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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2023

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, and the corresponding amounts of gross unrealized and unrecognized gains and losses including the corresponding amounts of gross unrealized gains and losses on investment securities available for sale recognized in AOCI, at the dates indicated:

			March 31, 2023
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
			(In thousands)
Investment securities available for sale:
U.S. government and agency securities			$	68,514					$	—					$	(3,964)					$	64,550
Municipal securities			146,525						218						(14,246)						132,497
Residential CMO and MBS			481,380						—						(47,668)						433,712
Commercial CMO and MBS			704,156						47						(40,706)						663,497
Corporate obligations			4,000						—						(183)						3,817
Other asset-backed securities			20,394						—						(395)						19,999
Total			$	1,424,969					$	265					$	(107,162)					$	1,318,072

			March 31, 2023
			Amortized Cost						Gross Unrecognized Gains						Gross Unrecognized Losses						Fair Value
			(In thousands)
Investment securities held to maturity:
U.S. government and agency securities			$	150,969					$	—					$	(28,298)					$	122,671
Residential CMO and MBS			285,337						12						(12,315)						273,034
Commercial CMO and MBS			323,857						—						(34,915)						288,942
Total			$	760,163					$	12					$	(75,528)					$	684,647

			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

			December 31, 2022
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
			(In thousands)
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

			December 31, 2022
			Amortized Cost						Gross Unrecognized Gains						Gross Unrecognized Losses						Fair Value
			(In thousands)
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

Schedule of maturities of investment securities

The following table presents the amortized cost and fair value of investment securities by contractual maturity at the date indicated. 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.

			March 31, 2023
			Securities Available for Sale												Securities Held to Maturity
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
			(In thousands)
Due in one year or less			$	29,254					$	28,962					$	—					$	—
Due after one year through five years			38,323						36,884						—						—
Due after five years through ten years			43,983						41,429						83,235						70,107
Due after ten years			107,479						93,589						67,734						52,564
Total investment securities due at a single maturity date			219,039						200,864						150,969						122,671
Mortgage-backed securities (1)			1,205,930						1,117,208						609,194						561,976
Total investment securities			$	1,424,969					$	1,318,072					$	760,163					$	684,647

(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 present 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, 2023
			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			$	—					$	—					$	64,550					$	(3,964)					$	64,550					$	(3,964)
Municipal securities			5,677						(37)						92,518						(14,209)						98,195						(14,246)
Residential CMO and MBS(1)			142,665						(3,401)						291,047						(44,267)						433,712						(47,668)
Commercial CMO and MBS(1)			350,217						(7,332)						289,192						(33,374)						639,409						(40,706)

			March 31, 2023
			Less than 12 Months												12 Months or Longer												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
			(In thousands)
Corporate obligations			3,817						(183)						—						—						3,817						(183)
Other asset-backed securities			9,248						(52)						10,145						(343)						19,393						(395)
Total			$	511,624					$	(11,005)					$	747,452					$	(96,157)					$	1,259,076					$	(107,162)

(1) U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations.

			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(1)			217,949						(14,770)						206,437						(40,317)						424,386						(55,087)
Commercial CMO and MBS(1)			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)

(1) U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations.

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 for the periods indicated:

			Three Months Ended March 31,
			2023						2022
			(In thousands)
Gross realized gains			$	36					$	—
Gross realized losses			(322)						—
Net realized loss			$	(286)					$	—

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 were pledged as collateral for the following obligations at the dates indicated:

			March 31, 2023												December 31, 2022
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
			(In thousands)
Washington and Oregon state public deposits			$	214,331					$	203,452					$	156,784					$	137,931
Federal Reserve Bank credit facility			656,858						588,576						60,660						49,506
Securities sold under agreement to repurchase			49,795						45,832						63,685						55,836
Other securities pledged			54,341						48,846						54,910						48,358
Total			$	975,325					$	886,706					$	336,039					$	291,631

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