—		62,544
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	9,074		32,154		4,189		11,230		—		5,897		—		—		62,544
Residential construction
Pass	2,412		9,128		3,912		—		—		—		—		—		15,452
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	2,412		9,128		3,912		—		—		—		—		—		15,452


	Amortized Cost Basis by Origination Year
(in thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans		Revolving Converted to Term		Total
Real estate:
Residential
Pass	4,838		3,964		6,244		2,279		1,182		5,995		1,420		—		25,922
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	4,838		3,964		6,244		2,279		1,182		5,995		1,420		—		25,922
Farmland
Pass	2,311		8,037		12,678		7,860		12,365		8,391		4		—		51,646
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	2,311		8,037		12,678		7,860		12,365		8,391		4		—		51,646
Commercial:
Secured
Pass	25,299		28,879		14,304		12,164		9,918		10,363		50,020		—		150,947
Watch	189		8,802		2,705		63		154		941		1,727		—		14,581
Substandard	—		—		—		—		45		27		—		—		72
Doubtful	—		—		—		—		—		—		—		—		—
Total	25,488		37,681		17,009		12,227		10,117		11,331		51,747		—		165,600
Unsecured
Pass	3,891		3,782		4,902		5,963		2,240		7		3,072		—		23,857
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	3,891		3,782		4,902		5,963		2,240		7		3,072		—		23,857
Consumer and other
Pass	18,489		11,359		8,264		6		—		307		—		—		38,425
Watch	—		16		—		—		—		—		—		—		16
Substandard	—		12		—		—		—		—		—		—		12
Doubtful	—		—		—		—		—		—		—		—		—
Total	18,489		11,387		8,264		6		—		307		—		—		38,453
Total
Pass	407,578		1,092,713		769,458		278,341		154,129		278,723		59,201		—		3,040,143
Watch	189		17,352		8,979		4,790		728		5,837		1,727		—		39,602
Substandard	—		12		—		—		45		1,917		—		—		1,974
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	407,767	$	1,110,077	$	778,437	$	283,131	$	154,902	$	286,477	$	60,928	$	—	$	3,081,719

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


(in thousands)	Past Due
	30-59 Days		60-89 Days		Greater Than 90 Days		Total Past Due		Current		Total Loans Receivable
Real estate:
Commercial	$	—	$	—	$	—	$	—	$	2,682,711	$	2,682,711
Commercial land and development	—		—		—		—		15,534		15,534
Commercial construction	—		—		—		—		62,544		62,544
Residential construction	—		—		—		—		15,452		15,452
Residential	—		—		—		—		25,922		25,922
Farmland	—		—		—		—		51,646		51,646
Commercial:
Secured	—		—		—		—		165,600		165,600
Unsecured	—		—		—		—		23,857		23,857
Consumer and other	76		—		—		76		38,377		38,453
Total	$	76	$	—	$	—	$	76	$	3,081,643	$	3,081,719

There were no loans greater than 90 days past due and still accruing interest income as of December 31, 2023.

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


(in thousands)	Past Due
	30-59 Days		60-89 Days		Greater Than 90 Days		Total Past Due		Current		Total Loans Receivable
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	$	194	$	175	$	—	$	369	$	2,790,957	$	2,791,326

There were no loans greater than 90 days past due and still accruing interest income as of December 31, 2022.

No collateral dependent loans were in process of foreclosure at December 31, 2023.

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


(in thousands)	2023		2022
Real estate:
Commercial	$	1,893	$	106
Residential	—		175
Commercial:
Secured	72		123
Total non-accrual loans	$	1,965	$	404

The amount of foregone interest income related to non-accrual loans was $95,000 and $39,000 for the years ended December 31, 2023 and 2022, respectively.

Allowance for Credit Losses - Loans

The following table discloses activity in the allowance for credit losses - loans for the year ended December 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	$	—	$	—	$	2,193	$	29,015
Commercial land and development	54		74		—		—		50		178
Commercial construction	645		882		—		—		(809)		718
Residential construction	49		81		—		—		(41)		89
Residential	175		3		—		—		(27)		151
Farmland	644		(396)		—		—		151		399
Commercial:
Secured	7,098		(3,060)		(3,496)		423		2,349		3,314
Unsecured	116		37		(6)		—		42		189

Consumer and other	347		80		(1,106)		995		62		378
Unallocated	45		(45)		—		—		—		—
Total	$	28,389	$	5,262	$	(4,608)	$	1,418	$	3,970	$	34,431

The following table discloses activity in the allowance for credit losses - loans for the year ended December 31, 2022.


(in thousands)	Beginning Balance		Charge-offs		Recoveries		Provision (Benefit)		Ending Balance
Real estate:
Commercial	$	12,869	$	—	$	—	$	6,347	$	19,216
Commercial land and development	50		—		—		4		54
Commercial construction	371		—		—		274		645
Residential construction	50		—		—		(1)		49
Residential	192		—		—		(17)		175
Farmland	645		—		—		(1)		644
Commercial:
Secured	6,859		(1,690)		204		1,725		7,098
Unsecured	207		(2)		—		(89)		116
PPP	—		(21)		21		—		—
Consumer and other	889		(906)		840		(476)		347
Unallocated	1,111		—		—		(1,066)		45
Total	$	23,243	$	(2,619)	$	1,065	$	6,700	$	28,389

Unfunded Loan Commitment Reserves


(in thousands)	2023		2022
Balance at January 1	$	125	$	100
Effect of adoption of ASC 326	1,092		—
Provision	30		25


Balance at December 31	$	1,247	$	125

Pledged Loans

Interest Receivable and Other Assets

Interest receivable and other assets consisted of the following as of December 31, 2023 and 2022:


(in thousands)	2023		2022
Interest receivable	$	8,970	$	7,454
Equity investments	6,801		5,680
Servicing assets	2,161		2,286
Low income housing tax credits	13,612		—
Other assets	25,148		18,657
Interest receivable and other assets	$	56,692	$	34,077

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

During the normal course of business, the Company may enter into transactions with related parties, including directors, executive officers, principal shareholders, and their businesses or affiliates. In accordance with applicable regulations and Bank policies, these loans are granted on substantially the same terms, including interest rates and collateral on loans, as those prevailing at the same time for comparable transactions with persons not related to the Company. Likewise, these transactions do not involve more than the normal risk of collectability or present other unfavorable features. The following is a summary of loans to related parties in 2023 and 2022:


(in thousands)	2023		2022
Beginning balance	$	6,250	$	9,418
New loans or advances	1,275		340

Repayments	(2,070)		(3,146)
Transfers out1	—		(362)
Ending balance	$	5,455	$	6,250

1As a result of a change in employment with the Company, a loan balance belonging to a previously related party was transferred out of the classification of related party loans. The change was not the result of any disagreement with the Company or due to any matter relating to its operations, policies, or practices.

At December 31, 2023 and 2022, deposits from related parties (directors, executive officers, and principal shareholders) totaled $37,201,000 and $51,960,000, respectively.

