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INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 and December 31, 2021 are as follows:


		March 31, 2022												December 31, 2021
					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		$	5,200,931		$	4,301		$	373,145		$	4,832,087		$	4,064,624		$	39,997		$	106,057		$	3,998,564
Obligations of state and political subdivisions			488,659			4,220			16,724			476,155			413,019			17,326			56			430,289
Government agency mortgage-backed securities			476,790			1,213			23,756			454,247			474,506			7,615			5,065			477,056
Corporate debt securities			8,000			0			503			7,497			8,000			39			77			7,962
Government agency collateralized mortgage obligations			17,429			32			289			17,172			19,953			410			24			20,339
Total available-for-sale portfolio		$	6,191,809		$	9,766		$	414,417		$	5,787,158		$	4,980,102		$	65,387		$	111,279		$	4,934,210

Equity and Other Securities:
Equity securities, at fair value		$	251		$	214		$	0		$	465		$	251		$	212		$	0		$	463
Federal Home Loan Bank common stock			7,181			0			0			7,181			7,188			0			0			7,188
Federal Reserve Bank common stock			33,568			0			0			33,568			33,916			0			0			33,916
Other equity securities, at adjusted cost			2,494			750			0			3,244			2,562			750			0			3,312
Total equity and other securities		$	43,494		$	964		$	0		$	44,458		$	43,917		$	962		$	0		$	44,879

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, 2022


		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		94		$	3,308,837		$	179,251		18		$	894,753		$	193,894		112		$	4,203,590		$	373,145
Obligations of state and political subdivisions		292			244,080			16,724		0			0			0		292			244,080			16,724
Government agency mortgage-backed securities		431			289,183			12,368		85			107,216			11,388		516			396,399			23,756
Corporate debt securities		2			7,497			503		0			0			0		2			7,497			503
Government agency collateralized mortgage obligations		38			14,289			289		1			31			0		39			14,320			289
Total available-for-sale investment portfolio		857		$	3,863,886		$	209,135		104		$	1,002,000		$	205,282		961		$	4,865,886		$	414,417

As of December 31, 2021


		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		47		$	1,224,101		$	14,873		13		$	900,462		$	91,184		60		$	2,124,563		$	106,057
Obligations of state and political subdivisions		27			23,966			56		0			0			0		27			23,966			56
Government agency mortgage-backed securities		147			139,442			2,475		52			67,273			2,590		199			206,715			5,065
Corporate debt securities		1			4,923			77		0			0			0		1			4,923			77
Government agency collateralized mortgage obligations		18			3,146			24		1			53			0		19			3,199			24
Total available-for-sale investment portfolio		240		$	1,395,578		$	17,505		66		$	967,788		$	93,774		306		$	2,363,366		$	111,279

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, 2022, 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, including government agency mortgage-backed securities and government agency collateralized mortgage obligations, are shown separately.


		Available-for-Sale
		Amortized
(000’s omitted)		Cost			Fair Value
Due in one year or less		$	152,902		$	153,690
Due after one through five years			1,801,393			1,757,237
Due after five years through ten years			2,163,695			2,038,048
Due after ten years			1,579,600			1,366,764
Subtotal			5,697,590			5,315,739
Government agency mortgage-backed securities			476,790			454,247
Government agency collateralized mortgage obligations			17,429			17,172
Total		$	6,191,809		$	5,787,158