|
Securities (Tables)
|
12 Months Ended |
|
Dec. 31, 2011
|
| Available-for-sale Securities [Abstract] |
|
| Securities Available for Sale |
The following table summarizes the amortized cost, gross unrealized gains and losses and the resulting fair value of securities available for sale: | | | | | | | | | | | | | | | | | | | | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Fair Value | December 31, 2011 | | (in thousands) | U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | | $ | 678,631 |
| | $ | 19,323 |
| | $ | (2,000 | ) | | $ | 695,954 |
| State and municipal securities | | 263,075 |
| | 22,746 |
| | (58 | ) | | 285,763 |
| U.S. government agency and government-sponsored enterprise securities | | 42,558 |
| | 505 |
| | — |
| | 43,063 |
| Other securities | | 3,296 |
| | 64 |
| | (30 | ) | | 3,330 |
| Total | | $ | 987,560 |
| | $ | 42,638 |
| | $ | (2,088 | ) | | $ | 1,028,110 |
| December 31, 2010 | |
| |
| |
| |
| U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | | $ | 491,530 |
| | $ | 16,139 |
| | $ | (1,027 | ) | | $ | 506,642 |
| State and municipal securities | | 249,117 |
| | 7,247 |
| | (2,383 | ) | | 253,981 |
| Other securities | | 3,281 |
| | — |
| | (38 | ) | | 3,243 |
| Total | | $ | 743,928 |
| | $ | 23,386 |
| | $ | (3,448 | ) | | $ | 763,866 |
|
|
| Schedule of Contractual Maturities of Investment Securities Available for Sale |
The following table summarizes the amortized cost and fair value of securities available for sale by contractual maturity groups: | | | | | | | | | | | | December 31, 2011 | | | Amortized Cost | | Fair Value | | | (in thousands) | Due within one year | | $ | 18,310 |
| | $ | 18,610 |
| Due after one year through five years | | 52,418 |
| | 54,635 |
| Due after five years through ten years | | 204,470 |
| | 212,605 |
| Due after ten years | | 709,066 |
| | 738,930 |
| Total investment securities available-for-sale | | $ | 984,264 |
| | $ | 1,024,780 |
|
|
| Carrying Value of Securities Pledged As Collateral |
The following table summarizes, as of December 31, 2011 and 2010, the carrying value of securities pledged as collateral to secure public deposits, borrowings and other purposes as permitted or required by law: | | | | | | | | | | | | December 31, 2011 | | December 31, 2010 | | | (in thousands) | To Washington and Oregon State to secure public deposits | | $ | 225,345 |
| | $ | 153,328 |
| To Federal Home Loan Bank to secure advances | | 91,097 |
| | 110,780 |
| To Federal Reserve Bank to secure borrowings | | 56,347 |
| | 149,315 |
| Other securities pledged | | 47,454 |
| | 45,109 |
| Total securities pledged as collateral | | $ | 420,243 |
| | $ | 458,532 |
|
|
| Summary of Gross Unrealized Losses and Fair Value of the Investments with Unrealized Losses |
The following tables show the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2011 and 2010: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 Months | | 12 Months or More | | Total | | | Fair
Value | | Unrealized
Losses | | Fair
Value | | Unrealized
Losses | | Fair
Value | | Unrealized
Losses | December 31, 2011 | | (in thousands) | U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | | $ | 238,875 |
| | $ | (1,999 | ) | | $ | 196 |
| | $ | (1 | ) | | $ | 239,071 |
| | (2,000 | ) | State and municipal securities | | 3,820 |
| | (24 | ) | | 950 |
| | (34 | ) | | 4,770 |
| | (58 | ) | Other securities | | — |
| | — |
| | 970 |
| | (30 | ) | | 970 |
| | (30 | ) | Total | | $ | 242,695 |
| | $ | (2,023 | ) | | $ | 2,116 |
| | $ | (65 | ) | | $ | 244,811 |
| | $ | (2,088 | ) | December 31, 2010 | | | U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | | $ | 86,529 |
| | $ | (1,025 | ) | | $ | 588 |
| | $ | (2 | ) | | $ | 87,117 |
| | $ | (1,027 | ) | State and municipal securities | | 74,755 |
| | (2,099 | ) | | 2,792 |
| | (284 | ) | | 77,547 |
| | (2,383 | ) | Other securities | | 2,275 |
| | (6 | ) | | 968 |
| | (32 | ) | | 3,243 |
| | (38 | ) | Total | | $ | 163,559 |
| | $ | (3,130 | ) | | $ | 4,348 |
| | $ | (318 | ) | | $ | 167,907 |
| | $ | (3,448 | ) |
|