The Company leases an administrative office from a partnership comprised of certain shareholders and members of the board of directors, which is further described in Note 15, Commitments and Contingencies. Property management fees totaling $1,000 in 2023 and 2022 were paid to the entity that owns this property.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Interest Receivable and Other Assets - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Interest Receivable and Other Assets [Abstract]
Serviced loans with unpaid principal balance	$ 191,551,000	$ 192,880,000

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2023	Feb. 20, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 288.8
Entity Common Stock, Shares Outstanding		17,353,369
Documents Incorporated by Reference	Portions of the Registrant’s Definitive Proxy Statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A for its 2024 Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0001275168
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Premises and Equipment, Net - Schedule of Premises and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 6,359	$ 5,756
Accumulated depreciation and amortization	(4,736)	(4,151)
Premises and equipment, net	1,623	1,605
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	4,111	3,762
Tenant improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	2,125	1,994
Bank automobiles
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 123	$ 0

Interest-Bearing Deposits - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Interest-bearing Deposits
Interest-bearing domestic deposit, time deposits	$ 466,572,000	$ 342,514,000
Brokered time deposits	100,128,000	124,993,000
One-way deposits	$ 0	$ 0

Basis of Presentation - Narrative (Details)			12 Months Ended
Basis of Presentation - Narrative (Details)	May 07, 2021 USD ($) $ / shares shares	May 05, 2021 shares	Dec. 31, 2023 USD ($) office segment shares	Dec. 31, 2022 USD ($) shares	Jun. 02, 2003 shares
Subsidiary, Sale of Stock [Line Items]
Bank common stock exchanged for company common stock (in shares) \| shares					1
Number of branch offices \| office			7
Sale of stock, price per share (in USD per share) \| $ / shares	$ 20.00
Proceeds from issuance initial public offering \| $	$ 111,243,000
Sale of stock, consideration received on transaction \| $	$ 109,082,000
Number of reportable segments \| segment			1
Salaries and employee benefits deferred as loan origination costs \| $			$ 3,461,000	$ 6,155,000
Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration]			Loan-related fees	Loan-related fees
Government guaranteed loans \| $			$ 11,464,000	$ 9,416,000
Stock options outstanding (in shares) \| shares			0	0
IPO
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares) \| shares		6,054,750
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares) \| shares	789,750

Income Taxes - Narrative (Details) - USD ($)		12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Mar. 17, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Carrying value of low income housing tax credit funds		$ 2,050,000
Commitment for low income housing tax credits		13,612,000
Payments to shareholders	$ 4,953,000	$ 12,943,000	$ 15,301,000

Commitments and Contingencies - Operating Lease Term and Discount Rate (Details)	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining lease term	5 years 3 months 10 days
Weighted average discount rate	4.11%

Basis of Presentation (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Estimated Lives

The normal estimated lives used in determining depreciation are as follows:


Equipment			3 - 12 years
Furniture and fixtures			5 - 10 years
Leasehold improvements			5 - 15 years
Automobiles			3 - 5 years

Premises and equipment, net, were as follows as of December 31, 2023 and 2022:


(in thousands)	2023		2022
Furniture, fixtures, and equipment	$	4,111	$	3,762
Tenant improvements	2,125		1,994
Bank automobiles	123		—
	6,359		5,756
Accumulated depreciation and amortization	(4,736)		(4,151)
Premises and equipment, net	$	1,623	$	1,605

Schedule of Earnings Per Share


(in thousands, except share and per share data)	2023		2022
Net income	$	47,734	$	44,801
Weighted average basic common shares outstanding	17,166,592		17,128,282
Add: Dilutive effects of assumed vesting of restricted stock	21,377		37,328
Weighted average diluted common shares outstanding	17,187,969		17,165,610
Income per common share:
Basic EPS	$	2.78	$	2.61
Diluted EPS	$	2.78	$	2.61

Equity Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of Unvested Restricted Shares

The following table summarizes information about unvested restricted shares:


	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		23,639	28.29
Shares vested	(42,553)	23.07		(48,003)	23.07
Shares forfeited	(1,913)	25.62		(6,561)	21.29
End of the period balance	69,338	$	20.53	96,826	$	20.34

Basis of Presentation - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net income	$ 47,734	$ 44,801
Weighted average basic common shares outstanding (in shares)	17,166,592	17,128,282
Add: Dilutive effects of assumed vesting of restricted stock (in shares)	21,377	37,328
Weighted average diluted common shares outstanding (in shares)	17,187,969	17,165,610
Income per common share:
Basic EPS (in USD per share)	$ 2.78	$ 2.61
Diluted EPS (in USD per share)	$ 2.78	$ 2.61

- 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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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

- Definition

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

+ References

+ Details

Premises and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Estimated Lives

The normal estimated lives used in determining depreciation are as follows:


Equipment			3 - 12 years
Furniture and fixtures			5 - 10 years
Leasehold improvements			5 - 15 years
Automobiles			3 - 5 years

Premises and equipment, net, were as follows as of December 31, 2023 and 2022:


(in thousands)	2023		2022
Furniture, fixtures, and equipment	$	4,111	$	3,762
Tenant improvements	2,125		1,994
Bank automobiles	123		—
	6,359		5,756
Accumulated depreciation and amortization	(4,736)		(4,151)
Premises and equipment, net	$	1,623	$	1,605

Investment Securities - Amortized Cost and Fair Value of Securities Held-to-maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Amortized Cost	$ 3,077	$ 3,756
Gross unrealized gains	0	0
Gross unrealized losses	164	324
Fair Value	2,913	3,432
Obligations of states and political subdivisions
Marketable Securities [Line Items]
Amortized Cost	3,077	3,756
Gross unrealized gains	0	0
Gross unrealized losses	164	324
Fair Value	$ 2,913	$ 3,432

Loans and Allowance for Credit Losses - Non-accrual Loans Segregated by Class (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Total non-accrual loans	$ 1,965	$ 404
Commercial
Financing Receivable, Past Due [Line Items]
Total non-accrual loans	1,893	106
Residential
Financing Receivable, Past Due [Line Items]
Total non-accrual loans	0	175
Secured
Financing Receivable, Past Due [Line Items]
Total non-accrual loans	$ 72	$ 123

Interest-Bearing Deposits

12 Months Ended

Dec. 31, 2023

Interest-bearing Deposits

Interest-Bearing Deposits

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


(in thousands)	2023		2022
Interest-bearing transaction accounts	$	320,356	$	240,131
Savings accounts	126,498		154,581
Money market accounts	1,282,369		1,073,532
Time accounts, $250 or more	344,694		198,159
Other time accounts	121,878		144,355
Total time deposits	466,572		342,514
Total interest-bearing deposits	$	2,195,795	$	1,810,758

Time deposits totaled $466,572,000 and $342,514,000 as of December 31, 2023 and 2022, respectively. There were $100,128,000 of brokered time deposits as of December 31, 2023 and $124,993,000 of brokered time deposits as of

December 31, 2022. As of December 31, 2023, scheduled maturities of time deposits for the next five years were as follows:


(in thousands)
2024	$	442,540
2025	22,545
2026	1,351
2027	—
2028	136
Total time deposits	$	466,572

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 and interest checking 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 December 31, 2023 and 2022. The composition of network deposits as of December 31, 2023 and 2022 was as follows:


(in thousands)	2023		2022
CDARS	$	16,325	$	13,248
ICS	620,199		272,719
Total network deposits	$	636,524	$	285,967

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


(in thousands)	2023		2022
Interest-bearing transaction accounts	$	3,321	$	425
Savings accounts	3,073		376
Money market accounts	33,932		6,477
Time accounts, $250 or more	12,686		2,804
Other time accounts	4,849		841
Total interest expense on interest-bearing deposits	$	57,861	$	10,923

