Investment Securities (Tables)

12 Months Ended

Dec. 31, 2021

The carrying amounts and fair values of investment securities at December 31, 2021 and 2020 are summarized as follows:


	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
	(in millions)
Held-to-maturity
Private label residential MBS	$	216.9	$	—	$	(1.6)	$	215.3
Tax-exempt	890.2		43.2		(2.3)		931.1
Total HTM securities	$	1,107.1	$	43.2	$	(3.9)	$	1,146.4

Available-for-sale debt securities
CLO	$	926.0	$	0.5	$	(0.3)	$	926.2
Commercial MBS issued by GSEs	68.2		0.9		(0.6)		68.5
Corporate debt securities	382.7		9.2		(9.0)		382.9

Private label residential MBS	1,528.7		3.5		(24.2)		1,508.0
Residential MBS issued by GSEs	2,027.5		7.3		(41.4)		1,993.4
Tax-exempt	1,145.1		71.2		(1.2)		1,215.1

U.S. treasury securities	13.0		—		—		13.0
Other	75.3		11.0		(4.6)		81.7
Total AFS debt securities	$	6,166.5	$	103.6	$	(81.3)	$	6,188.8

Equity securities
CRA investments	$	45.1	$	—	$	(0.5)	$	44.6
Preferred stock	107.1		7.7		(0.9)		113.9
Total equity securities	$	152.2	$	7.7	$	(1.4)	$	158.5


	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
	(in millions)
Held-to-maturity
Tax-exempt	$	568.8	$	43.0	$	—	$	611.8

Available-for-sale debt securities
CLO	$	146.9	$	—	$	—	$	146.9
Commercial MBS issued by GSEs	80.8		3.8		—		84.6
Corporate debt securities	271.1		4.8		(5.7)		270.2
Private label residential MBS	1,461.7		15.7		(0.5)		1,476.9
Residential MBS issued by GSEs	1,462.5		27.9		(3.8)		1,486.6
Tax-exempt	1,109.3		78.1		—		1,187.4
Other	54.1		7.3		(5.5)		55.9
Total AFS debt securities	$	4,586.4	$	137.6	$	(15.5)	$	4,708.5

Equity securities
CRA investments	$	53.1	$	0.3	$	—	$	53.4
Preferred stock	107.0		7.3		(0.4)		113.9
Total equity securities	$	160.1	$	7.6	$	(0.4)	$	167.3


	December 31, 2021
	Less Than Twelve Months				More Than Twelve Months				Total
	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
	(in millions)





Available-for-sale debt securities
CLO	$	0.3	$	170.7	$	—	$	—	$	0.3	$	170.7
Commercial MBS issued by GSEs	0.6		19.5		—		—		0.6		19.5
Corporate debt securities	9.0		107.0		—		—		9.0		107.0

Private label residential MBS	24.2		1,250.0		—		—		24.2		1,250.0
Residential MBS issued by GSEs	32.6		1,355.7		8.8		142.1		41.4		1,497.8
Tax-exempt	1.2		141.4		—		—		1.2		141.4


Other	—		2.0		4.6		27.4		4.6		29.4
Total AFS securities	$	67.9	$	3,046.3	$	13.4	$	169.5	$	81.3	$	3,215.8


	December 31, 2020
	Less Than Twelve Months				More Than Twelve Months				Total
	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
	(in millions)



Available-for-sale debt securities

Corporate debt securities	$	0.1	$	17.3	$	5.6	$	94.3	$	5.7	$	111.6
Private label residential MBS	0.5		149.7		—		—		0.5		149.7
Residential MBS issued by GSEs	3.8		231.9		—		—		3.8		231.9

