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Investment Securities (Tables)

6 Months Ended

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

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

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Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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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.

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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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