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Investment Securities (Tables)
12 Months Ended
Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]  
Schedule of securities available for sale
The amortized cost, gross unrealized gains, gross unrealized losses and fair values of investment securities available for sale at the dates indicated were as follows:
 
Securities Available for Sale
 
December 31, 2014
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
(In thousands)
U.S. Treasury and U.S. Government-sponsored agencies
$
21,414

 
$
44

 
$
(31
)
 
$
21,427

Municipal securities
170,082

 
3,139

 
(184
)
 
173,037

Mortgage backed securities and collateralized mortgage obligations-residential:
 
 
 
 
 
 
 
U.S. Government-sponsored agencies
539,859

 
4,015

 
(1,475
)
 
542,399

Corporate obligations
4,034

 

 
(24
)
 
4,010

Mutual funds and other equities
1,956

 
17

 

 
1,973

Total
$
737,345

 
$
7,215

 
$
(1,714
)
 
$
742,846

 
Securities Available for Sale
 
December 31, 2013
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
(In thousands)
U.S. Treasury and U.S. Government-sponsored agencies
$
6,098

 
$
3

 
$
(62
)
 
$
6,039

Municipal securities
49,989

 
806

 
(1,735
)
 
49,060

Mortgage backed securities and collateralized mortgage obligations-residential:
 
 
 
 
 
 
 
U.S. Government-sponsored agencies
108,466

 
898

 
(1,329
)
 
108,035

Total
$
164,553

 
$
1,707

 
$
(3,126
)
 
$
163,134

Schedule of securities held to maturity
The amortized cost, gross unrecognized gains, gross unrecognized losses and fair values of investment securities held to maturity at the dates indicated were as follows:
 
Securities Held to Maturity
 
December 31, 2014
 
Amortized
Cost
 
Gross
Unrecognized
Gains
 
Gross
Unrecognized
Losses
 
Fair
Value
 
(In thousands)
U.S. Treasury and U.S. Government-sponsored agencies
$
1,591

 
$
167

 
$

 
$
1,758

Municipal securities
22,486

 
643

 
(11
)
 
23,118

Mortgage backed securities and collateralized mortgage obligations-residential:
 
 
 
 
 
 
 
U.S. Government-sponsored agencies
10,866

 
364

 
(74
)
 
11,156

Private residential collateralized mortgage obligations
871

 
75

 
(104
)
 
842

Total
$
35,814

 
$
1,249

 
$
(189
)
 
$
36,874

 
Securities Held to Maturity
 
December 31, 2013
 
Amortized
Cost
 
Gross
Unrecognized
Gains
 
Gross
Unrecognized
Losses
 
Fair
Value
 
(In thousands)
U.S. Treasury and U.S. Government-sponsored agencies
$
1,687

 
$
153

 
$

 
$
1,840

Municipal securities
24,290

 
200

 
(184
)
 
24,306

Mortgage backed securities and collateralized mortgage obligations-residential:
 
 
 
 
 
 
 
U.S. Government-sponsored agencies
9,129

 
144

 
(284
)
 
8,989

Private residential collateralized mortgage obligations
1,048

 
185

 
(28
)
 
1,205

Total
$
36,154

 
$
682

 
$
(496
)
 
$
36,340

Schedule of maturities of investment securities
The amortized cost and fair value of securities at December 31, 2014, by contractual maturity, are set forth below. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.
 
Securities Available for Sale
 
Securities Held to Maturity
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair Value
 
(In thousands)
Due in one year or less
$
4,148

 
$
4,171

 
$
2,895

 
$
2,912

Due after one year through three years
31,547

 
31,693

 
4,336

 
4,385

Due after three years through five years
23,675

 
24,104

 
5,490

 
5,710

Due after five years through ten years
150,635

 
151,946

 
18,558

 
19,359

Due after ten years
525,384

 
528,959

 
4,535

 
4,508

Investment securities with no stated maturity
1,956

 
1,973

 

 

Total
$
737,345

 
$
742,846

 
$
35,814

 
$
36,874

Schedule of fair value and unrealized losses of available for sale investment securities
Available for sale investment securities with unrealized losses as of December 31, 2014 and December 31, 2013 were as follows:
 
Securities Available for Sale
 
December 31, 2014
 
Less than 12 Months
 
12 Months or
Longer
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
(In thousands)
U.S. Treasury and U.S. Government-sponsored agencies
$
3,567

 
$
(31
)
 
$

 
$

 
$
3,567

 
$
(31
)
Municipal securities
25,176

 
(184
)
 

 

 
25,176

 
(184
)
Mortgage backed securities and collateralized mortgage obligations-residential:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government-sponsored agencies
182,970

