INVESTMENT SECURITIES

12 Months Ended

Dec. 31, 2015

INVESTMENT SECURITIES [Abstract]

INVESTMENT SECURITIES

NOTE C:  INVESTMENT SECURITIES

The amortized cost and estimated fair value of investment securities as of December 31 are as follows:

	2015								2014
(000's omitted)	Amortized Cost		Gross  Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Amortized Cost		Gross Unrealized  Gains		Gross Unrealized Losses		Estimated  Fair Value
Available-for-Sale Portfolio:
U.S. Treasury and agency securities	$	1,866,819	$	35,186	$	2,027	$	1,899,978	$	1,479,134	$	39,509	$	910	$	1,517,733
Obligations of state and political subdivisions		640,455		26,487		59		666,883		645,398		26,749		244		671,903
Government agency mortgage-backed securities		205,220		6,906		1,261		210,865		228,971		9,782		1,025		237,728
Corporate debt securities		16,672		66		58		16,680		26,803		363		75		27,091
Government agency collateralized mortgage obligations		12,862		446		0		13,308		17,330		695		0		18,025
Marketable equity securities		250		163		14		399		250		195		0		445
Total available-for-sale portfolio	$	2,742,278	$	69,254	$	3,419	$	2,808,113	$	2,397,886	$	77,293	$	2,254	$	2,472,925
Other Securities:
Federal Home Loan Bank common stock	$	19,317					$	19,317	$	19,553					$	19,553
Federal Reserve Bank common stock		16,050						16,050		16,050						16,050
Other equity securities		4,460						4,460		4,446						4,446
Total other securities	$	39,827					$	39,827	$	40,049					$	40,049

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 December 31, 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:
U.S. Treasury and agency obligations		9	$	353,844	$	2,027		0	$	0	$	0		9	$	353,844	$	2,027
Obligations of state and political subdivisions		18		8,804		34		2		735		25		20		9,539		59
Government agency mortgage-backed securities		17		24,178		161		19		30,103		1,100		36		54,281		1,261
Corporate debt securities		1		3,024		0		1		2,710		58		2		5,734		58
Government agency collateralized mortgage obligations		0		0		0		2		3		0		2		3		0
Marketable equity securities		1		87		14		0		0		0		1		87		14
Total available-for-sale/investment portfolio		46	$	389,937	$	2,236		24	$	33,551	$	1,183		70	$	423,488	$	3,419

As of December 31, 2014

	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:
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 Government National Mortgage Association, Federal National Mortgage Association, and Federal Home Loan Mortgage Corporation 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 December 31, 2015 represents OTTI.

The amortized cost and estimated fair value of debt securities at December 31, 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
	Amortized Cost		Fair Value
(000's omitted)
Due in one year or less	$	41,806	$	42,150
Due after one through five years		726,690		744,452
Due after five years through ten years		1,517,966		1,547,677
Due after ten years		237,484		249,262
Subtotal		2,523,946		2,583,541
Government agency mortgage-backed securities		205,220		210,865
Government agency collateralized mortgage obligations		12,862		13,308
Total	$	2,742,028	$	2,807,714

Cash flow information on investment securities for the years ended December 31 is as follows:

(000's omitted)	2015		2014		2013
Gross gains on sales of investment securities	$	3	$	0	$	96,258
Gross losses on sales of investment securities		7		0		15,490
Proceeds from the maturities of mortgage-backed securities and CMO's		45,432		46,791		83,232
Purchases of mortgage-backed securities and CMO's		18,477		22,234		51,194

Investment securities with a carrying value of $1.750 billion and $1.182 billion at December 31, 2015 and 2014, respectively, were pledged to collateralize certain deposits and borrowings.