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Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2021
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 as follows:
September 30, 2021 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses |  | Estimated Fair Value
Available-for-Sale: |  |  |  |  |
U.S. Treasury notes | $ | 697.4 |  | $ | — |  | $ | (5.6) |  |  | $ | 691.8 |
State, county, and municipal securities | 444.9 |  | 2.1 |  | (7.1) |  |  | 439.9 |
Obligations of U.S. government agencies | 332.3 |  | 0.2 |  | (6.6) |  |  | 325.9 |
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | 2,021.4 |  | 25.9 |  | (16.0) |  |  | 2,031.3 |
Private mortgage-backed securities | 83.7 |  | 0.1 |  | (0.3) |  |  | 83.5 |
Collateralized loan obligations | 452.4 |  | 0.6 |  | — |  |  | 453.0 |
Corporate securities | 376.7 |  | 4.2 |  | (2.7) |  |  | 378.2 |
Total | $ | 4,408.8 |  | $ | 33.1 |  | $ | (38.3) |  |  | $ | 4,403.6 |
September 30, 2021 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value |
Held-to-Maturity: |  |  |  |  |
State, county, and municipal securities | $ | 69.7 |  | $ | 2.3 |  | $ | (0.5) |  | $ | 71.5 |  |
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations (1) | 1,537.5 |  | 20.5 |  | (8.4) |  | 1,549.6 |  |
Corporate securities | 10.9 |  | 0.5 |  | — |  | 11.4 |  |
Total | $ | 1,618.1 |  | $ | 23.3 |  | $ | (8.9) |  | $ | 1,632.5 |  |
(1) Amortized costs presented above include $22.3 million of unamortized gains in U.S. agency residential mortgage-backed securities and collateralized mortgage obligations related to the 2021 second quarter transfer of securities from available-for-sale to held-to-maturity. |
December 31, 2020 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses |  | Estimated Fair Value
Available-for-Sale: |  |  |  |  |
State, county, and municipal securities | $ | 462.1 |  | $ | 4.8 |  | $ | (1.0) |  |  | $ | 465.9 |
Obligations of U.S. government agencies | 332.9 |  | 1.0 |  | (2.0) |  |  | 331.9 |
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | 2,830.8 |  | 69.3 |  | (2.5) |  |  | 2,897.6 |
Private mortgage-backed securities | 10.9 |  | 0.1 |  | (0.1) |  |  | 10.9 |
Corporate securities | 295.8 |  | 6.5 |  | (0.1) |  |  | 302.2 |
Other investments | 0.2 |  | — |  | — |  |  | 0.2 |
Total | $ | 3,932.7 |  | $ | 81.7 |  | $ | (5.7) |  |  | $ | 4,008.7 |
December 31, 2020 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value |
Held-to-Maturity: |  |  |  |  |
State, county, and municipal securities | $ | 46.6 |  | $ | 3.2 |  | $ | — |  | $ | 49.8 |  |
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | 1.0 |  | 0.1 |  | — |  | 1.1 |  |
Corporate securities | 3.9 |  | 0.1 |  | — |  | 4.0 |  |
Other investments | 0.1 |  | — |  | — |  | 0.1 |  |
Total | $ | 51.6 |  | $ | 3.4 |  | $ | — |  | $ | 55.0 |  |
Gross Unrealized Losses and Fair Values of Investment Securities | 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 an unrealized loss position as of September 30, 2021 and December 31, 2020. There were no held-to-maturity securities in an unrealized loss position at December 31, 2020.
| Less than 12 Months |  | 12 Months or More |  | Total
September 30, 2021 | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses
Available-for-Sale: |  |  |  |  |  |  |  |
U.S. Treasury notes | $ | 691.8 |  | $ | (5.6) |  |  | $ | — |  | $ | — |  |  | $ | 691.8 |  | $ | (5.6) |
State, county, and municipal securities | 287.7 |  | (7.1) |  |  | — |  | — |  |  | 287.7 |  | (7.1) |
Obligations of U.S. government agencies | 301.2 |  | (6.6) |  |  | — |  | — |  |  | 301.2 |  | (6.6) |
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | 964.9 |  | (16.0) |  |  | — |  | — |  |  | 964.9 |  | (16.0) |
Private mortgage-backed securities | 54.3 |  | (0.3) |  |  | — |  | — |  |  | 54.3 |  | (0.3) |
Corporate securities | 158.7 |  | (2.6) |  |  | 21.2 |  | (0.1) |  |  | 179.9 |  | (2.7) |
Total | $ | 2,458.6 |  | $ | (38.2) |  |  | $ | 21.2 |  | $ | (0.1) |  |  | $ | 2,479.8 |  | $ | (38.3) |
| Less than 12 Months |  | 12 Months or More |  | Total
September 30, 2021 | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses
Held-to-Maturity: |  |  |  |  |  |  |  |
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | $ | 772.3 |  | $ | (8.4) |  |  | $ | — |  | $ | — |  |  | $ | 772.3 |  | $ | (8.4) |
State, county, and municipal securities | 29.0 |  | (0.5) |  |  | — |  | — |  |  | 29.0 |  | (0.5) |
Total | $ | 801.3 |  | $ | (8.9) |  |  | $ | — |  | $ | — |  |  | $ | 801.3 |  | $ | (8.9) |
| Less than 12 Months |  | 12 Months or More |  | Total
December 31, 2020 | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses
Available-for-Sale: |  |  |  |  |  |  |  |
State, county, and municipal securities | $ | 148.1 |  | $ | (1.0) |  |  | $ | — |  | $ | — |  |  | $ | 148.1 |  | $ | (1.0) |
Obligations of U.S. government agencies | 235.6 |  | (2.0) |  |  | — |  | — |  |  | 235.6 |  | (2.0) |
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | 434.0 |  | (2.4) |  |  | 12.3 |  | (0.1) |  |  | 446.3 |  | (2.5) |
Private mortgage-backed securities | — |  | — |  |  | 4.3 |  | (0.1) |  |  | 4.3 |  | (0.1) |
Corporate securities | 20.9 |  | (0.1) |  |  | — |  | — |  |  | 20.9 |  | (0.1) |
Total | $ | 838.6 |  | $ | (5.5) |  |  | $ | 16.6 |  | $ | (0.2) |  |  | $ | 855.2 |  | $ | (5.7) |
Maturities of Investment Securities | , the Company had variable rate mortgage-backed and corporate securities which had an amortized cost of $540.2 million and were classified as available-for-sale as of September 30, 2021. 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, 2021 | Amortized Cost | Estimated Fair Value |  | Amortized Cost | Estimated Fair Value
Within one year | $ | 625.0 |  | $ | 722.7 |  |  | $ | 662.2 |  | $ | 667.4 |
After one year but within five years | 1,514.8 |  | 1,621.1 |  |  | 365.7 |  | 369.7 |
After five years but within ten years | 1,295.3 |  | 1,161.6 |  |  | 263.6 |  | 266.8 |
After ten years | 973.7 |  | 898.2 |  |  | 326.6 |  | 328.6 |
Total | $ | 4,408.8 |  | $ | 4,403.6 |  |  | $ | 1,618.1 |  | $ | 1,632.5 |

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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=123581744&loc=d3e27290-111563 + Details
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