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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]  
Schedule of amortized cost, gross unrealized gains and losses, and fair value of investment securities
The amortized cost, gross unrealized gains and losses, and fair value of the Company’s investment securities as of March 31, 2015 and December 31, 2014 were as follows:

(dollars in thousands)
Amortized Cost

 
Gross
Unrealized Gains

 
Gross
Unrealized Losses

 
Fair Value

March 31, 2015
 

 
 

 
 

 
 

Available-for-Sale:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
350,177

 
$
5,610

 
$
(136
)
 
$
355,651

Debt Securities Issued by States and Political Subdivisions
727,980

 
25,068

 
(580
)
 
752,468

Debt Securities Issued by Corporations
288,225

 
665

 
(2,945
)
 
285,945

Mortgage-Backed Securities:
 

 
 

 
 

 
 

    Residential - Government Agencies
417,962

 
10,325

 
(896
)
 
427,391

    Residential - U.S. Government-Sponsored Enterprises
279,708

 
3,866

 
—

 
283,574

    Commercial - Government Agencies
172,040

 
—

 
(5,883
)
 
166,157

Total Mortgage-Backed Securities
869,710

 
14,191

 
(6,779
)
 
877,122

Total
$
2,236,092

 
$
45,534

 
$
(10,440
)
 
$
2,271,186

Held-to-Maturity:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
518,849

 
$
4,592

 
$
(69
)
 
$
523,372

Debt Securities Issued by States and Political Subdivisions
248,674

 
16,435

 
—

 
265,109

Debt Securities Issued by Corporations
162,867

 
1,948

 
(913
)
 
163,902

Mortgage-Backed Securities:
 
 
 
 
 
 
 

    Residential - Government Agencies
2,706,237

 
50,307

 
(10,118
)
 
2,746,426

    Residential - U.S. Government-Sponsored Enterprises
361,273

 
6,145

 
—

 
367,418

    Commercial - Government Agencies
308,453

 
4,052

 
(725
)
 
311,780

Total Mortgage-Backed Securities
3,375,963

 
60,504


(10,843
)

3,425,624

Total
$
4,306,353

 
$
83,479

 
$
(11,825
)
 
$
4,378,007

 
 
 
 
 
 
 
 
December 31, 2014
 

 
 

 
 

 
 

Available-for-Sale:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
325,365

 
$
5,933

 
$
(40
)
 
$
331,258

Debt Securities Issued by States and Political Subdivisions
723,474

 
21,941

 
(1,445
)
 
743,970

Debt Securities Issued by Corporations
298,272

 
546

 
(3,985
)
 
294,833

Mortgage-Backed Securities:
 
 
 
 
 
 
 

    Residential - Government Agencies
452,493

 
10,986

 
(1,043
)
 
462,436

    Residential - U.S. Government-Sponsored Enterprises
276,390

 
2,262

 
(191
)
 
278,461

    Commercial - Government Agencies
186,813

 
—

 
(8,581
)
 
178,232

Total Mortgage-Backed Securities
915,696

 
13,248

 
(9,815
)
 
919,129

Total
$
2,262,807

 
$
41,668

 
$
(15,285
)
 
$
2,289,190

Held-to-Maturity:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
498,767

 
$
2,008

 
$
(1,159
)
 
$
499,616

Debt Securities Issued by States and Political Subdivisions
249,559

 
15,459

 
—

 
265,018

Debt Securities Issued by Corporations
166,686

 
109

 
(3,442
)
 
163,353

Mortgage-Backed Securities:
 
 
 
 
 
 
 

    Residential - Government Agencies
2,862,369

 
45,407

 
(20,636
)
 
2,887,140

    Residential - U.S. Government-Sponsored Enterprises
379,365

 
3,635

 
(15
)
 
382,985

    Commercial - Government Agencies
309,933

 
241

 
(3,791
)
 
306,383

Total Mortgage-Backed Securities
3,551,667

 
49,283

 
(24,442
)
 
3,576,508

Total
$
4,466,679

 
$
66,859

 
$
(29,043
)
 
