INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 2022

INVESTMENT SECURITIES

Schedule of amortized cost and estimated fair value of investment securities

The amortized cost and estimated fair value of investment securities as of September 30, 2022 and December 31, 2021 are as follows:

	September 30, 2022								December 31, 2021
			Gross		Gross						Gross		Gross
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
(000’s omitted)	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
Available-for-Sale Portfolio:
U.S. Treasury and agency securities	$	5,103,053	$	0	$	827,613	$	4,275,440	$	4,064,624	$	39,997	$	106,057	$	3,998,564
Obligations of state and political subdivisions		561,464		496		72,050		489,910		413,019		17,326		56		430,289
Government agency mortgage-backed securities		449,808		57		64,974		384,891		474,506		7,615		5,065		477,056
Corporate debt securities		8,000		0		967		7,033		8,000		39		77		7,962
Government agency collateralized mortgage obligations		14,219		1		805		13,415		19,953		410		24		20,339
Total available-for-sale investment portfolio	$	6,136,544	$	554	$	966,409	$	5,170,689	$	4,980,102	$	65,387	$	111,279	$	4,934,210
Equity and other Securities:
Equity securities, at fair value	$	251	$	198	$	10	$	439	$	251	$	212	$	0	$	463
Federal Home Loan Bank common stock		18,438		0		0		18,438		7,188		0		0		7,188
Federal Reserve Bank common stock		33,568		0		0		33,568		33,916		0		0		33,916
Other equity securities, at adjusted cost		3,408		750		0		4,158		2,562		750		0		3,312
Total equity and other securities	$	55,665	$	948	$	10	$	56,603	$	43,917	$	962	$	0	$	44,879

Summary of investment securities that have been in a continuous unrealized loss position

As of September 30, 2022

	Less than 12 Months					12 Months or Longer					Total
				Gross					Gross					Gross
		Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(000’s omitted)	#	Value		Losses		#	Value		Losses		#	Value		Losses
Available-for-Sale Portfolio:
U.S. Treasury and agency securities	76	$	2,797,064	$	321,932	51	$	1,478,376	$	505,681	127	$	4,275,440	$	827,613
Obligations of state and political subdivisions	701		407,699		65,889	27		17,786		6,161	728		425,485		72,050
Government agency mortgage-backed securities	636		241,348		30,136	142		140,785		34,838	778		382,133		64,974
Corporate debt securities	1		2,746		254	1		4,287		713	2		7,033		967
Government agency collateralized mortgage obligations	37		11,761		634	10		1,623		171	47		13,384		805
Total available-for-sale investment portfolio	1,451	$	3,460,618	$	418,845	231	$	1,642,857	$	547,564	1,682	$	5,103,475	$	966,409
Equity and other Securities:
Equity securities, at fair value	1	$	91	$	10	0	$	0	$	0	1	$	91	$	10
Total equity and other securities	1	$	91	$	10	0	$	0	$	0	1	$	91	$	10

As of December 31, 2021

	Less than 12 Months					12 Months or Longer					Total
				Gross					Gross					Gross
		Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(000’s omitted)	#	Value		Losses		#	Value		Losses		#	Value		Losses
Available-for-Sale Portfolio:
U.S. Treasury and agency securities	47	$	1,224,101	$	14,873	13	$	900,462	$	91,184	60	$	2,124,563	$	106,057
Obligations of state and political subdivisions	27		23,966		56	0		0		0	27		23,966		56
Government agency mortgage-backed securities	147		139,442		2,475	52		67,273		2,590	199		206,715		5,065
Corporate debt securities	1		4,923		77	0		0		0	1		4,923		77
Government agency collateralized mortgage obligations	18		3,146		24	1		53		0	19		3,199		24
Total available-for-sale investment portfolio	240	$	1,395,578	$	17,505	66	$	967,788	$	93,774	306	$	2,363,366	$	111,279

Schedule of amortized cost and estimated fair value of debt securities by contractual maturity

The amortized cost and estimated fair value of debt securities at September 30, 2022, 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, including government agency mortgage-backed securities and government agency collateralized mortgage obligations, are shown separately.

	Available-for-Sale
	Amortized		Fair
(000’s omitted)	Cost		Value
Due in one year or less	$	546,740	$	541,161
Due after one through five years		1,420,259		1,297,201
Due after five years through ten years		2,055,716		1,762,074
Due after ten years		1,649,802		1,171,947
Subtotal		5,672,517		4,772,383
Government agency mortgage-backed securities		449,808		384,891
Government agency collateralized mortgage obligations		14,219		13,415
Total	$	6,136,544	$	5,170,689