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Securities | 6 Months Ended
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Jun. 30, 2016
Available-for-sale Securities [Abstract] |
Securities | Securities 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)
June 30, 2016 |  |  |  |  |  |  |  |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 1,403,591 |  |  | $ | 20,196 |  |  | $ | (2,101 | ) |  | $ | 1,421,686 |
State and municipal securities |  | 500,618 |  |  | 17,913 |  |  | (166 | ) |  | 518,365 |
U.S. government agency and government-sponsored enterprise securities |  | 327,223 |  |  | 6,520 |  |  | — |  |  | 333,743 |
U.S. government securities |  | 548 |  |  | 1 |  |  | — |  |  | 549 |
Other securities |  | 5,284 |  |  | 64 |  |  | (139 | ) |  | 5,209 |
Total |  | $ | 2,237,264 |  |  | $ | 44,694 |  |  | $ | (2,406 | ) |  | $ | 2,279,552 |
December 31, 2015 |  |  |  |  |  |  |  |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 1,296,955 |  |  | $ | 4,525 |  |  | $ | (14,991 | ) |  | $ | 1,286,489 |
State and municipal securities |  | 480,417 |  |  | 12,690 |  |  | (938 | ) |  | 492,169 |
U.S. government agency and government-sponsored enterprise securities |  | 354,515 |  |  | 1,113 |  |  | (1,846 | ) |  | 353,782 |
U.S. government securities |  | 20,439 |  |  | — |  |  | (302 | ) |  | 20,137 |
Other securities |  | 5,284 |  |  | 24 |  |  | (191 | ) |  | 5,117 |
Total |  | $ | 2,157,610 |  |  | $ | 18,352 |  |  | $ | (18,268 | ) |  | $ | 2,157,694 |
Proceeds from sales of securities available for sale were $44.5 million and $14.9 million for the three months ended June 30, 2016 and 2015, respectively, and were $83.4 million and $72.2 million for the six months ended June 30, 2016 and June 30, 2015, respectively. The following table provides the gross realized gains and losses on the sales of securities for the periods indicated:
|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
|  | 2016 |  | 2015 |  | 2016 |  | 2015
|  | (in thousands)
Gross realized gains |  | $ | 229 |  |  | $ | 343 |  |  | $ | 602 |  |  | $ | 1,073 |
Gross realized losses |  | — |  |  | — |  |  | — |  |  | (9 | )
Net realized gains |  | $ | 229 |  |  | $ | 343 |  |  | $ | 602 |  |  | $ | 1,064 |
The scheduled contractual maturities of investment securities available for sale at June 30, 2016 are presented as follows:
|  | June 30, 2016
|  | Amortized Cost |  | Fair Value
|  | (in thousands)
Due within one year |  | $ | 26,674 |  |  | $ | 26,827 |
Due after one year through five years |  | 462,009 |  |  | 471,463 |
Due after five years through ten years |  | 698,729 |  |  | 716,521 |
Due after ten years |  | 1,044,568 |  |  | 1,059,532 |
Other securities with no stated maturity |  | 5,284 |  |  | 5,209 |
Total investment securities available-for-sale |  | $ | 2,237,264 |  |  | $ | 2,279,552 |
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:
|  | June 30, 2016
|  | (in thousands)
Washington and Oregon State to secure public deposits |  | $ | 396,321 |
Federal Reserve Bank to secure borrowings |  | 44,079 |
Other securities pledged |  | 154,109 |
Total securities pledged as collateral |  | $ | 594,509 |
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 June 30, 2016 and December 31, 2015:
|  | Less than 12 Months |  | 12 Months or More |  | Total
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
|  | (in thousands)
June 30, 2016 |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 51,222 |  |  | $ | (264 | ) |  | $ | 170,543 |  |  | $ | (1,837 | ) |  | $ | 221,765 |  |  | $ | (2,101 | )
State and municipal securities |  | 17,512 |  |  | (126 | ) |  | 6,077 |  |  | (40 | ) |  | 23,589 |  |  | (166 | )
Other securities |  | — |  |  | — |  |  | 2,816 |  |  | (139 | ) |  | 2,816 |  |  | (139 | )
Total |  | $ | 68,734 |  |  | $ | (390 | ) |  | $ | 179,436 |  |  | $ | (2,016 | ) |  | $ | 248,170 |  |  | $ | (2,406 | )
December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 664,509 |  |  | $ | (7,610 | ) |  | $ | 214,325 |  |  | $ | (7,381 | ) |  | $ | 878,834 |  |  | $ | (14,991 | )
State and municipal securities |  | 48,261 |  |  | (358 | ) |  | 31,383 |  |  | (580 | ) |  | 79,644 |  |  | (938 | )
U.S. government agency and government-sponsored enterprise securities |  | 193,400 |  |  | (1,128 | ) |  | 40,034 |  |  | (718 | ) |  | 233,434 |  |  | (1,846 | )
U.S. government securities |  | 10,343 |  |  | (136 | ) |  | 9,794 |  |  | (166 | ) |  | 20,137 |  |  | (302 | )
Other securities |  | 2,300 |  |  | (15 | ) |  | 2,780 |  |  | (176 | ) |  | 5,080 |  |  | (191 | )
Total |  | $ | 918,813 |  |  | $ | (9,247 | ) |  | $ | 298,316 |  |  | $ | (9,021 | ) |  | $ | 1,217,129 |  |  | $ | (18,268 | )
At June 30, 2016, there were 66 U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations securities in an unrealized loss position, of which 46 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 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 upon maturity, the Company does not consider these investments to be other-than-temporarily impaired at June 30, 2016. At June 30, 2016, there were 20 state and municipal government securities in an unrealized loss position, of which 10 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 June 30, 2016, none of the rated obligations of state and local government entities held by the Company had a below investment grade credit rating. Because the credit quality of these securities are investment grade and the Company does not 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 upon maturity, the Company does not consider these investments to be other-than-temporarily impaired at June 30, 2016. At June 30, 2016, there was one other security in an unrealized loss position, which 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 June 30, 2016 as it has the intent and ability to hold the investment for sufficient time to allow for recovery in the market value.

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