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Investment Securities (Tables)
9 Months Ended
Sep. 30, 2020
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 for the periods indicated:
September 30, 2020Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
Available-for-Sale:
U.S. Treasury notes$8.0 $— $— $8.0 
State, county and municipal securities233.6 2.7 (0.2)236.1 
Obligations of U.S. government agencies278.4 1.0 (0.6)278.8 
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations2,535.3 76.9 (0.5)2,611.7 
Private mortgage-backed securities20.0 0.2 (0.1)20.1 
Corporate securities292.9 5.4 (0.5)297.8 
Other investments1.0 — — 1.0 
Total$3,369.2 $86.2 $(1.9)$3,453.5 

September 30, 2020Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
Held-to-Maturity:
State, county and municipal securities$49.9 $3.2 $— $53.1 
U.S agency residential mortgage-backed securities & collateralized mortgage obligations1.0 0.1 — 1.1 
Corporate securities4.0 0.1 — 4.1 
Other investments0.1 — — 0.1 
Total$55.0 $3.4 $— $58.4 

December 31, 2019Amortized
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 securities80.1 0.8 — 80.9 
Obligations of U.S. government agencies367.5 0.1 (0.8)366.8 
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations2,303.6 19.6 (6.0)2,317.2 
Private mortgage-backed securities47.6 — (0.4)47.2 
Corporate securities
134.5 1.2 — 135.7 
Other investments
3.2 — — 3.2 
Total$2,945.5 $21.7 $(7.2)$2,960.0 

December 31, 2019Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
Held-to-Maturity:
State, county and municipal securities$57.3 $2.1 $— $59.4 
Obligations of U.S. government agencies19.8 — — 19.8 
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations1.2 — — 1.2 
Corporate securities
13.9 0.1 — 14.0 
Other investments0.1 — — 0.1 
Total$92.3 $2.2 $— $94.5 
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, aggregated by investment category, and the length of time individual investment securities have been in a continuous unrealized loss position as of September 30, 2020 and December 31, 2019. There was no material allowance for credit loss as of September 30, 2020.
 Less than 12 Months12 Months or MoreTotal
September 30, 2020Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Available-for-Sale:      
State, county and municipal securities$22.6 $(0.2)$— $— $22.6 $(0.2)
Obligations of U.S. government agencies
102.0 (0.6)— — 102.0 (0.6)
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations88.2 (0.4)11.4 (0.1)99.6 (0.5)
Private mortgage-backed securities— — 12.7 (0.1)12.7 (0.1)
Corporate securities54.1 (0.5)— — 54.1 (0.5)
Total$266.9 $(1.7)$24.1 $(0.2)$291.0 $(1.9)

 Less than 12 Months12 Months or MoreTotal
December 31, 2019Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Available-for-Sale:      
Obligations of U.S. government agencies$185.3 $(0.8)$— $— $185.3 $(0.8)
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations740.1 (4.6)155.9 (1.4)896.0 (6.0)
Private mortgage-backed securities— — 46.6 (0.4)46.6 (0.4)
Total$925.4 $(5.4)$202.5 $(1.8)$1,127.9 $(7.2)
Maturities of Investment Securities
Maturities of investment securities at September 30, 2020 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-SaleHeld-to-Maturity
September 30, 2020Amortized
Cost
Estimated
Fair Value
Amortized
Cost
Estimated
Fair Value
Within one year$652.4 $931.3 $8.9 $8.9 
After one year but within five years1,446.5 1,251.2 30.5 31.9 
After five years but within ten years627.9 864.5 14.1 16.1 
After ten years642.4 406.5 1.5 1.5 
Total$3,369.2 $3,453.5 $55.0 $58.4