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