Investments (Tables)

9 Months Ended

Sep. 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:


	September 30, 2020
	Amortized Cost		Allowance for credit losses⁽¹⁾		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available-for-sale:
Mortgage-backed securities	$	308,757	$	—	$	5,670	$	(100)	$	314,327
Utah Housing Corporation bonds	12,357		—		170		—		12,527
U.S. government-sponsored enterprises and Treasuries	1,687,856		—		3,688		(10)		1,691,534
Other securities	72,266		—		396		(343)		72,319
Total	$	2,081,236	$	—	$	9,924	$	(453)	$	2,090,707

	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 September 30, 2020:
Mortgage-backed securities	$	(100)	$	26,026	$	—	$	—	$	(100)	$	26,026
Utah Housing Corporation bonds	—		—		—		—		—		—
U.S. government-sponsored enterprises and Treasuries	(10)		76,010		—		—		(10)		76,010
Other securities	(343)		33,918		—		—		(343)		33,918
Total	$	(453)	$	135,954	$	—	$	—	$	(453)	$	135,954

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 September 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	$	214,950	$	214,970
2021	454,287		455,932
2022	878,920		880,483
2023	139,699		140,147
2038	172		195
2039	2,058		2,271
2042	5,738		5,750
2043	9,572		10,027
2044	12,993		13,540
2045	12,176		12,611
2046	19,044		19,485
2047	28,940		29,448
2048	6,907		7,209
2049	56,060		58,279
2050	167,454		168,041
2054	72,266		72,319
Total	$	2,081,236	$	2,090,707