XML 40 R26.htm IDEA: XBRL DOCUMENT v3.19.1
Securities (Tables)
 3 Months Ended
Mar. 31, 2019
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
March 31, 2019
 
(in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
2,156,810

 
$
24,904

 
$
(26,100
)
 
$
2,155,614

State and municipal securities
 
534,218

 
4,833

 
(2,561
)
 
536,490

U.S. government agency and government-sponsored enterprise securities
 
335,536

 
1,321

 
(1,940
)
 
334,917

U.S. government securities
 
251

 
—

 
(2
)
 
249

Total
 
$
3,026,815

 
$
31,058

 
$
(30,603
)
 
$
3,027,270

December 31, 2018
 
 
 
 
 
 
 
 
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
2,222,521

 
$
9,236

 
$
(43,467
)
 
$
2,188,290

State and municipal securities
 
579,755

 
2,328

 
(7,760
)
 
574,323

U.S. government agency and government-sponsored enterprise securities
 
408,088

 
1,235

 
(4,736
)
 
404,587

U.S. government securities
 
251

 
—

 
(3
)
 
248

Total
 
$
3,210,615

 
$
12,799

 
$
(55,966
)
 
$
3,167,448
Schedule of gross realized gains and losses on sales and calls of securities available for sale The following table provides the proceeds and both 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,
 
 
2019
 
2018
 
 
(in thousands)
Proceeds from sales of debt securities available for sale
 
$
83,968

 
$
19,761

 
 
 
 
 
Gross realized gains from sales of debt securities available for sale
 
$
1,847

 
$
148

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

 
(46
)
Other securities losses, net (1)
 
—

 
(80
)
Investment securities gains, net
 
$
1,847

 
$
22


__________
(1) Other securities losses, net includes net unrealized loss activity associated with equity securities for the period ended March 31, 2018. 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, 2019 are presented as follows:
 
 
March 31, 2019
 
 
Amortized Cost
 
Fair Value
 
 
(in thousands)
Due within one year
 
$
111,449

 
$
111,405

Due after one year through five years
 
528,884

 
526,821

Due after five years through ten years
 
1,324,754

 
1,341,174

Due after ten years
 
1,061,728

 
1,047,870

Total debt securities available for sale
 
$
3,026,815

 
$
3,027,270
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, 2019
 
 
(in thousands)
Washington and Oregon State to secure public deposits
 
$
277,815

FRB to secure borrowings
 
54,717

Other securities pledged
 
140,755

Total securities pledged as collateral
 
$
473,287
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, 2019 and December 31, 2018:
 
 
Less than 12 Months
 
12 Months or More
 
Total
 
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
March 31, 2019
 
(in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
1,879

 
$
(7
)
 
$
1,250,289

 
$
(26,093
)
 
$
1,252,168

 
$
(26,100
)
State and municipal securities
 
3,312

 
(1
)
 
209,604

 
(2,560
)
 
212,916

 
(2,561
)
U.S. government agency and government-sponsored enterprise securities
 
—

 
—

 
253,752

 
(1,940
)
 
253,752

 
(1,940
)
U.S. government securities
 
—

 
—

 
248

 
(2
)
 
248

 
(2
)
Total
 
$
5,191

 
$
(8
)
 
$
1,713,893

 
$
(30,595
)
 
$
1,719,084

 
$
(30,603
)
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
154,622

 
$
(972
)
 
$
1,301,387

 
$
(42,495
)
 
$
1,456,009

 
$
(43,467
)
State and municipal securities
 
106,292

 
(581
)
 
280,496

 
(7,179
)
 
386,788

 
(7,760
)
U.S. government agency and government-sponsored enterprise securities
 
15,392

 
(45
)
 
291,435

 
(4,691
)
 
306,827

 
(4,736
)
U.S. government securities
 
—

 
—

 
247

 
(3
)
 
247

 
(3
)
Total
 
$
276,306

 
$
(1,598
)
 
$
1,873,565

 
$
(54,368
)
 
$
2,149,871

 
$
(55,966
)