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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Reconciliation of available for sale securities | 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 AOCI:
| December 31, 2021
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
| (In thousands)
Investment securities available for sale: |  |  |  |  |  |  |
U.S. government and agency securities | $ | 21,494 |  |  | $ | 55 |  |  | $ | (176) |  |  | $ | 21,373 |
Municipal securities | 213,158 |  |  | 8,908 |  |  | (854) |  |  | 221,212 |
Residential CMO and MBS | 307,366 |  |  | 2,111 |  |  | (2,593) |  |  | 306,884 |
| December 31, 2021
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
| (In thousands)
Commercial CMO and MBS | 313,169 |  |  | 3,891 |  |  | (1,199) |  |  | 315,861 |
Corporate obligations | 2,007 |  |  | 7 |  |  | — |  |  | 2,014 |
Other asset-backed securities | 26,638 |  |  | 369 |  |  | (16) |  |  | 26,991 |
Total | $ | 883,832 |  |  | $ | 15,341 |  |  | $ | (4,838) |  |  | $ | 894,335 |
Investment securities held to maturity: |  |  |  |  |  |  |
U.S. government and agency securities | $ | 141,011 |  |  | $ | 120 |  |  | $ | (1,768) |  |  | $ | 139,363 |
Residential CMO and MBS | 24,529 |  |  | — |  |  | (153) |  |  | 24,376 |
Commercial CMO and MBS | 217,853 |  |  | — |  |  | (5,261) |  |  | 212,592 |
Total | $ | 383,393 |  |  | $ | 120 |  |  | $ | (7,182) |  |  | $ | 376,331 |
| 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 available-for-sale debt securities | The amortized cost and fair value of investment securities at December 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.
| Securities Available for Sale |  | Securities Held to Maturity
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
| (In thousands)
Due in one year or less | $ | 7,009 |  |  | $ | 7,095 |  |  | $ | — |  |  | $ | — |
Due after one year through five years | 28,441 |  |  | 29,608 |  |  | — |  |  | — |
Due after five years through ten years | 71,319 |  |  | 74,089 |  |  | 68,210 |  |  | 68,014 |
Due after ten years | 156,528 |  |  | 160,798 |  |  | 72,801 |  |  | 71,349 |
Total investment securities due at a single maturity date | 263,297 |  |  | 271,590 |  |  | 141,011 |  |  | 139,363 |
Mortgage-backed securities (1) | 620,535 |  |  | 622,745 |  |  | 242,382 |  |  | 236,968 |
Total | $ | 883,832 |  |  | $ | 894,335 |  |  | $ | 383,393 |  |  | $ | 376,331 |
(1) Mortgage-backed securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their payment speed. The following tables show the gross unrealized losses and fair value of the Company’s investment securities available for sale for which an ACL on investment securities available for sale has not been recorded, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position at the dates indicated:
| December 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 | $ | 14,828 |  |  | $ | (176) |  |  | $ | — |  |  | $ | — |  |  | $ | 14,828 |  |  | $ | (176) |
Municipal securities | 29,774 |  |  | (619) |  |  | 9,351 |  |  | (235) |  |  | 39,125 |  |  | (854) |
Residential CMO and MBS | 204,039 |  |  | (2,470) |  |  | 19,862 |  |  | (123) |  |  | 223,901 |  |  | (2,593) |
Commercial CMO and MBS | 83,283 |  |  | (1,161) |  |  | 1,936 |  |  | (38) |  |  | 85,219 |  |  | (1,199) |
Other asset-backed securities | 2,763 |  |  | (9) |  |  | 1,118 |  |  | (7) |  |  | 3,881 |  |  | (16) |
Total | $ | 334,687 |  |  | $ | (4,435) |  |  | $ | 32,267 |  |  | $ | (403) |  |  | $ | 366,954 |  |  | $ | (4,838) |
| 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) |
Gross 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 years ended December 31, 2021, December 31, 2020 and December 31, 2019:
| Year ended December 31,
| 2021 |  | 2020 |  | 2019
| (In thousands)
Gross realized gains | $ | 29 |  |  | $ | 1,537 |  |  | $ | 558 |
Gross realized losses | — |  |  | (19) |  |  | (228) |
Net realized gains | $ | 29 |  |  | $ | 1,518 |  |  | $ | 330 |
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 December 31, 2021 and December 31, 2020:
| December 31, 2021 |  | December 31, 2020
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
| (In thousands)
Washington and Oregon state public deposits | $ | 128,216 |  |  | $ | 130,217 |  |  | $ | 119,652 |  |  | $ | 124,228 |
Federal Reserve Bank credit facility | 61,057 |  |  | 59,674 |  |  | — |  |  | — |
Securities sold under agreement to repurchase | 59,887 |  |  | 59,655 |  |  | 38,630 |  |  | 39,945 |
Other securities pledged | 56,419 |  |  | 55,633 |  |  | 29,665 |  |  | 30,717 |
Total | $ | 305,579 |  |  | $ | 305,179 |  |  | $ | 187,947 |  |  | $ | 194,890 |

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- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 + 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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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27357-111563 + Details
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