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Securities | 12 Months Ended
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Dec. 31, 2013
Available-for-sale Securities [Abstract] |
Securities | Securities At December 31, 2013 the Company's securities portfolio primarily consisted of securities issued by the U.S. government, U.S. government agencies, U.S. government-sponsored enterprises and state and municipalities. All of the Company’s mortgage-backed securities and collateralized mortgage obligations are issued by U.S. government agencies and U.S. government-sponsored enterprises and are implicitly guaranteed by the U.S. government. The Company had no other issuances in its portfolio which exceeded ten percent of shareholders’ equity. 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, 2013 |  | (in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 961,442 |  |  | $ | 10,640 |  |  | $ | (23,674 | ) |  | $ | 948,408 |
State and municipal securities |  | 357,013 |  |  | 11,450 |  |  | (3,993 | ) |  | 364,470 |
U.S. government agency and government-sponsored enterprise securities |  | 335,671 |  |  | 434 |  |  | (10,066 | ) |  | 326,039 |
U.S. government securities |  | 21,081 |  |  | — |  |  | (967 | ) |  | 20,114 |
Other securities |  | 5,284 |  |  | 27 |  |  | (231 | ) |  | 5,080 |
Total |  | $ | 1,680,491 |  |  | $ | 22,551 |  |  | $ | (38,931 | ) |  | $ | 1,664,111 |
December 31, 2012 |  |  |  |  |  |  |  |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 561,076 |  |  | $ | 16,719 |  |  | $ | (5,426 | ) |  | $ | 572,369 |
State and municipal securities |  | 265,070 |  |  | 20,893 |  |  | (388 | ) |  | 285,575 |
U.S. government agency and government-sponsored enterprise securities |  | 120,085 |  |  | 851 |  |  | (435 | ) |  | 120,501 |
U.S. government securities |  | 19,804 |  |  | 39 |  |  | (15 | ) |  | 19,828 |
Other securities |  | 3,324 |  |  | 104 |  |  | (36 | ) |  | 3,392 |
Total |  | $ | 969,359 |  |  | $ | 38,606 |  |  | $ | (6,300 | ) |  | $ | 1,001,665 |
Gross realized losses amounted to $170 thousand, $714 thousand, and $250 thousand for the years ended December 31, 2013, 2012 and 2011, respectively. Gross realized gains amounted to $632 thousand, $4.4 million, and $384 thousand for the years ended December 31, 2013, 2012 and 2011, respectively. The following table summarizes the amortized cost and fair value of securities available for sale by contractual maturity groups:
|  | December 31, 2013
|  | Amortized Cost |  | Fair Value
|  | (in thousands)
Due within one year |  | $ | 14,079 |  |  | $ | 14,239 |
Due after one year through five years |  | 303,875 |  |  | 302,641 |
Due after five years through ten years |  | 487,643 |  |  | 480,244 |
Due after ten years |  | 869,610 |  |  | 861,907 |
Other securities with no stated maturity |  | $ | 5,284 |  |  | $ | 5,080 |
Total investment securities available-for-sale |  | $ | 1,680,491 |  |  | $ | 1,664,111 |
The following table summarizes, as of December 31, 2013 and 2012, the carrying value of securities pledged as collateral to secure public deposits, borrowings and other purposes as permitted or required by law:
|  | December 31, 2013 |  | December 31, 2012
|  | (in thousands)
Washington and Oregon State to secure public deposits |  | $ | 277,012 |  |  | $ | 281,006 |
Federal Reserve Bank to secure borrowings |  | 42,694 |  |  | 47,634 |
Other securities pledged |  | 43,081 |  |  | 46,090 |
Total securities pledged as collateral |  | $ | 362,787 |  |  | $ | 374,730 |
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, 2013 and 2012:
|  | Less than 12 Months |  | 12 Months or More |  | Total
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
December 31, 2013 |  | (in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 492,921 |  |  | $ | (10,991 | ) |  | $ | 121,303 |  |  | $ | (12,684 | ) |  | $ | 614,224 |  |  | (23,675 | )
State and municipal securities |  | 112,400 |  |  | (3,069 | ) |  | 13,815 |  |  | (923 | ) |  | 126,215 |  |  | (3,992 | )
U.S. government agency and government-sponsored enterprise securities |  | 260,001 |  |  | (8,063 | ) |  | 28,447 |  |  | (2,003 | ) |  | 288,448 |  |  | (10,066 | )
U.S. government securities |  | 20,114 |  |  | (967 | ) |  | — |  |  | — |  |  | 20,114 |  |  | (967 | )
