Investments (Tables)

12 Months Ended

Dec. 31, 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:

 

	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available for sale:
Mortgage-backed securities	$	215,888	$	1,895	$	(658	)	$	217,125
Utah Housing Corporation bonds	19,474		145		(83		)	19,536
U.S. government-sponsored enterprises	250,394		635		(21		)	251,008
Total	$	485,756	$	2,675	$	(762	)	$	487,669
	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 December 31, 2019:
Mortgage-backed securities	$	(218	)	$	25,624	$	(440	)	$	42,448	$	(658	)	$	68,072
Utah Housing Corporation bonds	—			—		(83		)	11,097		(83		)	11,097
U.S. government-sponsored enterprises	(21		)	14,977		—			—		(21		)	14,977
Total	$	(239	)	$	40,601	$	(523	)	$	53,545	$	(762	)	$	94,146
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 December 31, 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	$	77,240	$	77,385
2021	138,157		138,640
2022	34,997		34,983
2038	176		191
2039	2,597		2,778
2042	7,196		7,050
2043	11,661		11,813
2044	17,300		17,487
2045	18,280		18,332
2046	28,892		28,822
2047	45,411		45,353
2048	12,154		12,478
2049	91,695		92,357
Total	$	485,756	$	487,669