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INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 2023

INVESTMENT SECURITIES

Schedule of amortized cost and estimated fair value of investment securities


		September 30, 2023												December 31, 2022
					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		$	2,378,607		$	0		$	399,168		$	1,979,439		$	3,660,546		$	0		$	417,009		$	3,243,537
Obligations of state and political subdivisions			506,838			20			72,393			434,465			549,118			506			45,327			504,297
Government agency mortgage-backed securities			411,083			6			74,018			337,071			444,689			58			60,114			384,633
Corporate debt securities			8,000			0			826			7,174			8,000			0			886			7,114
Government agency collateralized mortgage obligations			10,287			0			800			9,487			13,121			1			852			12,270
Total available-for-sale portfolio		$	3,314,815		$	26		$	547,205		$	2,767,636		$	4,675,474		$	565		$	524,188		$	4,151,851

Held-to-Maturity Portfolio:
U.S. Treasury and agency securities		$	1,101,679		$	0		$	134,091		$	967,588		$	1,079,695		$	0		$	44,900		$	1,034,795
Government agency mortgage-backed securities			23,861			0			789			23,072			0			0			0			0
Total held-to-maturity portfolio		$	1,125,540		$	0		$	134,880		$	990,660		$	1,079,695		$	0		$	44,900		$	1,034,795

Equity and Other Securities:
Equity securities, at fair value		$	251		$	69		$	0		$	320		$	251		$	168		$	0		$	419
Federal Home Loan Bank common stock			26,524			0			0			26,524			47,497			0			0			47,497
Federal Reserve Bank common stock			33,568			0			0			33,568			31,144			0			0			31,144
Other equity securities, at adjusted cost			5,663			750			0			6,413			3,532			750			0			4,282
Total equity and other securities		$	66,006		$	819		$	0		$	66,825		$	82,424		$	918		$	0		$	83,342

Schedule of investment securities that have been in a continuous unrealized loss position

As of September 30, 2023


		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		0		$	0		$	0		64		$	1,979,439		$	399,168		64		$	1,979,439		$	399,168
Obligations of state and political subdivisions		285			165,835			12,417		434			263,067			59,976		719			428,902			72,393
Government agency mortgage-backed securities		65			11,134			539		727			325,079			73,479		792			336,213			74,018
Corporate debt securities		0			0			0		2			7,174			826		2			7,174			826
Government agency collateralized mortgage obligations		0			0			0		40			9,467			800		40			9,467			800
Total available-for-sale investment portfolio		350		$	176,969		$	12,956		1,267		$	2,584,226		$	534,249		1,617		$	2,761,195		$	547,205

Held-to-Maturity Portfolio:
U.S. Treasury and agency securities		23		$	967,588		$	134,091		0		$	0		$	0		23		$	967,588		$	134,091
Government agency mortgage-backed securities		16			23,072			789		0			0			0		16			23,072			789
Total held-to-maturity portfolio		39		$	990,660		$	134,880		0		$	0		$	0		39		$	990,660		$	134,880

As of December 31, 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		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

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, 2023, 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.


		Held-to-Maturity						Available-for-Sale
		Amortized			Fair			Amortized			Fair
(000’s omitted)		Cost			Value			Cost			Value
Due in one year or less		$	0		$	0		$	17,031		$	16,799
Due after one through five years			0			0			1,473,904			1,295,411
Due after five years through ten years			549,555			506,275			685,913			587,185
Due after ten years			552,124			461,313			716,597			521,683
Subtotal			1,101,679			967,588			2,893,445			2,421,078
Government agency mortgage-backed securities			23,861			23,072			411,083			337,071
Government agency collateralized mortgage obligations			0			0			10,287			9,487
Total		$	1,125,540		$	990,660		$	3,314,815		$	2,767,636