Investment Securities (Tables)

9 Months Ended

Sep. 30, 2015

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
	September 30, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In thousands)
U.S. Treasury and U.S. Government-sponsored agencies	$	15,115	$	47	$	—		$	15,162
Municipal securities	186,239		3,797		(267		)	189,769
Mortgage backed securities and collateralized mortgage obligations-residential:
U.S. Government-sponsored agencies	482,771		5,000		(807		)	486,964
Corporate obligations	9,283		—		(67		)	9,216
Mutual funds and other equities	1,965		17		—			1,982
Total	$	695,373	$	8,861	$	(1,141	)	$	703,093

	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

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
	September 30, 2015
	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses			Fair Value
	(In thousands)
U.S. Treasury and U.S. Government-sponsored agencies	$	1,578	$	169	$	—		$	1,747
Municipal securities	21,362		619		—			21,981
Mortgage backed securities and collateralized mortgage obligations-residential:
U.S. Government-sponsored agencies	9,892		454		(51		)	10,295
Total	$	32,832	$	1,242	$	(51	)	$	34,023

	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

Schedule of maturities of investment securities

The amortized cost and fair value of securities at September 30, 2015, 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	$	3,527	$	3,534	$	2,980	$	2,989
Due after one year through three years	20,512		20,637		3,617		3,662
Due after three years through five years	41,714		42,327		6,747		7,066
Due after five years through ten years	159,618		162,025		16,370		17,168
Due after ten years	468,037		472,588		3,118		3,138
Investment securities with no stated maturities	1,965		1,982		—		—
Total	$	695,373	$	703,093	$	32,832	$	34,023

Schedule of fair value and unrealized losses of available for sale investment securities

Available for sale investment securities with unrealized losses as of September 30, 2015 and December 31, 2014 were as follows:

	Securities Available for Sale
	September 30, 2015
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(In thousands)
Municipal securities	$	30,047	$	(260	)	$	923	$	(7	)	$	30,970	$	(267	)
Mortgage backed securities and collateralized mortgage obligations-residential:
U.S. Government-sponsored agencies	56,641		(255		)	49,605		(552		)	106,246		(807		)
Corporate obligations	8,221		(54		)	995		(13		)	9,216		(67		)
Total	$	94,909	$	(569	)	$	51,523	$	(572	)	$	146,432	$	(1,141	)

	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	)

Schedule of fair value and unrealized losses of held to maturity investment securities

Held to maturity investment securities with unrecognized losses as of September 30, 2015 and December 31, 2014 were as follows:

	Securities Held to Maturity
	September 30, 2015
	Less than 12 Months				12 Months or Longer					Total
	Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses			Fair Value		Unrecognized Losses
	(In thousands)
Mortgage backed securities and collateralized mortgage obligations-residential:
U.S. Government-sponsored agencies	$	—	$	—	$	2,028	$	(51	)	$	2,028	$	(51	)
Total	$	—	$	—	$	2,028	$	(51	)	$	2,028	$	(51	)

	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	)

Schedule of other-than-temporary impairment losses investment securities

The following table summarizes activity for the nine months ended September 30, 2014 related to the amount of impairments on held to maturity securities. There were no initial or subsequent impairments recorded during the nine months ended September 30, 2015.

	Life-to-Date Gross Other-Than-Temporary Impairments (1)		Life-to-Date Other-Than-Temporary Impairments Included in Other Comprehensive Income		Life-to-Date Net Other-Than-Temporary Impairments Included in Earnings
	(In thousands)
December 31, 2013	$	2,603	$	1,152	$	1,451
Subsequent impairments	45		—		45
September 30, 2014	$	2,648	$	1,152	$	1,496

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 September 30, 2015 and December 31, 2014:

	September 30, 2015				December 31, 2014
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In thousands)
Washington and Oregon state to secure public deposits	$	218,478	$	222,564	$	150,507	$	153,785
Federal Reserve Bank of San Francisco and Federal Home Loan Bank to secure borrowing arrangements	509		510		4,430		4,460
Repurchase agreements	29,712		30,111		43,676		44,457
Other securities pledged	2,136		2,173		14,828		14,922
Total	$	250,835	$	255,358	$	213,441	$	217,624