XML 22 R12.htm IDEA: XBRL DOCUMENT
v3.20.2

Investment Securities | 9 Months Ended
--- | ---
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities The amortized cost and the approximate fair values of investment securities are summarized for the periods indicated:
September 30, 2020 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses |  | Estimated Fair Value
Available-for-Sale: |  |  |  |  |
U.S. Treasury notes | $ | 8.0 |  | $ | — |  | $ | — |  |  | $ | 8.0 |
State, county and municipal securities | 233.6 |  | 2.7 |  | (0.2) |  |  | 236.1 |
Obligations of U.S. government agencies | 278.4 |  | 1.0 |  | (0.6) |  |  | 278.8 |
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | 2,535.3 |  | 76.9 |  | (0.5) |  |  | 2,611.7 |
Private mortgage-backed securities | 20.0 |  | 0.2 |  | (0.1) |  |  | 20.1 |
Corporate securities | 292.9 |  | 5.4 |  | (0.5) |  |  | 297.8 |
Other investments | 1.0 |  | — |  | — |  |  | 1.0 |
Total | $ | 3,369.2 |  | $ | 86.2 |  | $ | (1.9) |  |  | $ | 3,453.5 |
September 30, 2020 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value |
Held-to-Maturity: |  |  |  |  |
State, county and municipal securities | $ | 49.9 |  | $ | 3.2 |  | $ | — |  | $ | 53.1 |  |
U.S agency residential mortgage-backed securities & collateralized mortgage obligations | 1.0 |  | 0.1 |  | — |  | 1.1 |  |
Corporate securities | 4.0 |  | 0.1 |  | — |  | 4.1 |  |
Other investments | 0.1 |  | — |  | — |  | 0.1 |  |
Total | $ | 55.0 |  | $ | 3.4 |  | $ | — |  | $ | 58.4 |  |
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 |  |
There were no material gross realized gains or losses from the disposition of available-for-sale investment securities for the three and nine month periods ended September 30, 2020 and 2019. As of September 30, 2020, the Company had general obligation securities with amortized costs of $41.9 million included in state, county and municipal securities, of which $27.8 million, or 66.3%, were issued by political subdivisions or agencies within the states of Idaho, Montana, Oregon, South Dakota, Washington, and Wyoming. 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 September 30, 2020 and December 31, 2019. There was no material allowance for credit loss as of September 30, 2020.
| Less than 12 Months |  | 12 Months or More |  | Total
September 30, 2020 | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses
Available-for-Sale: |  |  |  |  |  |  |  |
State, county and municipal securities | $ | 22.6 |  | $ | (0.2) |  |  | $ | — |  | $ | — |  |  | $ | 22.6 |  | $ | (0.2) |
Obligations of U.S. government agencies | 102.0 |  | (0.6) |  |  | — |  | — |  |  | 102.0 |  | (0.6) |
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | 88.2 |  | (0.4) |  |  | 11.4 |  | (0.1) |  |  | 99.6 |  | (0.5) |
Private mortgage-backed securities | — |  | — |  |  | 12.7 |  | (0.1) |  |  | 12.7 |  | (0.1) |
Corporate securities | 54.1 |  | (0.5) |  |  | — |  | — |  |  | 54.1 |  | (0.5) |
Total | $ | 266.9 |  | $ | (1.7) |  |  | $ | 24.1 |  | $ | (0.2) |  |  | $ | 291.0 |  | $ | (1.9) |
| 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) |
The available-for-sale securities portfolio contains securities that are guaranteed by a sovereign entity or are generally considered to have non-credit related risks, such as interest rate risk or prepayment and liquidity factors. The Company considers whether the securities are issued by the federal government or its agencies and whether downgrades by bond rating agencies have occurred. The unrealized losses are due to changes in interest rates and other market conditions. The Company had 127 and 331 individual available-for-sale investment securities that were in an unrealized loss position as of September 30, 2020 and December 31, 2019, respectively, related primarily to fluctuations in current interest rates. As of September 30, 2020, 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. There was not a material allowance for credit losses during the three and nine month periods ended September 30, 2020 or 2019 for available-for-sale or held-to-maturity securities. Maturities of investment securities at September 30, 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
September 30, 2020 | Amortized Cost | Estimated Fair Value |  | Amortized Cost | Estimated Fair Value
Within one year | $ | 652.4 |  | $ | 931.3 |  |  | $ | 8.9 |  | $ | 8.9 |
After one year but within five years | 1,446.5 |  | 1,251.2 |  |  | 30.5 |  | 31.9 |
After five years but within ten years | 627.9 |  | 864.5 |  |  | 14.1 |  | 16.1 |
After ten years | 642.4 |  | 406.5 |  |  | 1.5 |  | 1.5 |
Total | $ | 3,369.2 |  | $ | 3,453.5 |  |  | $ | 55.0 |  | $ | 58.4 |
As of September 30, 2020, the Company held investment securities callable within one year with amortized costs and estimated fair values of $252.5 million and $252.5 million, respectively. These investment securities are primarily included in the “after one year but within five years” category in the table above. As of September 30, 2020, the Company held no callable structured notes. As of September 30, 2020 and December 31, 2019, the Company recorded amortized costs of $2,097.6 million and $2,132.0 million, respectively, for investment securities. These investment securities were pledged to secure public deposits and securities sold under repurchase agreements and had an approximate fair value at September 30, 2020 and December 31, 2019 of $2,165.0 million and $2,144.9 million, respectively. All securities sold under repurchase agreements are with clients and mature on the next banking day. The Company retains possession of the underlying securities sold under repurchase agreements.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration