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INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2023

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 basis and fair values of our investment securities AFS and HTM:

			At December 31, 2023
(in thousands)			Amortized cost						Gross unrealized gains						Gross unrealized losses						Fair value
AFS
Mortgage-backed securities ("MBS"):
Residential			$	194,141					$	117					$	(10,460)					$	183,798
Commercial			55,235						—						(7,479)						47,756
Collateralized mortgage obligations ("CMOs")
Residential			473,269						8						(33,539)						439,738
Commercial			63,456						—						(6,059)						57,397
Municipal bonds			452,057						670						(47,853)						404,874
Corporate debt securities			45,611						34						(7,098)						38,547
U.S. Treasury securities			22,658						—						(2,474)						20,184
Agency debentures			60,202						5						(1,302)						58,905
Total			$	1,366,629					$	834					$	(116,264)					$	1,251,199
HTM
Municipal bonds			$	2,371					$	—					$	(40)					$	2,331

			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 estimated fair value of held to maturity securities

The following tables set forth certain information regarding the amortized cost basis and fair values of our investment securities AFS and HTM:

			At December 31, 2023
(in thousands)			Amortized cost						Gross unrealized gains						Gross unrealized losses						Fair value
AFS
Mortgage-backed securities ("MBS"):
Residential			$	194,141					$	117					$	(10,460)					$	183,798
Commercial			55,235						—						(7,479)						47,756
Collateralized mortgage obligations ("CMOs")
Residential			473,269						8						(33,539)						439,738
Commercial			63,456						—						(6,059)						57,397
Municipal bonds			452,057						670						(47,853)						404,874
Corporate debt securities			45,611						34						(7,098)						38,547
U.S. Treasury securities			22,658						—						(2,474)						20,184
Agency debentures			60,202						5						(1,302)						58,905
Total			$	1,366,629					$	834					$	(116,264)					$	1,251,199
HTM
Municipal bonds			$	2,371					$	—					$	(40)					$	2,331

			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 December 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			$	(3)					$	1,145					$	(10,457)					$	177,393					$	(10,460)					$	178,538
Commercial			—						61						(7,479)						47,695						(7,479)						47,756
CMOs:
Residential			(368)						83,815						(33,171)						348,914						(33,539)						432,729
Commercial			—						—						(6,059)						57,397						(6,059)						57,397
Municipal bonds			(73)						7,489						(47,780)						364,775						(47,853)						372,264
Corporate debt securities			—						—						(7,098)						28,513						(7,098)						28,513
U.S. Treasury securities			—						—						(2,474)						20,184						(2,474)						20,184
Agency debentures			(135)						42,897						(1,167)						11,003						(1,302)						53,900
Total			$	(579)					$	135,407					$	(115,685)					$	1,055,874					$	(116,264)					$	1,191,281
HTM
Municipal bonds			$	—					$	—					$	(40)					$	2,331					$	(40)					$	2,331

			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

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, 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			$	—					—		%				$	5,856					1.84		%				$	60,775					3.36		%				$	338,243					3.01		%				$	404,874					3.04		%
Corporate debt securities			4,425						3.53		%				12,714						4.95		%				21,408						3.89		%				—						—		%				38,547						4.21		%
U.S. Treasury securities			—						—		%				20,184						1.14		%				—						—		%				—						—		%				20,184						1.14		%
Agency debentures			16,977						4.93		%				30,925						5.20		%				7,758						2.15		%				3,245						2.17		%				58,905						4.51		%
Total			$	21,402					4.64		%				$	69,679					3.64		%				$	89,941					3.40		%				$	341,488					3.00		%				$	522,510					3.21		%
HTM
Municipal bonds			$	—					—		%				$	2,331					2.29		%				$	—					—		%				$	—					—		%				$	2,331					2.29		%

			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		%

Sales of investment securities available for sale

Sales of AFS investment securities were as follows: 

			Years Ended December 31,
(in thousands)			2023						2022						2021
Proceeds			$	4,693					$	98,915					$	28,187
Gross gains			3						1,585						288
Gross losses			—						(1,561)						(226)

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)			2023						2022
Federal Reserve Bank to secure borrowings			$	647,104					$	—
Washington, Oregon and California State to secure public deposits			10,654						212,806
Other securities pledged			1,440						2,011
Total securities pledged as collateral			$	659,198					$	214,817

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