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Securities (Tables)
 6 Months Ended
Jun. 30, 2018
Debt Securities, Available-for-sale [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
June 30, 2018
 
(in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
1,732,779

 
$
567

 
$
(56,354
)
 
$
1,676,992

State and municipal securities
 
584,587

 
2,984

 
(9,876
)
 
577,695

U.S. government agency and government-sponsored enterprise securities
 
398,428

 
74

 
(7,228
)
 
391,274

U.S. government securities
 
251

 
—

 
(4
)
 
247

Total
 
$
2,716,045

 
$
3,625

 
$
(73,462
)
 
$
2,646,208

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
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2018
 
2017
 
2018
 
2017
 
 
(in thousands)
Proceeds from sales of debt securities available for sale
 
$
12,569

 
$
—

 
$
32,330

 
$
—

 
 
 
 
 
 
 
 
 
Gross realized gains from sales of debt securities available for sale
 
$
87

 
$
—

 
$
235

 
$
—

Gross realized losses from sales of debt securities available for sale
 
(83
)
 
—

 
(129
)
 
—

Other securities losses, net (1)
 
(37
)
 
—

 
(117
)
 
—

Investment securities losses, net
 
$
(33
)
 
$
—

 
$
(11
)
 
$
—


__________
(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 June 30, 2018 are presented as follows:
 
 
June 30, 2018
 
 
Amortized Cost
 
Fair Value
 
 
(in thousands)
Due within one year
 
$
127,209

 
$
127,133

Due after one year through five years
 
620,100

 
609,400

Due after five years through ten years
 
885,040

 
862,508

Due after ten years
 
1,083,696

 
1,047,167

Total debt securities available for sale
 
$
2,716,045

 
$
2,646,208
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:
 
 
June 30, 2018
 
 
(in thousands)
Washington and Oregon State to secure public deposits
 
$
244,565

Federal Reserve Bank to secure borrowings
 
52,370

Other securities pledged
 
93,194

Total securities pledged as collateral
 
$
390,129
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 June 30, 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
June 30, 2018
 
(in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
906,188

 
$
(22,365
)
 
$
722,422

 
$
(33,989
)
 
$
1,628,610

 
$
(56,354
)
State and municipal securities
 
306,897

 
(5,536
)
 
76,988

 
(4,340
)
 
383,885

 
(9,876
)
U.S. government agency and government-sponsored enterprise securities
 
261,185

 
(4,942
)
 
109,734

 
(2,286
)
 
370,919

 
(7,228
)
U.S. government securities
 
247

 
(4
)
 
—

 
—

 
247

 
(4
)
Total
 
$
1,474,517

 
$
(32,847
)
 
$
909,144

 
$
(40,615
)
 
$
2,383,661

 
$
(73,462
)
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
)