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INVESTMENT SECURITIES - (Tables) | 3 Months Ended
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Mar. 31, 2022
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 March 31, 2022
(in thousands) | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
AFS |  |  |  |  |  |  |
Mortgage backed securities ("MBS"): |  |  |  |  |  |  |
Residential | $ | 30,689 |  |  | $ | 6 |  |  | $ | (1,508) |  |  | $ | 29,187 |
Commercial | 70,312 |  |  | 38 |  |  | (3,958) |  |  | 66,392 |
Collateralized mortgage obligations ("CMOs"): |  |  |  |  |  |  |
Residential | 276,246 |  |  | 186 |  |  | (9,940) |  |  | 266,492 |
Commercial | 138,168 |  |  | 135 |  |  | (3,424) |  |  | 134,879 |
Municipal bonds | 535,353 |  |  | 2,802 |  |  | (23,016) |  |  | 515,139 |
Corporate debt securities | 26,850 |  |  | 97 |  |  | (574) |  |  | 26,373 |
U.S. Treasury securities | 23,263 |  |  | — |  |  | (1,541) |  |  | 21,722 |
Total | $ | 1,100,881 |  |  | $ | 3,264 |  |  | $ | (43,961) |  |  | $ | 1,060,184 |
HTM |  |  |  |  |  |  |
Municipal bonds | $ | 4,143 |  |  | $ | 8 |  |  | $ | (17) |  |  | $ | 4,134 |
| At December 31, 2021
(in thousands) | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
AFS |  |  |  |  |  |  |
MBS: |  |  |  |  |  |  |
Residential | $ | 32,905 |  |  | $ | 396 |  |  | $ | (338) |  |  | $ | 32,963 |
Commercial | 62,094 |  |  | 933 |  |  | (235) |  |  | 62,792 |
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 |
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 March 31, 2022
(in thousands) | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
AFS |  |  |  |  |  |  |
Mortgage backed securities ("MBS"): |  |  |  |  |  |  |
Residential | $ | 30,689 |  |  | $ | 6 |  |  | $ | (1,508) |  |  | $ | 29,187 |
Commercial | 70,312 |  |  | 38 |  |  | (3,958) |  |  | 66,392 |
Collateralized mortgage obligations ("CMOs"): |  |  |  |  |  |  |
Residential | 276,246 |  |  | 186 |  |  | (9,940) |  |  | 266,492 |
Commercial | 138,168 |  |  | 135 |  |  | (3,424) |  |  | 134,879 |
Municipal bonds | 535,353 |  |  | 2,802 |  |  | (23,016) |  |  | 515,139 |
Corporate debt securities | 26,850 |  |  | 97 |  |  | (574) |  |  | 26,373 |
U.S. Treasury securities | 23,263 |  |  | — |  |  | (1,541) |  |  | 21,722 |
Total | $ | 1,100,881 |  |  | $ | 3,264 |  |  | $ | (43,961) |  |  | $ | 1,060,184 |
HTM |  |  |  |  |  |  |
Municipal bonds | $ | 4,143 |  |  | $ | 8 |  |  | $ | (17) |  |  | $ | 4,134 |
| At December 31, 2021
(in thousands) | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
AFS |  |  |  |  |  |  |
MBS: |  |  |  |  |  |  |
Residential | $ | 32,905 |  |  | $ | 396 |  |  | $ | (338) |  |  | $ | 32,963 |
Commercial | 62,094 |  |  | 933 |  |  | (235) |  |  | 62,792 |
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 |
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 March 31, 2022
| 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
AFS |  |  |  |  |  |  |  |  |  |  |
MBS: |  |  |  |  |  |  |  |  |  |  |
Residential | $ | (1,064) |  |  | $ | 25,716 |  |  | $ | (444) |  |  | $ | 2,233 |  |  | $ | (1,508) |  |  | $ | 27,949 |
Commercial | (3,958) |  |  | 58,243 |  |  | — |  |  | — |  |  | (3,958) |  |  | 58,243 |
CMOs: |  |  |  |  |  |  |  |  |  |  |
Residential | (7,475) |  |  | 177,481 |  |  | (2,465) |  |  | 21,315 |  |  | (9,940) |  |  | 198,796 |
Commercial | (2,802) |  |  | 103,919 |  |  | (622) |  |  | 7,608 |  |  | (3,424) |  |  | 111,527 |
Municipal bonds | (21,126) |  |  | 375,801 |  |  | (1,890) |  |  | 12,141 |  |  | (23,016) |  |  | 387,942 |
Corporate debt securities | (574) |  |  | 16,758 |  |  | — |  |  | — |  |  | (574) |  |  | 16,758 |
U.S. Treasury securities | (1,541) |  |  | 21,723 |  |  | — |  |  | — |  |  | (1,541) |  |  | 21,723 |
Total | $ | (38,540) |  |  | $ | 779,641 |  |  | $ | (5,421) |  |  | $ | 43,297 |  |  | $ | (43,961) |  |  | $ | 822,938 |
HTM |  |  |  |  |  |  |  |  |  |  |
Municipal bonds | $ | (17) |  |  | $ | 2,474 |  |  | $ | — |  |  | $ | — |  |  | $ | (17) |  |  | $ | 2,474 |
| 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 |
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 March 31, 2022
| 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 | $ | 4,159 |  |  | 3.57 | % |  | $ | 13,675 |  |  | 3.23 | % |  | $ | 66,619 |  |  | 3.40 | % |  | $ | 430,686 |  |  | 3.03 | % |  | $ | 515,139 |  |  | 3.09 | %
Corporate debt securities | — |  |  | — | % |  | 5,573 |  |  | 3.54 | % |  | 20,800 |  |  | 4.39 | % |  | — |  |  | — | % |  | 26,373 |  |  | 4.22 | %
U.S. Treasury securities | — |  |  | — | % |  | — |  |  | — | % |  | 21,722 |  |  | 1.20 | % |  | — |  |  | — | % |  | 21,722 |  |  | 1.20 | %
Total | $ | 4,159 |  |  | 3.57 | % |  | $ | 19,248 |  |  | 3.32 | % |  | $ | 109,141 |  |  | 3.13 | % |  | $ | 430,686 |  |  | 3.03 | % |  | $ | 563,234 |  |  | 3.07 | %
HTM |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds | $ | 1,659 |  |  | 2.91 | % |  | $ | 2,475 |  |  | 2.07 | % |  | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  | $ | 4,134 |  |  | 2.41 | %
| 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 | %
Schedule of Sales of Investment Securities | Sales of AFS investment securities were as follows:
| Quarter Ended March 31, |  |
(in thousands) | 2022 |  |  |  |  |  |
Proceeds | $ | 962 |  |  |  |  |  |  |
Gross gains | 71 |  |  |  |  |  |  |
Gross losses | — |  |  |  |  |  |  |
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 March 31, 2022 |  | At December 31, 2021
Washington, Oregon and California State to secure public deposits | $ | 201,444 |  |  | $ | 206,153 |
Other securities pledged | 4,972 |  |  | 5,258 |
Total securities pledged as collateral | $ | 206,416 |  |  | $ | 211,411 |

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