Recently Issued Accounting Standards (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Changes and Error Corrections [Abstract]

Cumulative Effect Adjustment for Adoption of ASC 326

The following table 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 - Loans	$	(28,389)	$	(5,262)	$	(33,651)
Allowance for Credit Losses - HTM Securities	—		(20)		(20)
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)

Loans and Allowance for Credit Losses - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Loans between 60-89 days past due	$ 3,081,719,000	$ 2,791,326,000
Loans greater than 90 days past due	0	0
Interest income related to non-accrual loans	0	0
Foregone interest income related to non-accrual loans	95,000	39,000
Pledged loans	1,658,262,000	1,627,056,000
Federal Reserve Bank Of San Francisco
Financing Receivable, Past Due [Line Items]
FRB pledged loans	1,167,644,000	41,934,000
60-89 Days
Financing Receivable, Past Due [Line Items]
Loans between 60-89 days past due	$ 0	$ 175,000
Loans \| Loan Concentration Risk \| Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Concentration risk (in percent)	93.00%
Loans \| Loan Concentration Risk \| Commercial:
Financing Receivable, Past Due [Line Items]
Concentration risk (in percent)	6.00%
Loans \| Loan Concentration Risk \| Consumer and other
Financing Receivable, Past Due [Line Items]
Concentration risk (in percent)	1.00%

Related Party Transactions - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Related Party Transactions [Abstract]
Deposit liability	$ 37,201,000	$ 51,960,000
Property management fees	$ 1,000	$ 1,000

Premises and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Premises and Equipment, Net

Premises and equipment, net, were as follows as of December 31, 2023 and 2022:


(in thousands)	2023		2022
Furniture, fixtures, and equipment	$	4,111	$	3,762
Tenant improvements	2,125		1,994
Bank automobiles	123		—
	6,359		5,756
Accumulated depreciation and amortization	(4,736)		(4,151)
Premises and equipment, net	$	1,623	$	1,605

Depreciation expense for occupancy, furniture, fixtures, and equipment was $673,000 and $649,000 for the years ended December 31, 2023 and 2022, respectively.

Long Term Debt and Other Borrowings - Narrative (Details)	Dec. 15, 2022	Aug. 17, 2022 USD ($)	Dec. 31, 2023 USD ($) federal_fund correspondent_bank	Dec. 31, 2022 USD ($) federal_fund correspondent_bank	Nov. 05, 2022 USD ($) series
Debt Instrument [Line Items]
Subordinated notes and other liabilities			$ 73,749,000	$ 73,606,000
Number of unsecured federal funds \| federal_fund			5	7
Number of correspondent banks \| correspondent_bank			5	7
FHLB Agreement
Debt Instrument [Line Items]
Long-term line of credit			$ 170,000,000	$ 100,000,000
Subordinated Debt
Debt Instrument [Line Items]
Number of series \| series					2
Debt issuance costs			1,454,000
Accumulated amortization of debt issuance costs			$ 205,000
Subordinated Debt \| Fixed-to-floating Rate Subordinated Notes Issued August 2022
Debt Instrument [Line Items]
Subordinated notes and other liabilities		$ 75,000,000
Subordinated borrowing, interest rate (in percent)		6.00%
Debt instrument, floating interest rate (in percent)			8.62%
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 Affiliates
Debt Instrument [Line Items]
Debt instrument, face amount		$ 19,250,000
Subordinated Debt \| Fixed-to-floating Rate Subordinated Notes Issued Nov 2019
Debt Instrument [Line Items]
Aggregate principal amount of debt					$ 3,750,000
Percentage of principal amount redeemed (in percent)	100.00%
Subordinated Debt \| Fixed-to-floating Rate Subordinated Notes Issued Sep 2017
Debt Instrument [Line Items]
Aggregate principal amount of debt					$ 25,000,000
Percentage of principal amount redeemed (in percent)	100.00%
Line of Credit
Debt Instrument [Line Items]
Long-term line of credit			$ 0	0
Line of Credit \| Federal Reserve Discount Window
Debt Instrument [Line Items]
Maximum borrowing capacity			770,572,000	21,868,000
Long-term line of credit			0	0
Line of Credit \| FHLB Agreement
Debt Instrument [Line Items]
Remaining borrowing capacity			145,212,000	216,338,000
Line of Credit \| Letters Of Credit Pledged As Security For State Of California Deposits
Debt Instrument [Line Items]
Letters of credit outstanding			271,500,000	206,500,000
Line of Credit \| Secure Local Agency Deposit
Debt Instrument [Line Items]
Letters of credit outstanding			410,000,000	480,000,000
Line of Credit \| Five Unsecured Federal Funds Line Of Credit
Debt Instrument [Line Items]
Long-term line of credit			175,000,000
Line of Credit \| Seven Unsecured Federal Funds Line Of Credit
Debt Instrument [Line Items]
Long-term line of credit				190,000,000
Letter of Credit \| FHLB Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity			996,712,000	1,002,838,000
Letters of credit outstanding			$ 681,500,000	$ 686,500,000

Capital Requirements and Restrictions on Retained Earnings

12 Months Ended

Dec. 31, 2023

Banking Regulation, Risk-Based Information [Abstract]

Capital Requirements and Restrictions on Retained Earnings

The Company and the Bank are subject to various regulatory capital requirements administered by federal and state banking agencies. Failure to meet minimum capital requirements as set forth in the following tables can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements.

Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices.

The capital amounts and the Bank’s prompt corrective action classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Prompt corrective action provisions are generally not applicable to bank holding companies. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the below table) of total capital, Tier 1 capital, and common equity Tier 1 capital (as defined in the regulations) to risk-weighted assets and of Tier 1 capital to average assets. Historically, as a bank holding company with less than $3.0 billion in total consolidated assets and that met certain other criteria, the Company had been operating under the Small Bank Holding Company Policy Statement, which provides an exemption from the Federal Reserve’s generally applicable risk-based capital ratio and leverage ratio requirements. Having passed this threshold as of September 30, 2022, the Company is no longer subject to this policy statement and its capital adequacy is evaluated relative to the Federal Reserve’s generally applicable capital requirements. Additionally, as of June 30, 2023, the Company’s consolidated assets were in excess of $3.0 billion, and as a consequence, beginning in March 2024, the Company will no longer prepare and file financial reports with the Federal Reserve as a small bank holding company.

The Company and Bank are required to meet a common equity Tier 1 capital to risk-weighted assets ratio of at least 7.00% (a minimum of 4.50% plus a capital conservation buffer of 2.50%), a Tier 1 capital to risk-weighted assets ratio of at least 8.50% (a minimum of 6.00% plus a capital conservation buffer of 2.50%), a total capital to risk-weighted assets ratio of at least 10.50% (a minimum of 8.00% plus a capital conservation buffer of 2.50%), and a Tier 1 leverage ratio of at least 4.00%. Management believes that, as of December 31, 2023, the Company and the Bank met all capital adequacy requirements to which they are subject.

As of December 31, 2023, the Bank was categorized as “well-capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well-capitalized,” an institution must maintain minimum total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios as set forth in the below table. There are no conditions or events since that categorization that management believes have changed the Bank’s category.

