INVESTMENT SECURITIES

3 Months Ended

Mar. 31, 2017

INVESTMENT SECURITIES [Abstract]

INVESTMENT SECURITIES

NOTE D:  INVESTMENT SECURITIES

The amortized cost and estimated fair value of investment securities as of March 31, 2017 and December 31, 2016 are as follows:

	March 31, 2017								December 31, 2016
(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	$	1,878,982	$	30,358	$	1,106	$	1,908,234	$	1,876,358	$	28,522	$	2,118	$	1,902,762
Obligations of state and political subdivisions		564,501		14,603		446		578,658		582,655		13,389		1,054		594,990
Government agency mortgage-backed securities		237,257		4,526		2,729		239,054		232,657		5,040		2,467		235,230
Corporate debt securities		5,697		0		16		5,681		5,716		2		31		5,687
Government agency collateralized mortgage obligations		8,516		293		0		8,809		9,225		310		0		9,535
Marketable equity securities		251		203		0		454		252		200		0		452
Total available-for-sale portfolio	$	2,695,204	$	49,983	$	4,297	$	2,740,890	$	2,706,863	$	47,463	$	5,670	$	2,748,656
Other Securities:
Federal Home Loan Bank common stock	$	5,590					$	5,590	$	12,191					$	12,191
Federal Reserve Bank common stock		19,781						19,781		19,781						19,781
Certificates of deposit		18,758						18,758		0						0
Other equity securities		3,699						3,699		3,764						3,764
Total other securities	$	47,828					$	47,828	$	35,736					$	35,736

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

As of March 31, 2017

	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 securities		7	$	258,008	$	1,106		0	$	0	$	0		7	$	258,008	$	1,106
Obligations of state and political subdivisions		75		40,177		446		0		0		0		75		40,177		446
Government agency mortgage-backed securities		67		95,749		1,866		14		21,228		863		81		116,977		2,729
Corporate debt securities		1		2,677		16		0		0		0		1		2,677		16
Government agency collateralized mortgage obligations		0		0		0		2		2		0		2		2		0
Total available-for-sale investment portfolio		150	$	396,611	$	3,434		16	$	21,230	$	863		166	$	417,841	$	4,297

As of December 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:
U.S. Treasury and agency securities		13	$	449,242	$	2,118		0	$	0	$	0		13	$	449,242	$	2,118
Obligations of state and political subdivisions		197		102,106		1,054		0		0		0		197		102,106		1,054
Government agency mortgage-backed securities		57		83,862		1,637		15		21,788		830		72		105,650		2,467
Corporate debt securities		1		2,677		31		0		0		0		1		2,677		31
Government agency collateralized mortgage obligations		0		0		0		2		2		0		2		2		0
Total available-for-sale investment portfolio		268	$	637,887	$	4,840		17	$	21,790	$	830		285	$	659,677	$	5,670

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 Ginnie Mae, Fannie Mae, and the Federal Home Loan Mortgage 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, 2017 represents OTTI.

The amortized cost and estimated fair value of debt securities at March 31, 2017, 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	$	38,222	$	38,447
Due after one through five years		1,199,564		1,221,056
Due after five years through ten years		1,041,199		1,058,066
Due after ten years		170,195		175,004
Subtotal		2,449,180		2,492,573
Government agency mortgage-backed securities		237,257		239,054
Government agency collateralized mortgage obligations		8,516		8,809
Total	$	2,694,953	$	2,740,436