Investment Securities (Tables)
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9 Months Ended |
Sep. 30, 2015 |
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| Investments, Debt and Equity Securities [Abstract] |
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| 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 |
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| | | | | | | | | | | | | | | | | | 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 |
|
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| 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 |
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| | | | | | | | | | | | | | | | | | 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 |
|
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| 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 |
|
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| 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 | ) |
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| 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 | ) |
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| 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 |
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| 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 |
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