$
4,504,495
Analysis of the contractual maturities of investment securities
The table below presents an analysis of the contractual maturities of the Company’s investment securities as of March 31, 2015.  Debt securities issued by government agencies (Small Business Administration securities) and mortgage-backed securities are disclosed separately in the table below as these investment securities may prepay prior to their scheduled contractual maturity dates.
(dollars in thousands)
Amortized Cost

 
Fair Value

Available-for-Sale:
 

 
 

Due in One Year or Less
$
90,025

 
$
90,886

Due After One Year Through Five Years
349,765

 
351,442

Due After Five Years Through Ten Years
541,657

 
554,898

Due After Ten Years
95,040

 
102,294

 
1,076,487

 
1,099,520

 
 
 
 
Debt Securities Issued by Government Agencies
289,895

 
294,544

Mortgage-Backed Securities:
 

 
 

    Residential - Government Agencies
417,962

 
427,391

    Residential - U.S. Government-Sponsored Enterprises
279,708

 
283,574

    Commercial - Government Agencies
172,040

 
166,157

Total Mortgage-Backed Securities
869,710

 
877,122

Total
$
2,236,092

 
$
2,271,186

 
 
 
 
Held-to-Maturity:
 

 
 

Due in One Year or Less
$
89,760

 
$
90,447

Due After One Year Through Five Years
439,937

 
444,139

Due After Five Years Through Ten Years
224,823

 
232,586

Due After Ten Years
175,870

 
185,211

 
930,390

 
952,383

Mortgage-Backed Securities:
 

 
 

    Residential - Government Agencies
2,706,237

 
2,746,426

    Residential - U.S. Government-Sponsored Enterprises
361,273

 
367,418

    Commercial - Government Agencies
308,453

 
311,780

Total Mortgage-Backed Securities
3,375,963

 
3,425,624

Total
$
4,306,353

 
$
4,378,007
Schedule of Gains (Losses) on Sale of Investment Securities
The table below presents the gains and losses from the sales of investment securities for the three months ended March 31, 2015 and 2014.
 
Three Months Ended
March 31,
(dollars in thousands)
2015

 
2014
Gross Gains on Sales of Investment Securities
$
10,231

 
$
2,160

Gross Losses on Sales of Investment Securities
—

 
—

Net Gains on Sales of Investment Securities
$
10,231

 
$
2,160
Schedule of investment securities in an unrealized loss position
The Company’s investment securities in an unrealized loss position, segregated by continuous length of impairment, were as follows:
 
Less Than 12 Months
 
12 Months or Longer
 
Total
(dollars in thousands)
Fair Value

 
Gross Unrealized Losses

 
Fair Value

 
Gross Unrealized Losses

 
Fair Value

 
Gross Unrealized Losses

March 31, 2015
 

 
 

 
 

 
 

 
 

 
 

Available-for-Sale:
 
 
 
 
 
 
 
 
 
 
 
Debt Securities Issued by the U.S. Treasury
   and Government Agencies
$
30,513

 
$
(106
)
 
$
5,335

 
$
(30
)
 
$
35,848

 
$
(136
)
Debt Securities Issued by States
   and Political Subdivisions
98,931

 
(580
)
 
—

 
—

 
98,931

 
(580
)
Debt Securities Issued by Corporations
24,260

 
(740
)
 
167,931

 
(2,205
)
 
192,191

 
(2,945
)
Mortgage-Backed Securities:
 
 
 
 
 
 
 
 


 


    Residential - Government Agencies
12,826

 
(9
)
 
11,598

 
(887
)
 
24,424

 
(896
)
    Commercial - Government Agencies
—

 
—

 
166,157

 
(5,883
)
 
166,157

 
(5,883
)
Total Mortgage-Backed Securities
12,826

 
(9
)
 
177,755

 
(6,770
)
 
190,581

 
(6,779
)
Total
$
166,530

 
$
(1,435
)
 
$
351,021

 
$
(9,005
)
 
$
517,551

 
$
(10,440
)
Held-to-Maturity:
 
 
 
 
 
 
 
 
 
 
 
Debt Securities Issued by the U.S. Treasury
   and Government Agencies
$
19,980

 
$
(3
)
 
$
30,205

 
$
(66
)
 
$
50,185

 
$
(69
)
Debt Securities Issued by Corporations
—

 
—

 
77,905

 
(913
)
 
77,905

 
(913
)
Mortgage-Backed Securities:
 
