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v3.25.1

Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2025
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:
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. |
Gross Unrealized Losses and Fair Values of Investment Securities | 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) |
Maturities of Investment Securities |
| 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 |

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