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INVESTMENT SECURITIES | 9 Months Ended
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Sep. 30, 2016
INVESTMENT SECURITIES [Abstract] |
INVESTMENT SECURITIES | NOTE D: INVESTMENT SECURITIES The amortized cost and estimated fair value of investment securities as of September 30, 2016 and December 31, 2015 are as follows:
|  | September 30, 2016 |  |  | December 31, 2015 |
|  |  |  |  | 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 |  | $ | 1,873,698 |  |  | $ | 102,914 |  |  | $ | 0 |  |  | $ | 1,976,612 |  |  | $ | 1,866,819 |  |  | $ | 35,186 |  |  | $ | 2,027 |  |  | $ | 1,899,978 |
Obligations of state and political subdivisions |  |  | 595,376 |  |  |  | 28,847 |  |  |  | 1 |  |  |  | 624,222 |  |  |  | 640,455 |  |  |  | 26,487 |  |  |  | 59 |  |  |  | 666,883 |
Government agency mortgage-backed securities |  |  | 216,942 |  |  |  | 8,033 |  |  |  | 242 |  |  |  | 224,733 |  |  |  | 205,220 |  |  |  | 6,906 |  |  |  | 1,261 |  |  |  | 210,865 |
Corporate debt securities |  |  | 5,735 |  |  |  | 39 |  |  |  | 0 |  |  |  | 5,774 |  |  |  | 16,672 |  |  |  | 66 |  |  |  | 58 |  |  |  | 16,680 |
Government agency collateralized mortgage obligations |  |  | 10,086 |  |  |  | 418 |  |  |  | 0 |  |  |  | 10,504 |  |  |  | 12,862 |  |  |  | 446 |  |  |  | 0 |  |  |  | 13,308 |
Marketable equity securities |  |  | 251 |  |  |  | 178 |  |  |  | 19 |  |  |  | 410 |  |  |  | 250 |  |  |  | 163 |  |  |  | 14 |  |  |  | 399 |
Total available-for-sale portfolio |  | $ | 2,702,088 |  |  | $ | 140,429 |  |  | $ | 262 |  |  | $ | 2,842,255 |  |  | $ | 2,742,278 |  |  | $ | 69,254 |  |  | $ | 3,419 |  |  | $ | 2,808,113 |
Other Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal Home Loan Bank common stock |  | $ | 11,682 |  |  |  |  |  |  |  |  |  |  | $ | 11,682 |  |  | $ | 19,317 |  |  |  |  |  |  |  |  |  |  | $ | 19,317 |
Federal Reserve Bank common stock |  |  | 19,781 |  |  |  |  |  |  |  |  |  |  |  | 19,781 |  |  |  | 16,050 |  |  |  |  |  |  |  |  |  |  |  | 16,050 |
Other equity securities |  |  | 3,926 |  |  |  |  |  |  |  |  |  |  |  | 3,926 |  |  |  | 4,460 |  |  |  |  |  |  |  |  |  |  |  | 4,460 |
Total other securities |  | $ | 35,389 |  |  |  |  |  |  |  |  |  |  | $ | 35,389 |  |  | $ | 39,827 |  |  |  |  |  |  |  |  |  |  | $ | 39,827 |
A summary of investment securities that have been in a continuous unrealized loss position is as follows: As of September 30, 2016
|  | 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of state and political subdivisions |  |  | 4 |  |  | $ | 1,987 |  |  | $ | 1 |  |  |  | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  |  | 4 |  |  | $ | 1,987 |  |  | $ | 1 |
Government agency mortgage-backed securities |  |  | 9 |  |  |  | 10,116 |  |  |  | 40 |  |  |  | 15 |  |  |  | 23,228 |  |  |  | 202 |  |  |  | 24 |  |  |  | 33,344 |  |  |  | 242 |
Government agency collateralized mortgage obligations |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2 |  |  |  | 2 |  |  |  | 0 |  |  |  | 2 |  |  |  | 2 |  |  |  | 0 |
Marketable equity securities |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  | 82 |  |  |  | 19 |  |  |  | 1 |  |  |  | 82 |  |  |  | 19 |
Total available-for-sale investment portfolio |  |  | 13 |  |  | $ | 12,103 |  |  | $ | 41 |  |  |  | 18 |  |  | $ | 23,312 |  |  | $ | 221 |  |  |  | 31 |  |  | $ | 35,415 |  |  | $ | 262 |
As of December 31, 2015
|  | 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 |  |  | 9 |  |  | $ | 353,844 |  |  | $ | 2,027 |  |  |  | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  |  | 9 |  |  | $ | 353,844 |  |  | $ | 2,027 |
Obligations of state and political subdivisions |  |  | 18 |  |  |  | 8,804 |  |  |  | 34 |  |  |  | 2 |  |  |  | 735 |  |  |  | 25 |  |  |  | 20 |  |  |  | 9,539 |  |  |  | 59 |
Government agency mortgage-backed securities |  |  | 17 |  |  |  | 24,178 |  |  |  | 161 |  |  |  | 19 |  |  |  | 30,103 |  |  |  | 1,100 |  |  |  | 36 |  |  |  | 54,281 |  |  |  | 1,261 |
Corporate debt securities |  |  | 1 |  |  |  | 3,024 |  |  |  | 0 |  |  |  | 1 |  |  |  | 2,710 |  |  |  | 58 |  |  |  | 2 |  |  |  | 5,734 |  |  |  | 58 |
Government agency collateralized mortgage obligations |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2 |  |  |  | 3 |  |  |  | 0 |  |  |  | 2 |  |  |  | 3 |  |  |  | 0 |
Marketable equity securities |  |  | 1 |  |  |  | 87 |  |  |  | 14 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  | 87 |  |  |  | 14 |
Total available-for-sale investment portfolio |  |  | 46 |  |  | $ | 389,937 |  |  | $ | 2,236 |  |  |  | 24 |  |  | $ | 33,551 |  |  | $ | 1,183 |  |  |  | 70 |  |  | $ | 423,488 |  |  | $ | 3,419 |
The unrealized losses reported pertain to securities issued by the U.S. government and its sponsored entities, include treasuries, agencies, and mortgage-backed securities issued by the Government National Mortgage Association ("GNMA"), the Federal National Mortgage Association ("FNMA"), and the Federal Home Loan Corporation ("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, 2016 represents OTTI. The amortized cost and estimated fair value of debt securities at September 30, 2016, 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 |  | $ | 34,640 |  |  | $ | 34,835 |
Due after one through five years |  |  | 872,160 |  |  |  | 910,105 |
Due after five years through ten years |  |  | 1,360,056 |  |  |  | 1,440,555 |
Due after ten years |  |  | 207,953 |  |  |  | 221,113 |
Subtotal |  |  | 2,474,809 |  |  |  | 2,606,608 |
Government agency mortgage-backed securities |  |  | 216,942 |  |  |  | 224,733 |
Government agency collateralized mortgage obligations |  |  | 10,086 |  |  |  | 10,504 |
Total |  | $ | 2,701,837 |  |  | $ | 2,841,845 |

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