INVESTMENT SECURITIES

9 Months Ended

Sep. 30, 2015

INVESTMENT SECURITIES [Abstract]

INVESTMENT SECURITIES

NOTE D: INVESTMENT SECURITIES

The amortized cost and estimated fair value of investment securities as of September 30, 2015 and December 31, 2014 are as follows:

	September 30, 2015								December 31, 2014
(000's omitted)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized  Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-Sale Portfolio:
U.S. Treasury and agency securities	$	1,864,199	$	69,071	$	0	$	1,933,270	$	1,479,134	$	39,509	$	910	$	1,517,733
Obligations of state and political subdivisions		662,774		24,374		521		686,627		645,398		26,749		244		671,903
Government agency mortgage-backed securities		208,817		8,087		968		215,936		228,971		9,782		1,025		237,728
Corporate debt securities		16,705		115		38		16,782		26,803		363		75		27,091
Government agency collateralized mortgage obligations		13,836		582		0		14,418		17,330		695		0		18,025
Marketable equity securities		250		167		11		406		250		195		0		445
Total available-for-sale portfolio	$	2,766,581	$	102,396	$	1,538	$	2,867,439	$	2,397,886	$	77,293	$	2,254	$	2,472,925
Other Securities:
Federal Home Loan Bank common stock	$	29,500					$	29,500	$	19,553					$	19,553
Federal Reserve Bank common stock		16,050						16,050		16,050						16,050
Other equity securities		4,274						4,274		4,446						4,446
Total other securities	$	49,824					$	49,824	$	40,049					$	40,049

A summary of investment securities that have been in a continuous unrealized loss position is as follows:

As of September 30, 2015

	Less than 12 Months						12 Months or Longer						Total
(000's omitted)		#	Fair Value		Gross Unrealized Losses			#	Fair Value		Gross Unrealized Losses			#	Fair Value		Gross Unrealized Losses
Available-for-Sale Portfolio:
Obligations of state and political subdivisions		70	$	38,526	$	473		3	$	1,198	$	48		73	$	39,724	$	521
Government agency mortgage-backed securities		5		7,342		37		19		31,333		931		24		38,675		968
Corporate debt securities		0		0		0		1		2,745		38		1		2,745		38
Government agency collateralized mortgage obligations		0		0		0		2		4		0		2		4		0
Marketable equity securities		1		90		11		0		0		0		1		90		11
Total available-for-sale/investment portfolio		76	$	45,958	$	521		25	$	35,280	$	1,017		101	$	81,238	$	1,538

As of December 31, 2014

	Less than 12 Months						12 Months or Longer						Total
(000's omitted)		#	Fair Value		Gross Unrealized			#	Fair Value		Gross Unrealized Losses			#	Fair Value		Gross Unrealized Losses
Available-for-Sale Portfolio:
U.S. Treasury and agency obligations		0	$	0	$	0		4	$	102,363	$	910		4	$	102,363	$	910
Obligations of state and political subdivisions		23		13,413		34		46		26,490		210		69		39,903		244
Government agency mortgage-backed securities		3		5		0		19		34,770		1,025		22		34,775		1,025
Corporate debt securities		1		3,040		1		1		2,755		74		2		5,795		75
Government agency collateralized mortgage obligations		1		0		0		1		5		0		2		5		0
Total available-for-sale/investment portfolio		28	$	16,458	$	35		71	$	166,383	$	2,219		99	$	182,841	$	2,254

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 the Government National Mortgage Association (“GNMA”), the Federal National Mortgage Association (“FNMA”), and the Federal Home Loan Corporation (“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 September 30, 2015 represents OTTI.

The amortized cost and estimated fair value of debt securities at September 30, 2015, 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
(000's omitted)	Amortized Cost		Fair Value
Due in one year or less	$	43,499	$	43,925
Due after one through five years		157,648		161,758
Due after five years through ten years		2,094,774		2,173,882
Due after ten years		247,757		257,114
Subtotal		2,543,678		2,636,679
Government agency mortgage-backed securities		208,817		215,936
Government agency collateralized mortgage obligations		13,836		14,418
Total	$	2,766,331	$	2,867,033