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INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Estimated Fair Value of Available for Sale Securities

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

			At December 31, 2021
(in thousands)			Amortized cost						Gross unrealized gains						Gross unrealized losses						Fair value
AFS
Mortgage-backed securities ("MBS"):
Residential			$	32,905					$	396					$	(338)					$	32,963
Commercial			62,094						933						(235)						62,792
Collateralized mortgage obligations ("CMOs")
Residential			186,703						2,012						(1,321)						187,394
Commercial			135,102						1,890						(333)						136,659
Municipal bonds			516,693						24,154						(924)						539,923
Corporate debt securities			18,918						699						(1)						19,616
U.S. Treasury securities			23,348						—						(173)						23,175
Total			$	975,763					$	30,084					$	(3,325)					$	1,002,522
HTM
Municipal bonds			$	4,169					$	136					$	—					$	4,305

			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 Estimated Fair Value of Held to Maturity Securities

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

			At December 31, 2021
(in thousands)			Amortized cost						Gross unrealized gains						Gross unrealized losses						Fair value
AFS
Mortgage-backed securities ("MBS"):
Residential			$	32,905					$	396					$	(338)					$	32,963
Commercial			62,094						933						(235)						62,792
Collateralized mortgage obligations ("CMOs")
Residential			186,703						2,012						(1,321)						187,394
Commercial			135,102						1,890						(333)						136,659
Municipal bonds			516,693						24,154						(924)						539,923
Corporate debt securities			18,918						699						(1)						19,616
U.S. Treasury securities			23,348						—						(173)						23,175
Total			$	975,763					$	30,084					$	(3,325)					$	1,002,522
HTM
Municipal bonds			$	4,169					$	136					$	—					$	4,305

			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 December 31, 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			$	(38)					$	5,324					$	(300)					$	2,406					$	(338)					$	7,730
Commercial			(235)						18,127						—						—						(235)						18,127
CMOs:
Residential			(1,007)						53,068						(314)						7,116						(1,321)						60,184
Commercial			(135)						14,806						(198)						5,132						(333)						19,938
Municipal bonds			(914)						64,237						(10)						1,058						(924)						65,295
Corporate debt securities			(1)						3,164						—						—						(1)						3,164
U.S. Treasury securities			(173)						23,175						—						—						(173)						23,175
Total			$	(2,503)					$	181,901					$	(822)					$	15,712					$	(3,325)					$	197,613

			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

Amortized Cost and Estimated Fair Value by Contractual Maturity

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

			At December 31, 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			$	4,933					3.79		%				$	14,366					3.26		%				$	68,025					3.60		%				$	452,599					3.23		%				$	539,923					3.28		%
Corporate debt securities			—						—		%				6,563						3.60		%				13,053						5.03		%				—						—		%				19,616						4.55		%
U.S. Treasury securities			—						—		%				—						—		%				23,175						1.27		%				—						—		%				23,175						1.27		%
Total			$	4,933					3.79		%				$	20,929					3.37		%				$	104,253					3.23		%				$	452,599					3.23		%				$	582,714					3.24		%
HTM
Municipal bonds			$	1,684					2.86		%				$	2,621					2.12		%				$	—					—		%				$	—					—		%				$	4,305					2.42		%

			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		%

Sales of Investment Securities Available for Sale

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

			Years Ended December 31,
(in thousands)			2021						2020						2019
Proceeds			$	28,187					$	62,378					$	184,871
Gross gains			288						1,334						894
Gross losses			(226)						(993)						(901)

Schedule of Financial Instruments Owned and 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.

			At December 31,
(in thousands)			2021						2020
Washington, Oregon and California State to secure public deposits			$	206,153					$	171,471
Other securities pledged			5,258						3,391
Total securities pledged as collateral			$	211,411					$	174,862

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
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