INVESTMENT SECURITIES

6 Months Ended

Jun. 30, 2014

INVESTMENT SECURITIES [Abstract]

INVESTMENT SECURITIES

NOTE D:  INVESTMENT SECURITIES

The amortized cost and estimated fair value of investment securities as of June 30, 2014 and December 31, 2013 are as follows:

	June 30, 2014				December 31, 2013
		Gross	Gross			Gross	Gross
	Amortized	Unrealized	Unrealized	Fair	Amortized	Unrealized	Unrealized	Fair
(000's omitted)	Cost	Gains	Losses	Value	Cost	Gains	Losses	Value
Available-for-Sale Portfolio:
U.S. Treasury and agency securities	$1,474,230	$20,605	$7,835	$1,487,000	$1,252,332	$1,119	$41,304	$1,212,147
Obligations of state and political subdivisions	684,302	25,012	2,056	707,258	665,441	15,919	12,378	668,982
Government agency mortgage-backed securities	242,443	10,476	1,779	251,140	250,431	8,660	4,113	254,978
Corporate debt securities	26,867	699	88	27,478	26,932	873	218	27,587
Government agency collateralized mortgage obligations	19,653	820	0	20,473	21,779	362	93	22,048
Marketable equity securities	250	167	0	417	250	171	0	421
Total available-for-sale portfolio	$2,447,745	$57,779	$11,758	$2,493,766	$2,217,165	$27,104	$58,106	$2,186,163
Other Securities:
Federal Home Loan Bank common stock	$20,157			$20,157	$12,053			$12,053
Federal Reserve Bank common stock	16,050			16,050	16,050			16,050
Other equity securities	4,446			4,446	4,459			4,459
Total other securities	$40,653			$40,653	$32,562			$32,562

A summary of investment securities that have been in a continuous unrealized loss position for less than, or greater than, twelve months is as follows:

As of June 30, 2014

	Less than 12 Months			12 Months or Longer			Total
			Gross			Gross			Gross
		Fair	Unrealized		Fair	Unrealized		Fair	Unrealized
(000's omitted)	#	Value	Losses	#	Value	Losses	#	Value	Losses
Available-for-Sale Portfolio:
U.S. Treasury and agency obligations	1	$23,680	$20	14	$314,400	$7,815	15	$338,080	$7,835
Obligations of state and political subdivisions	30	20,417	55	118	72,814	2,001	148	93,231	2,056
Government agency mortgage-backed securities	3	7,675	204	28	42,319	1,575	31	49,994	1,779
Corporate debt securities	0	0	0	1	2,770	88	1	2,770	88
Government agency collateralized mortgage obligations	0	0	0	1	6	0	1	6	0
Total available-for-sale/investment portfolio	34	$51,772	$279	162	$432,309	$11,479	196	$484,081	$11,758

As of December 31, 2013

	Less than 12 Months			12 Months or Longer			Total
			Gross			Gross			Gross
		Fair	Unrealized		Fair	Unrealized		Fair	Unrealized
(000's omitted)	#	Value	Losses	#	Value	Losses	#	Value	Losses
Available-for-Sale Portfolio:
U.S. Treasury and agency obligations	43	$1,181,214	$41,304	0	$0	$0	43	$1,181,214	$41,304
Obligations of state and political subdivisions	302	195,526	11,774	9	4,974	604	311	200,500	12,378
Government agency mortgage-backed securities	43	68,917	3,262	6	8,713	851	49	77,630	4,113
Corporate debt securities	1	3,026	31	1	2,703	187	2	5,729	218
Government agency collateralized mortgage obligations	1	2,601	93	1	7	0	2	2,608	93
Total available-for-sale/investment portfolio	390	$1,451,284	$56,464	17	$16,397	$1,642	407	$1,467,681	$58,106

The unrealized losses reported pertaining to securities issued by the U.S. government and its sponsored entities, include treasuries, agencies, and mortgage-backed securities issued by GNMA, FNMA and FHLMC which are currently rated AAA by Moody’s Investor Services, AA+ by Standard & Poor’s and are guaranteed by the U.S. government. The majority of the obligations of state and political subdivisions and corporations carry a credit rating of A or better.  Additionally, a majority of the obligations of state and political subdivisions carry a secondary level of credit enhancement. The Company does not intend to sell these securities, nor is it more likely than not that the Company will be required to sell these securities prior to recovery of the amortized cost. The unrealized losses in the portfolios are primarily attributable to changes in interest rates.  As such, management does not believe any individual unrealized loss as of June 30, 2014 represents OTTI.

The amortized cost and estimated fair value of debt securities at June 30, 2014, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.  Securities not due at a single maturity date are shown separately.

	Available-for-Sale
	Amortized	Fair
(000's omitted)	Cost	Value
Due in one year or less	$51,055	$51,919
Due after one through five years	233,311	240,810
Due after five years through ten years	1,607,975	1,626,370
Due after ten years	293,058	302,637
Subtotal	2,185,399	2,221,736
Government agency mortgage-backed securities	242,443	251,140
Government agency collateralized mortgage obligations	19,653	20,473
Total	$2,447,495	$2,493,349