Investments (Tables)

3 Months Ended

Mar. 31, 2020

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:


	March 31, 2020
	Amortized Cost		Allowance for credit losses⁽¹⁾		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available-for-sale:
Mortgage-backed securities	$	206,640	$	—	$	6,400	$	—	$	213,040
Utah Housing Corporation bonds	15,931		—		156		(74)		16,013
U.S. government-sponsored enterprises	306,491		—		3,206		(8)		309,689
Other securities	78,805		—		—		(2,965)		75,840
Total	$	607,867	$	—	$	9,762	$	(3,047)	$	614,582

	December 31, 2019
	Amortized Cost		Allowance for credit losses⁽¹⁾		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

___________

(1) Represents the amount of impairment that has resulted from credit related factors, and that was recognized in the consolidated balance sheets (as a credit loss expense on available-for-sale securities). The amount excludes unrealized losses related to non-credit factors.

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 March 31, 2020:
Mortgage-backed securities	$	—	$	—	$	—	$	—	$	—	$	—
Utah Housing Corporation bonds	—		—		(74)		8,965		(74)		8,965
U.S. government-sponsored enterprises	(8)		16,823		—		—		(8)		16,823
Other securities	(2,965)		75,840		—		—		(2,965)		75,840
Total	$	(2,973)	$	92,663	$	(74)	$	8,965	$	(3,047)	$	101,628

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

Amortized cost and fair value of securities by contractual maturities

As of March 31, 2020, 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	$	94,048	$	94,320
2021	145,340		147,711
2022	54,127		54,317
2023	12,977		13,341
2038	175		192
2039	2,457		2,668
2042	7,115		7,172
2043	11,130		11,560
2044	16,149		16,684
2045	16,896		17,286
2046	27,641		28,385
2047	39,927		40,313
2048	10,248		10,664
2049	84,282		87,458
2050	6,550		6,671
2054	78,805		75,840
Total	$	607,867	$	614,582