 
(1,475
)
 

 

 
182,970

 
(1,475
)
Corporate obligations
2,119

 
(24
)
 

 

 
2,119

 
(24
)
Total
$
213,832

 
$
(1,714
)
 
$

 
$

 
$
213,832

 
$
(1,714
)
 
Securities Available for Sale
 
December 31, 2013
 
Less than 12 Months
 
12 Months or
Longer
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
(In thousands)
U.S. Treasury and U.S. Government-sponsored agencies
$
3,031

 
$
(62
)
 
$

 
$

 
$
3,031

 
$
(62
)
Municipal securities
21,471

 
(1,242
)
 
4,644

 
(493
)
 
26,115

 
(1,735
)
Mortgage backed securities and collateralized mortgage obligations-residential:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government-sponsored agencies
56,327

 
(1,184
)
 
7,758

 
(145
)
 
64,085

 
(1,329
)
Total
$
80,829

 
$
(2,488
)
 
$
12,402

 
$
(638
)
 
$
93,231

 
$
(3,126
)
Schedule of fair value and unrealized losses of held to maturity investment securities
Held to maturity investment securities with unrecognized losses as of December 31, 2014 and December 31, 2013 were as follows:
 
Securities Held to Maturity
 
December 31, 2014
 
Less than 12
Months
 
12 Months or
Longer
 
Total
 
Fair
Value
 
Unrecognized
Losses
 
Fair
Value
 
Unrecognized
Losses
 
Fair
Value
 
Unrecognized
Losses
 
(In thousands)
Municipal securities
$
2,196

 
$
(11
)
 
$

 
$

 
$
2,196

 
$
(11
)
Mortgage backed securities and collateralized mortgage obligations-residential:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government-sponsored agencies
2,553

 
(74
)
 

 

 
2,553

 
(74
)
Private residential collateralized mortgage obligations
558

 
(104
)
 

 

 
558

 
(104
)
Total
$
5,307

 
$
(189
)
 
$

 
$

 
$
5,307

 
$
(189
)

 
Securities Held to Maturity
 
December 31, 2013
 
Less than 12
Months
 
12 Months or
Longer
 
Total
 
Fair
Value
 
Unrecognized
Losses
 
Fair
Value
 
Unrecognized
Losses
 
Fair
Value
 
Unrecognized
Losses
 
(In thousands)
Municipal securities
$
10,967

 
$
(184
)
 
$

 
$

 
$
10,967

 
$
(184
)
Mortgage backed securities and collateralized mortgage obligations-residential:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government-sponsored agencies
4,869

 
(284
)
 

 

 
4,869

 
(284
)
Private residential collateralized mortgage obligations
211

 
(5
)
 
124

 
(23
)
 
335

 
(28
)
Total
$
16,047

 
$
(473
)
 
$
124

 
$
(23
)
 
$
16,171

 
$
(496
)
Schedule of other-than-temporary impairment losses investment securities
The following table summarizes activity for the years ended December 31, 2014, 2013 and 2012 related to the amount of impairments on held to maturity securities:
 
Life-to-Date Gross Other-Than-Temporary Impairments (1)
 
Life-to-Date Other-Than-Temporary Impairments Included in Other Comprehensive Income (Loss)
 
Life-to-Date Net
Other-Than-Temporary Impairments Included in Earnings
 
(In thousands)
December 31, 2011
$
2,435

 
$
1,100

 
$
1,335

Subsequent impairments
130

 
52

 
78

December 31, 2012
2,565

 
1,152

 
1,413

Subsequent impairments
38

 

 
38

December 31, 2013
2,603

 
1,152

 
1,451

Subsequent impairments
45

 

 
45

December 31, 2014
$
2,648

 
$
1,152

 
$
1,496

(1)
Life-to-date gross other-than-temporary impairments disclosed in this table are not reflective of subsequent recoveries, if any.

Scheduled of amortized cost and fair value of securities pledged as collateral
The following table summarizes the amortized cost and fair value of available for sale and held to maturity securities that are pledged as collateral for the following obligations at December 31, 2014 and December 31, 2013:
 
December 31, 2014
 
December 31, 2013
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
 
(In thousands)
Washington and Oregon state to secure public deposits
$
150,507

 
$
153,785

 
$
80,386

 
$
80,881

Federal Reserve Bank and FHLB to secure borrowing arrangements
4,430

 
4,460

 

 

Repurchase agreements
43,676

 
44,457

 
34,170

 
33,893

Other securities pledged
14,828

 
14,922

 

 

Total
$
213,441

 
$
217,624

 
$
114,556

 
$
114,774