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Investment Securities
 6 Months Ended
Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities

The amortized cost and approximate fair values of investment securities are summarized as follows:
June 30, 2019
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
Available-for-Sale:
 
 
 
 
U.S. Treasury notes
$
9.0

$
—

$
—

$
9.0

State, county and municipal securities
80.2

1.0

—

81.2

Obligations of U.S. government agencies
583.0

0.5

(1.3
)
582.2

U.S. agency residential mortgage-backed securities & collateralized mortgage obligations
1,761.9

17.6

(4.7
)
1,774.8

Private mortgage-backed securities
61.1

0.1

(0.5
)
60.7

Corporate securities
94.5

0.5

—

95.0

Other investments
6.8

—

—

6.8

Total
$
2,596.5

$
19.7

$
(6.5
)
$
2,609.7

June 30, 2019
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
Held-to-Maturity:
 
 
 
 
State, county and municipal securities
$
63.5

$
2.1

$
—

$
65.6

Obligations of U.S. government agencies
19.8

—

(0.1
)
19.7

U.S agency residential mortgage-backed securities & collateralized mortgage obligations
1.3

—

—

1.3

Corporate securities
14.1

—

—

14.1

Other investments
0.1

—

—

0.1

Total
$
98.8

$
2.1

$
(0.1
)
$
100.8

December 31, 2018
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
Available-for-Sale:
 
 
 
 
U.S. Treasury notes
$
2.6

$
—

$
—

$
2.6

Obligations of U.S. government agencies
569.3

0.1

(10.2
)
559.2

U.S. agency residential mortgage-backed securities & collateralized mortgage obligations
1,566.4

2.5

(24.1
)
1,544.8

Private mortgage-backed securities
72.0

—

(1.8
)
70.2

Corporate securities
92.9

—

(1.0
)
91.9

Other investments
2.0

—

—

2.0

Total
$
2,305.2

$
2.6

$
(37.1
)
$
2,270.7

December 31, 2018
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
Held-to-Maturity:
 
 
 
 
State, county and municipal securities
$
150.9

$
1.8

$
(0.9
)
$
151.8

Obligations of U.S. government agencies
19.8

—

(0.3
)
19.5

U.S. agency residential mortgage-backed securities & collateralized mortgage obligations
189.7

0.3

(6.5
)
183.5

Corporate securities
46.3

0.1

(0.6
)
45.8

Other investments
0.1

—

—

0.1

Total
$
406.8

$
2.2

$
(8.3
)
$
400.7



At December 31, 2018, we had $406.8 million of investment securities classified as held to maturity. As a result of the adoption of ASU 2017-12 discussed in “Note 16 – Recent Authoritative Accounting Guidance” included in this report, the Company transferred investment securities classified as held-to-maturity to investment securities available-for-sale. At the time of transfer, the amortized cost and fair value of these securities totaled $281.1 million and $275.0 million, respectively. In addition, the unrealized loss of $6.0 million was recorded in the consolidated statement of comprehensive income.

There were no material gross realized gains and losses from the disposition of available-for-sale investment securities for the three and six month periods ended June 30, 2019 and 2018.

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 June 30, 2019 and December 31, 2018:
 
Less than 12 Months
 
12 Months or More
 
Total
June 30, 2019
Fair
Value
Gross
Unrealized
Losses
 
Fair
Value
Gross
Unrealized
Losses
 
Fair
Value
Gross
Unrealized
Losses
Available-for-Sale:
 
 
 
 
 
 
 
 
Obligations of U.S. government agencies
$
168.1

$
(0.8
)
 
$
119.4

$
(0.5
)
 
$
287.5

$
(1.3
)
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations
299.5

(3.1
)
 
240.3

(1.6
)
 
539.8

(4.7
)
Private mortgage-backed securities
—

—

 
48.1

(0.5
)
 
48.1

(0.5
)
Total
$
467.6

$
(3.9
)
 
$
407.8

$
(2.6
)
 
$
875.4

$
(6.5
)
 
