v3.24.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2024
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, 2024
(dollars in thousands)		Amortized Cost
Allowance for credit losses(1)
Gross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Available-for-sale:
Mortgage-backed securities$509,861 $— $206 $(73,956)$436,111 
Utah Housing Corporation bonds3,201 — — (320)2,881 
U.S. government-sponsored enterprises and Treasuries1,296,942 — — (55,211)1,241,731 
Other securities618,033 — 3,722 (19,216)602,539 
Total $2,428,037 $— $3,928 $(148,703)$2,283,262 
As of December 31, 2023
(dollars in thousands)		Amortized Cost
Allowance for credit losses(1)
Gross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Available-for-sale:
Mortgage-backed securities$468,204 $— $703 $(62,480)$406,427 
Utah Housing Corporation bonds3,408 — — (279)3,129 
U.S. government-sponsored enterprises and Treasuries1,645,609 — — (66,870)1,578,739 
Other securities446,763 — 603 (24,039)423,327 
Total $2,563,984 $— $1,306 $(153,668)$2,411,622 
(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 months12 months or moreTotal
Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value
As of June 30, 2024:
Mortgage-backed securities$(1,739)$106,041 $(72,217)$313,289 $(73,956)$419,330 
Utah Housing Corporation bonds— — (320)2,881 (320)2,881 
U.S. government-sponsored enterprises and Treasuries— — (55,211)1,241,731 (55,211)1,241,731 
Other securities(1,158)77,628 (18,058)244,502 (19,216)322,130 
Total$(2,897)$183,669 $(145,806)$1,802,403 $(148,703)$1,986,072 
As of December 31, 2023:
Mortgage-backed securities$(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 
Schedule of Amortized Cost and Fair Value of Securities by Contractual Maturities
As of June 30, 2024, 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, 2024
Year of Maturity
(dollars in thousands)
Amortized CostEstimated Fair Value
2024349,887 346,293 
2025299,312 292,886 
2026548,929 507,701 
202798,814 94,851 
203867 67 
2039570 552 
20422,201 1,870 
20433,864 3,396 
20444,297 3,846 
20454,615 4,011 
20467,389 6,370 
20477,359 6,424 
20481,731 1,650 
204915,114 13,095 
2050103,837 80,824 
2051149,872 115,523 
205260,026 52,066 
2053323,017 315,286 
2054120,309 112,740 
205578,597 75,905 
2056205,354 204,708 
205842,876 43,198 
Total$2,428,037 $2,283,262