Investments (Tables)

3 Months Ended

Mar. 31, 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:


	March 31, 2021
	Amortized Cost		Allowance for credit losses(1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available-for-sale:
Mortgage-backed securities	$	348,080	$	—	$	3,492	$	(6,545)	$	345,027
Utah Housing Corporation bonds	8,375		—		80		(15)		8,440
U.S. government-sponsored enterprises and Treasuries	1,560,848		—		2,581		(146)		1,563,283
Other securities	198,976		—		769		(610)		199,135
Total	$	2,116,279	$	—	$	6,922	$	(7,316)	$	2,115,885

	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 March 31, 2021:
Mortgage-backed securities	$	(6,545)	$	242,386	$	—	$	—	$	(6,545)	$	242,386
Utah Housing Corporation bonds	(15)		4,357		—		—		(15)		4,357
U.S. government-sponsored enterprises and Treasuries	(146)		114,870		—		—		(146)		114,870
Other securities	(339)		89,603		(271)		12,776		(610)		102,379
Total	$	(7,045)	$	451,216	$	(271)	$	12,776	$	(7,316)	$	463,992

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 March 31, 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	$	293,759	$	294,232
2022	1,018,268		1,019,960
2023	148,822		149,166
2024	100,000		99,925
2038	76		88
2039	1,601		1,773
2042	4,201		4,206
2043	7,415		7,711
2044	10,133		10,610
2045	8,870		9,179
2046	14,414		14,797
2047	18,646		18,992
2048	4,362		4,545
2049	36,368		37,683
2050	174,919		170,740
2051	75,449		73,143
2053	134,414		134,289
2054	64,562		64,846
Total	$	2,116,279	$	2,115,885