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INVESTMENT SECURITIES | 6 Months Ended
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Jun. 30, 2022
INVESTMENT SECURITIES. |
INVESTMENT SECURITIES | NOTE D: INVESTMENT SECURITIES The amortized cost and estimated fair value of investment securities as of June 30, 2022 and December 31, 2021 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 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 | ​ | $ | 5,199,745 | ​ | $ | 165 | ​ | $ | 584,364 | ​ | $ | 4,615,546 | ​ | $ | 4,064,624 | ​ | $ | 39,997 | ​ | $ | 106,057 | ​ | $ | 3,998,564
Obligations of state and political subdivisions | ​ |  | 565,701 | ​ |  | 2,224 | ​ |  | 40,770 | ​ |  | 527,155 | ​ |  | 413,019 | ​ |  | 17,326 | ​ |  | 56 | ​ |  | 430,289
Government agency mortgage-backed securities | ​ |  | 466,276 | ​ |  | 397 | ​ |  | 41,316 | ​ |  | 425,357 | ​ |  | 474,506 | ​ |  | 7,615 | ​ |  | 5,065 | ​ |  | 477,056
Corporate debt securities | ​ |  | 8,000 | ​ |  | 0 | ​ |  | 769 | ​ |  | 7,231 | ​ |  | 8,000 | ​ |  | 39 | ​ |  | 77 | ​ |  | 7,962
Government agency collateralized mortgage obligations | ​ |  | 15,537 | ​ |  | 7 | ​ |  | 406 | ​ |  | 15,138 | ​ |  | 19,953 | ​ |  | 410 | ​ |  | 24 | ​ |  | 20,339
Total available-for-sale investment portfolio | ​ | $ | 6,255,259 | ​ | $ | 2,793 | ​ | $ | 667,625 | ​ | $ | 5,590,427 | ​ | $ | 4,980,102 | ​ | $ | 65,387 | ​ | $ | 111,279 | ​ | $ | 4,934,210
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity and other Securities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Equity securities, at fair value | ​ | $ | 251 | ​ | $ | 192 | ​ | $ | 0 | ​ | $ | 443 | ​ | $ | 251 | ​ | $ | 212 | ​ | $ | 0 | ​ | $ | 463
Federal Home Loan Bank common stock | ​ |  | 13,199 | ​ |  | 0 | ​ |  | 0 | ​ |  | 13,199 | ​ |  | 7,188 | ​ |  | 0 | ​ |  | 0 | ​ |  | 7,188
Federal Reserve Bank common stock | ​ |  | 35,323 | ​ |  | 0 | ​ |  | 0 | ​ |  | 35,323 | ​ |  | 33,916 | ​ |  | 0 | ​ |  | 0 | ​ |  | 33,916
Other equity securities, at adjusted cost | ​ |  | 2,880 | ​ |  | 750 | ​ |  | 0 | ​ |  | 3,630 | ​ |  | 2,562 | ​ |  | 750 | ​ |  | 0 | ​ |  | 3,312
Total equity and other securities | ​ | $ | 51,653 | ​ | $ | 942 | ​ | $ | 0 | ​ | $ | 52,595 | ​ | $ | 43,917 | ​ | $ | 962 | ​ | $ | 0 | ​ | $ | 44,879
​ A summary of investment securities that have been in a continuous unrealized loss position is as follows: As of June 30, 2022 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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 | ​ | 109 | ​ | $ | 3,693,538 | ​ | $ | 291,840 | ​ | 18 | ​ | $ | 797,349 | ​ | $ | 292,524 | ​ | 127 | ​ | $ | 4,490,887 | ​ | $ | 584,364
Obligations of state and political subdivisions | ​ | 514 | ​ |  | 348,257 | ​ |  | 40,770 | ​ | 0 | ​ |  | 0 | ​ |  | 0 | ​ | 514 | ​ |  | 348,257 | ​ |  | 40,770
Government agency mortgage-backed securities | ​ | 578 | ​ |  | 304,192 | ​ |  | 22,788 | ​ | 90 | ​ |  | 105,017 | ​ |  | 18,528 | ​ | 668 | ​ |  | 409,209 | ​ |  | 41,316
Corporate debt securities | ​ | 2 | ​ | ​ | 7,231 | ​ | ​ | 769 | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | 2 | ​ | ​ | 7,231 | ​ | ​ | 769
Government agency collateralized mortgage obligations | ​ | 39 | ​ |  | 14,298 | ​ |  | 406 | ​ | 1 | ​ |  | 10 | ​ |  | 0 | ​ | 40 | ​ |  | 14,308 | ​ |  | 406
Total available-for-sale investment portfolio | ​ | 1,242 | ​ | $ | 4,367,516 | ​ | $ | 356,573 | ​ | 109 | ​ | $ | 902,376 | ​ | $ | 311,052 | ​ | 1,351 | ​ | $ | 5,269,892 | ​ | $ | 667,625
​ As of December 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 | ​ | 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
​ The unrealized losses reported pertaining to securities issued by the U.S. government and its sponsored entities include treasuries, agencies, and mortgage-backed securities issued by Ginnie Mae, Fannie Mae, and Freddie Mac, which are currently rated AAA by Moody’s Investor Services, AA+ by Standard & Poor’s and are guaranteed by the U.S. government. The majority of the obligations of state and political subdivisions carry a credit rating of A- or better as well as carry a secondary level of credit enhancement. The Company holds two corporate debt securities in an unrealized loss position, which are currently rated A- or better, and the issuer of the securities both show a low risk of default. The Company does not intend to sell these securities, nor is it more likely than not that the Company will be required to sell these securities prior to recovery of the amortized cost. Timely principal and interest payments continue to be made on the securities. The unrealized losses in the portfolios are primarily attributable to changes in interest rates. As such, management does not believe any individual unrealized loss as of June 30, 2022 represents credit losses and no unrealized losses have been recognized in the provision for credit losses. Accordingly, there is no allowance for credit losses on the Company’s available-for-sale investment portfolio as of June 30, 2022. Accrued interest receivable on available-for-sale debt securities, included in accrued interest and fees receivable on the consolidated statements of condition, totaled $20.2 million at June 30, 2022 and is excluded from the estimate of credit losses. The amortized cost and estimated fair value of debt securities at June 30, 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 | ​ | $ | 496,539 | ​ | $ | 495,239
Due after one through five years | ​ |  | 1,497,928 | ​ |  | 1,424,444
Due after five years through ten years | ​ |  | 2,119,643 | ​ |  | 1,922,167
Due after ten years | ​ |  | 1,659,336 | ​ |  | 1,308,082
Subtotal | ​ |  | 5,773,446 | ​ |  | 5,149,932
Government agency mortgage-backed securities | ​ |  | 466,276 | ​ |  | 425,357
Government agency collateralized mortgage obligations | ​ |  | 15,537 | ​ |  | 15,138
Total | ​ | $ | 6,255,259 | ​ | $ | 5,590,427
​ Investment securities with a carrying value of $2.40 billion and $2.32 billion at June 30, 2022 and December 31, 2021, respectively, were pledged to collateralize certain deposits and borrowings. Securities pledged to collateralize certain deposits and borrowings included $433.6 million and $485.4 million of U.S. Treasury securities that were pledged as collateral for securities sold under agreement to repurchase at June 30, 2022 and December 31, 2021, respectively. All securities sold under agreement to repurchase as of June 30, 2022 and December 31, 2021 have an overnight and continuous maturity.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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