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Investment Securities (Tables)

12 Months Ended

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

X

- 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

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Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

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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.

+ 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

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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.

+ References

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-Publisher FASB
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-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
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