XML 24 R12.htm IDEA: XBRL DOCUMENT
v3.24.1.1.u2

INVESTMENT SECURITIES | 3 Months Ended
--- | ---
Mar. 31, 2024
INVESTMENT SECURITIES |
INVESTMENT SECURITIES | NOTE D: INVESTMENT SECURITIES The amortized cost and estimated fair value of investment securities as of March 31, 2024 and December 31, 2023 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2024 | ​ | December 31, 2023
​ | ​ | ​ | ​ | ​ | 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 | ​ | $ | 2,382,653 | ​ | $ | 0 | ​ | $ | 327,136 | ​ | $ | 2,055,517 | ​ | $ | 2,381,168 | ​ | $ | 0 | ​ | $ | 300,385 | ​ | $ | 2,080,783
Obligations of state and political subdivisions | ​ |  | 496,983 | ​ |  | 630 | ​ |  | 37,464 | ​ |  | 460,149 | ​ |  | 502,879 | ​ |  | 1,469 | ​ |  | 29,985 | ​ |  | 474,363
Government agency mortgage-backed securities | ​ |  | 391,020 | ​ |  | 46 | ​ |  | 58,587 | ​ |  | 332,479 | ​ |  | 400,062 | ​ |  | 76 | ​ |  | 51,612 | ​ |  | 348,526
Corporate debt securities | ​ |  | 8,000 | ​ |  | 0 | ​ |  | 560 | ​ |  | 7,440 | ​ |  | 8,000 | ​ |  | 0 | ​ |  | 606 | ​ |  | 7,394
Government agency collateralized mortgage obligations | ​ |  | 8,841 | ​ |  | 0 | ​ |  | 562 | ​ |  | 8,279 | ​ |  | 9,498 | ​ |  | 0 | ​ |  | 572 | ​ |  | 8,926
Total available-for-sale portfolio | ​ | $ | 3,287,497 | ​ | $ | 676 | ​ | $ | 424,309 | ​ | $ | 2,863,864 | ​ | $ | 3,301,607 | ​ | $ | 1,545 | ​ | $ | 383,160 | ​ | $ | 2,919,992
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-Maturity Portfolio: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury and agency securities | ​ | $ | 1,116,458 | ​ | $ | 0 | ​ | $ | 85,460 | ​ | $ | 1,030,998 | ​ | $ | 1,109,101 | ​ | $ | 0 | ​ | $ | 50,866 | ​ | $ | 1,058,235
Government agency mortgage-backed securities | ​ | ​ | 101,014 | ​ | ​ | 477 | ​ | ​ | 874 | ​ | ​ | 100,617 | ​ | ​ | 63,073 | ​ | ​ | 688 | ​ | ​ | 180 | ​ | ​ | 63,581
Total held-to-maturity portfolio | ​ | $ | 1,217,472 | ​ | $ | 477 | ​ | $ | 86,334 | ​ | $ | 1,131,615 | ​ | $ | 1,172,174 | ​ | $ | 688 | ​ | $ | 51,046 | ​ | $ | 1,121,816
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity and Other Securities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Equity securities, at fair value | ​ | $ | 252 | ​ | $ | 136 | ​ | $ | 0 | ​ | $ | 388 | ​ | $ | 251 | ​ | $ | 121 | ​ | $ | 0 | ​ | $ | 372
Federal Home Loan Bank common stock | ​ |  | 29,866 | ​ |  | 0 | ​ |  | 0 | ​ |  | 29,866 | ​ |  | 32,526 | ​ |  | 0 | ​ |  | 0 | ​ |  | 32,526
Federal Reserve Bank common stock | ​ |  | 33,568 | ​ |  | 0 | ​ |  | 0 | ​ |  | 33,568 | ​ |  | 33,568 | ​ |  | 0 | ​ |  | 0 | ​ |  | 33,568
Other equity securities, at adjusted cost | ​ |  | 6,206 | ​ |  | 750 | ​ |  | 0 | ​ |  | 6,956 | ​ |  | 5,930 | ​ |  | 750 | ​ |  | 0 | ​ |  | 6,680
Total equity and other securities | ​ | $ | 69,892 | ​ | $ | 886 | ​ | $ | 0 | ​ | $ | 70,778 | ​ | $ | 72,275 | ​ | $ | 871 | ​ | $ | 0 | ​ | $ | 73,146
​ Included in the Company’s investment securities portfolio is Federal Reserve Bank (“FRB”) common stock with a carrying value of $33.6 million at both March 31, 2024 and December 31, 2023. The investment in FRB stock represents approximately half of the total required subscription, and the remaining half is unpaid and remains subject to call by the FRB. ​ A summary of investment securities that have been in a continuous unrealized loss position is as follows: As of March 31, 2024 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​ | $ | 2,055,517 | ​ | $ | 327,136 | ​ | $ | 2,055,517 | ​ | $ | 327,136
Obligations of state and political subdivisions | ​ |  | 85,364 | ​ |  | 1,635 | ​ |  | 313,287 | ​ |  | 35,829 | ​ |  | 398,651 | ​ |  | 37,464
Government agency mortgage-backed securities | ​ |  | 2,642 | ​ |  | 41 | ​ |  | 326,890 | ​ |  | 58,546 | ​ |  | 329,532 | ​ |  | 58,587
Corporate debt securities | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 7,440 | ​ | ​ | 560 | ​ | ​ | 7,440 | ​ | ​ | 560