The principal source of cash for the Company is dividends from the Bank. Dividends from the Bank to the Company are restricted under California law to the lesser of: (i) the Bank’s retained earnings or (ii) the Bank’s net income for the latest three fiscal years, less dividends previously declared during that period. As of December 31, 2023 and 2022, the maximum amount available for dividend distribution under this restriction was approximately $62,951,000 and $33,867,000, respectively. If a proposed dividend exceeds the limit, the Bank may still pay a dividend to the Holding Company if it obtains approval from the DFPI and the dividend does not exceed the greater of: (i) the retained earnings of the Bank; (ii) the net income of the Bank for its last fiscal year; or (iii) the net income of the Bank for its current fiscal year.


Capital Ratios for Bancorp (dollars in thousands)	Actual Ratio				Required for Capital Adequacy Purposes1				Ratio to be Well-Capitalized under Prompt Corrective Action Provisions
	Amount		Ratio		Amount		Ratio		Amount	Ratio
December 31, 2023
Total capital (to risk-weighted assets)	$	404,829	12.30	%	$	259,090	8.00	%	N/A	N/A
Tier 1 capital (to risk-weighted assets)	$	298,749	9.07	%	$	197,534	6.00	%	N/A	N/A
Common equity tier 1 capital (to risk-weighted assets)	$	298,749	9.07	%	$	148,150	4.50	%	N/A	N/A
Tier 1 leverage	$	298,749	8.73	%	$	136,953	4.00	%	N/A	N/A
December 31, 2022
Total capital (to risk-weighted assets)	$	366,113	12.46	%	$	235,065	8.00	%	N/A	N/A
Tier 1 capital (to risk-weighted assets)	$	263,993	8.99	%	$	176,191	6.00	%	N/A	N/A
Common equity tier 1 capital (to risk-weighted assets)	$	263,993	8.99	%	$	132,144	4.50	%	N/A	N/A
Tier 1 leverage	$	263,993	8.60	%	$	122,788	4.00	%	N/A	N/A


Capital Ratios for the Bank (dollars in thousands)	Actual Ratio				Required for Capital Adequacy Purposes				Ratio to be Well-Capitalized under Prompt Corrective Action Provisions
	Amount		Ratio		Amount		Ratio		Amount		Ratio
December 31, 2023
Total capital (to risk-weighted assets)	$	392,114	11.93	%	$	262,947	8.00	%	$	328,684	10.00	%
Tier 1 capital (to risk-weighted assets)	$	359,783	10.95	%	$	197,211	6.00	%	$	262,947	8.00	%
Common equity tier 1 capital (to risk-weighted assets)	$	359,783	10.95	%	$	147,908	4.50	%	$	213,645	6.50	%
Tier 1 leverage	$	359,783	10.52	%	$	136,757	4.00	%	$	170,946	5.00	%
December 31, 2022
Total capital (to risk-weighted assets)	$	356,301	12.14	%	$	234,795	8.00	%	$	293,494	10.00	%
Tier 1 capital (to risk-weighted assets)	$	327,788	11.17	%	$	176,072	6.00	%	$	234,763	8.00	%
Common equity tier 1 capital (to risk-weighted assets)	$	327,788	11.17	%	$	132,054	4.50	%	$	190,745	6.50	%
Tier 1 leverage	$	327,788	10.69	%	$	122,652	4.00	%	$	153,315	5.00	%


1			The listed capital adequacy ratios exclude capital conservation buffers.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

Loans and Allowance for Credit Losses - Age Analysis of Past Due Loans by Class (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	$ 3,081,719	$ 2,791,326
30-59 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	76	194
60-89 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	175
Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	76	369
Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	3,081,643	2,790,957
Commercial
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	2,682,711	2,392,053
Commercial \| 30-59 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Commercial \| 60-89 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Commercial \| Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Commercial \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Commercial \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	2,682,711	2,392,053
Commercial land and development
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	15,534	7,447
Commercial land and development \| 30-59 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Commercial land and development \| 60-89 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Commercial land and development \| Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Commercial land and development \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Commercial land and development \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	15,534	7,447
Commercial construction
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	62,544	88,314
Commercial construction \| 30-59 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Commercial construction \| 60-89 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Commercial construction \| Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Commercial construction \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Commercial construction \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	62,544	88,314
Residential construction
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	15,452	6,693
Residential construction \| 30-59 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Residential construction \| 60-89 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Residential construction \| Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Residential construction \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Residential construction \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	15,452	6,693
Residential
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	25,922	24,263
Residential \| 30-59 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Residential \| 60-89 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	175
Residential \| Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Residential \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	175
Residential \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	25,922	24,088
Farmland
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	51,646	52,446
Farmland \| 30-59 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Farmland \| 60-89 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Farmland \| Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Farmland \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Farmland \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	51,646	52,446
Secured
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	165,600	165,609
Secured \| 30-59 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Secured \| 60-89 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Secured \| Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Secured \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Secured \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	165,600	165,609
Unsecured
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	23,857	25,488
Unsecured \| 30-59 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Unsecured \| 60-89 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Unsecured \| Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Unsecured \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Unsecured \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	23,857	25,488
Consumer and other
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	38,453	29,013
Consumer and other \| 30-59 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	76	194
Consumer and other \| 60-89 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Consumer and other \| Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Consumer and other \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	76	194
Consumer and other \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	$ 38,377	$ 28,819

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The provision for income tax for the years ended December 31, 2023 and 2022 differs from the statutory federal rate of 21.00% due to the following items:


(in thousands)	2023		2022
Statutory U.S. federal income tax	$	13,989	$	13,200
Increase (decrease) resulting from:
State taxes	5,048		5,381
Other	(155)		(524)
Provision for income taxes	$	18,882	$	18,057

The components of the consolidated provision for income taxes are as follows:


(in thousands)	2023		2022
Current tax expense:
Federal	$	13,234	$	13,167
State	6,439		6,837
Total current tax expense	19,673		20,004
Deferred tax benefit:
Federal	(741)		(1,762)
State	(50)		(185)
Total deferred tax benefit	(791)		(1,947)
Provision for income taxes	$	18,882	$	18,057

The Company recognized as components of tax expense, taxable losses and amortization expense relating to investments in Qualified Affordable Housing Projects for the periods indicated:


(in thousands)	2023		2022
Taxable loss - decrease in tax expense	$	(1,626)	$	—
Amortization - increase in tax expense	291		—

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities were due to the following as of December 31, 2023 and 2022:


(in thousands)	2023		2022
Deferred tax assets:
Allowance for credit losses	$	10,820	$	9,039
Supplemental employee retirement plan	409		507
Gain on available-for-sale assets	303		152
Net unrealized loss on securities available-for-sale	4,938		5,647
State tax	751		1,044
Right of use liability	1,759		1,351
Other	1,891		749
Total deferred tax assets	20,871		18,489
Deferred tax liabilities:
Deferred loan fees	(4,063)		(4,006)
Depreciation	(411)		(405)
ROUA	(1,648)		(1,268)
Other	(416)		(537)
Total deferred tax liabilities	(6,538)		(6,216)
Net deferred tax asset	$	14,333	$	12,273

Parent Company Only Condensed Financial Information - Balance Sheet (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Other assets	$ 25,148,000	$ 18,657,000
Total assets	3,593,125,000	3,227,159,000
LIABILITIES AND SHAREHOLDERS’ EQUITY
Subordinated notes and other liabilities	73,749,000	73,606,000
Shareholders’ equity	285,774,000	252,825,000	$ 235,046,000
Total liabilities and shareholders’ equity	3,593,125,000	3,227,159,000
Parent Company
ASSETS
Cash and cash equivalents	9,141,000	8,688,000	$ 5,636,000
Investment in banking subsidiary	346,809,000	316,620,000
Other assets	5,408,000	3,090,000
Total assets	361,358,000	328,398,000
LIABILITIES AND SHAREHOLDERS’ EQUITY
Subordinated notes and other liabilities	75,584,000	75,573,000
Shareholders’ equity	285,774,000	252,825,000
Total liabilities and shareholders’ equity	$ 361,358,000	$ 328,398,000

