Investments (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025 (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	$	544,422	$	—	$	621	$	(64,620)	$	480,423
Utah Housing Corporation bonds	2,659		—		—		(409)		2,250
U.S. government-sponsored enterprises and Treasuries	648,413		—		—		(24,058)		624,355
Other securities	551,570		—		9,234		(10,855)		549,949
Total	$	1,747,064	$	—	$	9,855	$	(99,942)	$	1,656,977

As of December 31, 2024 (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	$	516,358	$	—	$	205	$	(73,235)	$	443,328
Utah Housing Corporation bonds	2,849		—		—		(490)		2,359
U.S. government-sponsored enterprises and Treasuries	948,009		—		—		(32,265)		915,744
Other securities	575,257		—		8,633		(12,095)		571,795
Total	$	2,042,473	$	—	$	8,838	$	(118,085)	$	1,933,226

(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:


(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, 2025:
Mortgage-backed securities	$	(846)	$	96,803	$	(63,774)	$	308,278	$	(64,620)	$	405,081
Utah Housing Corporation bonds	—		—		(409)		2,250		(409)		2,250
U.S. government-sponsored enterprises and Treasuries	—		—		(24,058)		624,355		(24,058)		624,355
Other securities	(61)		11,593		(10,794)		140,698		(10,855)		152,291
Total	$	(907)	$	108,396	$	(99,035)	$	1,075,581	$	(99,942)	$	1,183,977

As of December 31, 2024:
Mortgage-backed securities	$	(2,723)	$	137,585	$	(70,512)	$	290,257	$	(73,235)	$	427,842
Utah Housing Corporation bonds	—		—		(490)		2,359		(490)		2,359
U.S. government-sponsored enterprises and Treasuries	—		—		(32,265)		915,744		(32,265)		915,744
Other securities	(74)		11,579		(12,021)		182,215		(12,095)		193,794
Total	$	(2,797)	$	149,164	$	(115,288)	$	1,390,575	$	(118,085)	$	1,539,739

Schedule of Amortized Cost and Fair Value of Securities by Contractual Maturities

As of March 31, 2025, 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, 2025 Year of Maturity (dollars in thousands)	Amortized Cost		Estimated Fair Value
2026	$	549,295	$	526,987
2027	99,118		97,369
2038	65		66
2039	541		530
2042	2,071		1,784
2043	3,709		3,326
2044	4,044		3,683
2045	4,465		3,955
2046	6,894		6,047
2047	6,481		5,695
2048	1,682		1,501
2049	14,580		12,869
2050	99,980		79,163
2051	142,312		111,537
2052	56,137		49,462
2053	288,001		286,533
2054	136,475		131,665
2055	105,981		105,006
2056	187,742		191,280
2058	37,491		38,519
Total	$	1,747,064	$	1,656,977