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INVESTMENT SECURITIES | 12 Months Ended
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Dec. 31, 2017
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:
|  | 2017 |  |  | 2016 |
(000's omitted) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Available-for-Sale Portfolio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency securities |  | $ | 2,043,023 |  |  | $ | 15,886 |  |  | $ | 4,838 |  |  | $ | 2,054,071 |  |  | $ | 1,876,358 |  |  | $ | 28,522 |  |  | $ | 2,118 |  |  | $ | 1,902,762 |
Obligations of state and political subdivisions |  |  | 514,949 |  |  |  | 14,064 |  |  |  | 57 |  |  |  | 528,956 |  |  |  | 582,655 |  |  |  | 13,389 |  |  |  | 1,054 |  |  |  | 594,990 |
Government agency mortgage-backed securities |  |  | 358,180 |  |  |  | 3,121 |  |  |  | 3,763 |  |  |  | 357,538 |  |  |  | 232,657 |  |  |  | 5,040 |  |  |  | 2,467 |  |  |  | 235,230 |
Corporate debt securities |  |  | 2,648 |  |  |  | 0 |  |  |  | 25 |  |  |  | 2,623 |  |  |  | 5,716 |  |  |  | 2 |  |  |  | 31 |  |  |  | 5,687 |
Government agency collateralized mortgage obligations |  |  | 88,097 |  |  |  | 155 |  |  |  | 878 |  |  |  | 87,374 |  |  |  | 9,225 |  |  |  | 310 |  |  |  | 0 |  |  |  | 9,535 |
Marketable equity securities |  |  | 251 |  |  |  | 275 |  |  |  | 0 |  |  |  | 526 |  |  |  | 252 |  |  |  | 200 |  |  |  | 0 |  |  |  | 452 |
Total available-for-sale portfolio |  | $ | 3,007,148 |  |  | $ | 33,501 |  |  | $ | 9,561 |  |  | $ | 3,031,088 |  |  | $ | 2,706,863 |  |  | $ | 47,463 |  |  | $ | 5,670 |  |  | $ | 2,748,656 |
Other Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal Home Loan Bank common stock |  | $ | 9,896 |  |  |  |  |  |  |  |  |  |  | $ | 9,896 |  |  | $ | 12,191 |  |  |  |  |  |  |  |  |  |  | $ | 12,191 |
Federal Reserve Bank common stock |  |  | 30,690 |  |  |  |  |  |  |  |  |  |  |  | 30,690 |  |  |  | 19,781 |  |  |  |  |  |  |  |  |  |  |  | 19,781 |
Certificates of deposit |  |  | 3,865 |  |  |  |  |  |  |  |  |  |  |  | 3,865 |  |  |  | 0 |  |  |  |  |  |  |  |  |  |  |  | 0 |
Other equity securities |  |  | 5,840 |  |  |  |  |  |  |  |  |  |  |  | 5,840 |  |  |  | 3,764 |  |  |  |  |  |  |  |  |  |  |  | 3,764 |
Total other securities |  | $ | 50,291 |  |  |  |  |  |  |  |  |  |  | $ | 50,291 |  |  | $ | 35,736 |  |  |  |  |  |  |  |  |  |  | $ | 35,736 |
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, 2017
|  |  |  |  | Less than 12 Months |  |  |  |  |  | 12 Months or Longer |  |  |  |  |  | Total |
(000's omitted) |  |  | # |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  |  | # |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  |  | # |  |  | Fair Value |  |  | Gross Unrealized Losses |
Available-for-Sale Portfolio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency securities |  |  | 44 |  |  | $ | 699,709 |  |  | $ | 4,838 |  |  |  | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  |  | 44 |  |  | $ | 699,709 |  |  | $ | 4,838 |
Obligations of state and political subdivisions |  |  | 45 |  |  |  | 23,432 |  |  |  | 57 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 45 |  |  |  | 23,432 |  |  |  | 57 |
Government agency mortgage-backed securities |  |  | 120 |  |  |  | 185,716 |  |  |  | 1,433 |  |  |  | 55 |  |  |  | 75,712 |  |  |  | 2,330 |  |  |  | 175 |  |  |  | 261,428 |  |  |  | 3,763 |
