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Investment Securities (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of securities available for sale

The following tables present the amortized cost and fair value of investment securities available for sale at the dates indicated and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss):

			September 30, 2020
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
			(In thousands)
U.S. government and agency securities			$	50,752					$	1,165					$	(24)					$	51,893
Municipal securities			193,300						12,247						(237)						205,310
Residential CMO and MBS			216,719						6,129						(267)						222,581
Commercial CMO and MBS			292,163						12,785						(266)						304,682
Corporate obligations			19,947						231						(7)						20,171
Other asset-backed securities			29,510						460						(115)						29,855
Total			$	802,391					$	33,017					$	(916)					$	834,492

			December 31, 2019
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value
			(In thousands)
U.S. government and agency securities			$	104,709					$	598					$	(84)											$	105,223
Municipal securities			128,183						4,933						(102)												133,014
Residential CMO and MBS			336,929						3,184						(505)												339,608
Commercial CMO and MBS			322,169						5,575						(649)												327,095
Corporate obligations			23,893						316						(15)												24,194
Other asset-backed securities			23,277						54						(153)												23,178
Total			$	939,160					$	14,660					$	(1,508)											$	952,312

Schedule of maturities of investment securities

The amortized cost and fair value of investment securities available for sale at September 30, 2020, by contractual maturity, are set forth below. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

			Amortized Cost						Fair Value
			(In thousands)
Due in one year or less			$	63,147					$	63,749
Due after one year through five years			138,244						144,457
Due after five years through ten years			203,897						214,141
Due after ten years			397,103						412,145
Total			$	802,391					$	834,492

Schedule of fair value and unrealized losses of available for sale investment securities

The following tables show the gross unrealized losses and fair value of the Company's investment securities available for sale, for which an ACL has not been recorded, aggregated by investment category and length of time that the individual securities have been in continuous unrealized loss positions as of September 30, 2020 and December 31, 2019:

			September 30, 2020
			Less than 12 Months												12 Months or Longer												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
			(In thousands)
U.S. government and agency securities			$	3,976					$	(24)					$	—					$	—					$	3,976					$	(24)
Municipal securities			11,918						(237)						—						—						11,918						(237)
Residential CMO and MBS			543						(2)						26,344						(265)						26,887						(267)
Commercial CMO and MBS			11,124						(9)						18,125						(257)						29,249						(266)
Corporate obligations			1,993						(7)						—						—						1,993						(7)
Other asset-backed securities			6,914						(47)						4,666						(68)						11,580						(115)
Total			$	36,468					$	(326)					$	49,135					$	(590)					$	85,603					$	(916)

			December 31, 2019
			Less than 12 Months												12 Months or Longer												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
			(In thousands)
U.S. government and agency securities			$	45,999					$	(84)					$	—					$	—					$	45,999					$	(84)
Municipal securities			13,761						(102)						—						—						13,761						(102)
Residential CMO and MBS			14,272						(66)						60,232						(439)						74,504						(505)
Commercial CMO and MBS			56,263						(177)						43,623						(472)						99,886						(649)
Corporate obligations			998						(2)						1,987						(13)						2,985						(15)
Other asset-backed securities			14,383						(127)						1,609						(26)						15,992						(153)
Total			$	145,676					$	(558)					$	107,451					$	(950)					$	253,127					$	(1,508)

Schedule of realized gains and losses on sale of securities available for sale

The following table presents the gross realized gains and losses on the sale of securities available for sale for the three and nine months ended September 30, 2020 and 2019:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2020						2019						2020						2019
			(In thousands)
Gross realized gains			$	40					$	281					$	1,482					$	557
Gross realized losses			—						—						(19)						(228)
Net realized gains			$	40					$	281					$	1,463					$	329

Scheduled of amortized cost and fair value of securities pledged as collateral

The following table summarizes the amortized cost and fair value of investment securities available for sale that are pledged as collateral for the following obligations at September 30, 2020 and December 31, 2019:

			September 30, 2020												December 31, 2019
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
			(In thousands)
Washington and Oregon state public deposits			$	178,332					$	186,198					$	187,700					$	190,773
Securities sold under agreement to repurchase			43,557						44,822						22,156						22,294
Other securities pledged			31,688						32,724						19,333						19,850
Total			$	253,577					$	263,744					$	229,189					$	232,917

X

- Definition

Tabular disclosure of contractual obligation by timing of payment due. Includes, but is not limited to, long-term debt obligation, lease obligation, and purchase obligation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 303
-Paragraph (a)
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Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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Tabular disclosure of financial instruments held by the entity for its own account for trading or investment purposes that are carried at fair value and pledged to counterparties as collateral for financing transactions. Description may include equity, fixed income, debt or other securities.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=66007379&loc=d3e113888-111728

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Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
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