Investments (Tables)

6 Months Ended

Jun. 30, 2021

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, 2021
	Amortized Cost		Allowance for credit losses(1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available-for-sale:
Mortgage-backed securities	$	373,019	$	—	$	2,892	$	(3,762)	$	372,149
Utah Housing Corporation bonds	8,375		—		107		—		8,482
U.S. government-sponsored enterprises and Treasuries	1,471,892		—		2,003		(264)		1,473,631
Other securities	217,064		—		1,309		(326)		218,047
Total	$	2,070,350	$	—	$	6,311	$	(4,352)	$	2,072,309
	December 31, 2020
	Amortized Cost		Allowance for credit losses(1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available-for-sale:
Mortgage-backed securities	$	308,913	$	—	$	6,095	$	(134)	$	314,874
Utah Housing Corporation bonds	12,357		—		210		—		12,567
U.S. government-sponsored enterprises	1,596,890		—		3,395		—		1,600,285
Other securities	68,797		—		462		(351)		68,908
Total	$	1,986,957	$	—	$	10,162	$	(485)	$	1,996,634

___________

(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, 2021:
Mortgage-backed securities	$	(3,762)	$	251,811	$	—	$	—	$	(3,762)	$	251,811
Utah Housing Corporation bonds	—		—		—		—		—		—
U.S. government-sponsored enterprises and Treasuries	(264)		316,890		—		—		(264)		316,890
Other securities	(325)		75,773		(1)		2,557		(326)		78,330
Total	$	(4,351)	$	644,474	$	(1)	$	2,557	$	(4,352)	$	647,031
As of December 31, 2020:
Mortgage-backed securities	$	(134)	$	46,011	$	—	$	—	$	(134)	$	46,011
Utah Housing Corporation bonds	—		—		—		—		—		—
U.S. government-sponsored enterprises	—		—		—		—		—		—
Other securities	(351)		30,441		—		—		(351)		30,441
Total	$	(485)	$	76,452	$	—	$	—	$	(485)	$	76,452

Amortized cost and fair value of securities by contractual maturities

As of June 30, 2021, 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
2021	$	31,146	$	31,239
2022	992,519		993,634
2023	198,664		198,857
2024	50,000		49,990
2026	199,563		199,910
2038	75		81
2039	1,192		1,304
2042	4,041		4,068
2043	6,655		6,923
2044	8,542		8,883
2045	7,934		8,202
2046	12,528		12,796
2047	16,253		16,533
2048	4,114		4,269
2049	28,654		29,706
2050	163,165		160,817
2051	128,241		127,049
2053	156,676		157,060
2054	60,388		60,988
Total	$	2,070,350	$	2,072,309