Other	—		—		5.5		26.5		5.5		26.5


Total AFS securities	$	4.4	$	398.9	$	11.1	$	120.8	$	15.5	$	519.7


	December 31, 2021
	AAA		Split-rated AAA/AA+		AA+ to AA-		A+ to A-		BBB+ to BBB-		BB+ and below		Unrated		Totals
	(in millions)
Held-to-maturity
Private label residential MBS	$	—	$	—	$	—	$	—	$	—	$	—	$	216.9	$	216.9
Tax-exempt	—		—		—		—		—		—		890.2		890.2
Total HTM securities (1)	$	—	$	—	$	—	$	—	$	—	$	—	$	1,107.1	$	1,107.1

Available-for-sale debt securities
CLO	$	45.0	$	—	$	635.6	$	245.6	$	—	$	—	$	—	$	926.2
Commercial MBS issued by GSEs	—		68.5		—		—		—		—		—		68.5
Corporate debt securities	—		—		—		45.3		318.7		18.9		—		382.9

Private label residential MBS	1,419.6		—		87.4		—		0.9		—		0.1		1,508.0
Residential MBS issued by GSEs	—		1,993.4		—		—		—		—		—		1,993.4
Tax-exempt	43.2		40.4		469.1		628.9		—		—		33.5		1,215.1

U.S. treasury securities	—		13.0		—		—		—		—		—		13.0
Other	—		—		12.1		10.0		30.2		9.6		19.8		81.7
Total AFS securities (1)	$	1,507.8	$	2,115.3	$	1,204.2	$	929.8	$	349.8	$	28.5	$	53.4	$	6,188.8

Equity securities
CRA investments	$	—	$	27.3	$	—	$	—	$	—	$	—	$	17.3	$	44.6
Preferred stock	—		—		—		—		79.3		20.2		14.4		113.9
Total equity securities (1)	$	—	$	27.3	$	—	$	—	$	79.3	$	20.2	$	31.7	$	158.5

(1)Where ratings differ, the Company uses an average of the available ratings by major credit agencies.


	December 31, 2020
	AAA		Split-rated AAA/AA+		AA+ to AA-		A+ to A-		BBB+ to BBB-		BB+ and below		Unrated		Totals
	(in millions)
Held-to-maturity
Tax-exempt (1)	$	—	$	—	$	—	$	—	$	—	$	—	$	568.8	$	568.8

Available-for-sale debt securities
CLO	$	—	$	—	$	139.6	$	7.3	$	—	$	—	$	—	$	146.9
Commercial MBS issued by GSEs	—		84.6		—		—		—		—		—		84.6
Corporate debt securities	—		—		19.2		28.1		194.5		28.4		—		270.2
Private label residential MBS	1,385.5		—		90.1		0.1		0.3		0.9		—		1,476.9
Residential MBS issued by GSEs	—		1,486.6		—		—		—		—		—		1,486.6
Tax-exempt	44.3		57.3		454.7		599.3		—		—		31.8		1,187.4
Other	—		—		12.3		—		29.1		6.9		7.6		55.9


Total AFS securities (1)	$	1,429.8	$	1,628.5	$	715.9	$	634.8	$	223.9	$	36.2	$	39.4	$	4,708.5

Equity securities
CRA investments	$	—	$	27.8	$	—	$	—	$	—	$	—	$	25.6	$	53.4
Preferred stock	—		—		—		—		73.2		39.0		1.7		113.9
Total equity securities (1)	$	—	$	27.8	$	—	$	—	$	73.2	$	39.0	$	27.3	$	167.3

(1)Where ratings differ, the Company uses an average of the available ratings by major credit agencies.

The following table presents gross gains and losses on sales of investment securities:


	Year Ended December 31,
	2021		2020		2019
	(in millions)
Available-for-sale securities
Gross gains	$	8.4	$	0.4	$	3.1
Gross losses	—		(0.2)		—
Net gains on AFS securities	$	8.4	$	0.2	$	3.1

Equity securities
Gross gains	$	0.1	$	—	$	—
Gross losses	(0.2)		—		—
Net losses on equity securities	$	(0.1)	$	—	$	—