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Investments (Tables) | 12 Months Ended
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Dec. 31, 2023
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 December 31, 2023 (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 |  | $ | 468,204 |  |  | $ | — |  |  | $ | 703 |  |  | $ | (62,480) |  |  | $ | 406,427 |
Utah Housing Corporation bonds |  | 3,408 |  |  | — |  |  | — |  |  | (279) |  |  | 3,129 |
U.S. government-sponsored enterprises and Treasuries |  | 1,645,609 |  |  | — |  |  | — |  |  | (66,870) |  |  | 1,578,739 |
Other securities |  | 446,763 |  |  | — |  |  | 603 |  |  | (24,039) |  |  | 423,327 |
Total |  | $ | 2,563,984 |  |  | $ | — |  |  | $ | 1,306 |  |  | $ | (153,668) |  |  | $ | 2,411,622 |
As of December 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 |  | $ | 389,067 |  |  | $ | — |  |  | $ | 2 |  |  | $ | (68,705) |  |  | $ | 320,364 |
Utah Housing Corporation bonds |  | 3,584 |  |  | — |  |  | — |  |  | (357) |  |  | 3,227 |
U.S. government-sponsored enterprises and Treasuries |  | 1,804,726 |  |  | — |  |  | — |  |  | (115,416) |  |  | 1,689,310 |
Other securities |  | 356,955 |  |  | — |  |  | 33 |  |  | (27,800) |  |  | 329,188 |
Total |  | $ | 2,554,332 |  |  | $ | — |  |  | $ | 35 |  |  | $ | (212,278) |  |  | $ | 2,342,089 |
(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.
Schedule of 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
As of December 31, (dollars in thousands) |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value
2023: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | (531) |  |  | $ | 51,391 |  |  | $ | (61,949) |  |  | $ | 300,318 |  |  | $ | (62,480) |  |  | $ | 351,709 |
Utah Housing Corporation bonds |  | — |  |  | — |  |  | (279) |  |  | 3,129 |  |  | (279) |  |  | 3,129 |
U.S. government-sponsored enterprises and Treasuries |  | — |  |  | — |  |  | (66,870) |  |  | 1,578,739 |  |  | (66,870) |  |  | 1,578,739 |
Other securities |  | (2,221) |  |  | 90,725 |  |  | (21,818) |  |  | 241,253 |  |  | (24,039) |  |  | 331,978 |
Total |  | $ | (2,752) |  |  | $ | 142,116 |  |  | $ | (150,916) |  |  | $ | 2,123,439 |  |  | $ | (153,668) |  |  | $ | 2,265,555 |
2022: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | (13,956) |  |  | $ | 99,598 |  |  | $ | (54,749) |  |  | $ | 220,576 |  |  | $ | (68,705) |  |  | $ | 320,174 |
Utah Housing Corporation bonds |  | (357) |  |  | 3,227 |  |  | — |  |  | — |  |  | (357) |  |  | 3,227 |
U.S. government-sponsored enterprises and Treasuries |  | (28,128) |  |  | 689,300 |  |  | (87,288) |  |  | 1,000,010 |  |  | (115,416) |  |  | 1,689,310 |
Other securities |  | (15,852) |  |  | 232,546 |  |  | (11,948) |  |  | 92,883 |  |  | (27,800) |  |  | 325,429 |
Total |  | $ | (58,293) |  |  | $ | 1,024,671 |  |  | $ | (153,985) |  |  | $ | 1,313,469 |  |  | $ | (212,278) |  |  | $ | 2,338,140 |
Schedule of Amortized Cost and Fair Value of Securities by Contractual Maturities | As of December 31, 2023, 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 December 31, 2023 Year of Maturity (Dollars in thousands) | Amortized Cost |  | Estimated Fair Value
2024 | $ | 699,496 |  |  | $ | 686,762 |
2025 | 298,815 |  |  | 289,794 |
2026 | 548,686 |  |  | 506,438 |
2027 | 98,612 |  |  | 95,746 |
2038 | 68 |  |  | 69 |
2039 | 646 |  |  | 639 |
2042 | 2,296 |  |  | 2,002 |
2043 | 4,156 |  |  | 3,773 |
2044 | 4,837 |  |  | 4,483 |
2045 | 5,107 |  |  | 4,596 |
2046 | 7,725 |  |  | 6,897 |
2047 | 7,646 |  |  | 6,880 |
2048 | 2,027 |  |  | 1,971 |
2049 | 15,792 |  |  | 14,170 |
2050 | 107,611 |  |  | 87,112 |
2051 | 154,622 |  |  | 124,399 |
2052 | 53,653 |  |  | 46,966 |
2053 | 245,209 |  |  | 236,537 |
2054 | 71,439 |  |  | 63,426 |
2055 | 86,199 |  |  | 81,892 |
2056 | 102,609 |  |  | 100,728 |
2058 | 46,733 |  |  | 46,342 |
Total | $ | 2,563,984 |  |  | $ | 2,411,622 |

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