 
 
 
 
 
 
 
 
 
 
    Residential - Government Agencies
331,511

 
(1,507
)
 
502,727

 
(8,611
)
 
834,238

 
(10,118
)
    Commercial - Government Agencies
—

 
—

 
103,151

 
(725
)
 
103,151

 
(725
)
Total Mortgage-Backed Securities
331,511

 
(1,507
)
 
605,878

 
(9,336
)
 
937,389

 
(10,843
)
Total
$
351,491

 
$
(1,510
)
 
$
713,988

 
$
(10,315
)
 
$
1,065,479

 
$
(11,825
)
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2014
 

 
 

 
 

 
 

 
 

 
 

Available-for-Sale:
 
 
 
 
 
 
 
 
 
 
 
Debt Securities Issued by the U.S. Treasury
     and Government Agencies
$
1,729

 
$
(2
)
 
$
5,546

 
$
(38
)
 
$
7,275

 
$
(40
)
Debt Securities Issued by States
     and Political Subdivisions
78,068

 
(305
)
 
94,543

 
(1,140
)
 
172,611

 
(1,445
)
Debt Securities Issued by Corporations
73,829

 
(1,171
)
 
180,335

 
(2,814
)
 
254,164

 
(3,985
)
Mortgage-Backed Securities:
 
 
 
 
 
 
 
 
 
 
 
     Residential - Government Agencies
3,025

 
(8
)
 
12,215

 
(1,035
)
 
15,240

 
(1,043
)
     Residential - U.S. Government-Sponsored Enterprises
103,824

 
(191
)
 
—

 
—

 
103,824

 
(191
)
     Commercial - Government Agencies
—

 
—

 
178,232

 
(8,581
)
 
178,232

 
(8,581
)
Total Mortgage-Backed Securities
106,849

 
(199
)
 
190,447

 
(9,616
)
 
297,296

 
(9,815
)
Total
$
260,475

 
$
(1,677
)
 
$
470,871

 
$
(13,608
)
 
$
731,346

 
$
(15,285
)
Held-to-Maturity:
 
 
 
 
 
 
 
 
 
 
 
Debt Securities Issued by the U.S. Treasury
and Government Agencies
$
70,016

 
$
(134
)
 
$
144,222

 
$
(1,025
)
 
$
214,238

 
$
(1,159
)
Debt Securities Issued by Corporations
46,196

 
(349
)
 
82,109

 
(3,093
)
 
128,305

 
(3,442
)
Mortgage-Backed Securities:
 
 
 
 
 
 
 
 
 
 
 
     Residential - Government Agencies
280,967

 
(1,207
)
 
845,911

 
(19,429
)
 
1,126,878

 
(20,636
)
     Residential - U.S. Government-Sponsored Enterprises
45,754

 
(15
)
 
—

 
—

 
45,754

 
(15
)
     Commercial - Government Agencies
124,594

 
(179
)
 
171,091

 
(3,612
)
 
295,685

 
(3,791
)
Total Mortgage-Backed Securities
451,315

 
(1,401
)
 
1,017,002

 
(23,041
)
 
1,468,317

 
(24,442
)
Total
$
567,527

 
$
(1,884
)
 
$
1,243,333

 
$
(27,159
)
 
$
1,810,860

 
$
(29,043
)
Schedule of interest income from taxable and non-taxable investment securities
Interest income from taxable and non-taxable investment securities for the three months ended March 31, 2015 and 2014 were as follows:
 
Three Months Ended
March 31,
(dollars in thousands)
2015

 
2014

Taxable
$
29,292

 
$
33,427

Non-Taxable
5,313

 
5,222

Total Interest Income from Investment Securities
$
34,605

 
$
38,649
Schedule of carrying value of company's Federal Home Loan Bank and Federal Reserve Bank
As of March 31, 2015, the carrying value of the Company’s Federal Home Loan Bank of Seattle ("FHLB Seattle") and Federal Reserve Bank stock was as follows:
(dollars in thousands)
March 31,
2015

 
December 31,
2014

Federal Home Loan Bank Stock
$
44,463

 
$
47,075

Federal Reserve Bank Stock
19,419

 
19,299

Total
$
63,882

 
$
66,374