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Securities (Tables)
 3 Months Ended
Mar. 31, 2018
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 debt securities available for sale:
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
 
(in thousands)
March 31, 2018
 
 
 
 
 
 
 
 
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
1,693,149

 
$
698

 
$
(48,629
)
 
$
1,645,218

State and municipal securities
 
588,218

 
3,467

 
(8,937
)
 
582,748

U.S. government agency and government-sponsored enterprise securities
 
402,036

 
43

 
(6,247
)
 
395,832

U.S. government securities
 
251

 
—

 
(4
)
 
247

Total
 
$
2,683,654

 
$
4,208

 
$
(63,817
)
 
$
2,624,045

December 31, 2017
 
 
 
 
 
 
 
 
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
1,752,236

 
$
1,815

 
$
(27,326
)
 
$
1,726,725

State and municipal securities
 
593,940

 
6,023

 
(3,959
)
 
596,004

U.S. government agency and government-sponsored enterprise securities
 
416,894

 
642

 
(2,762
)
 
414,774

U.S. government securities
 
251

 
—

 
(3
)
 
248

Total
 
$
2,763,321

 
$
8,480

 
$
(34,050
)
 
$
2,737,751
Schedule of gross realized gains and losses on sales and calls of securities available for sale
The following table provides the proceeds and gross realized gains and losses on sales of debt securities available for sale as well as other securities gains and losses for the periods indicated:
 
 
Three Months Ended
 
 
March 31,
 
 
2018
 
2017
 
 
(in thousands)
Proceeds from sales of debt securities available for sale
 
$
19,761

 
$
—

 
 
 
 
 
Gross realized gains from sales of debt securities available for sale
 
$
148

 
$
—

Gross realized losses from sales of debt securities available for sale
 
(46
)
 
—

Other securities losses, net (1)
 
(80
)
 
—

Investment securities gains, net
 
$
22

 
$
—


__________
(1) Other securities losses, net includes net unrealized loss activity associated with equity securities. There were no sales of equity securities during the periods presented.
Schedule of Contractual Maturities of Investment Securities Available for Sale
The scheduled contractual maturities of debt securities available for sale at March 31, 2018 are presented as follows:
 
 
March 31, 2018
 
 
Amortized Cost
 
Fair Value
 
 
(in thousands)
Due within one year
 
$
161,538

 
$
161,314

Due after one year through five years
 
635,254

 
626,693

Due after five years through ten years
 
756,950

 
737,927

Due after ten years
 
1,129,912

 
1,098,111

Total debt securities available for sale
 
$
2,683,654

 
$
2,624,045
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:
 
 
March 31, 2018
 
 
(in thousands)
Washington and Oregon State to secure public deposits
 
$
246,950

Federal Reserve Bank to secure borrowings
 
52,754

Other securities pledged
 
102,363

Total securities pledged as collateral
 
$
402,067
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 debt securities available for sale 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, 2018 and December 31, 2017:
 
 
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, 2018
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
921,993

 
$
(19,073
)
 
$
681,577

 
$
(29,556
)
 
$
1,603,570

 
$
(48,629
)
State and municipal securities
 
315,392

 
(4,972
)
 
76,452

 
(3,965
)
 
391,844

 
(8,937
)
U.S. government agency and government-sponsored enterprise securities
 
251,626

 
(3,969
)
 
140,455

 
(2,278
)
 
392,081

 
(6,247
)
U.S. government securities
 
247

 
(4
)
 
—

 
—

 
247

 
(4
)
Total
 
$
1,489,258

 
$
(28,018
)
 
$
898,484

 
$
(35,799
)
 
$
2,387,742

 
$
(63,817
)
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
816,678

 
$
(6,710
)
 
$
717,211

 
$
(20,616
)
 
$
1,533,889

 
$
(27,326
)
State and municipal securities
 
220,019

 
(1,723
)
 
75,172

 
(2,236
)
 
295,191

 
(3,959
)
U.S. government agency and government-sponsored enterprise securities
 
184,046

 
(1,006
)
 
155,983

 
(1,756
)
 
340,029

 
(2,762
)
U.S. government securities
 
249

 
(3
)
 
—

 
—

 
249

 
(3
)
Total
 
$
1,220,992

 
$
(9,442
)
 
$
948,366

 
$
(24,608
)
 
$
2,169,358

 
$
(34,050
)