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INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2020

INVESTMENT SECURITIES

Schedule of amortized cost and estimated fair value of investment securities

The amortized cost and estimated fair value of investment securities as of December 31 are as follows:


		2020												2019
					Gross			Gross									Gross			Gross
		Amortized			Unrealized			Unrealized			Estimated			Amortized			Unrealized			Unrealized			Estimated
(000's omitted)		Cost			Gains			Losses			Fair Value			Cost			Gains			Losses			Fair Value
Available-for-Sale Portfolio:
U.S. Treasury and agency securities		$	2,423,236		$	94,741		$	16,595		$	2,501,382		$	2,030,060		$	21,674		$	7,975		$	2,043,759
Obligations of state and political subdivisions			451,028			24,632			0			475,660			497,852			14,382			26			512,208
Government agency mortgage-backed securities			506,540			16,280			182			522,638			428,491			5,478			1,107			432,862
Corporate debt securities			4,499			137			1			4,635			2,527			1			0			2,528
Government agency collateralized mortgage obligations			42,476			1,111			10			43,577			52,621			482			32			53,071
Total available-for-sale portfolio		$	3,427,779		$	136,901		$	16,788		$	3,547,892		$	3,011,551		$	42,017		$	9,140		$	3,044,428

Equity and other Securities:
Equity securities, at fair value		$	251		$	194		$	0		$	445		$	251		$	200		$	0		$	451
Federal Home Loan Bank common stock			7,468			0			0			7,468			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			4,876			750			0			5,626			4,546			750			0			5,296
Total equity and other securities		$	46,511		$	944		$	0		$	47,455		$	42,965		$	950		$	0		$	43,915

Schedule 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 for less than or greater than twelve months is as follows:

As of December 31, 2020


		Less than 12 Months								12 Months or Longer								Total
							Gross								Gross								Gross
							Unrealized								Unrealized								Unrealized
(000's omitted)		#		Fair Value			Losses			#		Fair Value			Losses			#		Fair Value			Losses

Available-for-Sale Portfolio:
U.S. Treasury and agency securities		13		$	831,015		$	16,595		0		$	0		$	0		13		$	831,015		$	16,595
Obligations of state and political subdivisions		1			358			0		0			0			0		1			358			0
Government agency mortgage-backed securities		89			75,992			182		2			14			0		91			76,006			182
Corporate debt securities		1			1,001			1		0			0			0		1			1,001			1
Government agency collateralized mortgage obligations		13			5,246			10		1			0			0		14			5,246			10
Total available-for-sale investment portfolio		117		$	913,612		$	16,788		3		$	14		$	0		120		$	913,626		$	16,788

As of December 31, 2019


		Less than 12 Months								12 Months or Longer								Total
							Gross								Gross								Gross
							Unrealized								Unrealized								Unrealized
(000's omitted)		#		Fair Value			Losses			#		Fair Value			Losses			#		Fair 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

Schedule of amortized cost and estimated fair value of debt securities by contractual maturity

The amortized cost and estimated fair value of debt securities at December 31, 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
(000's omitted)		Cost			Fair Value
Due in one year or less		$	215,400		$	217,938
Due after one through five years			732,939			768,761
Due after five years through ten years			460,678			496,977
Due after ten years			1,469,746			1,498,001
Subtotal			2,878,763			2,981,677
Government agency mortgage-backed securities			506,540			522,638
Government agency collateralized mortgage obligations			42,476			43,577
Total		$	3,427,779		$	3,547,892