Investments (Tables)

6 Months Ended

Jun. 30, 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:


	June 30, 2020
	Amortized Cost		Allowance for credit losses⁽¹⁾		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available-for-sale:
Mortgage-backed securities	$	312,549	$	—	$	5,832	$	(378)	$	318,003
Utah Housing Corporation bonds	15,931		—		224		—		16,155
U.S. government-sponsored enterprises and Treasuries	1,608,837		—		4,073		(6)		1,612,904
Other securities	75,704		—		—		(1,818)		73,886
Total	$	2,013,021	$	—	$	10,129	$	(2,202)	$	2,020,948

	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 June 30, 2020:
Mortgage-backed securities	$	(378)	$	123,612	$	—	$	—	$	(378)	$	123,612
Utah Housing Corporation bonds	—		—		—		—		—		—
U.S. government-sponsored enterprises and Treasuries	(6)		174,867		—		—		(6)		174,867
Other securities	(1,818)		73,886		—		—		(1,818)		73,886
Total	$	(2,202)	$	372,365	$	—	$	—	$	(2,202)	$	372,365

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 June 30, 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	$	416,977	$	417,051
2021	354,463		356,542
2022	814,700		816,138
2023	22,696		23,173
2038	173		196
2039	2,301		2,530
2042	6,922		7,016
2043	10,804		11,342
2044	14,552		15,093
2045	13,909		14,358
2046	22,838		23,480
2047	34,843		35,351
2048	8,824		9,190
2049	67,357		69,867
2050	145,958		145,735
2054	75,704		73,886
Total	$	2,013,021	$	2,020,948