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Investment Securities
 3 Months Ended
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 securities219,373 10,001 (1,711)227,663 
Residential CMO and MBS179,680 4,233 (917)182,996 
Commercial CMO and MBS341,620 9,168 (2,619)348,169 
Corporate obligations10,989 66 — 11,055 
Other asset-backed securities28,280 548 (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 securities197,634 12,561 (227)209,968 
Residential CMO and MBS196,956 5,125 (209)201,872 
Commercial CMO and MBS290,638 13,198 (90)303,746 
Corporate obligations10,971 125 — 11,096 
Other asset-backed securities29,283 565 (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 CostFair
Value
(In thousands)
Due in one year or less$48,897 $49,279 
Due after one year through five years134,310 140,053 
Due after five years through ten years285,906 290,676 
Due after ten years407,244 413,550 
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 Months12 Months or LongerTotal
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 securities48,130 (1,558)2,312 (153)50,442 (1,711)
Residential CMO and MBS16,359 (768)24,221 (149)40,580 (917)
Commercial CMO and MBS79,240 (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 Months12 Months or LongerTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
(In thousands)
Municipal securities10,264 (227)— — 10,264 (227)
Residential CMO and MBS— — 25,293 (209)25,293 (209)
Commercial CMO and MBS11,404 (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,
20212020
(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, 2021December 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 repurchase47,467 48,178 38,630 39,945 
Other securities pledged27,928 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.