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Securities
 3 Months Ended
Mar. 31, 2016
Available-for-sale Securities [Abstract]  
Securities
e 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)
March 31, 2016
 
 
 
 
 
 
 
 
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
1,319,714

 
$
14,247

 
$
(3,861
)
 
$
1,330,100

State and municipal securities
 
477,544

 
14,257

 
(414
)
 
491,387

U.S. government agency and government-sponsored enterprise securities
 
353,910

 
5,031

 
—

 
358,941

U.S. government securities
 
547

 
—

 
—

 
547

Other securities
 
5,284

 
53

 
(146
)
 
5,191

Total
 
$
2,156,999

 
$
33,588

 
$
(4,421
)
 
$
2,186,166

December 31, 2015
 
 
 
 
 
 
 
 
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
1,296,955

 
$
4,525

 
$
(14,991
)
 
$
1,286,489

State and municipal securities
 
480,417

 
12,690

 
(938
)
 
492,169

U.S. government agency and government-sponsored enterprise securities
 
354,515

 
1,113

 
(1,846
)
 
353,782

U.S. government securities
 
20,439

 
—

 
(302
)
 
20,137

Other securities
 
5,284

 
24

 
(191
)
 
5,117

Total
 
$
2,157,610

 
$
18,352

 
$
(18,268
)
 
$
2,157,694


Proceeds from sales of securities available for sale were $38.9 million and $57.2 million for the three months ended March 31, 2016 and 2015, respectively. The following table provides the gross realized gains and losses on the sales of securities for the periods indicated:
 
 
Three Months Ended
 
 
March 31,
 
 
2016
 
2015
 
 
(in thousands)
Gross realized gains
 
$
373

 
$
730

Gross realized losses
 
—

 
(9
)
Net realized gains
 
$
373

 
$
721


The scheduled contractual maturities of investment securities available for sale at March 31, 2016 are presented as follows:
 
 
March 31, 2016
 
 
Amortized Cost
 
Fair Value
 
 
(in thousands)
Due within one year
 
$
39,056

 
$
39,243

Due after one year through five years
 
435,423

 
440,733

Due after five years through ten years
 
711,190

 
723,977

Due after ten years
 
966,046

 
977,022

Other securities with no stated maturity
 
5,284

 
5,191

Total investment securities available-for-sale
 
$
2,156,999

 
$
2,186,166


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:
 
 
March 31, 2016
 
 
(in thousands)
Washington and Oregon State to secure public deposits
 
$
339,424

Federal Reserve Bank to secure borrowings
 
48,879

Other securities pledged
 
156,551

Total securities pledged as collateral
 
$
544,854


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 March 31, 2016 and December 31, 2015:
 
 
Less than 12 Months
 
12 Months or More
 
Total
 
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
 
(in thousands)
March 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
95,313

 
$
(533
)
 
$
190,975

 
$
(3,328
)
 
$
286,288

 
$
(3,861
)
State and municipal securities
 
25,702

 
(125
)
 
19,010

 
(289
)
 
44,712

 
(414
)
U.S. government agency and government-sponsored enterprise securities
 
4,063

 
—

 
500

 
—

 
4,563

 
—

Other securities
 
—

 
—

 
2,810

 
(146
)
 
2,810

 
(146
)
Total
 
$
125,078

 
$
(658
)
 
$
213,295

 
$
(3,763
)
 
$
338,373

 
$
(4,421
)
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
664,509

 
$
(7,610
)
 
$
214,325

 
$
(7,381
)
 
$
878,834

 
$
(14,991
)
State and municipal securities
 
48,261

 
(358
)
 
31,383

 
(580
)
 
79,644

 
(938
)
U.S. government agency and government-sponsored enterprise securities
 
193,400

 
(1,128
)
 
40,034

 
(718
)
 
233,434

 
(1,846
)
U.S. government securities
 
10,343

 
(136
)
 
9,794

 
(166
)
 
20,137

 
(302
)
Other securities
 
2,300

 
(15
)
 
2,780

 
(176
)
 
5,080

 
(191
)
Total
 
$
918,813

 
$
(9,247
)
 
$
298,316

 
$
(9,021
)
 
$
1,217,129

 
$
(18,268
)

At March 31, 2016, there were 74 U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations securities in an unrealized loss position, of which 45 were in a continuous loss position for 12 months or more. The decline in fair value is attributable to changes in interest rates relative to where these investments fall within the yield curve and their individual characteristics. Because the Company does not intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider these investments to be other-than-temporarily impaired at March 31, 2016.
At March 31, 2016, there were 40 state and municipal government securities in an unrealized loss position, of which 20 were in a continuous loss position for 12 months or more. The unrealized losses on state and municipal securities were caused by interest rate changes or widening of market spreads subsequent to the purchase of the individual securities. Management monitors published credit ratings of these securities for adverse changes. As of March 31, 2016, none of the rated obligations of state and local government entities held by the Company had a below investment grade credit rating. Because the credit quality of these securities are investment grade and the Company does not intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider these investments to be other-than-temporarily impaired at March 31, 2016.
At March 31, 2016, there were two U.S. government agency and government-sponsored enterprise securities in an unrealized loss position, of which one was in a continuous loss position for 12 months or more. The decline in fair value is attributable to changes in interest rates relative to where these investments fall within the yield curve and their individual characteristics. Because the Company does not currently intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider these investments to be other-than-temporarily impaired at March 31, 2016.
At March 31, 2016, there was one other security in an unrealized loss position, which was in a continuous unrealized loss position for 12 months or more. The decline in fair value is attributable to changes in interest rates and the additional risk premium investors are demanding for investment securities with these characteristics. The Company does not consider this investment to be other-than-temporarily impaired at March 31, 2016 as it has the intent and ability to hold the investment for sufficient time to allow for recovery in the market value.