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INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2021 and December 31, 2020 are as follows:


		September 30, 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		$	3,467,053		$	44,279		$	118,072		$	3,393,260		$	2,423,236		$	94,741		$	16,595		$	2,501,382
Obligations of state and political subdivisions			404,531			17,654			220			421,965			451,028			24,632			0			475,660
Government agency mortgage-backed securities			503,548			11,232			4,104			510,676			506,540			16,280			182			522,638
Corporate debt securities			8,000			84			6			8,078			4,499			137			1			4,635
Government agency collateralized mortgage obligations			23,746			647			1			24,392			42,476			1,111			10			43,577
Total available-for-sale portfolio		$	4,406,878		$	73,896		$	122,403		$	4,358,371		$	3,427,779		$	136,901		$	16,788		$	3,547,892

Equity and other Securities:
Equity securities, at fair value		$	251		$	208		$	0		$	459		$	251		$	194		$	0		$	445
Federal Home Loan Bank common stock			7,251			0			0			7,251			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			2,651			750			0			3,401			4,876			750			0			5,626
Total equity and other securities		$	44,069		$	958		$	0		$	45,027		$	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 September 30, 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		38		$	1,223,230		$	41,243		8		$	579,793		$	76,829		46		$	1,803,023		$	118,072
Obligations of state and political subdivisions		21			16,608			220		0			0			0		21			16,608			220
Government agency mortgage-backed securities		117			169,915			3,528		20			18,069			576		137			187,984			4,104
Corporate debt securities		1			4,994			6		0			0			0		1			4,994			6
Government agency collateralized mortgage obligations		5			1,088			1		1			73			0		6			1,161			1
Total available-for-sale investment portfolio		182		$	1,415,835		$	44,998		29		$	597,935		$	77,405		211		$	2,013,770		$	122,403

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 September 30, 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		$	187,457		$	189,642
Due after one through five years			693,642			715,779
Due after five years through ten years			1,506,410			1,515,582
Due after ten years			1,492,075			1,402,300
Subtotal			3,879,584			3,823,303
Government agency mortgage-backed securities			503,548			510,676
Government agency collateralized mortgage obligations			23,746			24,392
Total		$	4,406,878		$	4,358,371