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INVESTMENT SECURITIES | 12 Months Ended
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Dec. 31, 2014
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:
|  | 2014 |  |  | 2013 |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |  |  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | 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 |  | $ | 1,479,134 |  |  | $ | 39,509 |  |  | $ | 910 |  |  | $ | 1,517,733 |  |  | $ | 1,252,332 |  |  | $ | 1,119 |  |  | $ | 41,304 |  |  | $ | 1,212,147 |
Obligations of state and political subdivisions |  |  | 645,398 |  |  |  | 26,749 |  |  |  | 244 |  |  |  | 671,903 |  |  |  | 665,441 |  |  |  | 15,919 |  |  |  | 12,378 |  |  |  | 668,982 |
Government agency mortgage-backed securities |  |  | 228,971 |  |  |  | 9,782 |  |  |  | 1,025 |  |  |  | 237,728 |  |  |  | 250,431 |  |  |  | 8,660 |  |  |  | 4,113 |  |  |  | 254,978 |
Corporate debt securities |  |  | 26,803 |  |  |  | 363 |  |  |  | 75 |  |  |  | 27,091 |  |  |  | 26,932 |  |  |  | 873 |  |  |  | 218 |  |  |  | 27,587 |
Government agency collateralized mortgage obligations |  |  | 17,330 |  |  |  | 695 |  |  |  | 0 |  |  |  | 18,025 |  |  |  | 21,779 |  |  |  | 362 |  |  |  | 93 |  |  |  | 22,048 |
Marketable equity securities |  |  | 250 |  |  |  | 195 |  |  |  | 0 |  |  |  | 445 |  |  |  | 250 |  |  |  | 171 |  |  |  | 0 |  |  |  | 421 |
Total available-for-sale portfolio |  | $ | 2,397,886 |  |  | $ | 77,293 |  |  | $ | 2,254 |  |  | $ | 2,472,925 |  |  | $ | 2,217,165 |  |  | $ | 27,104 |  |  | $ | 58,106 |  |  | $ | 2,186,163 |
Other Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal Home Loan Bank common stock |  | $ | 19,553 |  |  |  |  |  |  |  |  |  |  | $ | 19,553 |  |  | $ | 12,053 |  |  |  |  |  |  |  |  |  |  | $ | 12,053 |
Federal Reserve Bank common stock |  |  | 16,050 |  |  |  |  |  |  |  |  |  |  |  | 16,050 |  |  |  | 16,050 |  |  |  |  |  |  |  |  |  |  |  | 16,050 |
Other equity securities |  |  | 4,446 |  |  |  |  |  |  |  |  |  |  |  | 4,446 |  |  |  | 4,459 |  |  |  |  |  |  |  |  |  |  |  | 4,459 |
Total other securities |  | $ | 40,049 |  |  |  |  |  |  |  |  |  |  | $ | 40,049 |  |  | $ | 32,562 |  |  |  |  |  |  |  |  |  |  | $ | 32,562 |
The Company undertook a balance sheet restructuring program during the first half of 2013 through the sale of certain longer duration investment securities and retirement of the Company’s existing FHLB term borrowings. During the first half of 2013, the Company sold $648.7 million of U.S. Treasury and agency securities classified as available-for-sale, realizing $63.8 million of gains. The proceeds from those sales were utilized to retire FHLB term borrowings. In December 2013, in response to the issuance of the “Volcker Rule”, the Company sold its entire portfolio of pooled trust preferred securities, realizing a loss of $15.5 million, as well as U.S. Treasury securities with a book value of $417.6 million that were previously classified as held-to-maturity, realizing $32.4 million of gains. The proceeds from these sales were utilized to retire the remaining FHLB term borrowings. As a result of the securities sold from the held-to-maturity classification, the remaining unsold securities within the held-to-maturity classification, with a book value of $198.9 million, were transferred to the available-for-sale classification prior to December 31, 2013. An unrealized loss of $1.8 million was recorded in accumulated other comprehensive income. In addition, as a result of the sale of securities classified as held-to-maturity, the Company did not use the held-to-maturity classification in 2014. 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, 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 |  |  | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  |  | 4 |  |  | $ | 102,363 |  |  | $ | 910 |  |  |  | 4 |  |  | $ | 102,363 |  |  | $ | 910 |
Obligations of state and political subdivisions |  |  | 23 |  |  |  | 13,413 |  |  |  | 34 |  |  |  | 46 |  |  |  | 26,490 |  |  |  | 210 |  |  |  | 69 |  |  |  | 39,903 |  |  |  | 244 |
Government agency mortgage-backed securities |  |  | 3 |  |  |  | 5 |  |  |  | 0 |  |  |  | 19 |  |  |  | 34,770 |  |  |  | 1,025 |  |  |  | 22 |  |  |  | 34,775 |  |  |  | 1,025 |
Corporate debt securities |  |  | 1 |  |  |  | 3,040 |  |  |  | 1 |  |  |  | 1 |  |  |  | 2,755 |  |  |  | 74 |  |  |  | 2 |  |  |  | 5,795 |  |  |  | 75 |
Government agency collateralized mortgage obligations |  |  | 1 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  | 5 |  |  |  | 0 |  |  |  | 2 |  |  |  | 5 |  |  |  | 0 |
Total available-for-sale/investment portfolio |  |  | 28 |  |  | $ | 16,458 |  |  | $ | 35 |  |  |  | 71 |  |  | $ | 166,383 |  |  | $ | 2,219 |  |  |  | 99 |  |  | $ | 182,841 |  |  | $ | 2,254 |
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 December 31, 2014 represents OTTI. The amortized cost and estimated fair value of debt securities at December 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 |  | $ | 59,386 |  |  | $ | 60,045 |
Due after one through five years |  |  | 146,559 |  |  |  | 150,631 |
Due after five years through ten years |  |  | 1,698,124 |  |  |  | 1,746,688 |
Due after ten years |  |  | 247,266 |  |  |  | 259,363 |
Subtotal |  |  | 2,151,335 |  |  |  | 2,216,727 |
Government agency mortgage-backed securities |  |  | 228,971 |  |  |  | 237,728 |
Government agency collateralized mortgage obligations |  |  | 17,330 |  |  |  | 18,025 |
Total |  | $ | 2,397,636 |  |  | $ | 2,472,480 |
Cash flow information on investment securities for the years ended December 31 is as follows:
(000's omitted) |  | 2014 |  |  | 2013 |  |  | 2012 |
Gross gains on sales of investment securities |  | $ | 0 |  |  | $ | 96,258 |  |  | $ | 350 |
Gross losses on sales of investment securities |  |  | 0 |  |  |  | 15,490 |  |  |  | 59 |
Proceeds from the maturities of mortgage-backed securities and CMO's |  |  | 46,791 |  |  |  | 83,232 |  |  |  | 109,843 |
Purchases of mortgage-backed securities and CMO's |  |  | 22,234 |  |  |  | 51,194 |  |  |  | 26,292 |
Investment securities with a carrying value of $1.182 billion and $0.978 billion at December 31, 2014 and 2013, respectively, were pledged to collateralize certain deposits and borrowings.

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