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Investment Securities | 3 Months Ended
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Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities The amortized cost and approximate fair values of investment securities are summarized as follows:
March 31, 2019 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value
Available-for-Sale: |  |  |  |
U.S. Treasury notes | $ | 4.0 |  | $ | — |  | $ | — |  | $ | 4.0 |
State, county and municipal securities | 77.7 |  | 0.8 |  | (0.1 | ) | 78.4 |
Obligations of U.S. government agencies | 601.4 |  | 0.3 |  | (4.0 | ) | 597.7 |
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | 1,735.9 |  | 9.4 |  | (12.4 | ) | 1,732.9 |
Private mortgage-backed securities | 66.2 |  | — |  | (0.9 | ) | 65.3 |
Corporate securities | 92.1 |  | 0.2 |  | (0.3 | ) | 92.0 |
Other investments | 1.7 |  | — |  | — |  | 1.7 |
Total | $ | 2,579.0 |  | $ | 10.7 |  | $ | (17.7 | ) | $ | 2,572.0 |
March 31, 2019 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value
Held-to-Maturity: |  |  |  |
State, county and municipal securities | $ | 67.6 |  | $ | 1.5 |  | $ | (0.2 | ) | $ | 68.9 |
Obligations of U.S. government agencies | 19.8 |  | — |  | (0.2 | ) | 19.6 |
U.S agency residential mortgage-backed securities & collateralized mortgage obligations | 1.3 |  | — |  | — |  | 1.3 |
Corporate securities | 28.2 |  | — |  | (0.1 | ) | 28.1 |
Other investments | 0.1 |  | — |  | — |  | 0.1 |
Total | $ | 117.0 |  | $ | 1.5 |  | $ | (0.5 | ) | $ | 118.0 |
December 31, 2018 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value
Available-for-Sale: |  |  |  |
U.S. Treasury notes | $ | 2.6 |  | $ | — |  | $ | — |  | $ | 2.6 |
Obligations of U.S. government agencies | 569.3 |  | 0.1 |  | (10.2 | ) | 559.2 |
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | 1,566.4 |  | 2.5 |  | (24.1 | ) | 1,544.8 |
Private mortgage-backed securities | 72.0 |  | — |  | (1.8 | ) | 70.2 |
Corporate securities | 92.9 |  | — |  | (1.0 | ) | 91.9 |
Other investments | 2.0 |  | — |  | — |  | 2.0 |
Total | $ | 2,305.2 |  | $ | 2.6 |  | $ | (37.1 | ) | $ | 2,270.7 |
December 31, 2018 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value
Held-to-Maturity: |  |  |  |
State, county and municipal securities | $ | 150.9 |  | $ | 1.8 |  | $ | (0.9 | ) | $ | 151.8 |
Obligations of U.S. government agencies | 19.8 |  | — |  | (0.3 | ) | 19.5 |
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | 189.7 |  | 0.3 |  | (6.5 | ) | 183.5 |
Corporate securities | 46.3 |  | 0.1 |  | (0.6 | ) | 45.8 |
Other investments | 0.1 |  | — |  | — |  | 0.1 |
Total | $ | 406.8 |  | $ | 2.2 |  | $ | (8.3 | ) | $ | 400.7 |
At December 31, 2018, we had $406.8 million of investment securities classified as held to maturity. As a result of the adoption of ASU 2017-12 discussed in “Note 16 – Recent Authoritative Accounting Guidance” included in this report, the Company transferred investment securities classified as held-to-maturity to investment securities available-for-sale. At the time of transfer, the amortized cost and fair value of these securities totaled $281.1 million and $275.0 million, respectively. In addition, the unrealized loss of $6.0 million was recorded in the consolidated statement of comprehensive income. There were no material gross realized gains and losses from the disposition of available-for-sale investment securities for the three month periods ended March 31, 2019 and 2018. The following tables show the gross unrealized losses and fair values of investment securities, aggregated by investment category, and the length of time individual investment securities have been in a continuous unrealized loss position, as of March 31, 2019 and December 31, 2018:
| Less than 12 Months |  | 12 Months or More |  | Total
March 31, 2019 | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses
Available-for-Sale: |  |  |  |  |  |  |  |
State, county and municipal securities | $ | — |  | $ | — |  |  | $ | 16.2 |  | $ | (0.1 | ) |  | $ | 16.2 |  | $ | (0.1 | )
Obligations of U.S. government agencies | 336.8 |  | (2.8 | ) |  | 129.7 |  | (1.2 | ) |  | 466.5 |  | (4.0 | )
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | 535.9 |  | (6.9 | ) |  | 450.3 |  | (5.5 | ) |  | 986.2 |  | (12.4 | )
Private mortgage-backed securities | — |  | — |  |  | 64.5 |  | (0.9 | ) |  | 64.5 |  | (0.9 | )
Corporate securities | — |  | — |  |  | 36.9 |  | (0.3 | ) |  | 36.9 |  | (0.3 | )
