
	At March 31, 2024
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value

AFS
Mortgage backed securities ("MBS"):
Residential	$	189,366	$	106	$	(10,881)	$	178,591
Commercial	55,083		—		(7,613)		47,470
Collateralized mortgage obligations ("CMOs"):
Residential	407,152		24		(35,516)		371,660
Commercial	62,702		—		(6,000)		56,702
Municipal bonds	449,327		231		(51,458)		398,100
Corporate debt securities	41,159		5		(6,012)		35,152
U.S. Treasury securities	22,571		—		(2,675)		19,896
Agency debentures	54,837		—		(1,400)		53,437
Total	$	1,282,197	$	366	$	(121,555)	$	1,161,008
HTM




Municipal bonds	$	2,354	$	—	$	(49)	$	2,305


	At December 31, 2023
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value

AFS
MBS:
Residential	$	194,141	$	117	$	(10,460)	$	183,798
Commercial	55,235		—		(7,479)		47,756
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 March 31, 2024, and December 31, 2023, the Company held $28 million and $25 million, respectively, of trading securities, consisting of US Treasury notes used as economic hedges of our single family mortgage servicing rights, which are carried at

fair value and included with investment securities on the balance sheet. For the quarters ended March 31, 2024 and 2023, net losses of $0.6 million and net gains of $0.6 million on trading securities, respectively, were recorded in servicing income.

MBS and CMOs represent securities issued or guaranteed by government sponsored enterprises ("GSEs"). Most of the MBS and CMO securities in our investment portfolio are guaranteed by Fannie Mae, Ginnie Mae or Freddie Mac. Municipal bonds are comprised of general obligation bonds (i.e., backed by the general credit of the issuer) and revenue bonds (i.e., backed by either collateral or revenues from the specific project being financed) issued by various municipal corporations. As of March 31, 2024 and December 31, 2023, substantially all securities held, including municipal bonds and corporate debt securities, were rated investment grade based upon nationally recognized statistical rating organizations where available and, where not available, based upon internal ratings.

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, 2024
	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	$	(2)	$	722	$	(10,879)	$	171,977	$	(10,881)	$	172,699
Commercial	—		—		(7,613)		47,470		(7,613)		47,470
CMOs:
Residential	(51)		14,896		(35,465)		346,156		(35,516)		361,052
Commercial	—		—		(6,000)		56,702		(6,000)		56,702
Municipal bonds	(109)		15,526		(51,349)		361,384		(51,458)		376,910
Corporate debt securities	—		—		(6,012)		25,147		(6,012)		25,147
U.S. Treasury securities	—		—		(2,675)		19,896		(2,675)		19,896
Agency debentures	(3)		4,997		(1,397)		48,440		(1,400)		53,437
Total	$	(165)	$	36,141	$	(121,390)	$	1,077,172	$	(121,555)	$	1,113,313
HTM
Municipal bonds	$	—	$	—	$	(49)	$	2,305	$	(49)	$	2,305


	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

The Company has evaluated AFS securities in an unrealized loss position and has determined the decline in value is temporary and is related to the change in market interest rates since purchase. The decline in value is not related to any issuer- or industry-specific credit event. The Company has not identified any expected credit losses on its debt securities as of March 31, 2024 or December 31, 2023. The Company bases this conclusion in part on its periodic review of the credit ratings of the AFS securities or reviews of the financial condition of the issuers. In addition, as of March 31, 2024 and December 31, 2023, the Company had not made a decision to sell any of its debt securities held, nor did the Company consider it more likely than not that it would be required to sell such securities before recovery of their amortized cost basis.


	At March 31, 2024
	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	$	—	—	%	$	5,847	1.84	%	$	64,423	3.24	%	$	327,830	3.00	%	$	398,100	3.02	%
Corporate debt securities	—		—	%	13,867		4.87	%	21,285		4.07	%	—		—	%	35,152		4.38	%
U.S. Treasury securities	—		—	%	19,896		1.13	%	—		—	%	—		—	%	19,896		1.13	%
Agency debentures	16,962		5.00	%	25,933		5.26	%	7,398		2.13	%	3,144		2.14	%	53,437		4.56	%
Total	$	16,962	5.00	%	$	65,543	3.62	%	$	93,106	3.34	%	$	330,974	2.99	%	$	506,585	3.20	%

HTM
Municipal bonds	$	—	—	%	$	2,305	2.28	%	$	—	—	%	$	—	—	%	$	2,305	2.28	%


	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	%

The weighted-average yield is computed using the contractual coupon of each security weighted based on the fair value of each security. Taxable-equivalent amounts are used where applicable. MBS and CMOs are excluded from the tables above because such securities are not due on a single maturity date. The weighted average yield of MBS and CMOs as of March 31, 2024 and December 31, 2023 was 3.09% and 3.21%, respectively.

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, 2024		At December 31, 2023


Federal Reserve Bank to secure borrowings	$	581,314	$	647,104
Washington, Oregon and California to secure public deposits	10,654		10,654

Other securities pledged	1,410		1,440
Total securities pledged as collateral	$	593,378	$	659,198