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INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2022

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 HTM:

			At December 31, 2022
(in thousands)			Amortized cost						Gross unrealized gains						Gross unrealized losses						Fair value
AFS
Mortgage-backed securities ("MBS"):
Residential			$	207,445					$	—					$	(10,183)					$	197,262
Commercial			65,411						—						(9,362)						56,049
Collateralized mortgage obligations ("CMOs")
Residential			592,449						12						(39,422)						553,039
Commercial			77,909						—						(7,390)						70,519
Municipal bonds			469,346						41						(57,839)						411,548
Corporate debt securities			46,672						74						(3,801)						42,945
U.S. Treasury securities			23,005						—						(3,071)						19,934
Agency debentures			27,499						8						(29)						27,478
Total			$	1,509,736					$	135					$	(131,097)					$	1,378,774
HTM
Municipal bonds			$	2,441					$	—					$	(56)					$	2,385

			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 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 HTM:

			At December 31, 2022
(in thousands)			Amortized cost						Gross unrealized gains						Gross unrealized losses						Fair value
AFS
Mortgage-backed securities ("MBS"):
Residential			$	207,445					$	—					$	(10,183)					$	197,262
Commercial			65,411						—						(9,362)						56,049
Collateralized mortgage obligations ("CMOs")
Residential			592,449						12						(39,422)						553,039
Commercial			77,909						—						(7,390)						70,519
Municipal bonds			469,346						41						(57,839)						411,548
Corporate debt securities			46,672						74						(3,801)						42,945
U.S. Treasury securities			23,005						—						(3,071)						19,934
Agency debentures			27,499						8						(29)						27,478
Total			$	1,509,736					$	135					$	(131,097)					$	1,378,774
HTM
Municipal bonds			$	2,441					$	—					$	(56)					$	2,385

			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 December 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			$	(8,845)					$	191,398					$	(1,338)					$	5,763					$	(10,183)					$	197,161
Commercial			(5,729)						41,416						(3,633)						14,619						(9,362)						56,035
CMOs:
Residential			(27,789)						498,333						(11,633)						45,689						(39,422)						544,022
Commercial			(4,787)						56,671						(2,603)						13,848						(7,390)						70,519
Municipal bonds			(44,513)						350,918						(13,326)						46,377						(57,839)						397,295
Corporate debt securities			(3,801)						32,871						—						—						(3,801)						32,871
U.S. Treasury securities			—						—						(3,071)						19,934						(3,071)						19,934
Agency debentures			(29)						15,970						—						—						(29)						15,970
Total			$	(95,493)					$	1,187,577					$	(35,604)					$	146,230					$	(131,097)					$	1,333,807
HTM
Municipal bonds			$	(56)					$	2,385					$	—					$	—					$	(56)					$	2,385

			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

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, 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			$	—					—		%				$	3,644					1.96		%				$	38,977					3.04		%				$	368,927					2.83		%				$	411,548					2.84		%
Corporate debt securities			—						—		%				15,342						5.13		%				27,603						4.25		%				—						—		%				42,945						4.54		%
U.S. Treasury securities			—						—		%				—						—		%				19,934						1.11		%				—						—		%				19,934						1.11		%
Agency debentures			10,485						4.74		%				16,993						4.94		%				—						—		%				—						—		%				27,478						4.86		%
Total			$	10,485					4.74		%				$	35,979					4.69		%				$	86,514					2.97		%				$	368,927					2.83		%				$	501,905					3.01		%
HTM
Municipal bonds			$	—					—		%				$	2,385					2.04		%				$	—					—		%				$	—					—		%				$	2,385					2.04		%

			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		%

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)			2022						2021						2020
Proceeds			$	98,915					$	28,187					$	62,378
Gross gains			1,585						288						1,334
Gross losses			(1,561)						(226)						(993)

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)			2022						2021
Washington, Oregon and California State to secure public deposits			$	212,806					$	206,153
Other securities pledged			2,011						5,258
Total securities pledged as collateral			$	214,817					$	211,411

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