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INVESTMENT SECURITIES | 12 Months Ended
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Dec. 31, 2022
INVESTMENT SECURITIES |
INVESTMENT SECURITIES | NOTE C: INVESTMENT SECURITIES The amortized cost and estimated fair value of investment securities as of December 31 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
​ | ​ | ​ | ​ | ​ | 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 | ​ | $ | 3,660,546 | ​ | $ | 0 | ​ | $ | 417,009 | ​ | $ | 3,243,537 | ​ | $ | 4,064,624 | ​ | $ | 39,997 | ​ | $ | 106,057 | ​ | $ | 3,998,564
Obligations of state and political subdivisions | ​ | ​ | 549,118 | ​ | ​ | 506 | ​ | ​ | 45,327 | ​ | ​ | 504,297 | ​ | ​ | 413,019 | ​ | ​ | 17,326 | ​ | ​ | 56 | ​ | ​ | 430,289
Government agency mortgage-backed securities | ​ | ​ | 444,689 | ​ | ​ | 58 | ​ | ​ | 60,114 | ​ | ​ | 384,633 | ​ | ​ | 474,506 | ​ | ​ | 7,615 | ​ | ​ | 5,065 | ​ | ​ | 477,056
Corporate debt securities | ​ | ​ | 8,000 | ​ | ​ | 0 | ​ | ​ | 886 | ​ | ​ | 7,114 | ​ | ​ | 8,000 | ​ | ​ | 39 | ​ | ​ | 77 | ​ | ​ | 7,962
Government agency collateralized mortgage obligations | ​ | ​ | 13,121 | ​ | ​ | 1 | ​ | ​ | 852 | ​ | ​ | 12,270 | ​ | ​ | 19,953 | ​ | ​ | 410 | ​ | ​ | 24 | ​ | ​ | 20,339
Total available-for-sale portfolio | ​ | $ | 4,675,474 | ​ | $ | 565 | ​ | $ | 524,188 | ​ | $ | 4,151,851 | ​ | $ | 4,980,102 | ​ | $ | 65,387 | ​ | $ | 111,279 | ​ | $ | 4,934,210
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity and other Securities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Equity securities, at fair value | ​ | $ | 251 | ​ | $ | 168 | ​ | $ | 0 | ​ | $ | 419 | ​ | $ | 251 | ​ | $ | 212 | ​ | $ | 0 | ​ | $ | 463
Federal Home Loan Bank common stock | ​ |  | 47,497 | ​ |  | 0 | ​ |  | 0 | ​ |  | 47,497 | ​ |  | 7,188 | ​ |  | 0 | ​ |  | 0 | ​ |  | 7,188
Federal Reserve Bank common stock | ​ |  | 31,144 | ​ |  | 0 | ​ |  | 0 | ​ |  | 31,144 | ​ |  | 33,916 | ​ |  | 0 | ​ |  | 0 | ​ |  | 33,916
Other equity securities, at adjusted cost | ​ |  | 3,532 | ​ |  | 750 | ​ |  | 0 | ​ |  | 4,282 | ​ |  | 2,562 | ​ |  | 750 | ​ |  | 0 | ​ |  | 3,312
Total equity and other securities | ​ | $ | 82,424 | ​ | $ | 918 | ​ | $ | 0 | ​ | $ | 83,342 | ​ | $ | 43,917 | ​ | $ | 962 | ​ | $ | 0 | ​ | $ | 44,879
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-Maturity Portfolio: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury and agency securities | ​ | $ | 1,079,695 | ​ | $ | 0 | ​ | $ | 44,900 | ​ | $ | 1,034,795 | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | 0
Total held-to-maturity portfolio | ​ | $ | 1,079,695 | ​ | $ | 0 | ​ | $ | 44,900 | ​ | $ | 1,034,795 | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | 0
​ In the fourth quarter of 2022, the Company transferred $1.08 billion of U.S. Treasury securities, at fair value, from available-for-sale to held-to-maturity. The securities were reclassified at fair value at the time of the transfer and the transfer represented a non-cash transaction. Accumulated other comprehensive loss at December 31, 2022 included pretax unrealized losses of $341.2 million related to the transfer. These unrealized losses will be amortized, consistent with the amortization of the discount on these securities, over the remaining life as an adjustment of yield, resulting in no impact to net interest income or net income. 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, 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 | ​ | 41 | ​ | $ | 1,384,075 | ​ | $ | 132,511 | ​ | 61 | ​ | $ | 1,859,462 | ​ | $ | 284,498 | ​ | 102 | ​ | $ | 3,243,537 | ​ | $ | 417,009
Obligations of state and political subdivisions | ​ | 582 | ​ |  | 370,524 | ​ |  | 35,488 | ​ | 76 | ​ |  | 47,923 | ​ |  | 9,839 | ​ | 658 | ​ |  | 418,447 | ​ |  | 45,327
Government agency mortgage-backed securities | ​ | 497 | ​ |  | 190,727 | ​ |  | 19,508 | ​ | 274 | ​ |  | 189,919 | ​ |  | 40,606 | ​ | 771 | ​ |  | 380,646 | ​ |  | 60,114
Corporate debt securities | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | 2 | ​ | ​ | 7,114 | ​ | ​ | 886 | ​ | 2 | ​ | ​ | 7,114 | ​ | ​ | 886
Government agency collateralized mortgage obligations | ​ | 29 | ​ |  | 9,968 | ​ |  | 600 | ​ | 17 | ​ |  | 2,274 | ​ |  | 252 | ​ | 46 | ​ |  | 12,242 | ​ |  | 852
