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INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021 and December 31, 2020 are as follows:


		March 31, 2021												December 31, 2020
					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		$	2,892,001		$	38,711		$	174,454		$	2,756,258		$	2,423,236		$	94,741		$	16,595		$	2,501,382
Obligations of state and political subdivisions			430,447			19,733			9			450,171			451,028			24,632			0			475,660
Government agency mortgage-backed securities			537,317			12,638			4,969			544,986			506,540			16,280			182			522,638
Corporate debt securities			3,000			82			0			3,082			4,499			137			1			4,635
Government agency collateralized mortgage obligations			35,939			962			7			36,894			42,476			1,111			10			43,577
Total available-for-sale portfolio		$	3,898,704		$	72,126		$	179,439		$	3,791,391		$	3,427,779		$	136,901		$	16,788		$	3,547,892

Equity and other Securities:
Equity securities, at fair value		$	251		$	218		$	0		$	469		$	251		$	194		$	0		$	445
Federal Home Loan Bank common stock			7,410			0			0			7,410			7,468			0			0			7,468
Federal Reserve Bank common stock			33,916			0			0			33,916			33,916			0			0			33,916
Other equity securities, at adjusted cost			2,561			750			0			3,311			4,876			750			0			5,626
Total equity and other securities		$	44,138		$	968		$	0		$	45,106		$	46,511		$	944		$	0		$	47,455

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 is as follows:

As of March 31, 2021


		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		31		$	1,440,822		$	174,454		0		$	0		$	0		31		$	1,440,822		$	174,454
Obligations of state and political subdivisions		17			7,028			9		0			0			0		17			7,028			9
Government agency mortgage-backed securities		162			184,325			4,969		2			13			0		164			184,338			4,969
Government agency collateralized mortgage obligations		8			2,720			7		1			0			0		9			2,720			7
Total available-for-sale investment portfolio		218		$	1,634,895		$	179,439		3		$	13		$	0		221		$	1,634,908		$	179,439

As of December 31, 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		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

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 March 31, 2021, 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		$	201,210		$	202,974
Due after one through five years			727,189			758,445
Due after five years through ten years			954,210			952,781
Due after ten years			1,442,839			1,295,311
Subtotal			3,325,448			3,209,511
Government agency mortgage-backed securities			537,317			544,986
Government agency collateralized mortgage obligations			35,939			36,894
Total		$	3,898,704		$	3,791,391