Basis of Presentation - Schedule of Useful Lives (Details)	Dec. 31, 2023
Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years
Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	12 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	10 years
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	15 years
Automobiles \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years
Automobiles \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2023

Related Party Transactions

The following is a summary of loans to related parties in 2023 and 2022:


(in thousands)	2023		2022
Beginning balance	$	6,250	$	9,418
New loans or advances	1,275		340

Repayments	(2,070)		(3,146)
Transfers out1	—		(362)
Ending balance	$	5,455	$	6,250

Income Taxes - Provision for Income Taxes from Conversion from an S Corp to a C Corp (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Statutory U.S. federal income tax	$ 13,989	$ 13,200
State taxes	5,048	5,381
Other	(155)	(524)
Provision for income taxes	$ 18,882	$ 18,057

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Shareholders’ Equity -Narrative (Details) - USD ($)		12 Months Ended
Shareholders’ Equity -Narrative (Details) - USD ($)	Mar. 17, 2022	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Dividends declared		$ 12,943,000	$ 15,301,000
Payments to shareholders	$ 4,953,000	$ 12,943,000	$ 15,301,000

Interest Receivable and Other Assets - Summary of Interest Receivable and Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Interest Receivable and Other Assets [Abstract]
Interest receivable	$ 8,970	$ 7,454
Equity investments	6,801	5,680
Servicing assets	2,161	2,286
Low income housing tax credits	13,612	0
Other assets	25,148	18,657
Interest receivable and other assets	$ 56,692	$ 34,077

Investment Securities

12 Months Ended

Dec. 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 the FNMA, the FHLMC, and the FHLB. The Company also invests in residential and commercial mortgage-backed securities, collateralized mortgage obligations issued or guaranteed by GSEs, 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 December 31, 2023 and 2022 is presented below.


(in thousands)	Amortized Cost		Gross Unrealized				Fair Value
			Gains		(Losses)
2023
Obligations of states and political subdivisions	$	3,077	$	—	$	(164)	$	2,913
Total held-to-maturity	$	3,077	$	—	$	(164)	$	2,913
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, for further detail.

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


(in thousands)	Amortized Cost		Gross Unrealized				Fair Value
			Gains		(Losses)
2023
U.S. government agency securities	$	10,548	$	142	$	(149)	$	10,541
Mortgage-backed securities	68,585		7		(11,619)		56,973
Obligations of states and political subdivisions	43,288		12		(4,841)		38,459
Collateralized mortgage obligations	367		—		(35)		332
Corporate bonds	2,000		—		(222)		1,778
Total available-for-sale	$	124,788	$	161	$	(16,866)	$	108,083
2022
U.S. government agency securities	$	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 securities by contractual maturity at December 31, 2023 and 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)	2023								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	$	277	$	263	$	—	$	—	$	417	$	381	$	501	$	501
After one but within five years	935		885		394		367		1,015		927		—		—
After five years through ten years	1,365		1,292		6,407		5,838		1,470		1,343		5,320		4,761
After ten years	500		473		36,487		32,254		854		781		39,402		33,164
Investment securities not due at a single maturity date:
U.S. government agency securities	—		—		10,548		10,541		—		—		14,317		14,173
Mortgage-backed securities	—		—		68,585		56,973		—		—		73,111		61,271
Collateralized mortgage obligations	—		—		367		332		—		—		436		395
Corporate bonds	—		—		2,000		1,778		—		—		2,000		1,723
Total	$	3,077	$	2,913	$	124,788	$	108,083	$	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)	2023		2022
Available-for-sale:
Sales proceeds	$	737	$	1,623
Gross realized (losses) gains	(167)		5

Pledged investment securities are shown in the following table:


(in thousands)	2023		2022
Pledged to:
The State of California, securing deposits of public funds and borrowings	$	55,435	$	40,465
The Federal Reserve Discount Window, increasing borrowing capacity	48,964		—
Total pledged investment securities	$	104,399	$	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 December 31, 2023 and 2022:


(in thousands)	Less than 12 months				12 months or more				Total securities in a loss position
	Fair Value		Unrealized (Loss)		Fair Value		Unrealized (Loss)		Fair Value		Unrealized (Loss)
2023
U.S. government agency securities	$	1,130	$	(14)	$	7,081	$	(135)	$	8,211	$	(149)
Mortgage-backed securities	—		—		55,609		(11,619)		55,609		(11,619)
Obligations of states and political subdivisions	—		—		36,930		(4,841)		36,930		(4,841)
Collateralized mortgage obligations	—		—		332		(35)		332		(35)
Corporate bonds	—		—		1,778		(222)		1,778		(222)
Total temporarily impaired securities	$	1,130	$	(14)	$	101,730	$	(16,852)	$	102,860	$	(16,866)
2022
U.S. government agency securities	$	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)
Total temporarily impaired securities	$	32,552	$	(4,733)	$	78,693	$	(14,469)	$	111,245	$	(19,202)

There were 149 and 152 available-for-sale securities in unrealized loss positions at December 31, 2023 and 2022, respectively. As of December 31, 2023, the investment portfolio included 146 investment securities that had been in a continuous loss position for twelve months or more and three 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 December 31, 2023, which had been in a continuous loss position for more than twelve months.

Obligations issued or guaranteed by government agencies such as the Government National Mortgage Association 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 $15,000,000 and $10,890,000 of FHLB stock at December 31, 2023 and 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 December 31, 2023 and 2022. For the years ended December 31, 2023 and 2022, cash dividends received on FHLB capital stock in the amount of $970,000 and $546,000, respectively, were recorded as non-interest income in the consolidated statements of income.

Subsequent Events (Details) - Subsequent Event - USD ($)	Feb. 12, 2024	Jan. 18, 2024
Subsequent Event [Line Items]
Common stock declared (in USD per share)		$ 0.20
Payments of dividends	$ 3,451,000

Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
2024	$ 1,255,000
2025	1,286,000
2026	1,216,000
2027	874,000
2028	789,000
Thereafter	829,000
Total expected operating lease payments	6,249,000
Discount for present value of expected cash flows	(646,000)
Lease liability at December 31, 2023	$ 5,603,000	$ 4,243,000

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The provision for income tax for the years ended December 31, 2023 and 2022 differs from the statutory federal rate of 21.00% due to the following items:


(in thousands)	2023		2022
Statutory U.S. federal income tax	$	13,989	$	13,200
Increase (decrease) resulting from:
State taxes	5,048		5,381
Other	(155)		(524)
Provision for income taxes	$	18,882	$	18,057

The components of the consolidated provision for income taxes are as follows:


(in thousands)	2023		2022
Current tax expense:
Federal	$	13,234	$	13,167
State	6,439		6,837
Total current tax expense	19,673		20,004
Deferred tax benefit:
Federal	(741)		(1,762)
State	(50)		(185)
Total deferred tax benefit	(791)		(1,947)
Provision for income taxes	$	18,882	$	18,057

Deferred tax assets and liabilities were due to the following as of December 31, 2023 and 2022:


(in thousands)	2023		2022
Deferred tax assets:
Allowance for credit losses	$	10,820	$	9,039
Supplemental employee retirement plan	409		507
Gain on available-for-sale assets	303		152
Net unrealized loss on securities available-for-sale	4,938		5,647
State tax	751		1,044
Right of use liability	1,759		1,351
Other	1,891		749
Total deferred tax assets	20,871		18,489
Deferred tax liabilities:
Deferred loan fees	(4,063)		(4,006)
Depreciation	(411)		(405)
ROUA	(1,648)		(1,268)
Other	(416)		(537)
Total deferred tax liabilities	(6,538)		(6,216)
Net deferred tax asset	$	14,333	$	12,273

No deferred tax asset valuation allowance was established during 2023 or 2022, as management believes it is more likely than not the Company will realize the benefits of these deductible differences as of December 31, 2023 and 2022.

