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INVESTMENT SECURITIES | 9 Months Ended
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Sep. 30, 2014
INVESTMENT SECURITIES [Abstract] |
INVESTMENT SECURITIES | NOTE D: INVESTMENT SECURITIES The amortized cost and estimated fair value of investment securities as of September 30, 2014 and December 31, 2013 are as follows:
| September 30, 2014 |  | December 31, 2013
|  | 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 | $1,476,678 | $17,210 | $7,261 | $1,486,627 |  | $1,252,332 | $1,119 | $41,304 | $1,212,147
Obligations of state and political subdivisions | 662,742 | 26,621 | 1,029 | 688,334 |  | 665,441 | 15,919 | 12,378 | 668,982
Government agency mortgage-backed securities | 236,819 | 9,088 | 1,785 | 244,122 |  | 250,431 | 8,660 | 4,113 | 254,978
Corporate debt securities | 26,835 | 539 | 87 | 27,287 |  | 26,932 | 873 | 218 | 27,587
Government agency collateralized mortgage obligations | 18,394 | 736 | 0 | 19,130 |  | 21,779 | 362 | 93 | 22,048
Marketable equity securities | 250 | 181 | 0 | 431 |  | 250 | 171 | 0 | 421
Total available-for-sale portfolio | $2,421,718 | $54,375 | $10,162 | $2,465,931 |  | $2,217,165 | $27,104 | $58,106 | $2,186,163
Other Securities: |  |  |  |  |  |  |  |  |
Federal Home Loan Bank common stock | $19,814 |  |  | $19,814 |  | $12,053 |  |  | $12,053
Federal Reserve Bank common stock | 16,050 |  |  | 16,050 |  | 16,050 |  |  | 16,050
Other equity securities | 4,447 |  |  | 4,447 |  | 4,459 |  |  | 4,459
Total other securities | $40,311 |  |  | $40,311 |  | $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 September 30, 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 | 7 | $158,289 | $859 |  | 10 | $230,998 | $6,402 |  | 17 | $389,287 | $7,261
Obligations of state and political subdivisions | 31 | 16,009 | 78 |  | 78 | 49,434 | 951 |  | 109 | 65,443 | 1,029
Government agency mortgage-backed securities | 8 | 12,807 | 47 |  | 24 | 48,830 | 1,738 |  | 32 | 61,637 | 1,785
Corporate debt securities | 0 | 0 | 0 |  | 1 | 2,756 | 87 |  | 1 | 2,756 | 87
Government agency collateralized mortgage obligations | 1 | 0 | 0 |  | 1 | 5 | 0 |  | 2 | 5 | 0
Total available-for-sale/investment portfolio | 47 | $187,105 | $984 |  | 114 | $332,023 | $9,178 |  | 161 | $519,128 | $10,162
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 September 30, 2014 represents OTTI. The amortized cost and estimated fair value of debt securities at September 30, 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 | $49,520 | $50,144
Due after one through five years | 156,732 | 161,940
Due after five years through ten years | 1,691,095 | 1,710,084
Due after ten years | 268,908 | 280,080
Subtotal | 2,166,255 | 2,202,248
Government agency mortgage-backed securities | 236,819 | 244,122
Government agency collateralized mortgage obligations | 18,394 | 19,130
Total | $2,421,468 | $2,465,500

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