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Investment Securities | 3 Months Ended
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Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities The Company’s investment policy is designed primarily to provide and maintain liquidity, generate a favorable return on assets without incurring undue interest rate and credit risk, and complement the Bank’s lending activities. There were no securities classified as trading or held to maturity at March 31, 2021 or December 31, 2020. (a) Securities by Type and Maturity 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:
| March 31, 2021
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
| (In thousands)
U.S. government and agency securities | $ | 96,415 |  |  | $ | 630 |  |  | $ | (2,188) |  |  | $ | 94,857 |
Municipal securities | 219,373 |  |  | 10,001 |  |  | (1,711) |  |  | 227,663 |
Residential CMO and MBS | 179,680 |  |  | 4,233 |  |  | (917) |  |  | 182,996 |
Commercial CMO and MBS | 341,620 |  |  | 9,168 |  |  | (2,619) |  |  | 348,169 |
Corporate obligations | 10,989 |  |  | 66 |  |  | — |  |  | 11,055 |
Other asset-backed securities | 28,280 |  |  | 548 |  |  | (10) |  |  | 28,818 |
Total | $ | 876,357 |  |  | $ | 24,646 |  |  | $ | (7,445) |  |  | $ | 893,558 |
| December 31, 2020
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Fair Value
| (In thousands)
U.S. government and agency securities | $ | 44,713 |  |  | $ | 947 |  |  | $ | — |  |  |  |  | $ | 45,660 |
Municipal securities | 197,634 |  |  | 12,561 |  |  | (227) |  |  |  |  | 209,968 |
Residential CMO and MBS | 196,956 |  |  | 5,125 |  |  | (209) |  |  |  |  | 201,872 |
Commercial CMO and MBS | 290,638 |  |  | 13,198 |  |  | (90) |  |  |  |  | 303,746 |
Corporate obligations | 10,971 |  |  | 125 |  |  | — |  |  |  |  | 11,096 |
Other asset-backed securities | 29,283 |  |  | 565 |  |  | (27) |  |  |  |  | 29,821 |
Total | $ | 770,195 |  |  | $ | 32,521 |  |  | $ | (553) |  |  |  |  | $ | 802,163 |
The amortized cost and fair value of investment securities available for sale at March 31, 2021, 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 | $ | 48,897 |  |  | $ | 49,279 |
Due after one year through five years | 134,310 |  |  | 140,053 |
Due after five years through ten years | 285,906 |  |  | 290,676 |
Due after ten years | 407,244 |  |  | 413,550 |
Total | $ | 876,357 |  |  | $ | 893,558 |
There were no holdings of investment securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders’ equity at March 31, 2021 and December 31, 2020. (b) Unrealized Losses and Other-Than-Temporary Impairments The following tables show the gross unrealized losses and fair value of the Company's investment securities available for sale aggregated by investment category and length of time that the individual securities have been in continuous unrealized loss positions as of March 31, 2021 and December 31, 2020:
| March 31, 2021
| 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 | $ | 54,549 |  |  | $ | (2,188) |  |  | $ | — |  |  | $ | — |  |  | $ | 54,549 |  |  | $ | (2,188) |
Municipal securities | 48,130 |  |  | (1,558) |  |  | 2,312 |  |  | (153) |  |  | 50,442 |  |  | (1,711) |
Residential CMO and MBS | 16,359 |  |  | (768) |  |  | 24,221 |  |  | (149) |  |  | 40,580 |  |  | (917) |
Commercial CMO and MBS | 79,240 |  |  | (2,612) |  |  | 2,606 |  |  | (7) |  |  | 81,846 |  |  | (2,619) |
Other asset-backed securities | — |  |  | — |  |  | 1,330 |  |  | (10) |  |  | 1,330 |  |  | (10) |
Total | $ | 198,278 |  |  | $ | (7,126) |  |  | $ | 30,469 |  |  | $ | (319) |  |  | $ | 228,747 |  |  | $ | (7,445) |
| December 31, 2020
| Less than 12 Months |  | 12 Months or Longer |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
| (In thousands)
Municipal securities | 10,264 |  |  | (227) |  |  | — |  |  | — |  |  | 10,264 |  |  | (227) |
Residential CMO and MBS | — |  |  | — |  |  | 25,293 |  |  | (209) |  |  | 25,293 |  |  | (209) |
Commercial CMO and MBS | 11,404 |  |  | (29) |  |  | 7,499 |  |  | (61) |  |  | 18,903 |  |  | (90) |
Other asset-backed securities | — |  |  | — |  |  | 4,570 |  |  | (27) |  |  | 4,570 |  |  | (27) |
Total | $ | 21,668 |  |  | $ | (256) |  |  | $ | 37,362 |  |  | $ | (297) |  |  | $ | 59,030 |  |  | $ | (553) |
The Company evaluated investment securities available for sale as of March 31, 2021 and December 31, 2020 and determined that any declines in fair value were attributable to changes in interest rates relative to where these investments fall within the yield curve and individual characteristics. Management monitors published credit ratings for adverse changes for all rated investment securities and none of these securities had a below investment grade credit rating as of both March 31, 2021 and December 31, 2020. In addition, the Company does not intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of the amortized cost basis, which may be upon maturity. Therefore, no ACL on investment securities available for sale was recorded as of March 31, 2021 and December 31, 2020. (c) Realized Gains and Losses The following table presents the gross realized gains and losses on the sale of investment securities available for sale for the three months ended March 31, 2021 and 2020:
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |
| (In thousands)
Gross realized gains | $ | 29 |  |  | $ | 1,028 |  |  |  |  |
Gross realized losses | — |  |  | (14) |  |  |  |  |
Net realized gains | $ | 29 |  |  | $ | 1,014 |  |  |  |  |
(d) Pledged Securities 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 March 31, 2021 and December 31, 2020:
| March 31, 2021 |  | December 31, 2020
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
| (In thousands)
Washington and Oregon state public deposits | $ | 118,333 |  |  | $ | 122,419 |  |  | $ | 119,652 |  |  | $ | 124,228 |
Securities sold under agreement to repurchase | 47,467 |  |  | 48,178 |  |  | 38,630 |  |  | 39,945 |
Other securities pledged | 27,928 |  |  | 28,679 |  |  | 29,665 |  |  | 30,717 |
Total | $ | 193,728 |  |  | $ | 199,276 |  |  | $ | 187,947 |  |  | $ | 194,890 |
(e) Accrued Interest Receivable Accrued interest receivable excluded from amortized cost on investment securities available for sale totaled $3.4 million and $3.6 million at March 31, 2021 and December 31, 2020, respectively. No amounts of accrued interest receivable on investment securities available for sale were reversed against interest income on investment securities available for sale during the three months ended March 31, 2021 and March 31, 2020.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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