The Company recognized as components of tax expense, taxable losses and amortization expense relating to investments in Qualified Affordable Housing Projects for the periods indicated:


(in thousands)	2023		2022
Taxable loss - decrease in tax expense	$	(1,626)	$	—
Amortization - increase in tax expense	291		—

The total capital contributed, net of amortization, for the Low Income Housing Tax Credit Funds was $2,050,000 as of December 31, 2023. As of December 31, 2023, the Company has committed to make additional capital contributions to the Low Income Housing Tax Credit Funds in the amount of $13,612,000 and these contributions are expected to be made in 2024.

No unrecognized tax benefits were outstanding as of December 31, 2023 or 2022. The Company files tax returns in the U.S. federal and state jurisdictions where the Company has material nexus. The Company is no longer subject to examinations for federal and state tax purposes for the years before 2019 and 2018, respectively.

There were no interest or penalties in 2023 and 2022. It is the Company’s policy to record such accruals in its income tax accounts.

During 2022, the Company paid approximately $4,953,000 on March 17, 2022 to shareholders of record as of May 3, 2021, for the final payout of the AAA under the Company’s Tax Sharing Agreement in connection with the Company’s conversion to a C Corporation as of May 5, 2021. The AAA represents previously taxed, but undistributed, earnings.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Equity Incentive Plan

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Equity Incentive Plan

In April 2021, the Company’s board of directors and shareholders approved the Five Star Bancorp 2021 Equity Incentive Plan (the “Equity Incentive Plan”). The Equity Incentive Plan provides for the grant of stock options, stock appreciation rights, performance awards, restricted stock, restricted stock units, and other stock-based awards that the Compensation Committee determines are consistent with the purpose of the Equity Incentive Plan and the interests of the Company. Awards may be granted to the Company’s executives and other key employees, directors, and other service providers and are designed to align the interests of the Equity Incentive Plan’s participants with the interests of the Company’s shareholders. The stock options granted under the Equity Incentive Plan may be either non-statutory stock options or incentive stock options. There were no stock options outstanding at December 31, 2023 or 2022, respectively.

The total number of shares of the Company’s common stock reserved and available for grant and issuance pursuant to the Equity Incentive Plan will not exceed 1,700,000 shares, less RSAs granted, plus any RSAs that become available upon forfeiture. Each of these shares may be issued as an incentive stock option. At December 31, 2023, 1,504,761 shares remained available for issuance pursuant to grant awards under the Plan. The Equity Incentive Plan does not contain an “evergreen” provision pursuant to which shares authorized for issuance may be automatically replenished.

Stock-Based Compensation

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 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 certain employees, officers, executives, and non-employee directors. Shares granted to non-employee directors vested immediately upon grant, while shares granted to certain 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 certain 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 years ended December 31, 2023 and 2022 was $962,000 and $1,099,000, respectively.

In 2023, the Company granted as compensation to members of the board of directors a total of 13,882 shares scheduled to cliff vest as of December 31, 2023 contingent on continued service. In 2022, the Company granted as compensation to members of the board of directors a total of 15,156 shares scheduled to vest monthly in equal installments over one year contingent on continued service.

As of December 31, 2023, there was approximately $1,103,000 of unrecognized compensation expense related to the 69,338 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 weighted average term remaining on the unvested restricted shares of 2.88 years as of December 31, 2023. The impact of tax benefits for dividends paid on unvested restricted stock on the Company’s consolidated statements of income for the years ended December 31, 2023 and 2022 was immaterial.

The following table summarizes information about unvested restricted shares:


	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		23,639	28.29
Shares vested	(42,553)	23.07		(48,003)	23.07
Shares forfeited	(1,913)	25.62		(6,561)	21.29
End of the period balance	69,338	$	20.53	96,826	$	20.34

Fair Value of Assets and Liabilities - Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available-for-sale	$ 108,083	$ 115,988
Assets: \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available-for-sale	108,083	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	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	108,083	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	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	10	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	10	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	10	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	10	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

Interest Bearing Deposits - Interest Expense Recognized on Interest-bearing Deposits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Interest-bearing Deposits
Interest-bearing transaction accounts	$ 3,321	$ 425
Savings accounts	3,073	376
Money market accounts	33,932	6,477
Time accounts, $250 or more	12,686	2,804
Other time accounts	4,849	841
Total interest expense on interest-bearing deposits	$ 57,861	$ 10,923

Income Taxes - Components of Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Taxable loss - decrease in tax expense	$ (1,626)	$ 0
Amortization - increase in tax expense	$ 291	$ 0

Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Fair Value of Assets and Liabilities Measured on a 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
2023
Assets:
Securities available-for-sale:
U.S. government agency securities, mortgage-backed securities, obligations of states and political subdivisions, collateralized mortgage obligations, and corporate bonds	$	108,083	$	—	$	108,083	$	—	OCI
Derivatives – interest rate swap	10		—		10		—		NI
Liabilities:
Derivatives – interest rate swap	10		—		10		—		NI

2022
Assets:
Securities available-for-sale:
U.S. government agency securities, 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

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.


(in thousands)	December 31, 2023					December 31, 2022
	Carrying Amounts		Fair Value		Fair Value Hierarchy	Carrying Amounts		Fair Value		Fair Value Hierarchy
Financial assets:
Cash and cash equivalents	$	321,576	$	321,576	Level 1	$	259,991	$	259,991	Level 1
Time deposits in banks	5,858		5,858		Level 1	9,849		9,849		Level 1
Securities available-for-sale	108,083		108,083		Level 2	115,988		115,988		Level 2
Securities held-to-maturity	3,077		2,913		Level 3	3,756		3,432		Level 3
Loans held for sale	11,464		12,626		Level 2	9,416		9,785		Level 2
Loans held for investment, net of allowance for credit losses	3,047,288		2,891,925		Level 3	2,762,937		2,570,176		Level 3
FHLB stock and other investments	21,801		N/A		N/A	16,570		N/A		N/A
Interest rate swap	10		10		Level 2	16		16		Level 2
Financial liabilities:
Interest rate swap	$	10	$	10	Level 2	$	16	$	16	Level 2
FHLB advances	170,000		170,000		Level 2	100,000		100,000		Level 2
Subordinated notes	73,749		72,693		Level 3	73,606		72,273		Level 3

Basis of Presentation

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Nature of Operations and Principles of Consolidation

Basis of Financial Statement Presentation and Consolidation

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

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

Use of Estimates

Cash and Cash Equivalents

Securities Available-for-Sale

Securities Held-to-Maturity

Loans

ACL

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;

•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.