Total available-for-sale investment portfolio | ​ | 1,149 | ​ | $ | 1,955,294 | ​ | $ | 188,107 | ​ | 430 | ​ | $ | 2,106,692 | ​ | $ | 336,081 | ​ | 1,579 | ​ | $ | 4,061,986 | ​ | $ | 524,188
Held-to-Maturity Portfolio: |  | ​ | ​ |  |  | ​ |  |  |  |  | ​ |  |  | ​ |  |  |  | ​ | ​ |  |  | ​ |  | ​
U.S Treasury and agency securities |  | 23 | ​ | $ | 1,034,795 | ​ | $ | 44,900 |  | 0 | ​ | $ | 0 | ​ | $ | 0 |  | 23 | ​ | $ | 1,034,795 | ​ | $ | 44,900
Total held-to-maturity portfolio |  | 23 | ​ | $ | 1,034,795 | ​ | $ | 44,900 |  | 0 | ​ | $ | 0 | ​ | $ | 0 |  | 23 | ​ | $ | 1,034,795 | ​ | $ | 44,900
​ 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
​ The unrealized losses reported pertaining to available-for-sale 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. Additionally, a portion of the obligations of state and political subdivisions carry a secondary level of credit enhancement. The Company holds two corporate debt securities in an unrealized loss position and based on an analysis done by the Company the issuers of the securities show a low risk of default. 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 December 31, 2022 and 2021 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 portfolio as of December 31, 2022 and 2021. Securities classified as held-to-maturity are included under the CECL methodology. Calculation of expected credit loss under CECL is done on a collective (“pooled”) basis, with assets grouped when similar risk characteristics exist. The Company notes that at December 31, 2022 all securities in the held-to-maturity classification are U.S. Treasury securities; therefore, they share the same risk characteristics and can be evaluated on a collective basis. The expected credit loss on these securities is evaluated based on historical credit losses of this security type and the expected possibility of default in the future. U.S. Treasury securities often receive the highest credit rating by rating agencies and the Company has concluded that the possibility of default is considered remote. The U.S. Treasury securities held by the Company in the held-to-maturity category carry an AA+ rating from Standard & Poor’s, Aaa from Moody’s Investor Services, and AAA from Fitch. The Company concludes that the long history with no credit losses for U.S. Treasury securities (adjusted for current conditions and reasonable and supportable forecasts) indicates an expectation that nonpayment of the amortized cost basis is zero. Management has concluded that there is no prepayment risk and it is expected to recover the recorded investment. Accordingly, there is no allowance for credit losses on the Company’s held-to-maturity portfolio as of December 31, 2022 and 2021. The amortized cost and estimated fair value of debt securities at December 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 are shown separately. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Held-to-Maturity |  | Available-for-Sale
(000’s omitted) | ​ | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due in one year or less | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | 521,444 | ​ | $ | 516,496
Due after one through five years | ​ | ​ | 0 | ​ | ​ | 0 | ​ |  | 1,728,988 | ​ |  | 1,574,685
Due after five years through ten years | ​ | ​ | 539,825 | ​ | ​ | 524,815 | ​ |  | 1,161,641 | ​ |  | 1,020,562
Due after ten years | ​ | ​ | 539,870 | ​ | ​ | 509,980 | ​ |  | 805,591 | ​ |  | 643,205
Subtotal | ​ | ​ | 1,079,695 | ​ | ​ | 1,034,795 | ​ |  | 4,217,664 | ​ |  | 3,754,948
Government agency mortgage-backed securities | ​ | ​ | 0 | ​ | ​ | 0 | ​ |  | 444,689 | ​ |  | 384,633
Government agency collateralized mortgage obligations | ​ | ​ | 0 | ​ | ​ | 0 | ​ |  | 13,121 | ​ |  | 12,270
Total | ​ | $ | 1,079,695 | ​ | $ | 1,034,795 | ​ | $ | 4,675,474 | ​ | $ | 4,151,851
​ Investment securities with a carrying value of $2.18 billion and $2.32 billion at December 31, 2022 and 2021, respectively, were pledged to collateralize certain deposits and borrowings. Securities pledged to collateralize certain deposits and borrowings included $466.9 million and $485.4 million of U.S. Treasury securities that were pledged as collateral for securities sold under agreement to repurchase at December 31, 2022 and 2021, respectively. All securities sold under agreement to repurchase as of December 31, 2022 and 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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