Securities (Tables)

9 Months Ended

Sep. 30, 2015

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
	(in thousands)
September 30, 2015
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	1,157,054	$	12,610	$	(5,132	)	$	1,164,532
State and municipal securities	476,650		13,574		(755		)	489,469
U.S. government agency and government-sponsored enterprise securities	345,309		2,922		(375		)	347,856
U.S. government securities	20,431		1		(32		)	20,400
Other securities	5,284		31		(148		)	5,167
Total	$	2,004,728	$	29,138	$	(6,442	)	$	2,027,424
December 31, 2014
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	1,160,378	$	10,219	$	(8,210	)	$	1,162,387
State and municipal securities	483,578		14,432		(1,526		)	496,484
U.S. government agency and government-sponsored enterprise securities	416,919		856		(4,069		)	413,706
U.S. government securities	20,910		—		(411		)	20,499
Other securities	5,284		20		(123		)	5,181
Total	$	2,087,069	$	25,527	$	(14,339	)	$	2,098,257

Schedule of gross realized gains and losses on sales and calls of securities available for sale

The following table provides the gross realized gains and losses on the sales of securities for the periods indicated:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2015		2014		2015			2014
	(in thousands)
Gross realized gains	$	236	$	33	$	1,310		$	552
Gross realized losses	—		—		(10		)	—
Net realized gains	$	236	$	33	$	1,300		$	552

Schedule of Contractual Maturities of Investment Securities Available for Sale

The scheduled contractual maturities of investment securities available for sale at September 30, 2015 are presented as follows:

	September 30, 2015
	Amortized Cost		Fair Value
	(in thousands)
Due within one year	$	22,054	$	22,320
Due after one year through five years	418,087		421,722
Due after five years through ten years	543,698		553,422
Due after ten years	1,015,605		1,024,793
Other securities with no stated maturity	5,284		5,167
Total investment securities available-for-sale	$	2,004,728	$	2,027,424

Carrying Value of Securities Pledged As Collateral

The following table summarizes the carrying value of securities pledged as collateral to secure public deposits, borrowings and other purposes as permitted or required by law:

	September 30, 2015
	(in thousands)
Washington and Oregon State to secure public deposits	$	328,476
Federal Reserve Bank to secure borrowings	55,578
Other securities pledged	149,032
Total securities pledged as collateral	$	533,086

The following table presents the class of collateral pledged for repurchase agreements as well as the remaining contractual maturity of the repurchase agreements:

	Remaining contractual maturity of the agreements
	Overnight and continuous		Up to 30 days		30 - 90 days		Greater than 90 days		Total
September 30, 2015	(in thousands)
Class of collateral pledged for repurchase agreements
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	48,182	$	—	$	—	$	25,000	$	73,182
Gross amount of recognized liabilities for repurchase agreements									73,182
Amounts related to agreements not included in offsetting disclosure									$	—

Summary of Gross Unrealized Losses and Fair Value of the Investments with Unrealized Losses

The following table shows 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 September 30, 2015 and December 31, 2014:

	Less than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(in thousands)
September 30, 2015
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	124,092	$	(804	)	$	204,165	$	(4,328	)	$	328,257	$	(5,132	)
State and municipal securities	37,808		(161		)	29,960		(594		)	67,768		(755		)
U.S. government agency and government-sponsored enterprise securities	500		(1		)	54,892		(374		)	55,392		(375		)
U.S. government securities	—		—			9,925		(32		)	9,925		(32		)
Other securities	—		—			2,807		(148		)	2,807		(148		)
Total	$	162,400	$	(966	)	$	301,749	$	(5,476	)	$	464,149	$	(6,442	)
December 31, 2014
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	258,825	$	(1,287	)	$	279,015	$	(6,924	)	$	537,840	$	(8,211	)
State and municipal securities	71,026		(543		)	44,148		(982		)	115,174		(1,525		)
U.S. government agency and government-sponsored enterprise securities	105,250		(518		)	216,221		(3,551		)	321,471		(4,069		)
U.S. government securities	—		—			19,450		(411		)	19,450		(411		)
Other securities	2,313		(2		)	2,834		(121		)	5,147		(123		)
Total	$	437,414	$	(2,350	)	$	561,668	$	(11,989	)	$	999,082	$	(14,339	)