INVESTMENT SECURITIES

3 Months Ended

Mar. 31, 2016

INVESTMENT SECURITIES [Abstract]

INVESTMENT SECURITIES

NOTE D: INVESTMENT SECURITIES

The amortized cost and estimated fair value of investment securities as of March 31, 2016 and December 31, 2015 are as follows:

	March 31, 2016								December 31, 2015
(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	$	1,868,429	$	95,114	$	0	$	1,963,543	$	1,866,819	$	35,186	$	2,027	$	1,899,978
Obligations of state and political subdivisions		632,114		30,283		5		662,392		640,455		26,487		59		666,883
Government agency mortgage-backed securities		208,300		7,500		529		215,271		205,220		6,906		1,261		210,865
Corporate debt securities		16,639		55		10		16,684		16,672		66		58		16,680
Government agency collateralized mortgage obligations		11,911		525		0		12,436		12,862		446		0		13,308
Marketable equity securities		251		178		19		410		250		163		14		399
Total available-for-sale portfolio	$	2,737,644	$	133,655	$	563	$	2,870,736	$	2,742,278	$	69,254	$	3,419	$	2,808,113
Other Securities:
Federal Home Loan Bank common stock		7,258						7,258	$	19,317					$	19,317
Federal Reserve Bank common stock		20,663						20,663		16,050						16,050
Other equity securities		4,221						4,221		4,460						4,460
Total other securities	$	32,142					$	32,142	$	39,827					$	39,827

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

As of March 31, 2016

	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		1	$	72	$	0		2	$	755	$	5		3	$	827	$	5
Government agency mortgage-backed securities		9		6,470		17		19		30,167		512		28		36,637		529
Corporate debt securities		0		0		0		1		2,743		10		1		2,743		10
Government agency collateralized mortgage obligations		0		0		0		2		3		0		2		3		0
Marketable equity securities		1		82		19		0		0		0		1		82		19
Total available-for-sale/investment portfolio		11	$	6,624	$	36		24	$	33,668	$	527		35	$	40,292	$	563

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

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 March 31, 2016 represents OTTI.

The amortized cost and estimated fair value of debt securities at March 31, 2016, 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	$	42,379	$	42,646
Due after one through five years		732,229		765,044
Due after five years through ten years		1,515,627		1,594,586
Due after ten years		226,947		240,343
Subtotal		2,517,182		2,642,619
Government agency mortgage-backed securities		208,300		215,271
Government agency collateralized mortgage obligations		11,911		12,436
Total	$	2,737,393	$	2,870,326