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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2022

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 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

Schedule of maturities of investment securities

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

(1) Mortgage-backed securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their payment speed.

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 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)

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 during the following periods:

			Three Months Ended March 31,
			2022						2021
			(In thousands)
Gross realized gains			$	—					$	29

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 the dates indicated:

			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

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- 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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