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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2023
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:
September 30, 2023Amortized
Cost		Allowance for Credit LossesNet Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
Available-for-Sale:
U.S. Treasury notes$250.1 $— $250.1 $— $(34.2)$215.9 
State, county, and municipal securities257.5 — 257.5 — (54.9)202.6 
Obligations of U.S. government agencies179.3 — 179.3 — (17.3)162.0 
U.S. agency commercial mortgage-backed securities1,191.9 — 1,191.9 0.1 (125.1)1,066.9 
U.S. agency residential mortgage-backed securities1,474.3 — 1,474.3 — (189.3)1,285.0 
Collateralized mortgage obligations1,302.9 — 1,302.9 — (159.2)1,143.7 
Private mortgage-backed securities246.4 — 246.4 — (39.1)207.3 
Collateralized loan obligations1,126.7 — 1,126.7 — (8.9)1,117.8 
Corporate securities261.1 — 261.1 — (34.6)226.5 
Total$6,290.2 $— $6,290.2 $0.1 $(662.6)$5,627.7 

September 30, 2023
Amortized
Cost1
Allowance for Credit LossesNet Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
Held-to-Maturity:
U.S. Treasury notes$398.4 $— $398.4 $— $(6.8)$391.6 
State, county, and municipal securities179.0 — 179.0 — (34.9)144.1 
Obligations of U.S. government agencies353.8 — 353.8 — (59.5)294.3 
U.S. agency commercial mortgage-backed securities515.2 — 515.2 — (71.9)443.3 
U.S. agency residential mortgage-backed securities1,269.8 — 1,269.8 — (197.2)1,072.6 
Collateralized mortgage obligations487.1 — 487.1 — (86.2)400.9 
Corporate securities57.0 (0.8)56.2 — (6.9)49.3 
Total$3,260.3 $(0.8)$3,259.5 $— $(463.4)$2,796.1 
(1) Amortized cost presented above includes $11.4 million of unamortized gains in U.S. agency residential and commercial mortgage-backed securities and collateralized mortgage obligations related to the 2021 transfer of securities from available-for-sale to held-to-maturity, and $18.6 million of unamortized losses in state, county, and municipal, obligations of U.S. government agencies and collateralized loan obligations related to the 2022 transfer of securities from available-for-sale to held-to-maturity.
December 31, 2022Amortized
Cost		Allowance for Credit LossesNet Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
Available-for-Sale:
U.S. Treasury notes$675.1 $— $675.1 $2.1 $(34.5)$642.7 
State, county, and municipal securities314.3 — 314.3 — (50.6)263.7 
Obligations of U.S. government agencies216.2 — 216.2 — (17.3)198.9 
U.S. agency commercial mortgage-backed securities1,468.0 — 1,468.0 0.2 (117.0)1,351.2 
U.S. agency residential mortgage-backed securities1,726.0 — 1,726.0 — (167.7)1,558.3 
Collateralized mortgage obligations1,491.5 — 1,491.5 — (141.3)1,350.2 
Private mortgage-backed securities264.9 — 264.9 — (36.9)228.0 
Collateralized loan obligations1,145.2 — 1,145.2 — (33.6)1,111.6 
Corporate securities
272.3 — 272.3 — (30.8)241.5 
Total$7,573.5 $— $7,573.5 $2.3 $(629.7)$6,946.1 

December 31, 2022
Amortized
Cost1
Allowance for Credit LossesNet Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
Held-to-Maturity:
U.S. Treasury notes$396.6 $— $396.6 $— $(10.2)$386.4 
State, county, and municipal securities181.2 (0.1)181.1 0.2 (31.6)149.7 
Obligations of U.S. government agencies351.7 — 351.7 — (49.6)302.1 
U.S. agency commercial mortgage-backed securities526.8 — 526.8 — (58.3)468.5 
U.S. agency residential mortgage-backed securities1,391.5 — 1,391.5 — (166.6)1,224.9 
Collateralized mortgage obligations525.8 — 525.8 0.2 (76.7)449.3 
Corporate securities80.1 (1.8)78.3 — (7.0)71.3 
Total$3,453.7 $(1.9)$3,451.8 $0.4 $(400.0)$3,052.2 
(1) Amortized cost presented above includes $20.2 million of unamortized losses and of $14.2 million unamortized gains related to the 2021 and 2022 transfer of securities from available-for-sale to held-to-maturity.
Gross Unrealized Losses and Fair Values of Investment Securities
The following tables show the gross unrealized losses and fair values of available-for-sale investment securities and the length of time individual investment securities have been in an unrealized loss position as of September 30, 2023 and December 31, 2022.
