Equity Securities

6 Months Ended

Jun. 30, 2024

Equity Securities

Equity Securities

Note 4—Equity Securities

Equity securities consist of an investment in a qualified community reinvestment act investment fund, which is a publicly-traded mutual fund and an investment in the common equity of Pacific Coast Banker’s Bank, a thinly traded restricted stock. At June 30, 2024 and December 31, 2023, equity securities totaled $4,637 and $4,703, respectively.

Equity securities with readily determinable fair values are stated at fair value with realized and unrealized gains and losses reported in non-interest income in the condensed consolidated statements of income. At June 30, 2024 and December 31, 2023, equity securities with readily determinable fair values were $4,391 and $4,457, respectively. The following is a summary of unrealized and realized gains and losses recognized in the condensed consolidated statements of income:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Net loss recorded during the period on equity securities	$	(19)	$	(71)	$	(66)	$	—
Less: net gains (losses) recorded during the period on equity securities sold during the period		—		—		—		—
Unrealized loss recorded during the period on equity securities held at the reporting date	$	(19)	$	(71)	$	(66)	$	—

The Company has elected to account for its investment in a thinly traded, restricted stock using the measurement alternative for equity securities without readily determinable fair values, resulting in the investment carried at cost based on no evidence of impairment or observable trading activity during the six months ended June 30, 2024 and 2023. The investment was reported at $246 at June 30, 2024 and December 31, 2023.