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INVESTMENT SECURITIES - (Tables)

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Fair Value of Available-for-Sale Securities

The following table sets forth certain information regarding the amortized cost basis and fair values of our investment securities AFS and held-to-maturity ("HTM"): 

			At June 30, 2021
(in thousands)			Amortized cost						Gross unrealized gains						Gross unrealized losses						Fair value
AFS
Mortgage backed securities ("MBS"):
Residential			$	37,116					$	763					$	(292)					$	37,587
Commercial			41,333						1,499						(94)						42,738
Collateralized mortgage obligations ("CMOs"):
Residential			191,914						4,261						(841)						195,334
Commercial			141,061						2,704						(365)						143,400
Municipal bonds			519,186						27,010						(379)						545,817
Corporate debt securities			14,060						915						—						14,975
U.S. Treasury securities			23,519						67						—						23,586
Total			$	968,189					$	37,219					$	(1,971)					$	1,003,437
HTM
Municipal bonds			$	4,221					$	177					$	—					$	4,398

			At December 31, 2020
(in thousands)			Amortized cost						Gross unrealized gains						Gross unrealized losses						Fair value
AFS
MBS:
Residential			$	50,001					$	1,237					$	(192)					$	51,046
Commercial			43,061						2,131						(8)						45,184
CMOs:
Residential			228,685						6,319						(95)						234,909
Commercial			155,645						3,719						(181)						159,183
Municipal bonds			533,719						31,321						(337)						564,703
Corporate debt securities			14,381						841						—						15,222
Agency debentures			1,846						—						—						1,846
Total			$	1,027,338					$	45,568					$	(813)					$	1,072,093
HTM
Municipal bonds			$	4,271					$	236					$	—					$	4,507

Amortized Cost and Fair Value of Held-to-Maturity Securities

The following table sets forth certain information regarding the amortized cost basis and fair values of our investment securities AFS and held-to-maturity ("HTM"): 

			At June 30, 2021
(in thousands)			Amortized cost						Gross unrealized gains						Gross unrealized losses						Fair value
AFS
Mortgage backed securities ("MBS"):
Residential			$	37,116					$	763					$	(292)					$	37,587
Commercial			41,333						1,499						(94)						42,738
Collateralized mortgage obligations ("CMOs"):
Residential			191,914						4,261						(841)						195,334
Commercial			141,061						2,704						(365)						143,400
Municipal bonds			519,186						27,010						(379)						545,817
Corporate debt securities			14,060						915						—						14,975
U.S. Treasury securities			23,519						67						—						23,586
Total			$	968,189					$	37,219					$	(1,971)					$	1,003,437
HTM
Municipal bonds			$	4,221					$	177					$	—					$	4,398

			At December 31, 2020
(in thousands)			Amortized cost						Gross unrealized gains						Gross unrealized losses						Fair value
AFS
MBS:
Residential			$	50,001					$	1,237					$	(192)					$	51,046
Commercial			43,061						2,131						(8)						45,184
CMOs:
Residential			228,685						6,319						(95)						234,909
Commercial			155,645						3,719						(181)						159,183
Municipal bonds			533,719						31,321						(337)						564,703
Corporate debt securities			14,381						841						—						15,222
Agency debentures			1,846						—						—						1,846
Total			$	1,027,338					$	45,568					$	(813)					$	1,072,093
HTM
Municipal bonds			$	4,271					$	236					$	—					$	4,507

Investment Securities in an Unrealized Loss Position

Investment securities AFS that were in an unrealized loss position are presented in the following tables based on the length of time the individual securities have been in an unrealized loss position:

			At June 30, 2021
			Less than 12 months												12 months or more												Total
(in thousands)			Gross unrealized losses						Fair value						Gross unrealized losses						Fair value						Gross unrealized losses						Fair value
MBS:
Residential			$	(65)					$	1,126					$	(227)					$	1,346					$	(292)					$	2,472
Commercial			(94)						8,932						—						—						(94)						8,932
CMOs:
Residential			(841)						31,525						—						—						(841)						31,525
Commercial			(196)						8,595						(169)						16,550						(365)						25,145
Municipal bonds			(317)						26,835						(62)						3,868						(379)						30,703
Total			$	(1,513)					$	77,013					$	(458)					$	21,764					$	(1,971)					$	98,777

