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Securities (Tables)
 6 Months Ended
Jun. 30, 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
June 30, 2019
 
(in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
2,099,819

 
$
50,980

 
$
(11,303
)
 
$
2,139,496

State and municipal securities
 
503,279

 
7,459

 
(1,059
)
 
509,679

U.S. government agency and government-sponsored enterprise securities
 
212,655

 
2,527

 
(188
)
 
214,994

U.S. government securities
 
250

 
—

 
(1
)
 
249

Total
 
$
2,816,003

 
$
60,966

 
$
(12,551
)
 
$
2,864,418

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 June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
(in thousands)
Proceeds from sales of debt securities available for sale
 
$
175,586

 
$
12,569

 
$
259,554

 
$
32,330

 
 
 
 
 
 
 
 
 
Gross realized gains from sales of debt securities available for sale
 
$
1,510

 
$
87

 
$
3,357

 
$
235

Gross realized losses from sales of debt securities available for sale
 
(1,225
)
 
(83
)
 
(1,225
)
 
(129
)
Other securities losses, net (1)
 
—

 
(37
)
 
—

 
(117
)
Investment securities gains, net
 
$
285

 
$
(33
)
 
$
2,132

 
$
(11
)

__________
(1) Other securities losses, net includes net unrealized loss activity associated with equity securities for the periods ended June 30, 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 June 30, 2019 are presented as follows:
 
 
June 30, 2019
 
 
Amortized Cost
 
Fair Value
 
 
(in thousands)
Due within one year
 
$
95,802

 
$
95,869

Due after one year through five years
 
438,632

 
441,541

Due after five years through ten years
 
1,315,811

 
1,361,873

Due after ten years
 
965,758

 
965,135

Total debt securities available for sale
 
$
2,816,003

 
$
2,864,418
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, 2019
 
 
(in thousands)
Washington and Oregon State to secure public deposits
 
$
280,968

FRB to secure borrowings
 
52,329

Other securities pledged
 
156,218

Total securities pledged as collateral
 
$
489,515
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, 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
June 30, 2019
 
(in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
 
$
1,165

 
$
(6
)
 
$
785,380

 
$
(11,297
)
 
$
786,545

 
$
(11,303
)
State and municipal securities
 
8,895

 
(33
)
 
105,708

 
(1,026
)
 
114,603

 
(1,059
)
U.S. government agency and government-sponsored enterprise securities
 
502

 
—

 
64,376

 
(188
)
 
64,878

 
(188
)
U.S. government securities
 
—

 
—

 
249

 
(1
)
 
249

 
(1
)
Total
 
$
10,562

 
$
(39
)
 
$
955,713

 
$
(12,512
)
 
$
966,275

 
$
(12,551
)
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
)