Less than 12 Months
 
12 Months or More
 
Total
June 30, 2019
Fair
Value
Gross
Unrealized
Losses
 
Fair
Value
Gross
Unrealized
Losses
 
Fair
Value
Gross
Unrealized
Losses
Held-to-Maturity:
 
 
 
 
 
 
 
 
Obligations of U.S. government agencies
$
19.7

$
(0.1
)
 
$
—

$
—

 
$
19.7

$
(0.1
)
Total
$
19.7

$
(0.1
)
 
$
—

$
—

 
$
19.7

$
(0.1
)
 
Less than 12 Months
 
12 Months or More
 
Total
December 31, 2018
Fair
Value
Gross
Unrealized
Losses
 
Fair
Value
Gross
Unrealized
Losses
 
Fair
Value
Gross
Unrealized
Losses
Available-for-Sale:
 
 
 
 
 
 
 
 
Obligations of U.S. government agencies
$
363.1

$
(7.9
)
 
$
154.5

$
(2.3
)
 
$
517.6

$
(10.2
)
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations
735.2

(14.5
)
 
503.7

(9.6
)
 
1,238.9

(24.1
)
Private mortgage-backed securities
—

—

 
69.4

(1.8
)
 
69.4

(1.8
)
Corporate securities
24.9

(0.2
)
 
51.4

(0.8
)
 
76.3

(1.0
)
Total
$
1,123.2

$
(22.6
)

$
779.0

$
(14.5
)

$
1,902.2

$
(37.1
)
 
Less than 12 Months
 
12 Months or More
 
Total
December 31, 2018
Fair
Value
Gross
Unrealized
Losses
 
Fair
Value
Gross
Unrealized
Losses
 
Fair
Value
Gross
Unrealized
Losses
Held-to-Maturity:
 
 
 
 
 
 
 
 
State, county and municipal securities
$
25.9

$
(0.3
)
 
$
57.1

$
(0.6
)
 
$
83.0

$
(0.9
)
Obligations of U.S. government agencies
19.5

(0.3
)
 
—

—

 
19.5

(0.3
)
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations
45.0

(2.2
)
 
120.2

(4.3
)
 
165.2

(6.5
)
Corporate securities
—

—

 
39.6

(0.6
)
 
39.6

(0.6
)
Total
$
90.4

$
(2.8
)
 
$
216.9

$
(5.5
)
 
$
307.3

$
(8.3
)

The investment portfolio is evaluated quarterly for other-than-temporary declines in the market value of each individual investment security. The Company had 397 and 760 individual investment securities that were in an unrealized loss position as of June 30, 2019 and December 31, 2018, respectively, related primarily to fluctuations in the current interest rates. As of June 30, 2019, the Company had the intent and ability to hold these investment securities for a period of time sufficient to allow for an anticipated recovery. Furthermore, the Company does not have the intent to sell any of the available-for-sale securities in the above table and it is more likely than not that the Company will not have to sell any securities before a recovery in cost. No impairment losses were recorded during the three and six month periods ended June 30, 2019 or 2018.
    
Maturities of investment securities at June 30, 2019 are shown below. 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
June 30, 2019
Amortized
Cost
Estimated
Fair Value
 
Amortized
Cost
Estimated
Fair Value
Within one year
$
576.7

$
579.4

 
$
28.9

$
28.9

After one year but within five years
1,522.7

1,530.4

 
42.1

42.3

After five years but within ten years
256.3

258.2

 
23.9

25.6

After ten years
240.8

241.7

 
3.9

4.0

Total
$
2,596.5

$
2,609.7

 
$
98.8

$
100.8


        
As of June 30, 2019, the Company had investment securities callable within one year with amortized costs and estimated fair values of $153.6 million and $153.9 million, respectively. These investment securities are primarily included in the “after one year but within five years” category in the table above. As of June 30, 2019, the Company had callable structured notes with amortized costs and estimated fair values of $2.0 million each. These callable structured notes, which are classified as available-for-sale, are included in the after one year but within five years category in the table above.