Securities (Tables)

6 Months Ended

Jun. 30, 2011

Securities

Securities Available for Sale

(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
June 30, 2011:
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	671,342	$	22,154	($	84	)	$	693,412
State and municipal securities		250,336		12,161		(858	)		261,639
U.S. government agency securities		30,054		224		0			30,278
Other securities		4,393		77		(31	)		4,439
Total	$	956,125	$	34,616	($	973	)	$	989,768
December 31, 2010:
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	491,530	$	16,139	($	1,027	)	$	506,642
State and municipal securities		249,117		7,247		(2,383	)		253,981
Other securities		3,281		0		(38	)		3,243
Total	$	743,928	$	23,386	($	3,448	)	$	763,866

Schedule of Contractual Maturities of Investment Securities Available for Sale

	June 30, 2011
	Amortized Cost		Fair Value
	(in thousands)
Due within one year	$	29,452	$	29,790
Due after one year through five years		93,873		96,310
Due after five years through ten years		169,886		177,458
Due after ten years		659,633		682,942
Total investment securities available-for-sale	$	952,844	$	986,500

Carrying Value of Securities Pledged As Collateral

(in thousands)	Carrying Amount
Washington and Oregon State public deposits	$	220,540
Federal Home Loan Bank advances		92,418
Federal Reserve Bank borrowings		51,657
Repurchase agreement		27,556
Interest rate contracts		13,336
Other		1,429
Total securities pledged as collateral	$	406,936

Summary of Gross Unrealized Losses and Fair Value of the Investments with Unrealized Losses

June 30, 2011
	Less than 12 Months					12 Months or More					Total
(in thousands)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	26,028	($	83	)	$	347	($	1	)	$	26,375	($	84	)
State and municipal securities		27,944		(636	)		2,829		(222	)		30,773		(858	)
Other securities		0		0			969		(31	)		969		(31	)
Total	$	53,972	($	719	)	$	4,145	($	254	)	$	58,117	($	973	)
December 31, 2010
	Less than 12 Months					12 Months or More					Total
(in thousands)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	86,529	($	1,025	)	$	588	($	2	)	$	87,117	($	1,027	)
State and municipal securities		74,755		(2,099	)		2,792		(284	)		77,547		(2,383	)
Other securities		2,275		(6	)		968		(32	)		3,243		(38	)
Total	$	163,559	($	3,130	)	$	4,348	($	318	)	$	167,907	($	3,448	)