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Securities (Tables)
 12 Months Ended
Dec. 31, 2011
Available-for-sale Securities [Abstract]  
Securities Available for Sale
The following table summarizes the amortized cost, gross unrealized gains and losses and the resulting fair value of securities available for sale:
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
December 31, 2011
 
(in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
678,631

 
$
19,323

 
$
(2,000
)
 
$
695,954

State and municipal securities
 
263,075

 
22,746

 
(58
)
 
285,763

U.S. government agency and government-sponsored enterprise securities
 
42,558

 
505

 
—

 
43,063

Other securities
 
3,296

 
64

 
(30
)
 
3,330

Total
 
$
987,560

 
$
42,638

 
$
(2,088
)
 
$
1,028,110

December 31, 2010
 

 

 

 

U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
491,530

 
$
16,139

 
$
(1,027
)
 
$
506,642

State and municipal securities
 
249,117

 
7,247

 
(2,383
)
 
253,981

Other securities
 
3,281

 
—

 
(38
)
 
3,243

Total
 
$
743,928

 
$
23,386

 
$
(3,448
)
 
$
763,866
Schedule of Contractual Maturities of Investment Securities Available for Sale
The following table summarizes the amortized cost and fair value of securities available for sale by contractual maturity groups:
 
 
December 31, 2011
 
 
Amortized Cost
 
Fair Value
 
 
(in thousands)
Due within one year
 
$
18,310

 
$
18,610

Due after one year through five years
 
52,418

 
54,635

Due after five years through ten years
 
204,470

 
212,605

Due after ten years
 
709,066

 
738,930

Total investment securities available-for-sale
 
$
984,264

 
$
1,024,780
Carrying Value of Securities Pledged As Collateral
The following table summarizes, as of December 31, 2011 and 2010, the carrying value of securities pledged as collateral to secure public deposits, borrowings and other purposes as permitted or required by law: 
 
 
December 31, 2011
 
December 31, 2010
 
 
(in thousands)
To Washington and Oregon State to secure public deposits
 
$
225,345

 
$
153,328

To Federal Home Loan Bank to secure advances
 
91,097

 
110,780

To Federal Reserve Bank to secure borrowings
 
56,347

 
149,315

Other securities pledged
 
47,454

 
45,109

Total securities pledged as collateral
 
$
420,243

 
$
458,532
Summary of Gross Unrealized Losses and Fair Value of the Investments with Unrealized Losses
The following tables show the gross unrealized losses and fair value of the Company’s investments 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, 2011 and 2010:
 
 
Less than 12 Months
 
12 Months or More
 
Total
 
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
December 31, 2011
 
(in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
238,875

 
$
(1,999
)
 
$
196

 
$
(1
)
 
$
239,071

 
(2,000
)
State and municipal securities
 
3,820

 
(24
)
 
950

 
(34
)
 
4,770

 
(58
)
Other securities
 
—

 
—

 
970

 
(30
)
 
970

 
(30
)
Total
 
$
242,695

 
$
(2,023
)
 
$
2,116

 
$
(65
)
 
$
244,811

 
$
(2,088
)
December 31, 2010
 
 
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
86,529

 
$
(1,025
)
 
$
588

 
$
(2
)
 
$
87,117

 
$
(1,027
)
State and municipal securities
 
74,755

 
(2,099
)
 
2,792

 
(284
)
 
77,547

 
(2,383
)
Other securities
 
2,275

 
(6
)
 
968

 
(32
)
 
3,243

 
(38
)
Total
 
$
163,559

 
$
(3,130
)
 
$
4,348

 
$
(318
)
 
$
167,907

 
$
(3,448
)