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Securities (Tables)
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3 Months Ended |
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Mar. 31, 2015
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| Available-for-sale Securities [Abstract] |
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| 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 | | | (in thousands) | March 31, 2015 | | | | | | | | | U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | | $ | 1,093,576 |
| | $ | 13,765 |
| | $ | (4,641 | ) | | $ | 1,102,700 |
| State and municipal securities | | 486,969 |
| | 15,434 |
| | (732 | ) | | 501,671 |
| U.S. government agency and government-sponsored enterprise securities | | 375,230 |
| | 2,551 |
| | (983 | ) | | 376,798 |
| U.S. government securities | | 20,918 |
| | — |
| | (140 | ) | | 20,778 |
| Other securities | | 5,284 |
| | 40 |
| | (112 | ) | | 5,212 |
| Total | | $ | 1,981,977 |
| | $ | 31,790 |
| | $ | (6,608 | ) | | $ | 2,007,159 |
| December 31, 2014 | | | | | | | | | U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | | $ | 1,160,378 |
| | $ | 10,219 |
| | $ | (8,210 | ) | | $ | 1,162,387 |
| State and municipal securities | | 483,578 |
| | 14,432 |
| | (1,526 | ) | | 496,484 |
| U.S. government agency and government-sponsored enterprise securities | | 416,919 |
| | 856 |
| | (4,069 | ) | | 413,706 |
| U.S. government securities | | 20,910 |
| | — |
| | (411 | ) | | 20,499 |
| Other securities | | 5,284 |
| | 20 |
| | (123 | ) | | 5,181 |
| Total | | $ | 2,087,069 |
| | $ | 25,527 |
| | $ | (14,339 | ) | | $ | 2,098,257 |
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| Schedule of gross realized gains and losses on sales and calls of securities available for sale |
The following table provides the gross realized gains and losses on the sales of securities for the periods indicated: | | | | | | | | | | | | Three Months Ended | | | March 31, | | | 2015 | | 2014 | | | (in thousands) | Gross realized gains | | $ | 730 |
| | $ | 223 |
| Gross realized losses | | (9 | ) | | — |
| Net realized gains | | $ | 721 |
| | $ | 223 |
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| Schedule of Contractual Maturities of Investment Securities Available for Sale |
The scheduled contractual maturities of investment securities available for sale at March 31, 2015 are presented as follows: | | | | | | | | | | | | March 31, 2015 | | | Amortized Cost | | Fair Value | | | (in thousands) | Due within one year | | $ | 15,480 |
| | $ | 15,601 |
| Due after one year through five years | | 404,752 |
| | 406,989 |
| Due after five years through ten years | | 526,230 |
| | 534,584 |
| Due after ten years | | 1,030,231 |
| | 1,044,773 |
| Other securities with no stated maturity | | 5,284 |
| | 5,212 |
| Total investment securities available-for-sale | | $ | 1,981,977 |
| | $ | 2,007,159 |
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| Carrying Value of Securities Pledged As Collateral |
The following table summarizes the carrying value of securities pledged as collateral to secure public deposits, borrowings and other purposes as permitted or required by law: | | | | | | | | March 31, 2015 | | | (in thousands) | Washington and Oregon State to secure public deposits | | $ | 323,771 |
| Federal Reserve Bank to secure borrowings | | 36,945 |
| Other securities pledged | | 156,385 |
| Total securities pledged as collateral | | $ | 517,101 |
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| Summary of Gross Unrealized Losses and Fair Value of the Investments with Unrealized Losses |
The following table shows 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 March 31, 2015 and December 31, 2014: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 Months | | 12 Months or More | | Total | | | Fair
Value | | Unrealized
Losses | | Fair
Value | | Unrealized
Losses | | Fair
Value | | Unrealized
Losses | | | (in thousands) | March 31, 2015 | | | | | | | | | | | | | U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | | $ | 94,304 |
| | $ | (634 | ) | | $ | 213,050 |
| | $ | (4,007 | ) | | $ | 307,354 |
| | $ | (4,641 | ) | State and municipal securities | | 45,809 |
| | (227 | ) | | 31,597 |
| | (505 | ) | | 77,406 |
| | (732 | ) | U.S. government agency and government-sponsored enterprise securities | | 999 |
| | (1 | ) | | 178,013 |
| | (982 | ) | | 179,012 |
| | (983 | ) | U.S. government securities | | 1,050 |
| | (1 | ) | | 19,728 |
| | (139 | ) | | 20,778 |
| | (140 | ) | Other securities | | — |
| | — |
| | 2,843 |
| | (112 | ) | | 2,843 |
| | (112 | ) | Total | | $ | 142,162 |
| | $ | (863 | ) | | $ | 445,231 |
| | $ | (5,745 | ) | | $ | 587,393 |
| | $ | (6,608 | ) | | | | | | | | | | | | | | December 31, 2014 | | | | | | | | | | | | | U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | | $ | 258,825 |
| | $ | (1,287 | ) | | $ | 279,015 |
| | $ | (6,924 | ) | | $ | 537,840 |
| | $ | (8,211 | ) | State and municipal securities | | 71,026 |
| | (543 | ) | | 44,148 |
| | (982 | ) | | 115,174 |
| | (1,525 | ) | U.S. government agency and government-sponsored enterprise securities | | 105,250 |
| | (518 | ) | | 216,221 |
| | (3,551 | ) | | 321,471 |
| | (4,069 | ) | U.S. government securities | | — |
| | — |
| | 19,450 |
| | (411 | ) | | 19,450 |
| | (411 | ) | Other securities | | 2,313 |
| | (2 | ) | | 2,834 |
| | (121 | ) | | 5,147 |
| | (123 | ) | Total | | $ | 437,414 |
| | $ | (2,350 | ) | | $ | 561,668 |
| | $ | (11,989 | ) | | $ | 999,082 |
| | $ | (14,339 | ) |
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