 Less than 12 Months12 Months or MoreTotal
September 30, 2023Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Available-for-Sale:      
U.S. Treasury notes$— $— $215.9 $(34.2)$215.9 $(34.2)
State, county, and municipal securities1.0 — 199.7 (54.9)200.7 (54.9)
Obligations of U.S. government agencies— — 161.5 (17.3)161.5 (17.3)
U.S. agency commercial mortgage-backed securities0.3 — 1,057.8 (125.1)1,058.1 (125.1)
U.S. agency residential mortgage-backed securities0.9 — 1,284.0 (189.3)1,284.9 (189.3)
Collateralized mortgage obligations— — 1,143.7 (159.2)1,143.7 (159.2)
Private mortgage-backed securities— — 207.3 (39.1)207.3 (39.1)
Collateralized loan obligations— — 1,117.8 (8.9)1,117.8 (8.9)
Corporate securities— — 226.6 (34.6)226.6 (34.6)
Total$2.2 $— $5,614.3 $(662.6)$5,616.5 $(662.6)
 Less than 12 Months12 Months or MoreTotal
December 31, 2022Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Available-for-Sale:      
U.S. Treasury notes$168.8 $(4.7)$170.4 $(29.8)$339.2 $(34.5)
State, county, and municipal securities104.9 (9.0)146.1 (41.6)251.0 (50.6)
Obligations of U.S. government agencies152.2 (10.1)46.1 (7.2)198.3 (17.3)
U.S. agency commercial mortgage-backed securities1,069.8 (59.9)270.8 (57.0)1,340.6 (116.9)
U.S. agency residential mortgage-backed securities1,213.5 (112.3)344.6 (55.4)1,558.1 (167.7)
Collateralized mortgage obligations1,016.4 (90.1)333.0 (51.3)1,349.4 (141.4)
Private mortgage-backed securities133.1 (19.1)94.9 (17.8)228.0 (36.9)
Collateralized loan obligations1,082.6 (33.1)28.9 (0.5)1,111.5 (33.6)
Corporate securities130.6 (8.3)110.8 (22.5)241.4 (30.8)
Total$5,071.9 $(346.6)$1,545.6 $(283.1)$6,617.5 $(629.7)
Debt Securities, Held-to-maturity, Allowance for Credit Loss
The following table presents the activity in the allowance for credit losses related to available-for-sale investment securities:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Beginning balance$1.4 $— $— $— 
(Reduction of) provision for credit losses(1.4)— — — 
Ending balance$— $— $— $— 
The following table presents the activity in the allowance for credit losses related to held-to-maturity investment securities:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Beginning balance$0.7 $1.6 $1.9 $— 
Provision for (reduction of) credit losses0.1 0.3 (1.1)1.9 
Ending balance$0.8 $1.9 $0.8 $1.9 
Debt Securities, Held-to-maturity, Credit Quality Indicator The following table summarizes the credit quality indicators of held-to-maturity securities at amortized cost for the periods indicated:
September 30, 2023AAAAAABBBBBNot RatedTotal
U.S. Treasury notes$398.4 $— $— $— $— $— $398.4 
State, county, and municipal securities68.1 92.3 10.6 — — 8.0 179.0 
Obligations of U.S. government agencies353.8 — — — — — 353.8 
U.S. agency commercial mortgage-backed securities
FNMA/FHLMC360.9 — — — — — 360.9 
GNMA154.3 — — — — — 154.3 
U.S. agency residential mortgage-backed securities
FNMA/FHLMC1,225.6 — — — — — 1,225.6 
GNMA44.2 — — — — — 44.2 
Collateralized mortgage obligations
FNMA/FHLMC342.0 — — — — — 342.0 
GNMA145.1 — — — — — 145.1 
Corporate securities— — — 47.0 5.0 5.0 57.0 
Total$3,092.4 $92.3 $10.6 $47.0 $5.0 $13.0 $3,260.3 
December 31, 2022AAAAAABBBBBNot RatedTotal
U.S. Treasury notes$396.6 $— $— $— $— $— $396.6 
State, county, and municipal securities68.3 92.8 11.5 — — 8.6 181.2 
Obligations of U.S. government agencies351.7 — — — — — 351.7 
U.S. agency commercial mortgage-backed securities
FNMA/FHLMC364.9 — — — — — 364.9 
GNMA161.9 — — — — — 161.9 
U.S. agency residential mortgage-backed securities
FNMA/FHLMC1,342.9 — — — — — 1,342.9 
GNMA48.6 — — — — — 48.6 
Collateralized mortgage obligations
FNMA/FHLMC525.8 — — — — — 525.8 
Corporate securities— — — 65.1 10.0 5.0 80.1 
Total$3,260.7 $92.8 $11.5 $65.1 $10.0 $13.6 $3,453.7 
Maturities of Investment Securities 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, 2023Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Within one year$1.6 $1.5 $308.7 $304.5 
After one year but within five years1,036.0 941.3 346.4 320.2 
After five years but within ten years1,387.9 1,220.0 654.8 551.5 
After ten years3,864.7 3,464.9 1,950.4 1,619.9 
Total$6,290.2 $5,627.7 $3,260.3 $2,796.1