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INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024
(in thousands)			Amortized cost						Gross unrealized gains						Gross unrealized losses						Fair value
AFS
Mortgage-backed securities ("MBS"):
Residential			$	174,887					$	229					$	(7,654)					$	167,462
Commercial			54,620						—						(6,978)						47,642
Collateralized mortgage obligations ("CMOs")
Residential			349,348						36						(31,940)						317,444
Commercial			59,725						14						(4,794)						54,945
Municipal bonds			433,162						95						(54,998)						378,259
Corporate debt securities			31,136						—						(6,192)						24,944
U.S. Treasury securities			22,306						—						(2,319)						19,987
Agency debentures			10,320						—						(1,044)						9,276
Total			$	1,135,504					$	374					$	(115,919)					$	1,019,959
HTM
Municipal bonds			$	2,301					$	—					$	(28)					$	2,273

			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

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, 2024
(in thousands)			Amortized cost						Gross unrealized gains						Gross unrealized losses						Fair value
AFS
Mortgage-backed securities ("MBS"):
Residential			$	174,887					$	229					$	(7,654)					$	167,462
Commercial			54,620						—						(6,978)						47,642
Collateralized mortgage obligations ("CMOs")
Residential			349,348						36						(31,940)						317,444
Commercial			59,725						14						(4,794)						54,945
Municipal bonds			433,162						95						(54,998)						378,259
Corporate debt securities			31,136						—						(6,192)						24,944
U.S. Treasury securities			22,306						—						(2,319)						19,987
Agency debentures			10,320						—						(1,044)						9,276
Total			$	1,135,504					$	374					$	(115,919)					$	1,019,959
HTM
Municipal bonds			$	2,301					$	—					$	(28)					$	2,273

			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

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, 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)					$	532					$	(7,652)					$	158,044					$	(7,654)					$	158,576
Commercial			—						—						(6,978)						47,642						(6,978)						47,642
CMOs:
Residential			(78)						7,481						(31,862)						293,297						(31,940)						300,778
Commercial			—						—						(4,794)						51,834						(4,794)						51,834
Municipal bonds			(810)						28,361						(54,188)						340,571						(54,998)						368,932
Corporate debt securities			—						—						(6,192)						24,944						(6,192)						24,944
U.S. Treasury securities			—						—						(2,319)						19,987						(2,319)						19,987
Agency debentures			—						—						(1,044)						9,276						(1,044)						9,276
Total			$	(890)					$	36,374					$	(115,029)					$	945,595					$	(115,919)					$	981,969
HTM
Municipal bonds			$	—					$	—					$	(28)					$	2,273					$	(28)					$	2,273

			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

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, 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			$	—					—		%				$	15,531					3.88		%				$	70,678					2.92		%				$	292,050					2.93		%				$	378,259					2.97		%
Corporate debt securities			—						—		%				2,735						2.08		%				22,209						4.27		%				—						—		%				24,944						4.03		%
U.S. Treasury securities			—						—		%				19,987						1.15		%				—						—		%				—						—		%				19,987						1.15		%
Agency debentures			—						—		%				1,770						2.13		%				4,442						2.17		%				3,064						2.14		%				9,276						2.15		%
Total			$	—					—		%				$	40,023					2.32		%				$	97,329					3.19		%				$	295,114					2.92		%				$	432,466					2.93		%
HTM
Municipal bonds			$	2,273					2.29		%				$	—					—		%				$	—					—		%				$	—					—		%				$	2,273					2.29		%

			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						5.2		%				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		%

Sales of investment securities available for sale

Sales of AFS investment securities were as follows: 

			Years Ended December 31,
(in thousands)			2024						2023
Proceeds			$	—					$	4,693
Gross gains			—						3
Gross losses			—						—

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)			2024						2023
Federal Reserve Bank to secure existing or potential borrowings			$	906,475					$	647,104
Washington, Oregon and California State to secure public deposits			195,212						10,654
Other securities pledged			1,334						1,440
Total securities pledged as collateral			$	1,103,021					$	659,198

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