			At December 31, 2020
			Less than 12 months												12 months or more												Total
(in thousands)			Gross unrealized losses						Fair value						Gross unrealized losses						Fair value						Gross unrealized losses						Fair value
MBS:
Residential			$	(7)					$	1,196					$	(185)					$	1,432					$	(192)					$	2,628
Commercial			(8)						925						—						—						(8)						925
CMOs:
Residential			(95)						7,391						—						—						(95)						7,391
Commercial			(39)						6,687						(142)						15,358						(181)						22,045
Municipal bonds			(337)						10,512						—						—						(337)						10,512
Total			$	(486)					$	26,711					$	(327)					$	16,790					$	(813)					$	43,501

Computation of Weighted Average Yield using Coupon on the Fair Value

The following tables present the fair value of investment securities AFS and HTM by contractual maturity along with the associated contractual yield:

			At June 30, 2021
			Within one year												After one year through five years												After five years through ten years												After ten years												Total
(dollars in thousands)			Fair Value						Weighted Average Yield						Fair Value						Weighted Average Yield						Fair Value						Weighted Average Yield						Fair Value						Weighted Average Yield						Fair Value						Weighted Average Yield
AFS
Municipal bonds			$	1,726					6.12		%				$	16,014					3.67		%				$	62,276					3.30		%				$	465,801					3.30		%				$	545,817					3.32		%
Corporate debt securities			—						—		%				6,918						3.73		%				8,057						4.87		%				—						—		%				14,975						4.34		%
U.S. Treasury securities			—						—		%				—						—		%				23,586						1.29		%				—						—		%				23,586						1.29		%
Total			$	1,726					6.12		%				$	22,932					3.69		%				$	93,919					2.90		%				$	465,801					3.30		%				$	584,378					3.26		%
HTM
Municipal bonds			$	1,046					2.51		%				$	3,352					2.41		%				$	—					—		%				$	—					—		%				$	4,398					2.44		%

			At December 31, 2020
			Within one year												After one year through five years												After five years through ten years												After ten years												Total
(dollars in thousands)			Fair Value						Weighted Average Yield						Fair Value						Weighted Average Yield						Fair Value						Weighted Average Yield						Fair Value						Weighted Average Yield						Fair Value						Weighted Average Yield
AFS
Municipal bonds			$	4,024					3.19		%				$	14,978					3.82		%				$	59,496					3.26		%				$	486,205					3.29		%				$	564,703					3.30		%
Corporate debt securities			183						4.27		%				7,059						3.74		%				7,980						4.78		%				—						—		%				15,222						4.30		%
Agency debentures			—						—		%				—						—		%				—						—		%				1,846						2.68		%				1,846						2.68		%
Total			$	4,207					3.24		%				$	22,037					3.80		%				$	67,476					3.45		%				$	488,051					3.29		%				$	581,771					3.33		%
HTM
Municipal bonds			$	—					—		%				$	4,507					2.47		%				$	—					—		%				$	—					—		%				$	4,507					2.47		%

Schedule of Sales of Investment Securities

Sales of investment securities were as follows for the periods indicated:

			Quarter Ended June 30,												Six Months Ended June 30,
(in thousands)			2021						2020						2021						2020
Proceeds			$	28,187					$	21,823					$	28,187					$	55,615
Gross gains			288						544						288						1,289
Gross losses			(226)						(325)						(226)						(958)

Carrying Value of Securities Pledged as Collateral

The following table summarizes the carrying value of securities pledged as collateral to secure public deposits, borrowings and other purposes as permitted or required by law:

(in thousands)			At June 30, 2021						At December 31, 2020
Washington, Oregon and California State to secure public deposits			$	167,177					$	171,471
Other securities pledged			6,075						3,391
Total securities pledged as collateral			$	173,252					$	174,862

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