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Investment Securities (Tables)
3 Months Ended
Mar. 31, 2021
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 available for sale at the dates indicated and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income:
March 31, 2021
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(In thousands)
U.S. government and agency securities$96,415 $630 $(2,188)$94,857 
Municipal securities219,373 10,001 (1,711)227,663 
Residential CMO and MBS179,680 4,233 (917)182,996 
Commercial CMO and MBS341,620 9,168 (2,619)348,169 
Corporate obligations10,989 66 — 11,055 
Other asset-backed securities28,280 548 (10)28,818 
Total$876,357 $24,646 $(7,445)$893,558 
December 31, 2020
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(In thousands)
U.S. government and agency securities$44,713 $947 $— $45,660 
Municipal securities197,634 12,561 (227)209,968 
Residential CMO and MBS196,956 5,125 (209)201,872 
Commercial CMO and MBS290,638 13,198 (90)303,746 
Corporate obligations10,971 125 — 11,096 
Other asset-backed securities29,283 565 (27)29,821 
Total$770,195 $32,521 $(553)$802,163 
Schedule of maturities of investment securities
The amortized cost and fair value of investment securities available for sale at March 31, 2021, 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.
Amortized CostFair
Value
(In thousands)
Due in one year or less$48,897 $49,279 
Due after one year through five years134,310 140,053 
Due after five years through ten years285,906 290,676 
Due after ten years407,244 413,550 
Total$876,357 $893,558 
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 aggregated by investment category and length of time that the individual securities have been in continuous unrealized loss positions as of March 31, 2021 and December 31, 2020:
March 31, 2021
Less than 12 Months12 Months or LongerTotal
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
(In thousands)
U.S. government and agency securities$54,549 $(2,188)$— $— $54,549 $(2,188)
Municipal securities48,130 (1,558)2,312 (153)50,442 (1,711)
Residential CMO and MBS16,359 (768)24,221 (149)40,580 (917)
Commercial CMO and MBS79,240 (2,612)2,606 (7)81,846 (2,619)
Other asset-backed securities— — 1,330 (10)1,330 (10)
Total$198,278 $(7,126)$30,469 $(319)$228,747 $(7,445)
December 31, 2020
Less than 12 Months12 Months or LongerTotal
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
(In thousands)
Municipal securities10,264 (227)— — 10,264 (227)
Residential CMO and MBS— — 25,293 (209)25,293 (209)
Commercial CMO and MBS11,404 (29)7,499 (61)18,903 (90)
Other asset-backed securities— — 4,570 (27)4,570 (27)
Total$21,668 $(256)$37,362 $(297)$59,030 $(553)
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 three months ended March 31, 2021 and 2020:
Three Months Ended
March 31,
20212020
(In thousands)
Gross realized gains$29 $1,028 
Gross realized losses— (14)
Net realized gains$29 $1,014 
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 available for sale that are pledged as collateral for the following obligations at March 31, 2021 and December 31, 2020:
March 31, 2021December 31, 2020
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
(In thousands)
Washington and Oregon state public deposits$118,333 $122,419 $119,652 $124,228 
Securities sold under agreement to repurchase47,467 48,178 38,630 39,945 
Other securities pledged27,928 28,679 29,665 30,717 
Total$193,728 $199,276 $187,947 $194,890