The Company’s investment policy is designed primarily to provide and maintain liquidity, generate a favorable return on assets without incurring undue interest rate and credit risk, and complement the Bank’s lending activities.

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:


	March 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
Investment securities available for sale:
U.S. government and agency securities	$	41,489	$	—	$	(1,934)	$	39,555
Municipal securities	215,488		1,964		(7,213)		210,239
Residential CMO and MBS	378,934		219		(20,744)		358,409
Commercial CMO and MBS	421,696		615		(17,806)		404,505
Corporate obligations	2,005		4		—		2,009
Other asset-backed securities	25,404		88		(285)		25,207
Total	$	1,085,016	$	2,890	$	(47,982)	$	1,039,924

Investment securities held to maturity:
U.S. government and agency securities	$	150,973	$	—	$	(14,344)	$	136,629

Residential CMO and MBS	54,486		—		(2,936)		51,550
Commercial CMO and MBS	216,754		—		(20,111)		196,643


Total	$	422,213	$	—	$	(37,391)	$	384,822


	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
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

The amortized cost and fair value of investment securities at March 31, 2022, 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	$	8,733	$	8,777	$	—	$	—
Due after one year through five years	55,551		55,075		—		—
Due after five years through ten years	63,330		62,935		83,202		76,884
Due after ten years	131,368		125,016		67,771		59,745
Total investment securities due at a single maturity date	258,982		251,803		150,973		136,629
Mortgage-backed securities (1)	826,034		788,121		271,240		248,193
Total investment securities	$	1,085,016	$	1,039,924	$	422,213	$	384,822

There were no holdings of investment securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders’ equity at March 31, 2022 and December 31, 2021.

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:


	March 31, 2022
	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	$	38,002	$	(1,764)	$	1,553	$	(170)	$	39,555	$	(1,934)
Municipal securities	90,266		(5,206)		16,837		(2,007)		107,103		(7,213)
Residential CMO and MBS	307,811		(19,312)		24,731		(1,432)		332,542		(20,744)
Commercial CMO and MBS	307,598		(17,695)		1,717		(111)		309,315		(17,806)

Other asset-backed securities	12,476		(274)		1,004		(11)		13,480		(285)
Total	$	756,153	$	(44,251)	$	45,842	$	(3,731)	$	801,995	$	(47,982)


	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)

The Company evaluated investment securities available for sale as of March 31, 2022 and December 31, 2021 and determined that any declines in fair value were attributable to changes in interest rates relative to where these investments fall within the yield curve and individual characteristics. Management monitors published credit ratings for adverse changes for all rated investment securities and none of these securities had a below investment grade credit rating as of both March 31, 2022

and December 31, 2021. In addition, the Company does not intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of the amortized cost basis, which may be upon maturity. Therefore, no ACL on investment securities available for sale was recorded as of March 31, 2022 and December 31, 2021.

The Company also evaluated investment securities held to maturity for current expected credit losses as of March 31, 2022 and December 31, 2021. There were no investment securities held to maturity classified as nonaccrual or past due as of March 31, 2022 and December 31, 2021 and all were issued by the U.S. government and its agencies and either explicitly or implicitly guaranteed by the U.S. government, highly rated by major credit rating agencies and had a long history of no credit losses. Accordingly, the Company did not measure expected credit losses on investment securities held to maturity since the historical credit loss information adjusted for current conditions and reasonable and supportable forecasts results in an expectation that nonpayment of the amortized cost basis is zero. Therefore, no ACL on investment securities held to maturity was recorded as of March 31, 2022 and December 31, 2021.


	March 31, 2022				December 31, 2021
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In thousands)
Washington and Oregon state public deposits	$	139,817	$	134,625	$	128,216	$	130,217
Federal Reserve Bank credit facility	60,966		54,962		61,057		59,674
Securities sold under agreement to repurchase	63,088		59,144		59,887		59,655
Other securities pledged	53,673		50,333		56,419		55,633
Total	$	317,544	$	299,064	$	305,579	$	305,179

Accrued interest receivable excluded from amortized cost on investment securities available for sale totaled $3.4 million and $3.5 million at March 31, 2022 and December 31, 2021, respectively. Accrued interest receivable excluded from amortized cost on investment securities held to maturity totaled $1.2 million and $1.1 million at March 31, 2022 and December 31, 2021.

No amounts of accrued interest receivable on investment securities available for sale or held to maturity were reversed against interest income on investment securities during the three months ended March 31, 2022 and 2021.