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Investment Securities (Tables)
3 Months Ended 6 Months Ended
Mar. 31, 2021
Jun. 30, 2021
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:
June 30, 2021Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
Available-for-Sale:
U.S. Treasury notes$497.1 $— $(0.2)$496.9 
State, county, and municipal securities449.2 2.5 (7.2)444.5 
Obligations of U.S. government agencies333.2 0.4 (6.7)326.9 
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations2,064.7 29.4 (11.9)2,082.2 
Private mortgage-backed securities16.9 0.1 — 17.0 
Collateralized loan obligations187.3 — — 187.3 
Corporate securities401.0 4.6 (2.6)403.0 
Total$3,949.4 $37.0 $(28.6)$3,957.8 

June 30, 2021Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
Held-to-Maturity:
State, county, and municipal securities$72.4 $2.6 $(0.5)$74.5 
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations (1)
1,591.5 22.4 (8.6)1,605.3 
Corporate securities (1)
21.6 0.5 — 22.1 
Total$1,685.5 $25.5 $(9.1)$1,701.9 
(1) Amortized costs presented above include $24.4 million and $0.4 million of unamortized gains in U.S. agency residential mortgage-backed securities and collateralized mortgage obligations and Corporate securities, respectively, related to the 2021 second quarter transfer of securities from available-for-sale to held-to-maturity.
December 31, 2020Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
Available-for-Sale:
State, county, and municipal securities$462.1 $4.8 $(1.0)$465.9 
Obligations of U.S. government agencies332.9 1.0 (2.0)331.9 
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations2,830.8 69.3 (2.5)2,897.6 
Private mortgage-backed securities10.9 0.1 (0.1)10.9 
Corporate securities
295.8 6.5 (0.1)302.2 
Other investments
0.2 — — 0.2 
Total$3,932.7 $81.7 $(5.7)$4,008.7 

December 31, 2020Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
Held-to-Maturity:
State, county, and municipal securities$46.6 $3.2 $— $49.8 
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations1.0 0.1 — 1.1 
Corporate securities
3.9 0.1 — 4.0 
Other investments0.1 — — 0.1 
Total$51.6 $3.4 $— $55.0 
Gross Unrealized Losses and Fair Values of Investment Securities 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 an unrealized loss position as of June 30, 2021 and December 31, 2020. There were no held-to-maturity securities in an unrealized loss position at December 31, 2020.
 Less than 12 Months12 Months or MoreTotal
June 30, 2021Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Available-for-Sale:      
U.S. Treasury notes$496.9 $(0.2)$— $— $496.9 $(0.2)
State, county, and municipal securities260.3 (7.2)— — 260.3 (7.2)
Obligations of U.S. government agencies
293.7 (6.7)— — 293.7 (6.7)
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations870.9 (11.9)— — 870.9 (11.9)
Corporate securities196.2 (2.6)— — 196.2 (2.6)
Total$2,118.0 $(28.6)$— $— $2,118.0 $(28.6)
 Less than 12 Months12 Months or MoreTotal
June 30, 2021Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Held-to-Maturity:      
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations$742.0 $(8.6)$— $— $742.0 $(8.6)
State, county, and municipal securities29.3 (0.5)— — 29.3 (0.5)
Total$771.3 $(9.1)$— $— $771.3 $(9.1)

 Less than 12 Months12 Months or MoreTotal
December 31, 2020Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Available-for-Sale:      
State, county, and municipal securities$148.1 $(1.0)$— $— $148.1 $(1.0)
Obligations of U.S. government agencies235.6 (2.0)— — 235.6 (2.0)
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations434.0 (2.4)12.3 (0.1)446.3 (2.5)
Private mortgage-backed securities— — 4.3 (0.1)4.3 (0.1)
Corporate securities20.9 (0.1)— — 20.9 (0.1)
Total$838.6 $(5.5)$16.6 $(0.2)$855.2 $(5.7)
 
Maturities of Investment Securities , the Company had variable rate mortgage-backed and corporate securities which had an amortized cost of $291.6 million and were classified as available-for-sale as of June 30, 2021. 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
June 30, 2021Amortized
Cost
Estimated
Fair Value
Amortized
Cost
Estimated
Fair Value
Within one year$624.8 $723.9 $682.2 $688.1 
After one year but within five years1,516.3 1,626.9 393.3 398.2 
After five years but within ten years1,062.4 935.5 272.9 276.0 
After ten years745.9 671.5 337.1 339.6 
Total$3,949.4 $3,957.8 $1,685.5 $1,701.9