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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Amortized Cost and Approximate Fair Values of Investment Securities | The amortized cost and approximate fair values of investment securities are summarized as follows:
December 31, 2022 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value
Available-for-Sale |  |  |  |
U.S. Treasury notes | $ | 675.1 |  | $ | 2.1 |  | $ | (34.5) |  | $ | 642.7 |
State, county, and municipal securities | 314.3 |  | — |  | (50.6) |  | 263.7 |
Obligations of U.S. government agencies | 216.2 |  | — |  | (17.3) |  | 198.9 |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | 4,685.5 |  | 0.2 |  | (426.0) |  | 4,259.7 |
Private mortgage-backed securities | 264.9 |  | — |  | (36.9) |  | 228.0 |
Collateralized loan obligations | 1,145.2 |  | — |  | (33.6) |  | 1,111.6 |
Corporate Securities | 272.3 |  | — |  | (30.8) |  | 241.5 |
Total | $ | 7,573.5 |  | $ | 2.3 |  | $ | (629.7) |  | $ | 6,946.1 |
December 31, 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 | $ | 396.6 |  | $ | — |  | $ | 396.6 |  | $ | — |  | $ | (10.2) |  | $ | 386.4 |
State, county, and municipal securities | 181.2 |  | (0.1) |  | 181.1 |  | 0.2 |  | (31.6) |  | 149.7 |
Obligations of U.S. government agencies | 351.7 |  | — |  | 351.7 |  | — |  | (49.6) |  | 302.1 |
U.S agency residential & commercial mortgage-backed securities & collateralized mortgage obligations (1) | 2,444.1 |  | — |  | 2,444.1 |  | 0.2 |  | (301.6) |  | 2,142.7 |
Corporate securities | 80.1 |  | (1.8) |  | 78.3 |  | — |  | (7.0) |  | 71.3 |
Total | $ | 3,453.7 |  | $ | (1.9) |  | $ | 3,451.8 |  | $ | 0.4 |  | $ | (400.0) |  | $ | 3,052.2 |
(1) Amortized cost presented above include $20.2 million of unamortized losses and $14.2 million of unamortized gains 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 | 1,609.0 |  | — |  | 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 a continuous unrealized loss position, as of December 31, 2022 and 2021.
| Less than 12 Months |  | 12 Months or More |  | Total
December 31, 2022 | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses
Available-for-Sale |  |  |  |  |  |  |  |
U.S. Treasury notes | $ | 168.8 |  | $ | (4.7) |  |  | $ | 170.4 |  | $ | (29.8) |  |  | $ | 339.2 |  | $ | (34.5) |
State, county, and municipal securities | 104.9 |  | (9.0) |  |  | 146.1 |  | (41.6) |  |  | 251.0 |  | (50.6) |
Obligations of U.S. government agencies | 152.2 |  | (10.1) |  |  | 46.1 |  | (7.2) |  |  | 198.3 |  | (17.3) |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | 3,299.7 |  | (262.3) |  |  | 948.4 |  | (163.7) |  |  | 4,248.1 |  | (426.0) |
Private mortgage-backed securities | 133.1 |  | (19.1) |  |  | 94.9 |  | (17.8) |  |  | 228.0 |  | (36.9) |
Collateralized loan obligations | 1,082.6 |  | (33.1) |  |  | 28.9 |  | (0.5) |  |  | 1,111.5 |  | (33.6) |
Corporate securities | 130.6 |  | (8.3) |  |  | 110.8 |  | (22.5) |  |  | 241.4 |  | (30.8) |
Total | $ | 5,071.9 |  | $ | (346.6) |  |  | $ | 1,545.6 |  | $ | (283.1) |  |  | $ | 6,617.5 |  | $ | (629.7) |
| Less than 12 Months | 12 Months or More | Total
December 31, 2022 | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses
Held-to-Maturity |  |  |  |  |  |
U.S. Treasury notes | $ | 386.4 |  | $ | (10.2) |  | $ | — |  | $ | — |  | $ | 386.4 |  | $ | (10.2) |
State, county and municipal securities | 33.8 |  | (4.0) |  | 96.7 |  | (27.6) |  | 130.5 |  | (31.6) |
Obligations of U.S. government agencies | 86.1 |  | (9.9) |  | 216.0 |  | (39.7) |  | 302.1 |  | (49.6) |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations | 1,349.4 |  | (156.1) |  | 762.5 |  | (145.5) |  | 2,111.9 |  | (301.6) |
Corporate securities | 68.2 |  | (7.0) |  | — |  | — |  | 68.2 |  | (7.0) |
Total | $ | 1,923.9 |  | $ | (187.2) |  | $ | 1,075.2 |  | $ | (212.8) |  | $ | 2,999.1 |  | $ | (400.0) |
| 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) |
| 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
Held-to-Maturity |  |  |  |  |  |
State, county and municipal securities | $ | 29.0 |  | $ | (0.4) |  | $ | — |  | $ | — |  | $ | 29.0 |  | $ | (0.4) |
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | 1,038.7 |  | (35.3) |  | — |  | — |  | 1,038.7 |  | (35.3) |
Total | $ | 1,067.7 |  | $ | (35.7) |  | $ | — |  | $ | — |  | $ | 1,067.7 |  | $ | (35.7) |
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:
Year Ended December 31, | 2022 |  | 2021 |  | 2020
Beginning balance | $ | — |  |  | $ | — |  |  | $ | — |
Provision for credit loss expense | 1.9 |  |  | — |  |  | — |
Ending balance of allowance for credit losses | $ | 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:
December 31, 2022 | AAA | AA | A | BBB | BB | Not Rated | Total
U.S. Treasury notes | $ | 396.6 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 396.6 |
State, county, and municipal securities | 68.3 |  | 92.8 |  | 11.5 |  | — |  | — |  | 8.6 |  | 181.2 |
Obligations of U.S. government agencies | 351.7 |  | — |  | — |  | — |  | — |  | — |  | 351.7 |
U.S. agency residential & commercial mortgage-backed securities & collateralized mortgage obligations |  |  |  |  |  |  |
FNMA/FHLMC | 2,233.6 |  | — |  | — |  | — |  | — |  | — |  | 2,233.6 |
GNMA | 210.5 |  | — |  | — |  | — |  | — |  | — |  | 210.5 |
Corporate securities | — |  | — |  | — |  | 65.1 |  | 10.0 |  | 5.0 |  | 80.1 |
Total | $ | 3,260.7 |  | $ | 92.8 |  | $ | 11.5 |  | $ | 65.1 |  | $ | 10.0 |  | $ | 13.6 |  | $ | 3,453.7 |
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 |
| Available-for-Sale |  | Held-to-Maturity
December 31, 2022 | Amortized Cost | Estimated Fair Value |  | Amortized Cost | Estimated Fair Value
Within one year | $ | 48.8 |  | $ | 48.1 |  |  | $ | 2.5 |  | $ | 2.5 |
After one year but within five years | 1,478.9 |  | 1,419.8 |  |  | 607.6 |  | 581.6 |
After five years but within ten years | 1,750.0 |  | 1,564.3 |  |  | 732.7 |  | 639.5 |
After ten years | 4,295.8 |  | 3,913.9 |  |  | 2,110.9 |  | 1,828.6 |
Total | $ | 7,573.5 |  | $ | 6,946.1 |  |  | $ | 3,453.7 |  | $ | 3,052.2 |

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