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Securities
 9 Months Ended
Sep. 30, 2016
Available-for-sale Securities [Abstract]  
Securities
Securities
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, 2016
 
 
 
 
 
 
 
 
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
1,498,158

 
$
17,148

 
$
(2,382
)
 
$
1,512,924

State and municipal securities
 
487,308

 
16,192

 
(382
)
 
503,118

U.S. government agency and government-sponsored enterprise securities
 
333,423

 
5,009

 
(140
)
 
338,292

U.S. government securities
 
548

 
—

 
—

 
548

Other securities
 
5,284

 
64

 
(146
)
 
5,202

Total
 
$
2,324,721

 
$
38,413

 
$
(3,050
)
 
$
2,360,084

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 $37.4 million and $10.6 million for the three months ended September 30, 2016 and 2015, respectively, and were $120.8 million and $82.8 million for the nine months ended September 30, 2016 and September 30, 2015, respectively. 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,
 
 
2016
 
2015
 
2016
 
2015
 
 
(in thousands)
Gross realized gains
 
$
572

 
$
236

 
$
1,174

 
$
1,310

Gross realized losses
 
—

 
—

 
—

 
(10
)
Net realized gains
 
$
572

 
$
236

 
$
1,174

 
$
1,300


The scheduled contractual maturities of investment securities available for sale at September 30, 2016 are presented as follows:
 
 
September 30, 2016
 
 
Amortized Cost
 
Fair Value
 
 
(in thousands)
Due within one year
 
$
28,765

 
$
28,874

Due after one year through five years
 
484,206

 
493,479

Due after five years through ten years
 
688,715

 
703,388

Due after ten years
 
1,117,751

 
1,129,141

Other securities with no stated maturity
 
5,284

 
5,202

Total investment securities available-for-sale
 
$
2,324,721

 
$
2,360,084


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, 2016
 
 
(in thousands)
Washington and Oregon State to secure public deposits
 
$
235,931

Federal Reserve Bank to secure borrowings
 
40,877

Other securities pledged
 
147,336

Total securities pledged as collateral
 
$
424,144


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, 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)
September 30, 2016
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
176,508

 
$
(548
)
 
$
163,859

 
$
(1,834
)
 
$
340,367

 
$
(2,382
)
State and municipal securities
 
35,915

 
(337
)
 
3,489

 
(45
)
 
39,404

 
(382
)
U.S. government agency and government-sponsored enterprise securities
 
22,115

 
(140
)
 
—

 
—

 
22,115

 
(140
)
Other securities
 
—

 
—

 
2,810

 
(146
)
 
2,810

 
(146
)
Total
 
$
234,538

 
$
(1,025
)
 
$
170,158

 
$
(2,025
)
 
$
404,696

 
$
(3,050
)
 
 
 
 
 
 
 
 
 
 
 
 
 
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 September 30, 2016, there were 83 U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations securities in an unrealized loss position, of which 46 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 September 30, 2016.
At September 30, 2016, there were 35 state and municipal government securities in an unrealized loss position, of which five 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 September 30, 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 September 30, 2016.
At September 30, 2016, there were five U.S. government agency and government-sponsored enterprise securities in an unrealized loss position, of which none 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 September 30, 2016.
At September 30, 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 September 30, 2016 as it has the intent and ability to hold the investment for sufficient time to allow for recovery in the market value.