XML 30 R21.htm IDEA: XBRL DOCUMENT
v3.22.2

Investment Securities (Tables) | 6 Months Ended
--- | ---
Jun. 30, 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:
| June 30, 2022
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
| (In thousands)
Investment securities available for sale: |  |  |  |  |  |  |
U.S. government and agency securities | $ | 68,912 |  |  | $ | — |  |  | $ | (3,244) |  |  | $ | 65,668 |
Municipal securities | 213,402 |  |  | 977 |  |  | (14,369) |  |  | 200,010 |
Residential CMO and MBS | 433,903 |  |  | 70 |  |  | (35,817) |  |  | 398,156 |
Commercial CMO and MBS | 520,772 |  |  | 466 |  |  | (27,618) |  |  | 493,620 |
Corporate obligations | 6,003 |  |  | — |  |  | (25) |  |  | 5,978 |
Other asset-backed securities | 24,723 |  |  | 6 |  |  | (573) |  |  | 24,156 |
Total | $ | 1,267,715 |  |  | $ | 1,519 |  |  | $ | (81,646) |  |  | $ | 1,187,588 |
Investment securities held to maturity: |  |  |  |  |  |  |
U.S. government and agency securities | $ | 150,960 |  |  | $ | — |  |  | $ | (23,416) |  |  | $ | 127,544 |
Residential CMO and MBS | 159,007 |  |  | 257 |  |  | (5,774) |  |  | 153,490 |
Commercial CMO and MBS | 305,686 |  |  | — |  |  | (27,408) |  |  | 278,278 |
Total | $ | 615,653 |  |  | $ | 257 |  |  | $ | (56,598) |  |  | $ | 559,312 |
| 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 June 30, 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 | $ | 8,283 |  |  | $ | 8,306 |  |  | $ | — |  |  | $ | — |
Due after one year through five years | 82,106 |  |  | 80,881 |  |  | — |  |  | — |
Due after five years through ten years | 67,161 |  |  | 65,321 |  |  | 83,210 |  |  | 72,516 |
Due after ten years | 130,767 |  |  | 117,148 |  |  | 67,750 |  |  | 55,028 |
Total investment securities due at a single maturity date | 288,317 |  |  | 271,656 |  |  | 150,960 |  |  | 127,544 |
Mortgage-backed securities (1) | 979,398 |  |  | 915,932 |  |  | 464,693 |  |  | 431,768 |
Total investment securities | $ | 1,267,715 |  |  | $ | 1,187,588 |  |  | $ | 615,653 |  |  | $ | 559,312 |
(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:
| June 30, 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 | $ | 64,200 |  |  | $ | (2,995) |  |  | $ | 1,468 |  |  | $ | (249) |  |  | $ | 65,668 |  |  | $ | (3,244) |
Municipal securities | 106,205 |  |  | (11,287) |  |  | 15,712 |  |  | (3,082) |  |  | 121,917 |  |  | (14,369) |
Residential CMO and MBS | 352,074 |  |  | (32,446) |  |  | 31,008 |  |  | (3,371) |  |  | 383,082 |  |  | (35,817) |
Commercial CMO and MBS | 406,835 |  |  | (27,145) |  |  | 8,711 |  |  | (473) |  |  | 415,546 |  |  | (27,618) |
Corporate obligations | 5,978 |  |  | (25) |  |  | — |  |  | — |  |  | 5,978 |  |  | (25) |
Other asset-backed securities | 19,054 |  |  | (552) |  |  | 921 |  |  | (21) |  |  | 19,975 |  |  | (573) |
Total | $ | 954,346 |  |  | $ | (74,450) |  |  | $ | 57,820 |  |  | $ | (7,196) |  |  | $ | 1,012,166 |  |  | $ | (81,646) |
| 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 June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 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:
| June 30, 2022 |  | December 31, 2021
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
| (In thousands)
Washington and Oregon state public deposits | $ | 139,868 |  |  | $ | 128,842 |  |  | $ | 128,216 |  |  | $ | 130,217 |
Federal Reserve Bank credit facility | 60,865 |  |  | 52,530 |  |  | 61,057 |  |  | 59,674 |
Securities sold under agreement to repurchase | 69,358 |  |  | 62,647 |  |  | 59,887 |  |  | 59,655 |
Other securities pledged | 49,941 |  |  | 45,739 |  |  | 56,419 |  |  | 55,633 |
Total | $ | 320,032 |  |  | $ | 289,758 |  |  | $ | 305,579 |  |  | $ | 305,179 |

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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 303 -Paragraph (a) -Subparagraph (5) + Details
Name: | srt_ContractualObligationFiscalYearMaturityScheduleTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27290-111563 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=124269663&loc=SL82922888-210455 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfRealizedGainLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration