XML 25 R13.htm IDEA: XBRL DOCUMENT
v3.19.1

INVESTMENT SECURITIES | 3 Months Ended
--- | ---
Mar. 31, 2019
INVESTMENT SECURITIES [Abstract] |
INVESTMENT SECURITIES | NOTE D: INVESTMENT SECURITIES The amortized cost and estimated fair value of investment securities as of March 31, 2019 and December 31, 2018 are as follows:
|  | March 31, 2019 |  |  | December 31, 2018 |
(000's omitted) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available-for-Sale Portfolio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency securities |  | $ | 2,033,399 |  |  | $ | 6,841 |  |  | $ | 5,268 |  |  | $ | 2,034,972 |  |  | $ | 2,036,474 |  |  | $ | 2,190 |  |  | $ | 14,911 |  |  | $ | 2,023,753 |
Obligations of state and political subdivisions |  |  | 423,916 |  |  |  | 9,319 |  |  |  | 76 |  |  |  | 433,159 |  |  |  | 453,640 |  |  |  | 6,563 |  |  |  | 1,049 |  |  |  | 459,154 |
Government agency mortgage-backed securities |  |  | 389,154 |  |  |  | 2,587 |  |  |  | 5,198 |  |  |  | 386,543 |  |  |  | 390,234 |  |  |  | 1,526 |  |  |  | 9,283 |  |  |  | 382,477 |
Corporate debt securities |  |  | 2,572 |  |  |  | 0 |  |  |  | 19 |  |  |  | 2,553 |  |  |  | 2,588 |  |  |  | 0 |  |  |  | 42 |  |  |  | 2,546 |
Government agency collateralized mortgage obligations |  |  | 66,226 |  |  |  | 88 |  |  |  | 598 |  |  |  | 65,716 |  |  |  | 69,342 |  |  |  | 60 |  |  |  | 1,283 |  |  |  | 68,119 |
Total available-for-sale portfolio |  | $ | 2,915,267 |  |  | $ | 18,835 |  |  | $ | 11,159 |  |  | $ | 2,922,943 |  |  | $ | 2,952,278 |  |  | $ | 10,339 |  |  | $ | 26,568 |  |  | $ | 2,936,049 |
Equity and other Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities, at fair value |  | $ | 251 |  |  | $ | 215 |  |  | $ | 2 |  |  | $ | 464 |  |  | $ | 251 |  |  | $ | 200 |  |  | $ | 19 |  |  | $ | 432 |
Federal Home Loan Bank common stock |  |  | 6,308 |  |  |  | 0 |  |  |  | 0 |  |  |  | 6,308 |  |  |  | 8,768 |  |  |  | 0 |  |  |  | 0 |  |  |  | 8,768 |
Federal Reserve Bank common stock |  |  | 30,690 |  |  |  | 0 |  |  |  | 0 |  |  |  | 30,690 |  |  |  | 30,690 |  |  |  | 0 |  |  |  | 0 |  |  |  | 30,690 |
Other equity securities, at adjusted cost |  |  | 4,992 |  |  |  | 750 |  |  |  | 0 |  |  |  | 5,742 |  |  |  | 4,969 |  |  |  | 750 |  |  |  | 0 |  |  |  | 5,719 |
Total equity and other securities |  | $ | 42,241 |  |  | $ | 965 |  |  | $ | 2 |  |  | $ | 43,204 |  |  | $ | 44,678 |  |  | $ | 950 |  |  | $ | 19 |  |  | $ | 45,609 |
A summary of investment securities that have been in a continuous unrealized loss position is as follows: As of March 31, 2019
|  | 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 |  |  | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  |  | 48 |  |  | $ | 862,482 |  |  | $ | 5,268 |  |  |  | 48 |  |  | $ | 862,482 |  |  | $ | 5,268 |
Obligations of state and political subdivisions |  |  | 3 |  |  |  | 869 |  |  |  | 2 |  |  |  | 20 |  |  |  | 11,854 |  |  |  | 74 |  |  |  | 23 |  |  |  | 12,723 |  |  |  | 76 |
Government agency mortgage-backed securities |  |  | 9 |  |  |  | 5,241 |  |  |  | 6 |  |  |  | 181 |  |  |  | 242,566 |  |  |  | 5,192 |  |  |  | 190 |  |  |  | 247,807 |  |  |  | 5,198 |
Corporate debt securities |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  | 2,553 |  |  |  | 19 |  |  |  | 1 |  |  |  | 2,553 |  |  |  | 19 |
Government agency collateralized mortgage obligations |  |  | 1 |  |  |  | 1 |  |  |  | 0 |  |  |  | 39 |  |  |  | 56,690 |  |  |  | 598 |  |  |  | 40 |  |  |  | 56,691 |  |  |  | 598 |
Total available-for-sale investment portfolio |  |  | 13 |  |  | $ | 6,111 |  |  | $ | 8 |  |  |  | 289 |  |  | $ | 1,176,145 |  |  | $ | 11,151 |  |  |  | 302 |  |  | $ | 1,182,256 |  |  | $ | 11,159 |
Equity and other Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities, at fair value |  |  | 1 |  |  | $ | 98 |  |  | $ | 2 |  |  |  | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  |  | 1 |  |  | $ | 98 |  |  | $ | 2 |
Total equity and other securities |  |  | 1 |  |  | $ | 98 |  |  | $ | 2 |  |  |  | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  |  | 1 |  |  | $ | 98 |  |  | $ | 2 |
As of December 31, 2018
|  | 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 |  |  | 7 |  |  | $ | 473,082 |  |  | $ | 682 |  |  |  | 64 |  |  | $ | 1,213,276 |  |  | $ | 14,229 |  |  |  | 71 |  |  | $ | 1,686,358 |  |  | $ | 14,911 |
Obligations of state and political subdivisions |  |  | 118 |  |  |  | 55,671 |  |  |  | 216 |  |  |  | 97 |  |  |  | 51,753 |  |  |  | 833 |  |  |  | 215 |  |  |  | 107,424 |  |  |  | 1,049 |
Government agency mortgage-backed securities |  |  | 43 |  |  |  | 47,708 |  |  |  | 258 |  |  |  | 181 |  |  |  | 253,931 |  |  |  | 9,025 |  |  |  | 224 |  |  |  | 301,639 |  |  |  | 9,283 |
Corporate debt securities |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  | 2,546 |  |  |  | 42 |  |  |  | 1 |  |  |  | 2,546 |  |  |  | 42 |
Government agency collateralized mortgage obligations |  |  | 1 |  |  |  | 66 |  |  |  | 0 |  |  |  | 41 |  |  |  | 63,112 |  |  |  | 1,283 |  |  |  | 42 |  |  |  | 63,178 |  |  |  | 1,283 |
Total available-for-sale investment portfolio |  |  | 169 |  |  | $ | 576,527 |  |  | $ | 1,156 |  |  |  | 384 |  |  | $ | 1,584,618 |  |  | $ | 25,412 |  |  |  | 553 |  |  | $ | 2,161,145 |  |  | $ | 26,568 |
Equity and other Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities, at fair value |  |  | 1 |  |  | $ | 82 |  |  | $ | 19 |  |  |  | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  |  | 1 |  |  | $ | 82 |  |  | $ | 19 |
Total equity and other securities |  |  | 1 |  |  | $ | 82 |  |  | $ | 19 |  |  |  | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  |  | 1 |  |  | $ | 82 |  |  | $ | 19 |
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 March 31, 2019 represents other-than-temporary impairment. The amortized cost and estimated fair value of debt securities at March 31, 2019, 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 |  | $ | 76,873 |  |  | $ | 76,767 |
Due after one through five years |  |  | 2,093,361 |  |  |  | 2,096,910 |
Due after five years through ten years |  |  | 152,168 |  |  |  | 156,042 |
Due after ten years |  |  | 137,485 |  |  |  | 140,965 |
Subtotal |  |  | 2,459,887 |  |  |  | 2,470,684 |
Government agency mortgage-backed securities |  |  | 389,154 |  |  |  | 386,543 |
Government agency collateralized mortgage obligations |  |  | 66,226 |  |  |  | 65,716 |
Total |  | $ | 2,915,267 |  |  | $ | 2,922,943 |
As of March 31, 2019, $263.0 million of U.S. Treasury securities were pledged as collateral for securities sold under agreement to repurchase. All securities sold under agreement to repurchase as of March 31, 2019 have an overnight and continuous maturity.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration