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Investments (Tables) | 9 Months Ended
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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 |

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