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INVESTMENT SECURITIES | 12 Months Ended
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Dec. 31, 2019
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:
|  | 2019 |  |  | 2018 |
(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 |  | $ | 2,030,060 |  |  | $ | 21,674 |  |  | $ | 7,975 |  |  | $ | 2,043,759 |  |  | $ | 2,036,474 |  |  | $ | 2,190 |  |  | $ | 14,911 |  |  | $ | 2,023,753 |
Obligations of state and political subdivisions |  |  | 497,852 |  |  |  | 14,382 |  |  |  | 26 |  |  |  | 512,208 |  |  |  | 453,640 |  |  |  | 6,563 |  |  |  | 1,049 |  |  |  | 459,154 |
Government agency mortgage-backed securities |  |  | 428,491 |  |  |  | 5,478 |  |  |  | 1,107 |  |  |  | 432,862 |  |  |  | 390,234 |  |  |  | 1,526 |  |  |  | 9,283 |  |  |  | 382,477 |
Corporate debt securities |  |  | 2,527 |  |  |  | 1 |  |  |  | 0 |  |  |  | 2,528 |  |  |  | 2,588 |  |  |  | 0 |  |  |  | 42 |  |  |  | 2,546 |
Government agency collateralized mortgage obligations |  |  | 52,621 |  |  |  | 482 |  |  |  | 32 |  |  |  | 53,071 |  |  |  | 69,342 |  |  |  | 60 |  |  |  | 1,283 |  |  |  | 68,119 |
Total available-for-sale portfolio |  | $ | 3,011,551 |  |  | $ | 42,017 |  |  | $ | 9,140 |  |  | $ | 3,044,428 |  |  | $ | 2,952,278 |  |  | $ | 10,339 |  |  | $ | 26,568 |  |  | $ | 2,936,049 |
Equity and other Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities, at fair value |  | $ | 251 |  |  | $ | 200 |  |  | $ | 0 |  |  | $ | 451 |  |  | $ | 251 |  |  | $ | 200 |  |  | $ | 19 |  |  | $ | 432 |
Federal Home Loan Bank common stock |  |  | 7,246 |  |  |  | 0 |  |  |  | 0 |  |  |  | 7,246 |  |  |  | 8,768 |  |  |  | 0 |  |  |  | 0 |  |  |  | 8,768 |
Federal Reserve Bank common stock |  |  | 30,922 |  |  |  | 0 |  |  |  | 0 |  |  |  | 30,922 |  |  |  | 30,690 |  |  |  | 0 |  |  |  | 0 |  |  |  | 30,690 |
Other equity securities, at adjusted cost |  |  | 4,546 |  |  |  | 750 |  |  |  | 0 |  |  |  | 5,296 |  |  |  | 4,969 |  |  |  | 750 |  |  |  | 0 |  |  |  | 5,719 |
Total equity and other securities |  | $ | 42,965 |  |  | $ | 950 |  |  | $ | 0 |  |  | $ | 43,915 |  |  | $ | 44,678 |  |  | $ | 950 |  |  | $ | 19 |  |  | $ | 45,609 |
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, 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 |  |  | 12 |  |  | $ | 592,678 |  |  | $ | 7,970 |  |  |  | 5 |  |  | $ | 25,998 |  |  | $ | 5 |  |  |  | 17 |  |  | $ | 618,676 |  |  | $ | 7,975 |
Obligations of state and political subdivisions |  |  | 21 |  |  |  | 22,716 |  |  |  | 26 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 21 |  |  |  | 22,716 |  |  |  | 26 |
Government agency mortgage-backed securities |  |  | 50 |  |  |  | 89,237 |  |  |  | 341 |  |  |  | 52 |  |  |  | 52,975 |  |  |  | 766 |  |  |  | 102 |  |  |  | 142,212 |  |  |  | 1,107 |
Government agency collateralized mortgage obligations |  |  | 5 |  |  |  | 5,971 |  |  |  | 14 |  |  |  | 5 |  |  |  | 4,405 |  |  |  | 18 |  |  |  | 10 |  |  |  | 10,376 |  |  |  | 32 |
Total available-for-sale investment portfolio |  |  | 88 |  |  | $ | 710,602 |  |  | $ | 8,351 |  |  |  | 62 |  |  | $ | 83,378 |  |  | $ | 789 |  |  |  | 150 |  |  | $ | 793,980 |  |  | $ | 9,140 |
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 December 31, 2019 represents OTTI. The amortized cost and estimated fair value of debt securities at December 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 |  | $ | 677,169 |  |  | $ | 680,805 |
Due after one through five years |  |  | 905,531 |  |  |  | 925,987 |
Due after five years through ten years |  |  | 453,320 |  |  |  | 456,833 |
Due after ten years |  |  | 494,419 |  |  |  | 494,870 |
Subtotal |  |  | 2,530,439 |  |  |  | 2,558,495 |
Government agency mortgage-backed securities |  |  | 428,491 |  |  |  | 432,862 |
Government agency collateralized mortgage obligations |  |  | 52,621 |  |  |  | 53,071 |
Total |  | $ | 3,011,551 |  |  | $ | 3,044,428 |
Investment securities with a carrying value of $1.471 billion and $1.447 billion at December 31, 2019 and 2018, respectively, were pledged to collateralize certain deposits and borrowings. Securities pledged to collateralize certain deposits and borrowings included $502.8 million and $492.4 million of U.S. Treasury securities that were pledged as collateral for securities sold under agreement to repurchase at December 31, 2019, and 2018, respectively. All securities sold under agreement to repurchase as of December 31, 2019 and 2018 have an overnight and continuous maturity. During 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 reinvested primarily in U.S. Treasury and agency securities at higher net yields as of December 31, 2019.

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