NOTE D: INVESTMENT SECURITIES

The amortized cost and estimated fair value of investment securities as of March 31, 2014 and December 31, 2013 are as follows:

	March 31, 2014				December 31, 2013
		Gross	Gross			Gross	Gross
	Amortized	Unrealized	Unrealized	Fair		Unrealized	Unrealized	Fair
(000's omitted)	Cost	Gains	Losses	Value	Cost	Gains	Losses	Value
Available-for-Sale Portfolio:
U.S. Treasury and agency securities	$1,479,306	$7,582	$20,157	$1,466,731	$1,252,332	$1,119	$41,304	$1,212,147
Obligations of state and political subdivisions	684,713	19,984	5,571	699,126	665,441	15,919	12,378	668,982
Government agency mortgage-backed securities	248,785	9,086	3,021	254,850	250,431	8,660	4,113	254,978
Corporate debt securities	26,899	794	136	27,557	26,932	873	218	27,587
Government agency collateralized mortgage obligations	20,777	812	0	21,589	21,779	362	93	22,048
Marketable equity securities	250	183	0	433	250	171	0	421
Total available-for-sale portfolio	$2,460,730	$38,441	$28,885	$2,470,286	$2,217,165	$27,104	$58,106	$2,186,163

Other Securities:
Federal Reserve Bank common stock	$16,050			$16,050	$16,050			$16,050
Federal Home Loan Bank common stock	15,436			15,436	12,053			12,053
Other equity securities	4,449			4,449	4,459			4,459
Total other securities	$35,935			$35,935	$32,562			$32,562

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 March 31, 2014

		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 obligations	34	$840,063	$20,157	0	$0	$0	34	$840,063	$20,157
Obligations of state and political subdivisions	211	139,641	4,355	31	15,923	1,216	242	155,564	5,571
Government agency mortgage-backed securities	38	65,142	2,250	8	9,981	771	46	75,123	3,021
Corporate debt securities	0	0	0	1	2,737	136	1	2,737	136
Government agency collateralized mortgage obligations	0	0	0	1	6	0	1	6	0
Total available-for-sale/investment portfolio	283	$1,044,846	$26,762	41	$28,647	$2,123	324	$1,073,493	$28,885

As of December 31, 2013

	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 obligations	43	$1,181,214	$41,304	0	$0	$0	43	$1,181,214	$41,304
Obligations of state and political subdivisions	302	195,526	11,774	9	4,974	604	311	200,500	12,378
Government agency mortgage-backed securities	43	68,917	3,262	6	8,713	851	49	77,630	4,113
Corporate debt securities	1	3,026	31	1	2,703	187	2	5,729	218
Government agency collateralized mortgage obligations	1	2,601	93	1	7	0	2	2,608	93
Total available-for-sale/investment portfolio	390	$1,451,284	$56,464	17	$16,397	$1,642	407	$1,467,681	$58,106

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 GNMA, FNMA and 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, 2014 represents OTTI.

The amortized cost and estimated fair value of debt securities at March 31, 2014, 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
	Amortized	Fair
(000's omitted)	Cost	Value
Due in one year or less	$61,273	$62,343
Due after one through five years	164,805	169,923
Due after five years through ten years	1,677,793	1,670,155
Due after ten years	287,047	290,993
Subtotal	2,190,918	2,193,414
Government agency mortgage-backed securities	248,785	254,850
Government agency collateralized mortgage obligations	20,777	21,589
Total	$2,460,480	$2,469,853