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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2022

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, 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					$	—					$	(5,053)					$	63,859
Municipal securities			171,087						172						(18,233)						153,026
Residential CMO and MBS			479,473						—						(55,087)						424,386
Commercial CMO and MBS			714,136						19						(49,734)						664,421
Corporate obligations			4,000						—						(166)						3,834
Other asset-backed securities			22,425						14						(522)						21,917
Total			$	1,460,033					$	205					$	(128,795)					$	1,331,443
Investment securities held to maturity:
U.S. government and agency securities			$	150,936					$	—					$	(33,585)					$	117,351
Residential CMO and MBS			290,318						—						(17,440)						272,878
Commercial CMO and MBS			325,142						—						(41,937)						283,205
Total			$	766,396					$	—					$	(92,962)					$	673,434

			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 available-for-sale debt securities

The amortized cost and fair value of investment securities at December 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			$	30,176					$	29,723					$	—					$	—
Due after one year through five years			41,687						39,777						—						—
Due after five years through ten years			58,981						55,552						83,227						67,817
Due after ten years			113,155						95,667						67,709						49,534
Total investment securities due at a single maturity date			243,999						220,719						150,936						117,351
Mortgage-backed securities (1)			1,216,034						1,110,724						615,460						556,083
Total investment securities			$	1,460,033					$	1,331,443					$	766,396					$	673,434

(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, 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			$	51,900					$	(2,031)					$	11,959					$	(3,022)					$	63,859					$	(5,053)
Municipal securities			82,580						(5,585)						40,945						(12,648)						123,525						(18,233)
Residential CMO and MBS			217,949						(14,770)						206,437						(40,317)						424,386						(55,087)
Commercial CMO and MBS			473,580						(16,971)						181,692						(32,763)						655,272						(49,734)
Corporate obligations			3,834						(166)						—						—						3,834						(166)
Other asset-backed securities			16,489						(510)						721						(12)						17,210						(522)
Total			$	846,332					$	(40,033)					$	441,754					$	(88,762)					$	1,288,086					$	(128,795)

			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)

Gross realized gains and losses on sale of securities available for sale

			Year ended December 31,
			2022						2021						2020
			(In thousands)
Gross realized gains			$	4					$	29					$	1,537
Gross realized losses			(260)						—						(19)
Net realized gains/(losses)			$	(256)					$	29					$	1,518

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:

			December 31, 2022												December 31, 2021
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
			(In thousands)
Washington and Oregon state public deposits			$	156,784					$	137,931					$	128,216					$	130,217
Federal Reserve Bank credit facility			60,660						49,506						61,057						59,674
Securities sold under agreement to repurchase			63,685						55,836						59,887						59,655
Other securities pledged			54,910						48,358						56,419						55,633
Total			$	336,039					$	291,631					$	305,579					$	305,179

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 https://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 https://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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