Total | $ | 872.7 |  | $ | (9.7 | ) |  | $ | 697.6 |  | $ | (8.0 | ) |  | $ | 1,570.3 |  | $ | (17.7 | )
| Less than 12 Months |  | 12 Months or More |  | Total
March 31, 2019 | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses
Held-to-Maturity: |  |  |  |  |  |  |  |
State, county and municipal securities | $ | 9.0 |  | $ | (0.1 | ) |  | $ | 16.6 |  | $ | (0.1 | ) |  | $ | 25.6 |  | $ | (0.2 | )
Obligations of U.S. government agencies | 19.6 |  | (0.2 | ) |  | — |  | — |  |  | 19.6 |  | (0.2 | )
Corporate securities | — |  | — |  |  | 28.0 |  | (0.1 | ) |  | 28.0 |  | (0.1 | )
Total | $ | 28.6 |  | $ | (0.3 | ) |  | $ | 44.6 |  | $ | (0.2 | ) |  | $ | 73.2 |  | $ | (0.5 | )
| Less than 12 Months |  | 12 Months or More |  | Total
December 31, 2018 | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses
Available-for-Sale: |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 363.1 |  | $ | (7.9 | ) |  | $ | 154.5 |  | $ | (2.3 | ) |  | $ | 517.6 |  | $ | (10.2 | )
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | 735.2 |  | (14.5 | ) |  | 503.7 |  | (9.6 | ) |  | 1,238.9 |  | (24.1 | )
Private mortgage-backed securities | — |  | — |  |  | 69.4 |  | (1.8 | ) |  | 69.4 |  | (1.8 | )
Corporate securities | 24.9 |  | (0.2 | ) |  | 51.4 |  | (0.8 | ) |  | 76.3 |  | (1.0 | )
Total | $ | 1,123.2 |  | $ | (22.6 | ) |  | $ | 779.0 |  | $ | (14.5 | ) |  | $ | 1,902.2 |  | $ | (37.1 | )
| Less than 12 Months |  | 12 Months or More |  | Total
December 31, 2018 | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses
Held-to-Maturity: |  |  |  |  |  |  |  |
State, county and municipal securities | $ | 25.9 |  | $ | (0.3 | ) |  | $ | 57.1 |  | $ | (0.6 | ) |  | $ | 83.0 |  | $ | (0.9 | )
Obligations of U.S. government agencies | 19.5 |  | (0.3 | ) |  | — |  | — |  |  | 19.5 |  | (0.3 | )
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | 45.0 |  | (2.2 | ) |  | 120.2 |  | (4.3 | ) |  | 165.2 |  | (6.5 | )
Corporate securities | — |  | — |  |  | 39.6 |  | (0.6 | ) |  | 39.6 |  | (0.6 | )
Total | $ | 90.4 |  | $ | (2.8 | ) |  | $ | 216.9 |  | $ | (5.5 | ) |  | $ | 307.3 |  | $ | (8.3 | )
The investment portfolio is evaluated quarterly for other-than-temporary declines in the market value of each individual investment security. The Company had 551 and 760 individual investment securities that were in an unrealized loss position as of March 31, 2019 and December 31, 2018, respectively, related primarily to fluctuations in the current interest rates. As of March 31, 2019, the Company had the intent and ability to hold these investment securities for a period of time sufficient to allow for an anticipated recovery. Furthermore, the Company does not have the intent to sell any of the available-for-sale securities in the above table and it is more likely than not that the Company will not have to sell any securities before a recovery in cost. No impairment losses were recorded during the three month periods ended March 31, 2019 or 2018. Maturities of investment securities at March 31, 2019 are shown below. Maturities of mortgage-backed securities have been adjusted to reflect shorter maturities based upon estimated prepayments of principal. All other investment securities maturities are shown at contractual maturity dates.
| Available-for-Sale |  | Held-to-Maturity
March 31, 2019 | Amortized Cost | Estimated Fair Value |  | Amortized Cost | Estimated Fair Value
Within one year | $ | 497.2 |  | $ | 496.0 |  |  | $ | 44.9 |  | $ | 44.8 |
After one year but within five years | 1,509.8 |  | 1,504.9 |  |  | 44.2 |  | 44.1 |
After five years but within ten years | 395.3 |  | 395.5 |  |  | 24.3 |  | 25.5 |
After ten years | 176.7 |  | 175.6 |  |  | 3.6 |  | 3.6 |
Total | $ | 2,579.0 |  | $ | 2,572.0 |  |  | $ | 117.0 |  | $ | 118.0 |
As of March 31, 2019, the Company had investment securities callable within one year with amortized costs and estimated fair values of $121.3 million and $121.5 million, respectively. These investment securities are primarily included in the after one year but within five years category in the table above. As of March 31, 2019, the Company had callable structured notes with amortized costs and estimated fair values of $2.0 million and $2.0 million, respectively. These callable structured notes, which are classified as available-for-sale, are included in the after one year but within five years category in the table above.

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