Troubled Debt Restructurings (“TDRs”) and Other Loan Modifications

Federal Home Loan Bank Stock

Premises and Equipment


Equipment			3 - 12 years
Furniture and fixtures			5 - 10 years
Leasehold improvements			5 - 15 years
Automobiles			3 - 5 years

Other Real Estate

BOLI

Long-Term Assets

Leases

Equity Investments

Loss Contingencies

Transfers of Financial Assets

Loan Commitments and Related Financial Instruments

Stock-Based Compensation

Supplemental Executive Retirement Plan

Income Taxes

carrying amounts and tax bases of assets and liabilities computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized.

Derivatives

Comprehensive Income or Loss

EPS


(in thousands, except share and per share data)	2023		2022
Net income	$	47,734	$	44,801
Weighted average basic common shares outstanding	17,166,592		17,128,282
Add: Dilutive effects of assumed vesting of restricted stock	21,377		37,328
Weighted average diluted common shares outstanding	17,187,969		17,165,610
Income per common share:
Basic EPS	$	2.78	$	2.61
Diluted EPS	$	2.78	$	2.61

Anti-dilutive shares, which are excluded from the dilutive EPS calculation, were deemed to be immaterial.

Subordinated Notes

Fair Value of Financial Instruments

Fair Value Measurements

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 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.

As a result, if other assumptions had been used, the Company’s recorded earnings or disclosures could have been materially different from those reflected in these consolidated financial statements.

Subsequent Events

The Company has evaluated events and transactions subsequent to December 31, 2023 for recognition or disclosure. Additional detail can be found in Note 19, Subsequent Events

Investment Securities - Pledged Investment Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Securities available-for-sale	$ 108,083	$ 115,988
Federal Funds Purchased
Marketable Securities [Line Items]
Securities available-for-sale	48,964	0
Deposits And Federal Funds Purchased
Marketable Securities [Line Items]
Securities available-for-sale	104,399	40,465
CALIFORNIA \| Deposits
Marketable Securities [Line Items]
Securities available-for-sale	$ 55,435	$ 40,465

Loans and Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable


(in thousands)	2023		2022
Real estate:
Commercial	$	2,685,419	$	2,394,674
Commercial land and development	15,551		7,477
Commercial construction	62,863		88,669
Residential construction	15,456		6,693
Residential	25,893		24,230
Farmland	51,669		52,478
Commercial:
Secured	165,109		165,186
Unsecured	23,850		25,431

Consumer and other	38,166		28,628
Subtotal	3,083,976		2,793,466
Net deferred loan fees	(2,257)		(2,140)
Allowance for credit losses - loans	(34,431)		(28,389)
Loans held for investment, net of allowance for credit losses	$	3,047,288	$	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	$	329,876	$	992,181	$	714,965	$	238,655	$	128,424	$	247,030	$	4,685	$	—	$	2,655,816
Watch	—		8,534		6,274		4,727		574		4,896		—		—		25,005
Substandard	—		—		—		—		—		1,890		—		—		1,890
Doubtful	—		—		—		—		—		—		—		—		—
Total	329,876		1,000,715		721,239		243,382		128,998		253,816		4,685		—		2,682,711
Commercial land and development
Pass	11,388		3,229		—		184		—		733		—		—		15,534
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	11,388		3,229		—		184		—		733		—		—		15,534
Commercial construction
Pass	9,074		32,154		4,189		11,230		—		5,897		—		—		62,544
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	9,074		32,154		4,189		11,230		—		5,897		—		—		62,544
Residential construction
Pass	2,412		9,128		3,912		—		—		—		—		—		15,452
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	2,412		9,128		3,912		—		—		—		—		—		15,452


	Amortized Cost Basis by Origination Year
(in thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans		Revolving Converted to Term		Total
Real estate:
Residential
Pass	4,838		3,964		6,244		2,279		1,182		5,995		1,420		—		25,922
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	4,838		3,964		6,244		2,279		1,182		5,995		1,420		—		25,922
Farmland
Pass	2,311		8,037		12,678		7,860		12,365		8,391		4		—		51,646
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	2,311		8,037		12,678		7,860		12,365		8,391		4		—		51,646
Commercial:
Secured
Pass	25,299		28,879		14,304		12,164		9,918		10,363		50,020		—		150,947
Watch	189		8,802		2,705		63		154		941		1,727		—		14,581
Substandard	—		—		—		—		45		27		—		—		72
Doubtful	—		—		—		—		—		—		—		—		—
Total	25,488		37,681		17,009		12,227		10,117		11,331		51,747		—		165,600
Unsecured
Pass	3,891		3,782		4,902		5,963		2,240		7		3,072		—		23,857
Watch	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	3,891		3,782		4,902		5,963		2,240		7		3,072		—		23,857
Consumer and other
Pass	18,489		11,359		8,264		6		—		307		—		—		38,425
Watch	—		16		—		—		—		—		—		—		16
Substandard	—		12		—		—		—		—		—		—		12
Doubtful	—		—		—		—		—		—		—		—		—
Total	18,489		11,387		8,264		6		—		307		—		—		38,453
Total
Pass	407,578		1,092,713		769,458		278,341		154,129		278,723		59,201		—		3,040,143
Watch	189		17,352		8,979		4,790		728		5,837		1,727		—		39,602
Substandard	—		12		—		—		45		1,917		—		—		1,974
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	407,767	$	1,110,077	$	778,437	$	283,131	$	154,902	$	286,477	$	60,928	$	—	$	3,081,719

Summary of Age Analysis of Past Due Loans

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


(in thousands)	Past Due
	30-59 Days		60-89 Days		Greater Than 90 Days		Total Past Due		Current		Total Loans Receivable
Real estate:
Commercial	$	—	$	—	$	—	$	—	$	2,682,711	$	2,682,711
Commercial land and development	—		—		—		—		15,534		15,534
Commercial construction	—		—		—		—		62,544		62,544
Residential construction	—		—		—		—		15,452		15,452
Residential	—		—		—		—		25,922		25,922
Farmland	—		—		—		—		51,646		51,646
Commercial:
Secured	—		—		—		—		165,600		165,600
Unsecured	—		—		—		—		23,857		23,857
Consumer and other	76		—		—		76		38,377		38,453
Total	$	76	$	—	$	—	$	76	$	3,081,643	$	3,081,719

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


(in thousands)	Past Due
	30-59 Days		60-89 Days		Greater Than 90 Days		Total Past Due		Current		Total Loans Receivable
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	$	194	$	175	$	—	$	369	$	2,790,957	$	2,791,326

Schedule of Non-accrual Loans

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


(in thousands)	2023		2022
Real estate:
Commercial	$	1,893	$	106
Residential	—		175
Commercial:
Secured	72		123
Total non-accrual loans	$	1,965	$	404

Disclosure of Activity in the Allowance For Loan Losses

The following table discloses activity in the allowance for credit losses - loans for the year ended December 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	$	—	$	—	$	2,193	$	29,015
Commercial land and development	54		74		—		—		50		178
Commercial construction	645		882		—		—		(809)		718
Residential construction	49		81		—		—		(41)		89
Residential	175		3		—		—		(27)		151
Farmland	644		(396)		—		—		151		399
Commercial:
Secured	7,098		(3,060)		(3,496)		423		2,349		3,314
Unsecured	116		37		(6)		—		42		189

Consumer and other	347		80		(1,106)		995		62		378
Unallocated	45		(45)		—		—		—		—
Total	$	28,389	$	5,262	$	(4,608)	$	1,418	$	3,970	$	34,431

The following table discloses activity in the allowance for credit losses - loans for the year ended December 31, 2022.


