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Investment Securities (Tables)

9 Months Ended

Sep. 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:

			September 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					$	—					$	(5,163)					$	63,749
Municipal securities			206,767						51						(21,105)						185,713
Residential CMO and MBS			494,330						6						(55,966)						438,370
Commercial CMO and MBS			691,836						29						(52,424)						639,441
Corporate obligations			6,001						—						(167)						5,834
Other asset-backed securities			23,594						19						(578)						23,035
Total			$	1,491,440					$	105					$	(135,403)					$	1,356,142
Investment securities held to maturity:
U.S. government and agency securities			$	150,948					$	—					$	(32,916)					$	118,032
Residential CMO and MBS			296,432						—						(19,168)						277,264
Commercial CMO and MBS			325,939						—						(43,900)						282,039
Total			$	773,319					$	—					$	(95,984)					$	677,335

			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 September 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			$	26,280					$	25,952					$	—					$	—
Due after one year through five years			63,151						60,858						—						—
Due after five years through ten years			67,834						63,738						83,219						68,150
Due after ten years			124,415						104,748						67,729						49,882
Total investment securities due at a single maturity date			281,680						255,296						150,948						118,032
Mortgage-backed securities (1)			1,209,760						1,100,846						622,371						559,303
Total investment securities			$	1,491,440					$	1,356,142					$	773,319					$	677,335

(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:

			September 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			$	58,025					$	(4,176)					$	5,724					$	(987)					$	63,749					$	(5,163)
Municipal securities			148,054						(12,031)						27,731						(9,074)						175,785						(21,105)
Residential CMO and MBS			308,142						(28,668)						128,304						(27,298)						436,446						(55,966)
Commercial CMO and MBS			611,399						(49,077)						18,636						(3,347)						630,035						(52,424)
Corporate obligations			5,834						(167)						—						—						5,834						(167)
Other asset-backed securities			17,410						(563)						834						(15)						18,244						(578)
Total			$	1,148,864					$	(94,682)					$	181,229					$	(40,721)					$	1,330,093					$	(135,403)

			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)

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:

			September 30, 2022												December 31, 2021
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
			(In thousands)
Washington and Oregon state public deposits			$	158,082					$	138,003					$	128,216					$	130,217
Federal Reserve Bank credit facility			60,763						49,037						61,057						59,674
Securities sold under agreement to repurchase			64,087						55,825						59,887						59,655
Other securities pledged			55,600						48,785						56,419						55,633
Total			$	338,532					$	291,650					$	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.

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Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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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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