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INVESTMENT SECURITIES | 6 Months Ended
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Jun. 30, 2019
INVESTMENT SECURITIES [Abstract] |
INVESTMENT SECURITIES | NOTE D: INVESTMENT SECURITIES The amortized cost and estimated fair value of investment securities as of June 30, 2019 and December 31, 2018 are as follows:
|  | June 30, 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 |  | $ | 1,435,302 |  |  | $ | 22,204 |  |  | $ | 428 |  |  | $ | 1,457,078 |  |  | $ | 2,036,474 |  |  | $ | 2,190 |  |  | $ | 14,911 |  |  | $ | 2,023,753 |
Obligations of state and political subdivisions |  |  | 427,621 |  |  |  | 12,076 |  |  |  | 0 |  |  |  | 439,697 |  |  |  | 453,640 |  |  |  | 6,563 |  |  |  | 1,049 |  |  |  | 459,154 |
Government agency mortgage-backed securities |  |  | 395,220 |  |  |  | 4,196 |  |  |  | 2,221 |  |  |  | 397,195 |  |  |  | 390,234 |  |  |  | 1,526 |  |  |  | 9,283 |  |  |  | 382,477 |
Corporate debt securities |  |  | 2,558 |  |  |  | 0 |  |  |  | 4 |  |  |  | 2,554 |  |  |  | 2,588 |  |  |  | 0 |  |  |  | 42 |  |  |  | 2,546 |
Government agency collateralized mortgage obligations |  |  | 61,996 |  |  |  | 586 |  |  |  | 68 |  |  |  | 62,514 |  |  |  | 69,342 |  |  |  | 60 |  |  |  | 1,283 |  |  |  | 68,119 |
Total available-for-sale portfolio |  | $ | 2,322,697 |  |  | $ | 39,062 |  |  | $ | 2,721 |  |  | $ | 2,359,038 |  |  | $ | 2,952,278 |  |  | $ | 10,339 |  |  | $ | 26,568 |  |  | $ | 2,936,049 |
Equity and other Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities, at fair value |  | $ | 251 |  |  | $ | 199 |  |  | $ | 0 |  |  | $ | 450 |  |  | $ | 251 |  |  | $ | 200 |  |  | $ | 19 |  |  | $ | 432 |
Federal Home Loan Bank common stock |  |  | 6,251 |  |  |  | 0 |  |  |  | 0 |  |  |  | 6,251 |  |  |  | 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 |  |  | 5,093 |  |  |  | 750 |  |  |  | 0 |  |  |  | 5,843 |  |  |  | 4,969 |  |  |  | 750 |  |  |  | 0 |  |  |  | 5,719 |
Total equity and other securities |  | $ | 42,285 |  |  | $ | 949 |  |  | $ | 0 |  |  | $ | 43,234 |  |  | $ | 44,678 |  |  | $ | 950 |  |  | $ | 19 |  |  | $ | 45,609 |
As of June 30, 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 |  |  |  | 19 |  |  | $ | 188,692 |  |  | $ | 428 |  |  |  | 19 |  |  | $ | 188,692 |  |  | $ | 428 |
Obligations of state and political subdivisions |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  | 516 |  |  |  | 0 |  |  |  | 1 |  |  |  | 516 |  |  |  | 0 |
Government agency mortgage-backed securities |  |  | 6 |  |  |  | 4,551 |  |  |  | 6 |  |  |  | 142 |  |  |  | 192,786 |  |  |  | 2,215 |  |  |  | 148 |  |  |  | 197,337 |  |  |  | 2,221 |
Corporate debt securities |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  | 2,554 |  |  |  | 4 |  |  |  | 1 |  |  |  | 2,554 |  |  |  | 4 |
Government agency collateralized mortgage obligations |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 13 |  |  |  | 18,233 |  |  |  | 68 |  |  |  | 13 |  |  |  | 18,233 |  |  |  | 68 |
Total available-for-sale investment portfolio |  |  | 6 |  |  | $ | 4,551 |  |  | $ | 6 |  |  |  | 176 |  |  | $ | 402,781 |  |  | $ | 2,715 |  |  |  | 182 |  |  | $ | 407,332 |  |  | $ | 2,721 |
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 June 30, 2019 represents other-than-temporary impairment.
|  | Available-for-Sale |
(000's omitted) |  | Amortized Cost |  |  | Fair Value |
Due in one year or less |  | $ | 76,679 |  |  | $ | 76,659 |
Due after one through five years |  |  | 1,489,433 |  |  |  | 1,513,356 |
Due after five years through ten years |  |  | 143,339 |  |  |  | 147,980 |
Due after ten years |  |  | 156,030 |  |  |  | 161,334 |
Subtotal |  |  | 1,865,481 |  |  |  | 1,899,329 |
Government agency mortgage-backed securities |  |  | 395,220 |  |  |  | 397,195 |
Government agency collateralized mortgage obligations |  |  | 61,996 |  |  |  | 62,514 |
Total |  | $ | 2,322,697 |  |  | $ | 2,359,038 |
As of June 30, 2019, $149.9 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 June 30, 2019 have an overnight and continuous maturity. During the three-month period ending June 30, 2019, the Company sold $590.2 million of U.S. Treasury and agency securities, recognizing $5.0 million of gross realized gains and $0.1 million of gross realized losses. The proceeds from these sales were primarily held in interest-earning cash and cash equivalents at higher net yields as of June 30, 2019.

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