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v3.22.2.2

Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2022
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, 2022 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses |  | Estimated Fair Value
Available-for-Sale: |  |  |  |  |
U.S. Treasury notes | $ | 373.5 |  | $ | — |  | $ | (36.7) |  |  | $ | 336.8 |
State, county, and municipal securities | 317.8 |  | — |  | (57.3) |  |  | 260.5 |
Obligations of U.S. government agencies | 216.3 |  | — |  | (17.3) |  |  | 199.0 |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | 4,852.2 |  | 0.2 |  | (442.7) |  |  | 4,409.7 |
Private mortgage-backed securities | 270.3 |  | — |  | (37.1) |  |  | 233.2 |
Collateralized loan obligations | 1,145.5 |  | — |  | (40.4) |  |  | 1,105.1 |
Corporate securities | 272.6 |  | — |  | (33.5) |  |  | 239.1 |
Total | $ | 7,448.2 |  | $ | 0.2 |  | $ | (665.0) |  |  | $ | 6,783.4 |
September 30, 2022 | Amortized Cost | Allowance for Credit Losses | Net Carrying Amount | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value
Held-to-Maturity: |  |  |  |  |  |
U.S. Treasury notes | $ | 396.1 |  | $ | — |  | $ | 396.1 |  | $ | — |  | $ | (10.6) |  | $ | 385.5 |
State, county, and municipal securities | 184.0 |  | (0.1) |  | 183.9 |  | 0.2 |  | (33.2) |  | 150.9 |
Obligations of U.S. government agencies | 350.8 |  | — |  | 350.8 |  | — |  | (51.2) |  | 299.6 |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations (1) | 2,476.6 |  | — |  | 2,476.6 |  | — |  | (320.0) |  | 2,156.6 |
Corporate securities | 80.1 |  | (1.8) |  | 78.3 |  | — |  | (7.4) |  | 70.9 |
Total | $ | 3,487.6 |  | $ | (1.9) |  | $ | 3,485.7 |  | $ | 0.2 |  | $ | (422.4) |  | $ | 3,063.5 |
(1) Amortized cost presented above include $20.8 million of unamortized losses and $15.2 million of unamortized gains in U.S. agency residential and commercial mortgage-backed securities and collateralized mortgage obligations related to the 2021 and 2022 transfer of securities from available-for-sale to held-to-maturity.
December 31, 2021 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses |  | Estimated Fair Value
Available-for-Sale: |  |  |  |  |
U.S. Treasury notes | $ | 697.6 |  | $ | — |  | $ | (12.9) |  |  | $ | 684.7 |
State, county, and municipal securities | 434.7 |  | 2.1 |  | (9.3) |  |  | 427.5 |
Obligations of U.S. government agencies | 356.0 |  | 0.1 |  | (9.2) |  |  | 346.9 |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | 2,027.3 |  | 14.1 |  | (23.3) |  |  | 2,018.1 |
Private mortgage-backed securities | 174.4 |  | 0.1 |  | (1.1) |  |  | 173.4 |
Collateralized loan obligation | 898.2 |  | 1.2 |  | — |  |  | 899.4 |
Corporate securities | 271.1 |  | 3.0 |  | (3.6) |  |  | 270.5 |
Total | $ | 4,859.3 |  | $ | 20.6 |  | $ | (59.4) |  |  | $ | 4,820.5 |
December 31, 2021 | Amortized Cost | Allowance for Credit Losses | Net Carrying Amount | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value |
Held-to-Maturity: |  |  |  |  |  |  |
State, county, and municipal securities | $ | 67.6 |  | $ | — |  | $ | 67.6 |  | $ | 2.0 |  | $ | (0.4) |  | $ | 69.2 |  |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations(1) | 1,609.0 |  | — |  | 1,609.0 |  | 13.2 |  | (35.3) |  | 1,586.9 |  |
Corporate securities | 11.0 |  | — |  | 11.0 |  | 0.4 |  | — |  | 11.4 |  |
Total | $ | 1,687.6 |  | $ | — |  | $ | 1,687.6 |  | $ | 15.6 |  | $ | (35.7) |  | $ | 1,667.5 |  |
(1) Amortized cost presented above include $20.1 million of unamortized gains in U.S. agency residential and commercial mortgage-backed securities and collateralized mortgage obligations related to the 2021 transfer of securities from available-for-sale to held-to-maturity. |
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, 2022 and December 31, 2021.
