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INVESTMENT SECURITIES (Tables) | 9 Months Ended
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Sep. 30, 2020
INVESTMENT SECURITIES |
Amortized Cost and Estimated Fair Value of Investment Securities | The amortized cost and estimated fair value of investment securities as of September 30, 2020 and December 31, 2019 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2020 | ​ | December 31, 2019
​ | ​ | ​ | ​ | ​ | 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 | ​ | $ | 2,034,512 | ​ | $ | 114,658 | ​ | $ | 0 | ​ | $ | 2,149,170 | ​ | $ | 2,030,060 | ​ | $ | 21,674 | ​ | $ | 7,975 | ​ | $ | 2,043,759
Obligations of state and political subdivisions | ​ |  | 470,518 | ​ |  | 22,978 | ​ |  | 0 | ​ |  | 493,496 | ​ |  | 497,852 | ​ |  | 14,382 | ​ |  | 26 | ​ |  | 512,208
Government agency mortgage-backed securities | ​ |  | 508,738 | ​ |  | 15,514 | ​ |  | 278 | ​ |  | 523,974 | ​ |  | 428,491 | ​ |  | 5,478 | ​ |  | 1,107 | ​ |  | 432,862
Corporate debt securities | ​ |  | 4,504 | ​ |  | 98 | ​ |  | 0 | ​ |  | 4,602 | ​ |  | 2,527 | ​ |  | 1 | ​ |  | 0 | ​ |  | 2,528
Government agency collateralized mortgage obligations | ​ |  | 50,134 | ​ |  | 1,354 | ​ |  | 8 | ​ |  | 51,480 | ​ |  | 52,621 | ​ |  | 482 | ​ |  | 32 | ​ |  | 53,071
Total available-for-sale portfolio | ​ | $ | 3,068,406 | ​ | $ | 154,602 | ​ | $ | 286 | ​ | $ | 3,222,722 | ​ | $ | 3,011,551 | ​ | $ | 42,017 | ​ | $ | 9,140 | ​ | $ | 3,044,428
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity and other Securities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Equity securities, at fair value | ​ | $ | 251 | ​ | $ | 192 | ​ | $ | 20 | ​ | $ | 423 | ​ | $ | 251 | ​ | $ | 200 | ​ | $ | 0 | ​ | $ | 451
Federal Home Loan Bank common stock | ​ |  | 7,545 | ​ |  | 0 | ​ |  | 0 | ​ |  | 7,545 | ​ |  | 7,246 | ​ |  | 0 | ​ |  | 0 | ​ |  | 7,246
Federal Reserve Bank common stock | ​ |  | 33,916 | ​ |  | 0 | ​ |  | 0 | ​ |  | 33,916 | ​ |  | 30,922 | ​ |  | 0 | ​ |  | 0 | ​ |  | 30,922
Other equity securities, at adjusted cost | ​ |  | 4,707 | ​ |  | 750 | ​ |  | 0 | ​ |  | 5,457 | ​ |  | 4,546 | ​ |  | 750 | ​ |  | 0 | ​ |  | 5,296
Total equity and other securities | ​ | $ | 46,419 | ​ | $ | 942 | ​ | $ | 20 | ​ | $ | 47,341 | ​ | $ | 42,965 | ​ | $ | 950 | ​ | $ | 0 | ​ | $ | 43,915
Summary of Investment Securities That Have Been in a Continuous Unrealized Loss Position for Less Than or Greater Than Twelve Months | A summary of investment securities that have been in a continuous unrealized loss position is as follows: As of September 30, 2020 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 securities |  | 1 | ​ | $ | 1,010 | ​ | $ | 0 |  | 0 | ​ | $ | 0 | ​ | $ | 0 |  | 1 | ​ | $ | 1,010 | ​ | $ | 0
Obligations of state and political subdivisions |  | 1 | ​ |  | 196 | ​ |  | 0 |  | 0 | ​ |  | 0 | ​ |  | 0 |  | 1 | ​ |  | 196 | ​ |  | 0
Government agency mortgage-backed securities |  | 91 | ​ |  | 62,318 | ​ |  | 278 |  | 2 | ​ |  | 14 | ​ |  | 0 |  | 93 | ​ |  | 62,332 | ​ |  | 278
Government agency collateralized mortgage obligations |  | 14 | ​ |  | 4,244 | ​ |  | 8 |  | 1 | ​ |  | 0 | ​ |  | 0 |  | 15 | ​ |  | 4,244 | ​ |  | 8
Total available-for-sale investment portfolio |  | 107 | ​ | $ | 67,768 | ​ | $ | 286 |  | 3 | ​ | $ | 14 | ​ | $ | 0 |  | 110 | ​ | $ | 67,782 | ​ | $ | 286
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity and other Securities: |  |  | ​ |  |  | ​ |  |  |  |  | ​ |  |  | ​ |  |  |  |  | ​ |  |  | ​ |  |
Equity securities, at fair value |  | 1 | ​ | $ | 81 | ​ | $ | 20 |  | 0 | ​ | $ | 0 | ​ | $ | 0 |  | 1 | ​ | $ | 81 | ​ | $ | 20
Total equity and other securities |  | 1 | ​ | $ | 81 | ​ | $ | 20 |  | 0 | ​ | $ | 0 | ​ | $ | 0 |  | 1 | ​ | $ | 81 | ​ | $ | 20
​ As of December 31, 2019 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 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
Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity | The amortized cost and estimated fair value of debt securities at September 30, 2020, 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 | ​ | $ | 760,019 | ​ | $ | 765,009
Due after one through five years | ​ |  | 802,750 | ​ |  | 843,487
Due after five years through ten years | ​ |  | 461,012 | ​ |  | 503,778
Due after ten years | ​ |  | 485,753 | ​ |  | 534,994
Subtotal | ​ |  | 2,509,534 | ​ |  | 2,647,268
Government agency mortgage-backed securities | ​ |  | 508,738 | ​ |  | 523,974
Government agency collateralized mortgage obligations | ​ |  | 50,134 | ​ |  | 51,480
Total | ​ | $ | 3,068,406 | ​ | $ | 3,222,722

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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27290-111563 + Details
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