Investments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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	$	561,587	$	—	$	625	$	(63,905)	$	498,307
Utah Housing Corporation bonds	2,659		—		—		(420)		2,239
U.S. government-sponsored enterprises and Treasuries	648,636		—		—		(19,513)		629,123
Other securities	529,981		—		3,845		(12,839)		520,987
Total	$	1,742,863	$	—	$	4,470	$	(96,677)	$	1,650,656

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 June 30, 2025:
Mortgage-backed securities	$	(881)	$	134,350	$	(63,024)	$	299,700	$	(63,905)	$	434,050
Utah Housing Corporation bonds	—		—		(420)		2,239		(420)		2,239
U.S. government-sponsored enterprises and Treasuries	—		—		(19,513)		629,123		(19,513)		629,123
Other securities	(969)		120,383		(11,870)		131,637		(12,839)		252,020
Total	$	(1,850)	$	254,733	$	(94,827)	$	1,062,699	$	(96,677)	$	1,317,432

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 June 30, 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 June 30, 2025 Year of Maturity (dollars in thousands)	Amortized Cost		Estimated Fair Value
2026	$	549,417	$	531,168
2027	99,219		97,955
2038	64		65
2039	531		522
2042	1,894		1,647
2043	3,593		3,223
2044	4,001		3,647
2045	4,319		3,835
2046	6,834		5,990
2047	6,282		5,516
2048	1,678		1,492
2049	13,929		12,279
2050	98,147		77,538
2051	139,167		108,529
2052	53,864		47,250
2053	276,396		272,424
2054	131,424		126,298
2055	134,514		132,583
2056	181,834		182,473
2058	35,756		36,222
Total	$	1,742,863	$	1,650,656