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INVESTMENT SECURITIES - (Tables)

3 Months Ended

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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