Corporate debt securities |  |  | 1 |  |  |  | 2,623 |  |  |  | 25 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  | 2,623 |  |  |  | 25 |
Government agency collateralized mortgage obligations |  |  | 39 |  |  |  | 80,041 |  |  |  | 878 |  |  |  | 1 |  |  |  | 1 |  |  |  | 0 |  |  |  | 40 |  |  |  | 80,042 |  |  |  | 878 |
Total available-for-sale investment portfolio |  |  | 249 |  |  | $ | 991,521 |  |  | $ | 7,231 |  |  |  | 56 |  |  | $ | 75,713 |  |  | $ | 2,330 |  |  |  | 305 |  |  | $ | 1,067,234 |  |  | $ | 9,561 |
As of December 31, 2016
|  |  |  |  | Less than 12 Months |  |  |  |  |  | 12 Months or Longer |  |  |  |  |  | Total |
(000's omitted) |  |  | # |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  |  | # |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  |  | # |  |  | Fair Value |  |  | Gross Unrealized Losses |
Available-for-Sale Portfolio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency securities |  |  | 13 |  |  | $ | 449,242 |  |  | $ | 2,118 |  |  |  | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  |  | 13 |  |  | $ | 449,242 |  |  | $ | 2,118 |
Obligations of state and political subdivisions |  |  | 197 |  |  |  | 102,106 |  |  |  | 1,054 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 197 |  |  |  | 102,106 |  |  |  | 1,054 |
Government agency mortgage-backed securities |  |  | 57 |  |  |  | 83,862 |  |  |  | 1,637 |  |  |  | 15 |  |  |  | 21,788 |  |  |  | 830 |  |  |  | 72 |  |  |  | 105,650 |  |  |  | 2,467 |
Corporate debt securities |  |  | 1 |  |  |  | 2,677 |  |  |  | 31 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  | 2,677 |  |  |  | 31 |
Government agency collateralized mortgage obligations |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2 |  |  |  | 2 |  |  |  | 0 |  |  |  | 2 |  |  |  | 2 |  |  |  | 0 |
Total available-for-sale investment portfolio |  |  | 268 |  |  | $ | 637,887 |  |  | $ | 4,840 |  |  |  | 17 |  |  | $ | 21,790 |  |  | $ | 830 |  |  |  | 285 |  |  | $ | 659,677 |  |  | $ | 5,670 |
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 Ginnie Mae, Fannie Mae, and Freddie Mac 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, 2017 represents OTTI. The amortized cost and estimated fair value of debt securities at December 31, 2017, 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 |
(000's omitted) |  | Amortized Cost |  |  | Fair Value |
Due in one year or less |  | $ | 45,966 |  |  | $ | 46,042 |
Due after one through five years |  |  | 1,565,423 |  |  |  | 1,572,634 |
Due after five years through ten years |  |  | 758,742 |  |  |  | 769,828 |
Due after ten years |  |  | 190,489 |  |  |  | 197,146 |
Subtotal |  |  | 2,560,620 |  |  |  | 2,585,650 |
Government agency mortgage-backed securities |  |  | 358,180 |  |  |  | 357,538 |
Government agency collateralized mortgage obligations |  |  | 88,097 |  |  |  | 87,374 |
Total |  | $ | 3,006,897 |  |  | $ | 3,030,562 |
Investment securities with a carrying value of $1.530 billion and $1.865 billion at December 31, 2017 and 2016, respectively, were pledged to collateralize certain deposits and borrowings. As of December 31, 2017, securities pledged to collateralize certain deposits and borrowings included $473.2 million of U.S. Treasury securities that were pledged as collateral for securities sold under agreement to repurchase. All securities sold under agreement to repurchase as of December 31, 2017 have an overnight and continuous maturity.

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