(in thousands)	Beginning Balance		Charge-offs		Recoveries		Provision (Benefit)		Ending Balance
Real estate:
Commercial	$	12,869	$	—	$	—	$	6,347	$	19,216
Commercial land and development	50		—		—		4		54
Commercial construction	371		—		—		274		645
Residential construction	50		—		—		(1)		49
Residential	192		—		—		(17)		175
Farmland	645		—		—		(1)		644
Commercial:
Secured	6,859		(1,690)		204		1,725		7,098
Unsecured	207		(2)		—		(89)		116
PPP	—		(21)		21		—		—
Consumer and other	889		(906)		840		(476)		347
Unallocated	1,111		—		—		(1,066)		45
Total	$	23,243	$	(2,619)	$	1,065	$	6,700	$	28,389

Prior to adoption of ASC 326, provisions for unfunded loan commitments were included in “Other operating expenses” in the consolidated statements of income.


(in thousands)	2023		2022
Balance at January 1	$	125	$	100
Effect of adoption of ASC 326	1,092		—
Provision	30		25


Balance at December 31	$	1,247	$	125

Loans and Allowance for Credit Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 28,389	$ 23,243
Charge-offs	(4,608)	(2,619)
Recoveries	1,418	1,065
Provision (Benefit)	3,970	6,700
Ending Balance	34,431	28,389
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	5,262
Ending 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)	2,193	6,347
Ending Balance	29,015	19,216
Commercial \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	7,606
Ending 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)	50	4
Ending Balance	178	54
Commercial land and development \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	74
Ending 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)	(809)	274
Ending Balance	718	645
Commercial construction \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	882
Ending 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)	(41)	(1)
Ending Balance	89	49
Residential construction \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	81
Ending Balance		81
Residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	175	192
Charge-offs	0	0
Recoveries	0	0
Provision (Benefit)	(27)	(17)
Ending Balance	151	175
Residential \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	3
Ending Balance		3
Farmland
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	644	645
Charge-offs	0	0
Recoveries	0	0
Provision (Benefit)	151	(1)
Ending Balance	399	644
Farmland \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	(396)
Ending Balance		(396)
Secured
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	7,098	6,859
Charge-offs	(3,496)	(1,690)
Recoveries	423	204
Provision (Benefit)	2,349	1,725
Ending Balance	3,314	7,098
Secured \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	(3,060)
Ending Balance		(3,060)
Unsecured
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	116	207
Charge-offs	(6)	(2)
Recoveries	0	0
Provision (Benefit)	42	(89)
Ending Balance	189	116
Unsecured \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	37
Ending Balance		37
PPP
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	0	0
Charge-offs		(21)
Recoveries		21
Provision (Benefit)		0
Ending Balance		0
Consumer and other
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	347	889
Charge-offs	(1,106)	(906)
Recoveries	995	840
Provision (Benefit)	62	(476)
Ending Balance	378	347
Consumer and other \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	80
Ending 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)	0	(1,066)
Ending Balance	0	45
Unallocated \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ (45)
Ending Balance		$ (45)

Commitments and Contingencies - Schedule of Lease Cost (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 1,261
Sublease income	(22)
Total lease expense	$ 1,239

401(k) Benefit Plan	12 Months Ended
401(k) Benefit Plan	Dec. 31, 2023
Retirement Benefits [Abstract]
401(k) Benefit Plan	401(k) Benefit Plan A 401(k) benefit plan covers substantially all employees and allows voluntary employee contributions up to the lesser of 80% of compensation or the annually adjusted IRS dollar limit. These voluntary contributions are matched equal to 100% of the first 3% of the employee’s compensation contributed and 50% of contributions exceeding 3% of eligible compensation, not to exceed 5% of the total eligible compensation. The employees’ voluntary contributions and the Company’s matching contributions are 100% vested immediately. The expense related to matching employees’ contributions for 2023 and 2022 was $787,000 and $634,000, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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+ Details

Investment Securities (Tables)

12 Months Ended

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


(in thousands)	Amortized Cost		Gross Unrealized				Fair Value
			Gains		(Losses)
2023
Obligations of states and political subdivisions	$	3,077	$	—	$	(164)	$	2,913
Total held-to-maturity	$	3,077	$	—	$	(164)	$	2,913
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 December 31, 2023 and 2022 is presented below.


(in thousands)	Amortized Cost		Gross Unrealized				Fair Value
			Gains		(Losses)
2023
U.S. government agency securities	$	10,548	$	142	$	(149)	$	10,541
Mortgage-backed securities	68,585		7		(11,619)		56,973
Obligations of states and political subdivisions	43,288		12		(4,841)		38,459
Collateralized mortgage obligations	367		—		(35)		332
Corporate bonds	2,000		—		(222)		1,778
Total available-for-sale	$	124,788	$	161	$	(16,866)	$	108,083
2022
U.S. government agency securities	$	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)	2023								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	$	277	$	263	$	—	$	—	$	417	$	381	$	501	$	501
After one but within five years	935		885		394		367		1,015		927		—		—
After five years through ten years	1,365		1,292		6,407		5,838		1,470		1,343		5,320		4,761
After ten years	500		473		36,487		32,254		854		781		39,402		33,164
Investment securities not due at a single maturity date:
U.S. government agency securities	—		—		10,548		10,541		—		—		14,317		14,173
Mortgage-backed securities	—		—		68,585		56,973		—		—		73,111		61,271
Collateralized mortgage obligations	—		—		367		332		—		—		436		395
Corporate bonds	—		—		2,000		1,778		—		—		2,000		1,723
Total	$	3,077	$	2,913	$	124,788	$	108,083	$	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)	2023		2022
Available-for-sale:
Sales proceeds	$	737	$	1,623
Gross realized (losses) gains	(167)		5

Schedule of Pledged Investment Securities

Pledged investment securities are shown in the following table:


(in thousands)	2023		2022
Pledged to:
The State of California, securing deposits of public funds and borrowings	$	55,435	$	40,465
The Federal Reserve Discount Window, increasing borrowing capacity	48,964		—
Total pledged investment securities	$	104,399	$	40,465

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


(in thousands)	Less than 12 months				12 months or more				Total securities in a loss position
	Fair Value		Unrealized (Loss)		Fair Value		Unrealized (Loss)		Fair Value		Unrealized (Loss)
2023
U.S. government agency securities	$	1,130	$	(14)	$	7,081	$	(135)	$	8,211	$	(149)
Mortgage-backed securities	—		—		55,609		(11,619)		55,609		(11,619)
Obligations of states and political subdivisions	—		—		36,930		(4,841)		36,930		(4,841)
Collateralized mortgage obligations	—		—		332		(35)		332		(35)
Corporate bonds	—		—		1,778		(222)		1,778		(222)
Total temporarily impaired securities	$	1,130	$	(14)	$	101,730	$	(16,852)	$	102,860	$	(16,866)
2022
U.S. government agency securities	$	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)
Total temporarily impaired securities	$	32,552	$	(4,733)	$	78,693	$	(14,469)	$	111,245	$	(19,202)

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

- Definition

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

+ References

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+ Details