| Less than 12 Months |  | 12 Months or More |  | Total
September 30, 2022 | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses
Available-for-Sale: |  |  |  |  |  |  |  |
U.S. Treasury notes | $ | 168.2 |  | $ | (5.1) |  |  | $ | 168.6 |  | $ | (31.6) |  |  | $ | 336.8 |  | $ | (36.7) |
State, county, and municipal securities | 110.6 |  | (14.4) |  |  | 136.4 |  | (42.9) |  |  | 247.0 |  | (57.3) |
Obligations of U.S. government agencies | 152.4 |  | (10.9) |  |  | 45.9 |  | (6.4) |  |  | 198.3 |  | (17.3) |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | 3,697.1 |  | (308.8) |  |  | 699.8 |  | (133.9) |  |  | 4,396.9 |  | (442.7) |
Private mortgage-backed securities | 206.1 |  | (32.3) |  |  | 27.0 |  | (4.8) |  |  | 233.1 |  | (37.1) |
Collateralized loan obligations | 1,076.1 |  | (39.8) |  |  | 29.0 |  | (0.6) |  |  | 1,105.1 |  | (40.4) |
Corporate securities | 144.0 |  | (10.4) |  |  | 95.0 |  | (23.1) |  |  | 239.0 |  | (33.5) |
Total | $ | 5,554.5 |  | $ | (421.7) |  |  | $ | 1,201.7 |  | $ | (243.3) |  |  | $ | 6,756.2 |  | $ | (665.0) |
| Less than 12 Months |  | 12 Months or More |  | Total
December 31, 2021 | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses
Available-for-Sale: |  |  |  |  |  |  |  |
U.S. Treasury notes | $ | 684.7 |  | $ | (12.9) |  |  | $ | — |  | $ | — |  |  | $ | 684.7 |  | $ | (12.9) |
State, county, and municipal securities | 278.7 |  | (9.1) |  |  | 5.0 |  | (0.2) |  |  | 283.7 |  | (9.3) |
Obligations of U.S. government agencies | 297.0 |  | (8.9) |  |  | 16.4 |  | (0.3) |  |  | 313.4 |  | (9.2) |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | 1,262.8 |  | (23.0) |  |  | 26.4 |  | (0.3) |  |  | 1,289.2 |  | (23.3) |
Private mortgage-backed securities | 127.2 |  | (1.1) |  |  | — |  | — |  |  | 127.2 |  | (1.1) |
Corporate securities | 109.9 |  | (3.3) |  |  | 20.9 |  | (0.3) |  |  | 130.8 |  | (3.6) |
Total | $ | 2,760.3 |  | $ | (58.3) |  |  | $ | 68.7 |  | $ | (1.1) |  |  | $ | 2,829.0 |  | $ | (59.4) |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | The following table presents the activity in the allowance for credit losses related to held-to-maturity securities classified as corporate and state, county, and municipal securities:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Beginning balance |  | $ | 1.6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Provision for credit loss expense |  | 0.3 |  |  | — |  |  | 1.9 |  |  | — |
Ending balance of allowance for credit losses |  | $ | 1.9 |  |  | $ | — |  |  | $ | 1.9 |  |  | $ | — |
Debt Securities, Held-to-maturity, Credit Quality Indicator | The following table summarizes the credit quality indicators of held-to-maturity securities at amortized cost for the periods indicated:
September 30, 2022 | AAA | AA | A | BBB | BB | Not Rated | Total
U.S. Treasury notes | $ | 396.1 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 396.1 |
State, county, and municipal securities | 69.4 |  | 93.8 |  | 12.0 |  | — |  | — |  | 8.8 |  | 184.0 |
Obligations of U.S. government agencies | 350.8 |  | — |  | — |  | — |  | — |  | — |  | 350.8 |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations |  |  |  |  |  |  |
FNMA/FHLMC | 2,261.3 |  | — |  | — |  | — |  | — |  | — |  | 2,261.3 |
GNMA | 215.3 |  | — |  | — |  | — |  | — |  | — |  | 215.3 |
Corporate securities | — |  | — |  | — |  | 65.1 |  | 10.0 |  | 5.0 |  | 80.1 |
Total | $ | 3,292.9 |  | $ | 93.8 |  | $ | 12.0 |  | $ | 65.1 |  | $ | 10.0 |  | $ | 13.8 |  | $ | 3,487.6 |
December 31, 2021 | AAA | AA | A | BBB | Not Rated | Total
State, county, and municipal securities | $ | 17.2 |  | $ | 31.6 |  | $ | 14.7 |  | $ | — |  | $ | 4.1 |  | $ | 67.6 |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations |  |  |  |  |  |
FNMA/FHLMC | 1,439.1 |  | — |  | — |  | — |  | — |  | 1,439.1 |
GNMA | 169.9 |  | — |  | — |  | — |  | — |  | 169.9 |
Corporate securities | — |  | — |  | 4.0 |  | 7.0 |  | — |  | 11.0 |
Total | $ | 1,626.2 |  | $ | 31.6 |  | $ | 18.7 |  | $ | 7.0 |  | $ | 4.1 |  | $ | 1,687.6 |
Maturities of Investment Securities | 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, 2022 | Amortized Cost | Estimated Fair Value |  | Amortized Cost | Estimated Fair Value
Within one year | $ | 57.1 |  | $ | 56.4 |  |  | $ | 5.1 |  | $ | 5.0 |
After one year but within five years | 1,049.0 |  | 998.0 |  |  | 546.0 |  | 524.2 |
After five years but within ten years | 1,918.3 |  | 1,710.2 |  |  | 797.1 |  | 695.2 |
After ten years | 4,423.8 |  | 4,018.8 |  |  | 2,139.4 |  | 1,839.1 |
Total | $ | 7,448.2 |  | $ | 6,783.4 |  |  | $ | 3,487.6 |  | $ | 3,063.5 |

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