Investments (Tables)

6 Months Ended

Jun. 30, 2022

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:

As of June 30, 2022 (dollars in thousands)	Amortized Cost		Allowance for credit losses(1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available-for-sale:
Mortgage-backed securities	$	404,868	$	—	$	21	$	(50,144)	$	354,745
Utah Housing Corporation bonds	4,926		—		—		(138)		4,788
U.S. government-sponsored enterprises and Treasuries	1,971,970		—		104		(83,361)		1,888,713
Other securities	332,031		—		—		(13,721)		318,310
Total	$	2,713,795	$	—	$	125	$	(147,364)	$	2,566,556
As of December 31, 2021 (dollars in thousands)	Amortized Cost		Allowance for credit losses(1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available-for-sale:
Mortgage-backed securities	$	376,313	$	—	$	1,857	$	(7,073)	$	371,097
Utah Housing Corporation bonds	6,943		—		18		—		6,961
U.S. government-sponsored enterprises and Treasuries	1,958,943		—		603		(11,893)		1,947,653
Other securities	193,369		—		439		(1,563)		192,245
Total	$	2,535,568	$	—	$	2,917	$	(20,529)	$	2,517,956

(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:

(Dollars in thousands)	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, 2022:
Mortgage-backed securities	$	(19,258)	$	176,135	$	(30,886)	$	177,659	$	(50,144)	$	353,794
Utah Housing Corporation bonds	(138)		4,788		—		—		(138)		4,788
U.S. government-sponsored enterprises and Treasuries	(78,992)		1,679,962		(4,369)		110,640		(83,361)		1,790,602
Other securities	(10,018)		171,782		(3,703)		35,888		(13,721)		207,670
Total	$	(108,406)	$	2,032,667	$	(38,958)	$	324,187	$	(147,364)	$	2,356,854
As of December 31, 2021:
Mortgage-backed securities	$	(5,534)	$	261,404	$	(1,540)	$	36,587	$	(7,074)	$	297,991
Utah Housing Corporation bonds	—		—		—		—		—		—
U.S. government-sponsored enterprises and Treasuries	(11,892)		1,199,367		—		—		(11,892)		1,199,367
Other securities	(1,563)		132,884		—		—		(1,563)		132,884
Total	$	(18,989)	$	1,593,655	$	(1,540)	$	36,587	$	(20,529)	$	1,630,242

Amortized Cost and Fair Value of Securities by Contractual Maturities

As of June 30, 2022, 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.

As of June 30, 2022 Year of Maturity (dollars in thousands)	Amortized Cost		Estimated Fair Value
2022	$	168,911	$	167,988
2023	162,572		158,500
2024	697,203		671,600
2025	297,323		289,516
2026	547,952		502,996
2027	98,007		98,111
2038	73		76
2039	858		875
2042	2,869		2,605
2043	4,890		4,626
2044	6,003		5,766
2045	5,761		5,409
2046	8,740		8,138
2047	9,848		9,394
2048	2,423		2,373
2049	17,158		16,122
2050	122,356		104,863
2051	169,687		144,802
2052	59,129		54,486
2053	124,157		116,111
2054	97,235		91,559
2055	110,640		110,640
Total	$	2,713,795	$	2,566,556