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Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 2021
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:
| June 30, 2021
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
| (In thousands)
U.S. government and agency securities | $ | 104,688 |  |  | $ | 477 |  |  | $ | (1,518) |  |  | $ | 103,647 |
Municipal securities | 219,174 |  |  | 10,341 |  |  | (588) |  |  | 228,927 |
Residential CMO and MBS | 256,875 |  |  | 3,465 |  |  | (846) |  |  | 259,494 |
Commercial CMO and MBS | 413,304 |  |  | 9,973 |  |  | (1,337) |  |  | 421,940 |
Corporate obligations | 7,004 |  |  | 17 |  |  | (3) |  |  | 7,018 |
Other asset-backed securities | 27,956 |  |  | 551 |  |  | (9) |  |  | 28,498 |
Total | $ | 1,029,001 |  |  | $ | 24,824 |  |  | $ | (4,301) |  |  | $ | 1,049,524 |
| 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 |
Schedule of maturities of investment securities | The amortized cost and fair value of investment securities available for sale at June 30, 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 | $ | 33,741 |  |  | $ | 33,967 |
Due after one year through five years | 132,997 |  |  | 138,549 |
Due after five years through ten years | 344,562 |  |  | 351,995 |
Due after ten years | 517,701 |  |  | 525,013 |
Total | $ | 1,029,001 |  |  | $ | 1,049,524 |
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 allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2021 and December 31, 2020:
| June 30, 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 | $ | 50,213 |  |  | $ | (1,518) |  |  | $ | — |  |  | $ | — |  |  | $ | 50,213 |  |  | $ | (1,518) |
Municipal securities | 32,012 |  |  | (484) |  |  | 2,348 |  |  | (104) |  |  | 34,360 |  |  | (588) |
Residential CMO and MBS | 42,784 |  |  | (715) |  |  | 22,901 |  |  | (131) |  |  | 65,685 |  |  | (846) |
Commercial CMO and MBS | 84,771 |  |  | (1,331) |  |  | 2,595 |  |  | (6) |  |  | 87,366 |  |  | (1,337) |
Corporate obligations | 4,990 |  |  | (3) |  |  | — |  |  | — |  |  | 4,990 |  |  | (3) |
Other asset-backed securities | — |  |  | — |  |  | 1,262 |  |  | (9) |  |  | 1,262 |  |  | (9) |
Total | $ | 214,770 |  |  | $ | (4,051) |  |  | $ | 29,106 |  |  | $ | (250) |  |  | $ | 243,876 |  |  | $ | (4,301) |
| 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) |
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 investment securities available for sale for the three and six months ended June 30, 2021 and 2020:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
| (In thousands)
Gross realized gains | $ | — |  |  | $ | 414 |  |  | $ | 29 |  |  | $ | 1,442 |
Gross realized losses | — |  |  | (5) |  |  | — |  |  | (19) |
Net realized gains | $ | — |  |  | $ | 409 |  |  | $ | 29 |  |  | $ | 1,423 |
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 June 30, 2021 and December 31, 2020:
| June 30, 2021 |  | December 31, 2020
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
| (In thousands)
Washington and Oregon state public deposits | $ | 124,649 |  |  | $ | 128,591 |  |  | $ | 119,652 |  |  | $ | 124,228 |
Securities sold under agreement to repurchase | 51,022 |  |  | 51,719 |  |  | 38,630 |  |  | 39,945 |
Other securities pledged | 41,509 |  |  | 42,371 |  |  | 29,665 |  |  | 30,717 |
Total | $ | 217,180 |  |  | $ | 222,681 |  |  | $ | 187,947 |  |  | $ | 194,890 |

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- 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) -Subparagraph (5) + Details
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- Definition 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=109249958&loc=SL6224234-111729 + Details
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