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Investment Securities (Tables)

9 Months Ended

Sep. 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 at the dates indicated and the corresponding amounts of gross unrealized gains and losses, including the corresponding amounts of gross unrealized gains and losses on investment securities available for sale recognized in accumulated other comprehensive income:

			September 30, 2021
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
			(In thousands)
Investment securities available for sale:
U.S. government and agency securities			$	26,000					$	146					$	(40)					$	26,106
Municipal securities			219,737						9,385						(956)						228,166
Residential CMO and MBS			240,018						3,065						(390)						242,693
Commercial CMO and MBS			229,518						5,861						(361)						235,018
Corporate obligations			2,009						14						—						2,023
Other asset-backed securities			27,054						475						(9)						27,520
Total			$	744,336					$	18,946					$	(1,756)					$	761,526
Investment securities held to maturity:
U.S. government and agency securities			$	82,577					$	46					$	(563)					$	82,060
Residential CMO and MBS			10,000						—						—						10,000
Commercial CMO and MBS			218,497						—						(3,227)						215,270
Total			$	311,074					$	46					$	(3,790)					$	307,330

			December 31, 2020
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value
			(In thousands)
Investment securities available for sale:
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 at September 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.

			Securities Available for Sale												Securities Held to Maturity
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
			(In thousands)
Due in one year or less			$	36,745					$	37,158					$	—					$	—
Due after one year through five years			122,029						126,853						—						—
Due after five years through ten years			174,729						179,546						205,748						203,119
Due after ten years			410,833						417,969						105,326						104,211
Total			$	744,336					$	761,526					$	311,074					$	307,330

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 September 30, 2021 and December 31, 2020:

			September 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			$	1,695					$	(40)					$	—					$	—					$	1,695					$	(40)
Municipal securities			42,397						(675)						6,427						(281)						48,824						(956)
Residential CMO and MBS			74,409						(267)						21,480						(123)						95,889						(390)
Commercial CMO and MBS			30,070						(354)						2,583						(7)						32,653						(361)
Other asset-backed securities			—						—						1,209						(9)						1,209						(9)
Total			$	148,571					$	(1,336)					$	31,699					$	(420)					$	180,270					$	(1,756)

			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 nine months ended September 30, 2021 and 2020:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
			(In thousands)
Gross realized gains			$	—					$	40					$	29					$	1,482
Gross realized losses			—						—						—						(19)
Net realized gains			$	—					$	40					$	29					$	1,463

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 that are pledged as collateral for the following obligations at September 30, 2021 and December 31, 2020:

			September 30, 2021												December 31, 2020
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
			(In thousands)
Washington and Oregon state public deposits			$	127,486					$	130,675					$	119,652					$	124,228
Securities sold under agreement to repurchase			68,297						68,424						38,630						39,945
Other securities pledged			57,728						57,307						29,665						30,717
Total			$	253,511					$	256,406					$	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.

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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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