Investments (Tables)

9 Months Ended

Sep. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Schedule of amortized cost and fair value of securities available-for-sale

The amortized cost and fair value of securities available for sale are as follows:

	September 30, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available for sale:
Mortgage-backed securities	$	219,531	$	1,807	$	(723	)	$	220,615
Utah Housing Corporation bonds	19,474		149		(261		)	19,362
U.S. government-sponsored enterprises	215,598		473		(80		)	215,991
Total	$	454,603	$	2,429	$	(1,064	)	$	455,968
	December 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available for sale:
Mortgage-backed securities	$	159,937	$	155	$	(5,517	)	$	154,575
Utah Housing Corporation bonds	22,388		23		(741		)	21,670
Total	$	182,325	$	178	$	(6,258	)	$	176,245

Available-for-sale securities, continuous unrealized loss position, fair value

The following table summarizes the amount of gross unrealized losses for our available for sale securities and the estimated fair value for securities having gross unrealized loss positions, categorized by length of time the securities have been in an unrealized loss position:

	Less than 12 months					12 months or more					Total
	Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value
As of September 30, 2019:
Mortgage-backed securities	$	(126	)	$	6,920	$	(597	)	$	73,337	$	(723	)	$	80,257
Utah Housing Corporation bonds	—			—		(261		)	10,919		(261		)	10,919
U.S. government-sponsored enterprises	(80		)	34,917		—			—		(80		)	34,917
Total	$	(206	)	$	41,837	$	(858	)	$	84,256	$	(1,064	)	$	126,093
As of December 31, 2018:
Mortgage-backed securities	$	(228	)	$	16,948	$	(5,289	)	$	125,537	$	(5,517	)	$	142,485
Utah Housing Corporation bonds	—			—		(741		)	16,647		(741		)	16,647
Total	$	(228	)	$	16,948	$	(6,030	)	$	142,184	$	(6,258	)	$	159,132

Amortized cost and fair value of securities by contractual maturities

As of September 30, 2019, the amortized cost and fair value of securities, by contractual maturities, are summarized below. Contractual maturities versus actual maturities may differ due to the effect of prepayments.

Year of Maturity	Amortized Cost		Estimated Fair Value
2020	$	77,265	$	77,377
2021	103,336		103,698
2022	34,997		34,917
2038	260		284
2039	2,880		3,071
2042	7,558		7,388
2043	12,274		12,420
2044	18,838		18,994
2045	20,227		20,259
2046	32,152		32,028
2047	48,145		47,816
2048	13,205		13,548
2049	83,466		84,168
Total	$	454,603	$	455,968