INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2023

INVESTMENT SECURITIES

Schedule of amortized cost and estimated fair value of investment securities

	March 31, 2023								December 31, 2022
			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	$	2,876,765	$	0	$	299,774	$	2,576,991	$	3,660,546	$	0	$	417,009	$	3,243,537
Obligations of state and political subdivisions		541,118		1,746		32,995		509,869		549,118		506		45,327		504,297
Government agency mortgage-backed securities		433,829		105		53,476		380,458		444,689		58		60,114		384,633
Corporate debt securities		8,000		0		810		7,190		8,000		0		886		7,114
Government agency collateralized mortgage obligations		12,169		1		685		11,485		13,121		1		852		12,270
Total available-for-sale portfolio	$	3,871,881	$	1,852	$	387,740	$	3,485,993	$	4,675,474	$	565	$	524,188	$	4,151,851
Held-to-Maturity Portfolio:
U.S. Treasury and agency securities	$	1,086,936	$	78	$	6,983	$	1,080,031	$	1,079,695	$	0	$	44,900	$	1,034,795
Government agency mortgage-backed securities		3,299		15		15		3,299		0		0		0		0
Total held-to-maturity portfolio	$	1,090,235	$	93	$	6,998	$	1,083,330	$	1,079,695	$	0	$	44,900	$	1,034,795
Equity and Other Securities:
Equity securities, at fair value	$	251	$	168	$	0	$	419	$	251	$	168	$	0	$	419
Federal Home Loan Bank common stock		15,342		0		0		15,342		47,497		0		0		47,497
Federal Reserve Bank common stock		33,568		0		0		33,568		31,144		0		0		31,144
Other equity securities, at adjusted cost		4,434		750		0		5,184		3,532		750		0		4,282
Total equity and other securities	$	53,595	$	918	$	0	$	54,513	$	82,424	$	918	$	0	$	83,342

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

As of March 31, 2023

	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	14	$	447,018	$	1,900	69	$	2,129,973	$	297,874	83	$	2,576,991	$	299,774
Obligations of state and political subdivisions	205		105,503		1,447	330		236,260		31,548	535		341,763		32,995
Government agency mortgage-backed securities	207		33,650		1,264	544		336,011		52,212	751		369,661		53,476
Corporate debt securities	2		7,190		810	0		0		0	2		7,190		810
Government agency collateralized mortgage obligations	8		750		17	35		10,710		668	43		11,460		685
Total available-for-sale investment portfolio	436	$	594,111	$	5,438	978	$	2,712,954	$	382,302	1,414	$	3,307,065	$	387,740
Held-to-Maturity Portfolio:
U.S. Treasury and agency securities	21	$	1,043,209	$	6,983	0	$	0	$	0	21	$	1,043,209	$	6,983
Government agency mortgage-backed securities	1		1,423		15	0		0		0	1		1,423		15
Total held-to-maturity portfolio	22	$	1,044,632	$	6,998	0	$	0	$	0	22	$	1,044,632	$	6,998

As of December 31, 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	41	$	1,384,075	$	132,511	61	$	1,859,462	$	284,498	102	$	3,243,537	$	417,009
Obligations of state and political subdivisions	582		370,524		35,488	76		47,923		9,839	658		418,447		45,327
Government agency mortgage-backed securities	497		190,727		19,508	274		189,919		40,606	771		380,646		60,114
Corporate debt securities	0		0		0	2		7,114		886	2		7,114		886
Government agency collateralized mortgage obligations	29		9,968		600	17		2,274		252	46		12,242		852
Total available-for-sale investment portfolio	1,149	$	1,955,294	$	188,107	430	$	2,106,692	$	336,081	1,579	$	4,061,986	$	524,188
Held-to-Maturity Portfolio:
U.S Treasury and agency securities	23	$	1,034,795	$	44,900	0	$	0	$	0	23	$	1,034,795	$	44,900
Total held-to-maturity portfolio	23	$	1,034,795	$	44,900	0	$	0	$	0	23	$	1,034,795	$	44,900

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 March 31, 2023, 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.

	Held-to-Maturity				Available-for-Sale
	Amortized		Fair		Amortized		Fair
(000’s omitted)	Cost		Value		Cost		Value
Due in one year or less	$	0	$	0	$	522,140	$	519,910
Due after one through five years		0		0		942,103		862,807
Due after five years through ten years		543,031		541,541		1,251,796		1,127,354
Due after ten years		543,905		538,490		709,844		583,979
Subtotal		1,086,936		1,080,031		3,425,883		3,094,050
Government agency mortgage-backed securities		3,299		3,299		433,829		380,458
Government agency collateralized mortgage obligations		0		0		12,169		11,485
Total	$	1,090,235	$	1,083,330	$	3,871,881	$	3,485,993