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INVESTMENT SECURITIES
12 Months Ended
Dec. 31, 2018
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:

  
2018
  
2017
 
(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
 
$
2,036,474
  
$
2,190
  
$
14,911
  
$
2,023,753
  
$
2,043,023
  
$
15,886
  
$
4,838
  
$
2,054,071
 
Obligations of state and political subdivisions
  
453,640
   
6,563
   
1,049
   
459,154
   
514,949
   
14,064
   
57
   
528,956
 
Government agency mortgage-backed securities
  
390,234
   
1,526
   
9,283
   
382,477
   
358,180
   
3,121
   
3,763
   
357,538
 
Corporate debt securities
  
2,588
   
0
   
42
   
2,546
   
2,648
   
0
   
25
   
2,623
 
Government agency collateralized mortgage obligations
  
69,342
   
60
   
1,283
   
68,119
   
88,097
   
155
   
878
   
87,374
 
Marketable equity securities
  
0
   
0
   
0
   
0
   
251
   
275
   
0
   
526
 
Total available-for-sale portfolio
 
$
2,952,278
  
$
10,339
  
$
26,568
  
$
2,936,049
  
$
3,007,148
  
$
33,501
  
$
9,561
  
$
3,031,088
 
                                 
Equity and other Securities:
                                
Equity securities, at fair value
 
$
251
  
$
200
  
$
19
  
$
432
  
$
0
  
$
0
  
$
0
  
$
0
 
Federal Home Loan Bank common stock
  
8,768
   
0
   
0
   
8,768
   
9,896
   
0
   
0
   
9,896
 
Federal Reserve Bank common stock
  
30,690
   
0
   
0
   
30,690
   
30,690
   
0
   
0
   
30,690
 
Certificates of deposit
  
0
   
0
   
0
   
0
   
3,865
   
0
   
0
   
3,865
 
Other equity securities, at adjusted cost
  
4,969
   
750
   
0
   
5,719
   
5,840
   
0
   
0
   
5,840
 
Total equity and other securities
 
$
44,678
  
$
950
  
$
19
  
$
45,609
  
$
50,291
  
$
0
  
$
0
  
$
50,291
 

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, 2018
     
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
  
$
473,082
  
$
682
   
64
  
$
1,213,276
  
$
14,229
   
71
  
$
1,686,358
  
$
14,911
 
Obligations of state and political subdivisions
  
118
   
55,671
   
216
   
97
   
51,753
   
833
   
215
   
107,424
   
1,049
 
Government agency mortgage-backed securities
  
43
   
47,708
   
258
   
181
   
253,931
   
9,025
   
224
   
301,639
   
9,283
 
Corporate debt securities
  
0
   
0
   
0
   
1
   
2,546
   
42
   
1
   
2,546
   
42
 
Government agency collateralized mortgage obligations
  
1
   
66
   
0
   
41
   
63,112
   
1,283
   
42
   
63,178
   
1,283
 
Total available-for-sale investment portfolio
  
169
  
$
576,527
  
$
1,156
   
384
  
$
1,584,618
  
$
25,412
   
553
  
$
2,161,145
  
$
26,568
 
                                     
Equity and other Securities:
                                    
Equity securities, at fair value
  
1
  
$
82
  
$
19
   
0
  
$
0
  
$
0
   
1
  
$
82
  
$
19
 
Total equity and other securities
  
1
  
$
82
  
$
19
   
0
  
$
0
  
$
0
   
1
  
$
82
  
$
19
 

As of December 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
  
44
  
$
699,709
  
$
4,838
   
0
  
$
0
  
$
0
   
44
  
$
699,709
  
$
4,838
 
Obligations of state and political subdivisions
  
45
   
23,432
   
57
   
0
   
0
   
0
   
45
   
23,432
   
57
 
Government agency mortgage-backed securities
  
120
   
185,716
   
1,433
   
55
   
75,712
   
2,330
   
175
   
261,428
   
3,763
 
Corporate debt securities
  
1
   
2,623
   
25
   
0
   
0
   
0
   
1
   
2,623
   
25
 
Government agency collateralized mortgage obligations
  
39
   
80,041
   
878
   
1
   
1
   
0
   
40
   
80,042
   
878
 
Total available-for-sale investment portfolio
  
249
  
$
991,521
  
$
7,231
   
56
  
$
75,713
  
$
2,330
   
305
  
$
1,067,234
  
$
9,561
 

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 Ginnie Mae, Fannie Mae, and Freddie Mac 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, 2018 represents OTTI.

The amortized cost and estimated fair value of debt securities at December 31, 2018, 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
 
$
58,214
  
$
58,128
 
Due after one through five years
  
2,126,742
   
2,115,304
 
Due after five years through ten years
  
158,282
   
160,694
 
Due after ten years
  
149,464
   
151,327
 
Subtotal
  
2,492,702
   
2,485,453
 
Government agency mortgage-backed securities
  
390,234
   
382,477
 
Government agency collateralized mortgage obligations
  
69,342
   
68,119
 
Total
 
$
2,952,278
  
$
2,936,049
 

Investment securities with a carrying value of $1.447 billion and $1.530 billion at December 31, 2018 and 2017, respectively, were pledged to collateralize certain deposits and borrowings.  Securities pledged to collateralize certain deposits and borrowings included $492.4 million and $473.2 million of U.S. Treasury securities that were pledged as collateral for securities sold under agreement to repurchase at December 31, 2018, and 2017, respectively.  All securities sold under agreement to repurchase as of December 31, 2018 and 2017 have an overnight and continuous maturity.