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Securities | 12 Months Ended
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Dec. 31, 2018
Debt Securities, Available-for-sale [Abstract] |
Securities | Securities At December 31, 2018 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 debt securities available for sale:
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2018 |  | (in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 2,222,521 |  |  | $ | 9,236 |  |  | $ | (43,467 | ) |  | $ | 2,188,290 |
State and municipal securities |  | 579,755 |  |  | 2,328 |  |  | (7,760 | ) |  | 574,323 |
U.S. government agency and government-sponsored enterprise securities |  | 408,088 |  |  | 1,235 |  |  | (4,736 | ) |  | 404,587 |
U.S. government securities |  | 251 |  |  | — |  |  | (3 | ) |  | 248 |
Total |  | $ | 3,210,615 |  |  | $ | 12,799 |  |  | $ | (55,966 | ) |  | $ | 3,167,448 |
December 31, 2017 |  |  |  |  |  |  |  |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 1,752,236 |  |  | $ | 1,815 |  |  | $ | (27,326 | ) |  | $ | 1,726,725 |
State and municipal securities |  | 593,940 |  |  | 6,023 |  |  | (3,959 | ) |  | 596,004 |
U.S. government agency and government-sponsored enterprise securities |  | 416,894 |  |  | 642 |  |  | (2,762 | ) |  | 414,774 |
U.S. government securities |  | 251 |  |  | — |  |  | (3 | ) |  | 248 |
Total |  | $ | 2,763,321 |  |  | $ | 8,480 |  |  | $ | (34,050 | ) |  | $ | 2,737,751 |
The following table provides the proceeds and both gross realized gains and losses on the sales and calls of debt securities available for sale as well as other securities gains and losses for the periods indicated:
|  | Years Ended December 31,
|  | 2018 |  | 2017 |  | 2016
|  | (in thousands)
Proceeds from sales and calls of debt securities available for sale |  | $ | 32,330 |  |  | $ | 30,403 |  |  | $ | 124,142 |
Gross realized gains from sales of debt securities available for sale |  | $ | 235 |  |  | $ | 111 |  |  | $ | 1,181 |
Gross realized losses from sales of debt securities available for sale |  | (129 | ) |  | (122 | ) |  | — |
Other securities losses, net (1) |  | (195 | ) |  | — |  |  | — |
Investment securities gains (losses), net |  | $ | (89 | ) |  | $ | (11 | ) |  | $ | 1,181 |
__________ (1) Other securities losses, net includes net unrealized loss activity associated with equity securities. The following table provides the unrealized gains and losses on equity securities at the reporting date:
|  | Year Ended December 31,
|  | 2018
|  | (in thousands)
Net gains and losses recognized during the period on equity securities |  | $ | 195 |
Less: Net gains and losses recognized during the period on equity securities sold during the period. |  | (195 | )
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date. |  | $ | — |
The scheduled contractual maturities of debt securities available for sale at December 31, 2018 are presented as follows:
|  | December 31, 2018
|  | Amortized Cost |  | Fair Value
|  | (in thousands)
Due within one year |  | $ | 130,592 |  |  | $ | 130,241 |
Due after one year through five years |  | 566,382 |  |  | 559,600 |
Due after five years through ten years |  | 1,398,135 |  |  | 1,391,517 |
Due after ten years |  | 1,115,506 |  |  | 1,086,090 |
Total debt securities available for sale |  | $ | 3,210,615 |  |  | $ | 3,167,448 |
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:
|  | December 31,
|  | 2018 |  | 2017
|  | (in thousands)
Washington and Oregon State to secure public deposits |  | $ | 276,343 |  |  | $ | 245,222 |
Federal Reserve Bank to secure borrowings |  | 52,303 |  |  | 52,917 |
Other securities pledged |  | 138,492 |  |  | 121,244 |
Total securities pledged as collateral |  | $ | 467,138 |  |  | $ | 419,383 |
The following tables show the gross unrealized losses and fair value of the Company’s debt securities available for sale 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, 2018 and 2017:
|  | Less than 12 Months |  | 12 Months or More |  | Total
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
December 31, 2018 |  | (in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 154,622 |  |  | $ | (972 | ) |  | $ | 1,301,387 |  |  | $ | (42,495 | ) |  | $ | 1,456,009 |  |  | (43,467 | )
State and municipal securities |  | 106,292 |  |  | (581 | ) |  | 280,496 |  |  | (7,179 | ) |  | 386,788 |  |  | (7,760 | )
U.S. government agency and government-sponsored enterprise securities |  | 15,392 |  |  | (45 | ) |  | 291,435 |  |  | (4,691 | ) |  | 306,827 |  |  | (4,736 | )
U.S. government securities |  | — |  |  | — |  |  | 247 |  |  | (3 | ) |  | 247 |  |  | (3 | )
Total |  | $ | 276,306 |  |  | $ | (1,598 | ) |  | $ | 1,873,565 |  |  | $ | (54,368 | ) |  | $ | 2,149,871 |  |  | $ | (55,966 | )
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 816,678 |  |  | $ | (6,710 | ) |  | $ | 717,211 |  |  | $ | (20,616 | ) |  | $ | 1,533,889 |  |  | $ | (27,326 | )
State and municipal securities |  | 220,019 |  |  | (1,723 | ) |  | 75,172 |  |  | (2,236 | ) |  | 295,191 |  |  | (3,959 | )
U.S. government agency and government-sponsored enterprise securities |  | 184,046 |  |  | (1,006 | ) |  | 155,983 |  |  | (1,756 | ) |  | 340,029 |  |  | (2,762 | )
U.S. government securities |  | 249 |  |  | (3 | ) |  | — |  |  | — |  |  | 249 |  |  | (3 | )
Total |  | $ | 1,220,992 |  |  | $ | (9,442 | ) |  | $ | 948,366 |  |  | $ | (24,608 | ) |  | $ | 2,169,358 |  |  | $ | (34,050 | )
At December 31, 2018, there were 442 U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations securities in an unrealized loss position, of which 397 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 December 31, 2018. At December 31, 2018, there were 408 state and municipal government securities in an unrealized loss position, of which 313 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, 2018, 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 is 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 upon maturity, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2018. At December 31, 2018, there were 41 U.S. government agency and government-sponsored enterprise securities in an unrealized loss position, of which 39 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 December 31, 2018. At December 31, 2018, there was one U.S. government security in an unrealized loss position, which was 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 December 31, 2018.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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