v3.24.3
Investments (Tables)
 9 Months Ended
Sep. 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 September 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$515,923 $— $1,664 $(54,875)$462,712 
Utah Housing Corporation bonds2,849 — — (318)2,531 
U.S. government-sponsored enterprises and Treasuries997,530 — — (31,323)966,207 
Other securities596,955 — 7,024 (12,824)591,155 
Total $2,113,257 $— $8,688 $(99,340)$2,022,605 
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 September 30, 2024:
Mortgage-backed securities$(101)$34,601 $(54,774)$309,842 $(54,875)$344,443 
Utah Housing Corporation bonds— — (318)2,531 (318)2,531 
U.S. government-sponsored enterprises and Treasuries— — (31,323)966,207 (31,323)966,207 
Other securities(123)22,933 (12,701)206,952 (12,824)229,885 
Total$(224)$57,534 $(99,116)$1,485,532 $(99,340)$1,543,066 
As of December 31, 2023:
Mortgage-backed securities$(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 September 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 September 30, 2024
Year of Maturity
(dollars in thousands)
Amortized CostEstimated Fair Value
2024$49,998 $49,922 
2025299,564 296,634 
2026549,052 522,070 
202798,916 97,582 
203866 68 
2039561 563 
20422,152 1,914 
20433,813 3,512 
20444,125 3,867 
20454,567 4,170 
20467,014 6,318 
20476,980 6,339 
20481,706 1,597 
204914,973 13,648 
2050102,417 84,272 
2051146,699 119,429 
205259,033 53,601 
2053312,243 310,480 
2054132,881 128,397 
205575,043 73,470 
2056200,334 202,800 
205841,120 41,952 
Total$2,113,257 $2,022,605