Other securities |  | 2,257 |  |  | (58 | ) |  | 2,783 |  |  | (173 | ) |  | 5,040 |  |  | (231 | )
Total |  | $ | 887,693 |  |  | $ | (23,148 | ) |  | $ | 166,348 |  |  | $ | (15,783 | ) |  | $ | 1,054,041 |  |  | $ | (38,931 | )
December 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 167,739 |  |  | $ | (5,090 | ) |  | $ | 12,204 |  |  | $ | (336 | ) |  | $ | 179,943 |  |  | $ | (5,426 | )
State and municipal securities |  | 20,413 |  |  | (383 | ) |  | 210 |  |  | (5 | ) |  | 20,623 |  |  | (388 | )
U.S. government agency and government-sponsored enterprise securities |  | 56,600 |  |  | (435 | ) |  | — |  |  | — |  |  | 56,600 |  |  | (435 | )
U.S. government securities |  | 9,914 |  |  | (15 | ) |  | — |  |  | — |  |  | 9,914 |  |  | (15 | )
Other securities |  | — |  |  | — |  |  | 964 |  |  | (36 | ) |  | 964 |  |  | (36 | )
Total |  | $ | 254,666 |  |  | $ | (5,923 | ) |  | $ | 13,378 |  |  | $ | (377 | ) |  | $ | 268,044 |  |  | $ | (6,300 | )
At December 31, 2013, there were 84 U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations securities in an unrealized loss position, of which 11 were in a continuous loss position for 12 months or more. The decline in fair value is attributable to changes in interest rates relative to where these investments fall within the yield curve and their individual characteristics. Because the Company does not currently intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2013. At December 31, 2013, there were 131 state and municipal government securities in an unrealized loss position, of which 11 were in a continuous loss position for 12 months or more. The unrealized losses on state and municipal securities were caused by interest rate changes or widening of market spreads subsequent to the purchase of the individual securities. Management monitors published credit ratings of these securities for adverse changes. As of December 31, 2013 none of the rated obligations of state and local government entities held by the Company had an adverse credit rating. Because the credit quality of these securities are investment grade and the Company does not currently intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2013. At December 31, 2013, there were 31 U.S. government agency and government-sponsored enterprise securities in an unrealized loss position, of which three were in a continuous loss position for 12 months or more. The decline in fair value is attributable to changes in interest rates relative to where these investments fall within the yield curve and their individual characteristics. Because the Company does not currently intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2013. At December 31, 2013, there were five U.S. government securities in an unrealized loss position, which were not in a continuous loss position for 12 months or more. The decline in fair value is attributable to changes in interest rates relative to where these investments fall within the yield curve and their individual characteristics. Because the Company does not currently intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2013. At December 31, 2013, there were two other securities in an unrealized loss position, of which one security, a mortgage-backed securities fund, was in a continuous unrealized loss position for 12 months or more. The decline in fair value is attributable to changes in interest rates and the additional risk premium investors are demanding for investment securities with these characteristics. The Company does not consider this investment to be other-than-temporarily impaired at December 31, 2013 as it has the intent and ability to hold the investment for sufficient time to allow for recovery in the market value. Securities Deemed to be Other-Than-Temporarily Impaired During the fourth quarter of 2012, the Company received full payment on a municipal bond that was determined to be other-than-temporarily impaired during 2011 for which the Company recorded impairment of $3.0 million in 2011. The 2011 impairment and the 2012 gain related to this security are recorded in the line item Investment securities gains(losses), net in the Consolidated Statements of Income.

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