XML 21 R11.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Securities | 9 Months Ended
--- | ---
Sep. 30, 2017
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)
September 30, 2017 |  |  |  |  |  |  |  |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 1,391,636 |  |  | $ | 3,143 |  |  | $ | (17,362 | ) |  | $ | 1,377,417 |
State and municipal securities |  | 476,702 |  |  | 9,047 |  |  | (2,261 | ) |  | 483,488 |
U.S. government agency and government-sponsored enterprise securities |  | 341,462 |  |  | 1,372 |  |  | (1,230 | ) |  | 341,604 |
U.S. government securities |  | 251 |  |  | — |  |  | (1 | ) |  | 250 |
Other securities |  | 5,284 |  |  | 82 |  |  | (252 | ) |  | 5,114 |
Total |  | $ | 2,215,335 |  |  | $ | 13,644 |  |  | $ | (21,106 | ) |  | $ | 2,207,873 |
December 31, 2016 |  |  |  |  |  |  |  |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 1,486,690 |  |  | $ | 2,760 |  |  | $ | (23,718 | ) |  | $ | 1,465,732 |
State and municipal securities |  | 473,914 |  |  | 6,343 |  |  | (5,197 | ) |  | 475,060 |
U.S. government agency and government-sponsored enterprise securities |  | 332,348 |  |  | 1,065 |  |  | (1,511 | ) |  | 331,902 |
U.S. government securities |  | 801 |  |  | — |  |  | (1 | ) |  | 800 |
Other securities |  | 5,284 |  |  | 63 |  |  | (264 | ) |  | 5,083 |
Total |  | $ | 2,299,037 |  |  | $ | 10,231 |  |  | $ | (30,691 | ) |  | $ | 2,278,577 |
The following table provides the proceeds and gross realized gains and losses on the sales of securities for the periods indicated:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
|  | 2017 |  | 2016 |  | 2017 |  | 2016
|  | (in thousands)
Proceeds from sales of available for sale securities |  | $ | — |  |  | $ | 37,390 |  |  | $ | — |  |  | $ | 120,800 |
Gross realized gains |  | $ | — |  |  | $ | 572 |  |  | $ | — |  |  | $ | 1,174 |
Gross realized losses |  | — |  |  | — |  |  | — |  |  | — |
Net realized gains |  | $ | — |  |  | $ | 572 |  |  | $ | — |  |  | $ | 1,174 |
The scheduled contractual maturities of investment securities available for sale at September 30, 2017 are presented as follows:
|  | September 30, 2017
|  | Amortized Cost |  | Fair Value
|  | (in thousands)
Due within one year |  | $ | 108,477 |  |  | $ | 108,462 |
Due after one year through five years |  | 506,439 |  |  | 509,784 |
Due after five years through ten years |  | 672,288 |  |  | 671,188 |
Due after ten years |  | 922,847 |  |  | 913,325 |
Other securities with no stated maturity |  | 5,284 |  |  | 5,114 |
Total investment securities available-for-sale |  | $ | 2,215,335 |  |  | $ | 2,207,873 |
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:
|  | September 30, 2017
|  | (in thousands)
Washington and Oregon State to secure public deposits |  | $ | 242,188 |
Federal Reserve Bank to secure borrowings |  | 54,723 |
Other securities pledged |  | 122,392 |
Total securities pledged as collateral |  | $ | 419,303 |
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 September 30, 2017 and December 31, 2016:
|  | Less than 12 Months |  | 12 Months or More |  | Total
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
|  | (in thousands)
September 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 537,162 |  |  | $ | (4,765 | ) |  | $ | 456,330 |  |  | $ | (12,597 | ) |  | $ | 993,492 |  |  | $ | (17,362 | )
State and municipal securities |  | 75,499 |  |  | (700 | ) |  | 45,328 |  |  | (1,561 | ) |  | 120,827 |  |  | (2,261 | )
U.S. government agency and government-sponsored enterprise securities |  | 173,027 |  |  | (665 | ) |  | 21,517 |  |  | (565 | ) |  | 194,544 |  |  | (1,230 | )
U.S. government securities |  | 250 |  |  | (1 | ) |  | — |  |  | — |  |  | 250 |  |  | (1 | )
Other securities |  | 2,278 |  |  | (36 | ) |  | 2,740 |  |  | (216 | ) |  | 5,018 |  |  | (252 | )
Total |  | $ | 788,216 |  |  | $ | (6,167 | ) |  | $ | 525,915 |  |  | $ | (14,939 | ) |  | $ | 1,314,131 |  |  | $ | (21,106 | )
December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 1,029,116 |  |  | $ | (18,788 | ) |  | $ | 159,046 |  |  | $ | (4,930 | ) |  | $ | 1,188,162 |  |  | $ | (23,718 | )
State and municipal securities |  | 211,342 |  |  | (5,064 | ) |  | 3,384 |  |  | (133 | ) |  | 214,726 |  |  | (5,197 | )
U.S. government agency and government-sponsored enterprise securities |  | 218,811 |  |  | (1,511 | ) |  | — |  |  | — |  |  | 218,811 |  |  | (1,511 | )
U.S. government securities |  | 251 |  |  | (1 | ) |  | — |  |  | — |  |  | 251 |  |  | (1 | )
Other securities |  | 2,263 |  |  | (51 | ) |  | 2,743 |  |  | (213 | ) |  | 5,006 |  |  | (264 | )
Total |  | $ | 1,461,783 |  |  | $ | (25,415 | ) |  | $ | 165,173 |  |  | $ | (5,276 | ) |  | $ | 1,626,956 |  |  | $ | (30,691 | )
At September 30, 2017, there were 168 U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations securities in an unrealized loss position, of which 84 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 September 30, 2017. At September 30, 2017, there were 107 state and municipal government securities in an unrealized loss position, of which 40 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 September 30, 2017, 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 September 30, 2017. At September 30, 2017, there were 22 U.S. government agency and government-sponsored enterprise securities in an unrealized loss position, of which five 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 upon maturity, the Company does not consider these investments to be other-than-temporarily impaired at September 30, 2017. At September 30, 2017, there was one U.S. government security in an unrealized loss position, which was 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 this investment falls within the yield curve and its individual characteristics. Because the Company does not currently intend to sell this security nor does the Company consider it more likely than not that it will be required to sell this security before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider this investment to be other-than-temporarily impaired at September 30, 2017. At September 30, 2017, there were two other securities in an unrealized loss position, of which one 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 these investments to be other-than-temporarily impaired at September 30, 2017 as it has the intent and ability to hold these investments for sufficient time to allow for recovery in the market value.

X
- References No definition available. + Details
Name: | us-gaap_AvailableForSaleSecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=4738149 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 954 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2289146 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration