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v3.25.1

Investment Securities | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | The amortized cost and the approximate fair values of investment securities are summarized as follows:
March 31, 2025 | Amortized Cost |  |  | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value
Available-for-Sale: |  |  |  |  |  |
U.S. Treasury notes | $ | 245.3 |  |  |  | $ | — |  | $ | (14.1) |  | $ | 231.2 |
State, county, and municipal securities | 251.5 |  |  |  | — |  | (37.8) |  | 213.7 |
Obligations of U.S. government agencies | 215.4 |  |  |  | — |  | (7.9) |  | 207.5 |
U.S. agency commercial mortgage-backed securities | 1,045.6 |  |  |  | 0.5 |  | (59.4) |  | 986.7 |
U.S. agency residential mortgage-backed securities | 1,250.0 |  |  |  | 0.9 |  | (101.6) |  | 1,149.3 |
U.S. agency collateralized mortgage obligations | 1,117.4 |  |  |  | 1.1 |  | (89.9) |  | 1,028.6 |
Private mortgage-backed securities | 212.1 |  |  |  | — |  | (24.5) |  | 187.6 |
Collateralized loan obligation | 634.7 |  |  |  | 0.2 |  | (1.0) |  | 633.9 |
Corporate securities | 239.3 |  |  |  | — |  | (13.5) |  | 225.8 |
Total | $ | 5,211.3 |  |  |  | $ | 2.7 |  | $ | (349.7) |  | $ | 4,864.3 |
March 31, 2025 | Amortized Cost(1) |  |  | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value
Held-to-Maturity: |  |  |  |  |  |
U.S. Treasury notes | $ | 99.8 |  |  |  | $ | — |  | $ | (0.3) |  | $ | 99.5 |
State, county, and municipal securities | 176.2 |  |  |  | 0.2 |  | (24.2) |  | 152.2 |
Obligations of U.S. government agencies | 468.2 |  |  |  | — |  | (50.0) |  | 418.2 |
U.S. agency commercial mortgage-backed securities | 372.7 |  |  |  | — |  | (28.0) |  | 344.7 |
U.S. agency residential mortgage-backed securities | 1,049.2 |  |  |  | 0.1 |  | (117.0) |  | 932.3 |
U.S. agency collateralized mortgage obligations | 417.3 |  |  |  | 0.4 |  | (58.4) |  | 359.3 |
Corporate securities | 56.9 |  |  |  | — |  | (1.9) |  | 55.0 |
Total | $ | 2,640.3 |  |  |  | $ | 0.7 |  | $ | (279.8) |  | $ | 2,361.2 |
(1) Amortized cost presented above is net of an allowance for credit losses of $0.8 million and includes $7.4 million of unamortized gains and $15.3 million of unamortized losses related to the 2021 and 2022 transfer of securities from available-for-sale to held-to-maturity, respectively.
December 31, 2024 | Amortized Cost |  |  | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value
Available-for-Sale: |  |  |  |  |  |
U.S. Treasury notes | $ | 245.0 |  |  |  | $ | — |  | $ | (18.1) |  | $ | 226.9 |
State, county, and municipal securities | 252.0 |  |  |  | — |  | (40.0) |  | 212.0 |
Obligations of U.S. government agencies | 224.1 |  |  |  | — |  | (10.8) |  | 213.3 |
U.S. agency commercial mortgage-backed securities | 1,057.2 |  |  |  | 0.1 |  | (74.5) |  | 982.8 |
U.S. agency residential mortgage-backed securities | 1,301.2 |  |  |  | 0.4 |  | (125.8) |  | 1,175.8 |
U.S. agency collateralized mortgage obligations | 1,156.9 |  |  |  | 0.6 |  | (106.6) |  | 1,050.9 |
Private mortgage-backed securities | 218.1 |  |  |  | — |  | (27.6) |  | 190.5 |
Collateralized loan obligation | 770.7 |  |  |  | 1.3 |  | — |  | 772.0 |
Corporate securities | 249.6 |  |  |  | — |  | (16.7) |  | 232.9 |
Total | $ | 5,474.8 |  |  |  | $ | 2.4 |  | $ | (420.1) |  | $ | 5,057.1 |
December 31, 2024 | Amortized Cost(1) |  |  | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value |
Held-to-Maturity: |  |  |  |  |  |  |
U.S. Treasury notes | $ | 99.8 |  |  |  | $ | — |  | $ | (0.4) |  | $ | 99.4 |  |
State, county, and municipal securities | 176.3 |  |  |  | 0.2 |  | (26.7) |  | 149.8 |  |
Obligations of U.S. government agencies | 470.1 |  |  |  | — |  | (59.9) |  | 410.2 |  |
U.S. agency commercial mortgage-backed securities | 374.9 |  |  |  | — |  | (33.4) |  | 341.5 |  |
U.S. agency residential mortgage-backed securities | 1,082.5 |  |  |  | — |  | (140.7) |  | 941.8 |  |
U.S. agency collateralized mortgage obligations | 427.8 |  |  |  | — |  | (66.1) |  | 361.7 |  |
Corporate securities | 57.0 |  |  |  | — |  | (2.8) |  | 54.2 |  |
Total | $ | 2,688.4 |  |  |  | $ | 0.2 |  | $ | (330.0) |  | $ | 2,358.6 |  |
(1) Amortized cost presented above is net of an allowance for credit losses of $0.9 million and includes $8.0 million of unamortized gains and $15.9 million of unamortized losses related to the 2021 and 2022 transfer of securities from available-for-sale to held-to-maturity, respectively. |
The following tables show the gross unrealized losses and fair values of available-for-sale investment securities and the length of time individual investment securities have been in an unrealized loss position as of March 31, 2025 and December 31, 2024.
| Less than 12 Months |  | 12 Months or More |  | Total
March 31, 2025 | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses
Available-for-Sale: |  |  |  |  |  |  |  |
U.S. Treasury notes | $ | — |  | $ | — |  |  | $ | 231.2 |  | $ | (14.1) |  |  | $ | 231.2 |  | $ | (14.1) |
State, county, and municipal securities | — |  | — |  |  | 211.7 |  | (37.8) |  |  | 211.7 |  | (37.8) |
Obligations of U.S. government agencies | 3.2 |  | — |  |  | 200.7 |  | (7.9) |  |  | 203.9 |  | (7.9) |
U.S. agency commercial mortgage-backed securities | — |  | — |  |  | 938.3 |  | (59.4) |  |  | 938.3 |  | (59.4) |
U.S. agency residential mortgage-backed securities | 33.3 |  | (0.7) |  |  | 1,060.1 |  | (100.9) |  |  | 1,093.4 |  | (101.6) |
U.S. agency collateralized mortgage obligations | 6.9 |  | (0.1) |  |  | 969.5 |  | (89.8) |  |  | 976.4 |  | (89.9) |
Private mortgage-backed securities | — |  | — |  |  | 187.5 |  | (24.5) |  |  | 187.5 |  | (24.5) |
Collateralized loan obligation | 336.8 |  | (1.0) |  |  | — |  | — |  |  | 336.8 |  | (1.0) |
Corporate securities | 27.8 |  | (0.2) |  |  | 198.0 |  | (13.3) |  |  | 225.8 |  | (13.5) |
Total | $ | 408.0 |  | $ | (2.0) |  |  | $ | 3,997.0 |  | $ | (347.7) |  |  | $ | 4,405.0 |  | $ | (349.7) |
| Less than 12 Months |  | 12 Months or More |  | Total
December 31, 2024 | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses
Available-for-Sale: |  |  |  |  |  |  |  |
U.S. Treasury notes | $ | — |  | $ | — |  |  | $ | 226.8 |  | $ | (18.1) |  |  | $ | 226.8 |  | $ | (18.1) |
State, county, and municipal securities | — |  | — |  |  | 210.1 |  | (40.0) |  |  | 210.1 |  | (40.0) |
Obligations of U.S. government agencies | 3.6 |  | — |  |  | 206.2 |  | (10.8) |  |  | 209.8 |  | (10.8) |
U.S. agency commercial mortgage-backed securities | 38.1 |  | (0.4) |  |  | 934.9 |  | (74.1) |  |  | 973.0 |  | (74.5) |
U.S. agency residential mortgage-backed securities | 33.7 |  | (1.5) |  |  | 1,086.2 |  | (124.3) |  |  | 1,119.9 |  | (125.8) |
U.S. agency collateralized mortgage obligations | 20.5 |  | (0.3) |  |  | 987.1 |  | (106.3) |  |  | 1,007.6 |  | (106.6) |
Private mortgage-backed securities | — |  | — |  |  | 190.4 |  | (27.6) |  |  | 190.4 |  | (27.6) |
Collateralized loan obligation | 10.0 |  | — |  |  | — |  | — |  |  | 10.0 |  | — |
Corporate securities | 27.5 |  | (0.5) |  |  | 205.5 |  | (16.2) |  |  | 233.0 |  | (16.7) |
Total | $ | 133.4 |  | $ | (2.7) |  |  | $ | 4,047.2 |  | $ | (417.4) |  |  | $ | 4,180.6 |  | $ | (420.1) |
The Company determines the allowance for credit losses on both available-for-sale and held-to-maturity investment securities by a discounted cash flow approach when needed, using each security’s effective interest rate at the time of purchase or upon acquisition. The allowance for credit losses is measured as the amount by which an investment security’s amortized cost exceeds the net present value of expected future cash flows. However, the amount of credit losses for available-for-sale investment securities is limited to the amount of a security’s unrealized loss. The allowance for credit loss on held-to-maturity investment securities is representative of current expected credit losses that management expects to be incurred over the life of the investment and established through a charge to provision for credit losses in current period earnings. For held-to-maturity investment securities, the Company has the intent and ability to hold these investment securities to maturity. The investment securities portfolio primarily 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 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. As of March 31, 2025 and December 31, 2024, the Company had 669 and 670 individual available-for-sale investment securities, respectively, that were in an unrealized loss position, which was related primarily to fluctuations in current interest rates. As of March 31, 2025, the Company does not intend to sell nor is it more likely than not the Company will be required to sell any available-for-sale securities with unrealized losses. The Company had no allowance for credit losses on available-for-sale investment securities as of March 31, 2025 and December 31, 2024. On a quarterly basis, the Company refreshes the credit quality indicator of each held-to-maturity security. As of March 31, 2025 and December 31, 2024, the held-to-maturity portfolio is composed of investment grade or better securities. The Company had a $0.8 million and a $0.9 million allowance for credit losses for held-to-maturity corporate and state, county, and municipal investment securities as of March 31, 2025 and December 31, 2024, respectively. As of March 31, 2025 and December 31, 2024, the Company had $25.9 million and $29.6 million, respectively, of accrued interest receivable from investment securities on the consolidated balance sheets. Accrued interest receivable is presented as a separate line item on the consolidated balance sheets and is not included in the carrying value of our securities. During the three months ended March 31, 2025 and 2024, there were no gross realized gains or losses on the disposition of available-for-sale investment securities. The following schedule represents the amortized cost of debt securities by contractual maturity except for maturities of mortgage-backed securities, which have been adjusted to reflect shorter maturities based upon estimated prepayments of principal.
| Available-for-Sale |  | Held-to-Maturity
March 31, 2025 | Amortized Cost | Estimated Fair Value |  | Amortized Cost | Estimated Fair Value
Within one year | $ | 112.5 |  | $ | 111.3 |  |  | $ | 100.1 |  | $ | 99.8 |
After one year but within five years | 1,303.3 |  | 1,240.8 |  |  | 465.8 |  | 443.5 |
After five years but within ten years | 1,254.5 |  | 1,180.6 |  |  | 443.6 |  | 395.2 |
After ten years | 2,541.0 |  | 2,331.6 |  |  | 1,630.8 |  | 1,422.7 |
Total | $ | 5,211.3 |  | $ | 4,864.3 |  |  | $ | 2,640.3 |  | $ | 2,361.2 |
As of March 31, 2025, the Company held investment securities callable within one year having amortized costs and estimated fair values of $1,081.3 million and $1,043.2 million, respectively. These investment securities are primarily included in the “after five year” categories in the table above. As of March 31, 2025 and December 31, 2024, the Company had securities with carrying values of $3,234.9 million and $3,460.2 million, respectively, for investment securities pledged to secure public deposits, derivatives, and securities sold under repurchase agreements that had estimated fair values as of March 31, 2025 and December 31, 2024, of $2,945.8 million and $3,092.6 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. As of March 31, 2025 and December 31, 2024, the Company held $150.1 million and $177.4 million, respectively, in equity securities primarily in a combination of Federal Reserve Bank and Federal Home Loan Bank (“FHLB”) stocks, which are restricted nonmarketable securities acquired to meet regulatory requirements. These securities are carried at cost.

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