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Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract] |
Amortized Cost and Approximate Fair Values of Investment Securities | The amortized cost and the approximate fair values of investment securities are summarized for the periods indicated:
March 31, 2020 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value
Available-for-Sale: |  |  |  |
U.S. Treasury notes | $ | 17.1 |  | $ | — |  | $ | — |  | $ | 17.1 |
State, county and municipal securities | 111.4 |  | 0.9 |  | — |  | 112.3 |
Obligations of U.S. government agencies | 202.7 |  | 1.0 |  | (0.1 | ) | 203.6 |
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | 2,356.7 |  | 60.8 |  | (2.7 | ) | 2,414.8 |
Private mortgage-backed securities | 41.2 |  | — |  | (1.2 | ) | 40.0 |
Corporate securities | 215.6 |  | 0.4 |  | (5.5 | ) | 210.5 |
Other investments | 2.0 |  | — |  | — |  | 2.0 |
Total | $ | 2,946.7 |  | $ | 63.1 |  | $ | (9.5 | ) | $ | 3,000.3 |
March 31, 2020 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value
Held-to-Maturity: |  |  |  |
State, county and municipal securities | $ | 55.2 |  | $ | 2.3 |  | $ | — |  | $ | 57.5 |
Obligations of U.S. government agencies | 9.8 |  | — |  | — |  | 9.8 |
U.S agency residential mortgage-backed securities & collateralized mortgage obligations | 1.2 |  | 0.1 |  | — |  | 1.3 |
Corporate securities | 3.9 |  | — |  | — |  | 3.9 |
Other investments | 0.1 |  | — |  | — |  | 0.1 |
Total | $ | 70.2 |  | $ | 2.4 |  | $ | — |  | $ | 72.6 |
December 31, 2019 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value
Available-for-Sale: |  |  |  |
U.S. Treasury notes | $ | 9.0 |  | $ | — |  | $ | — |  | $ | 9.0 |
State, county and municipal securities | 80.1 |  | 0.8 |  | — |  | 80.9 |
Obligations of U.S. government agencies | 367.5 |  | 0.1 |  | (0.8 | ) | 366.8 |
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | 2,303.6 |  | 19.6 |  | (6.0 | ) | 2,317.2 |
Private mortgage-backed securities | 47.6 |  | — |  | (0.4 | ) | 47.2 |
Corporate securities | 134.5 |  | 1.2 |  | — |  | 135.7 |
Other investments | 3.2 |  | — |  | — |  | 3.2 |
Total | $ | 2,945.5 |  | $ | 21.7 |  | $ | (7.2 | ) | $ | 2,960.0 |
December 31, 2019 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value
Held-to-Maturity: |  |  |  |
State, county and municipal securities | $ | 57.3 |  | $ | 2.1 |  | $ | — |  | $ | 59.4 |
Obligations of U.S. government agencies | 19.8 |  | — |  | — |  | 19.8 |
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | 1.2 |  | — |  | — |  | 1.2 |
Corporate securities | 13.9 |  | 0.1 |  | — |  | 14.0 |
Other investments | 0.1 |  | — |  | — |  | 0.1 |
Total | $ | 92.3 |  | $ | 2.2 |  | $ | — |  | $ | 94.5 |
Gross Unrealized Losses and Fair Values of Investment Securities | The following tables show the gross unrealized losses and fair values of available-for-sale 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, 2020 and December 31, 2019. There was no material allowance for credit loss as of March 31, 2020.
| Less than 12 Months |  | 12 Months or More |  | Total
March 31, 2020 | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses
Available-for-Sale: |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 19.9 |  | $ | (0.1 | ) |  | $ | — |  | $ | — |  |  | $ | 19.9 |  | $ | (0.1 | )
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | 143.5 |  | (1.7 | ) |  | 133.6 |  | (1.0 | ) |  | 277.1 |  | (2.7 | )
Private mortgage-backed securities | — |  | — |  |  | 40.0 |  | (1.2 | ) |  | 40.0 |  | (1.2 | )
Corporate securities | 119.9 |  | (4.9 | ) |  | 39.9 |  | (0.6 | ) |  | 159.8 |  | (5.5 | )
Total | $ | 283.3 |  | $ | (6.7 | ) |  | $ | 213.5 |  | $ | (2.8 | ) |  | $ | 496.8 |  | $ | (9.5 | )
| Less than 12 Months |  | 12 Months or More |  | Total
December 31, 2019 | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses
Available-for-Sale: |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 185.3 |  | $ | (0.8 | ) |  | $ | — |  | $ | — |  |  | $ | 185.3 |  | $ | (0.8 | )
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | 740.1 |  | (4.6 | ) |  | 155.9 |  | (1.4 | ) |  | 896.0 |  | (6.0 | )
Private mortgage-backed securities | — |  | — |  |  | 46.6 |  | (0.4 | ) |  | 46.6 |  | (0.4 | )
Total | $ | 925.4 |  | $ | (5.4 | ) |  | $ | 202.5 |  | $ | (1.8 | ) |  | $ | 1,127.9 |  | $ | (7.2 | )
Maturities of Investment Securities | Maturities of investment securities at March 31, 2020 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, 2020 | Amortized Cost | Estimated Fair Value |  | Amortized Cost | Estimated Fair Value
Within one year | $ | 614.3 |  | $ | 608.0 |  |  | $ | 19.7 |  | $ | 19.8 |
After one year but within five years | 1,416.2 |  | 1,422.1 |  |  | 27.4 |  | 27.8 |
After five years but within ten years | 421.2 |  | 523.5 |  |  | 21.3 |  | 23.2 |
After ten years | 495.0 |  | 446.7 |  |  | 1.8 |  | 1.8 |
Total | $ | 2,946.7 |  | $ | 3,000.3 |  |  | $ | 70.2 |  | $ | 72.6 |

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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27290-111563 + Details
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