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INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023
(in thousands)			Amortized cost						Gross unrealized gains						Gross unrealized losses						Fair value
AFS
Mortgage backed securities ("MBS"):
Residential			$	209,773					$	62					$	(9,177)					$	200,658
Commercial			62,567						—						(8,337)						54,230
Collateralized mortgage obligations ("CMOs"):
Residential			587,455						56						(34,277)						553,234
Commercial			76,777						—						(6,000)						70,777
Municipal bonds			462,261						294						(48,897)						413,658
Corporate debt securities			45,835						—						(4,533)						41,302
U.S. Treasury securities			22,920						—						(2,601)						20,319
Agency debentures			58,539						—						(180)						58,359
Total			$	1,526,127					$	412					$	(114,002)					$	1,412,537
HTM
Municipal bonds			$	2,423					$	—					$	(36)					$	2,387

			At December 31, 2022
(in thousands)			Amortized cost						Gross unrealized gains						Gross unrealized losses						Fair value
AFS
MBS:
Residential			$	207,445					$	—					$	(10,183)					$	197,262
Commercial			65,411						—						(9,362)						56,049
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

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, 2023
(in thousands)			Amortized cost						Gross unrealized gains						Gross unrealized losses						Fair value
AFS
Mortgage backed securities ("MBS"):
Residential			$	209,773					$	62					$	(9,177)					$	200,658
Commercial			62,567						—						(8,337)						54,230
Collateralized mortgage obligations ("CMOs"):
Residential			587,455						56						(34,277)						553,234
Commercial			76,777						—						(6,000)						70,777
Municipal bonds			462,261						294						(48,897)						413,658
Corporate debt securities			45,835						—						(4,533)						41,302
U.S. Treasury securities			22,920						—						(2,601)						20,319
Agency debentures			58,539						—						(180)						58,359
Total			$	1,526,127					$	412					$	(114,002)					$	1,412,537
HTM
Municipal bonds			$	2,423					$	—					$	(36)					$	2,387

			At December 31, 2022
(in thousands)			Amortized cost						Gross unrealized gains						Gross unrealized losses						Fair value
AFS
MBS:
Residential			$	207,445					$	—					$	(10,183)					$	197,262
Commercial			65,411						—						(9,362)						56,049
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

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, 2023
			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			$	(6,312)					$	168,313					$	(2,865)					$	22,732					$	(9,177)					$	191,045
Commercial			(194)						3,226						(8,143)						50,990						(8,337)						54,216
CMOs:
Residential			(8,414)						342,128						(25,863)						184,686						(34,277)						526,814
Commercial			(146)						9,071						(5,854)						61,707						(6,000)						70,778
Municipal bonds			(1,825)						52,931						(47,072)						326,987						(48,897)						379,918
Corporate debt securities			(1,550)						27,813						(2,983)						13,489						(4,533)						41,302
U.S. Treasury securities			—						—						(2,601)						20,319						(2,601)						20,319
Agency debentures			(180)						58,359						—						—						(180)						58,359
Total			$	(18,621)					$	661,841					$	(95,381)					$	680,910					$	(114,002)					$	1,342,751
HTM
Municipal bonds			$	(36)					$	2,387					$	—					$	—					$	(36)					$	2,387

			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

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, 2023
			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			$	—					—		%				$	3,763					2.02		%				$	52,312					3.13		%				$	357,583					2.73		%				$	413,658					2.78		%
Corporate debt securities			4,500						3.49		%				9,989						5.99		%				26,813						4.12		%				—						—		%				41,302						4.47		%
U.S. Treasury securities			—						—		%				—						—		%				20,319						1.14		%				—						—		%				20,319						1.14		%
Agency debentures			15,472						4.74		%				42,887						5.12		%				—						—		%				—						—		%				58,359						5.02		%
Total			$	19,972					4.45		%				$	56,639					5.05		%				$	99,444					3.00		%				$	357,583					2.73		%				$	533,638					3.07		%
HTM
Municipal bonds			$	—					—		%				$	2,387					1.84		%				$	—					—		%				$	—					—		%				$	2,387					1.84		%

			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		%

Schedule of Sales of Investment Securities

Sales of AFS investment securities were as follows:

									Quarter Ended March 31,
(in thousands)															2023						2022
Proceeds															$	4,693					$	962
Gross gains															3						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, 2023						At December 31, 2022
Federal Reserve Bank to secure borrowings			$	315,244					$	—
Washington, Oregon and California to secure public deposits			203,201						212,806
Other securities pledged			1,519						2,011
Total securities pledged as collateral			$	519,964					$	214,817

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