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Investments (Tables) | 3 Months Ended
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Mar. 31, 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 March 31, 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 |  | $ | 400,647 |  |  | $ | — |  |  | $ | 74 |  |  | $ | (29,641) |  |  | $ | 371,080 |
Utah Housing Corporation bonds |  | 4,926 |  |  | — |  |  | — |  |  | (77) |  |  | 4,849 |
U.S. government-sponsored enterprises and Treasuries |  | 1,799,080 |  |  | — |  |  | — |  |  | (63,830) |  |  | 1,735,250 |
Other securities |  | 235,551 |  |  | — |  |  | — |  |  | (5,179) |  |  | 230,372 |
Total |  | $ | 2,440,204 |  |  | $ | — |  |  | $ | 74 |  |  | $ | (98,727) |  |  | $ | 2,341,551 |
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 March 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | (12,056) |  |  | $ | 188,447 |  |  | $ | (17,585) |  |  | $ | 176,659 |  |  | $ | (29,641) |  |  | $ | 365,106 |
Utah Housing Corporation bonds |  | (77) |  |  | 4,849 |  |  | — |  |  | — |  |  | (77) |  |  | 4,849 |
U.S. government-sponsored enterprises and Treasuries |  | (61,996) |  |  | 1,647,055 |  |  | (1,834) |  |  | 63,176 |  |  | (63,830) |  |  | 1,710,231 |
Other securities |  | (3,266) |  |  | 137,845 |  |  | (1,913) |  |  | 36,752 |  |  | (5,179) |  |  | 174,597 |
Total |  | $ | (77,395) |  |  | $ | 1,978,196 |  |  | $ | (21,332) |  |  | $ | 276,587 |  |  | $ | (98,727) |  |  | $ | 2,254,783 |
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 March 31, 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 March 31, 2022 Year of Maturity (dollars in thousands) |  | Amortized Cost |  | Estimated Fair Value
2022 |  | $ | 194,309 |  |  | $ | 193,447 |
2023 |  | 162,595 |  |  | 159,383 |
2024 |  | 597,268 |  |  | 577,077 |
2025 |  | 297,077 |  |  | 293,021 |
2026 |  | 547,832 |  |  | 512,323 |
2038 |  | 73 |  |  | 76 |
2039 |  | 873 |  |  | 916 |
2042 |  | 2,912 |  |  | 2,768 |
2043 |  | 5,415 |  |  | 5,336 |
2044 |  | 7,015 |  |  | 6,959 |
2045 |  | 6,158 |  |  | 6,018 |
2046 |  | 9,374 |  |  | 9,085 |
2047 |  | 9,957 |  |  | 9,751 |
2048 |  | 2,427 |  |  | 2,437 |
2049 |  | 18,261 |  |  | 17,902 |
2050 |  | 127,490 |  |  | 116,445 |
2051 |  | 174,646 |  |  | 159,542 |
2052 |  | 40,972 |  |  | 38,693 |
2053 |  | 132,336 |  |  | 128,621 |
2054 |  | 103,214 |  |  | 101,751 |
Total |  | $ | 2,440,204 |  |  | $ | 2,341,551 |

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