Investments (Tables)

9 Months Ended

Sep. 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:

	September 30, 2021
	Amortized Cost		Allowance for credit losses(1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available-for-sale:
Mortgage-backed securities	$	368,545	$	—	$	2,636	$	(5,408)	$	365,773
Utah Housing Corporation bonds	6,943		—		108		—		7,051
U.S. government-sponsored enterprises and Treasuries	1,925,622		—		1,952		(1,125)		1,926,449
Other securities	204,977		—		1,475		(353)		206,099
Total	$	2,506,087	$	—	$	6,171	$	(6,886)	$	2,505,372
	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 September 30, 2021:
Mortgage-backed securities	$	(5,283)	$	277,142	$	(125)	$	5,869	$	(5,408)	$	283,011
Utah Housing Corporation bonds	—		—		—		—		—		—
U.S. government-sponsored enterprises and Treasuries	(1,125)		413,177		—		—		(1,125)		413,177
Other securities	(353)		47,401		—		—		(353)		47,401
Total	$	(6,761)	$	737,720	$	(125)	$	5,869	$	(6,886)	$	743,589
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 September 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	$	16,029	$	16,045
2022	850,772		851,858
2023	162,641		162,906
2024	448,293		447,649
2026	447,886		447,991
2038	74		80
2039	1,079		1,187
2042	3,421		3,443
2043	6,121		6,394
2044	7,826		8,164
2045	7,143		7,418
2046	10,898		11,170
2047	13,598		13,935
2048	2,966		3,070
2049	24,506		25,449
2050	148,550		145,645
2051	149,307		146,869
2053	148,730		149,218
2054	56,247		56,881
Total	$	2,506,087	$	2,505,372