Government agency collateralized mortgage obligations | ​ |  | 0 | ​ |  | 0 | ​ |  | 8,262 | ​ |  | 562 | ​ |  | 8,262 | ​ |  | 562
Total available-for-sale investment portfolio | ​ | $ | 88,006 | ​ | $ | 1,676 | ​ | $ | 2,711,396 | ​ | $ | 422,633 | ​ | $ | 2,799,402 | ​ | $ | 424,309
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-Maturity Portfolio: | ​ |  | ​ | ​ |  |  |  |  |  | ​ |  |  |  |  |  | ​ |  | ​
U.S Treasury and agency securities | ​ | $ | 527,314 | ​ | $ | 28,776 | ​ | $ | 503,684 | ​ | $ | 56,684 | ​ | $ | 1,030,998 | ​ | $ | 85,460
Government agency mortgage-backed securities | ​ | ​ | 68,342 | ​ | ​ | 832 |  | ​ | 1,367 | ​ | ​ | 42 |  | ​ | 69,709 | ​ | ​ | 874
Total held-to-maturity portfolio | ​ | $ | 595,656 | ​ | $ | 29,608 |  | $ | 505,051 | ​ | $ | 56,726 |  | $ | 1,100,707 | ​ | $ | 86,334
​ As of December 31, 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 | ​ | $ | 2,080,783 | ​ | $ | 300,385 | ​ | $ | 2,080,783 | ​ | $ | 300,385
Obligations of state and political subdivisions | ​ |  | 63,541 | ​ |  | 878 | ​ |  | 287,191 | ​ |  | 29,107 | ​ |  | 350,732 | ​ |  | 29,985
Government agency mortgage-backed securities | ​ |  | 8,586 | ​ |  | 55 | ​ |  | 336,266 | ​ |  | 51,557 | ​ |  | 344,852 | ​ |  | 51,612
Corporate debt securities | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 7,394 | ​ | ​ | 606 | ​ | ​ | 7,394 | ​ | ​ | 606
Government agency collateralized mortgage obligations | ​ |  | 0 | ​ |  | 0 | ​ |  | 8,907 | ​ |  | 572 | ​ |  | 8,907 | ​ |  | 572
Total available-for-sale investment portfolio | ​ | $ | 72,127 | ​ | $ | 933 | ​ | $ | 2,720,541 | ​ | $ | 382,227 | ​ | $ | 2,792,668 | ​ | $ | 383,160
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-Maturity Portfolio: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S Treasury and agency securities | ​ | $ | 536,885 | ​ | $ | 15,953 | ​ | $ | 521,350 | ​ | $ | 34,913 | ​ | $ | 1,058,235 | ​ | $ | 50,866
Government agency mortgage-backed securities | ​ | ​ | 18,951 | ​ | ​ | 158 | ​ | ​ | 1,393 | ​ | ​ | 22 | ​ | ​ | 20,344 | ​ | ​ | 180
Total held-to-maturity portfolio | ​ | $ | 555,836 | ​ | $ | 16,111 | ​ | $ | 522,743 | ​ | $ | 34,935 | ​ | $ | 1,078,579 | ​ | $ | 51,046
​ 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 of the financial position of the issuers including financial performance, liquidity and regulatory capital ratios, the issuers of the securities show a remote risk of default. Timely 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 March 31, 2024 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 March 31, 2024. Accrued interest receivable on available-for-sale debt securities, included in accrued interest and fees receivable on the consolidated statements of condition, totaled $11.6 million at March 31, 2024 and is excluded from the estimate of credit losses. Securities classified as held-to-maturity are included under the Current Expected Credit Loss (“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 March 31, 2024 all securities in the held-to-maturity classification are U.S. Treasury securities and government agency mortgage-backed 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, and these securities are guaranteed by the U.S. government. U.S. Treasury securities and government agency mortgage-backed 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 and government agency mortgage-backed 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 AA+ from Fitch. The Company concludes that the long history with no credit losses for these 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 the prepayment risk associated with these securities is insignificant and it is expected to recover the recorded investment. Accordingly, there is no allowance for credit losses on the Company’s held-to-maturity debt portfolio as of March 31, 2024. Accrued interest receivable on held-to-maturity debt securities, included in accrued interest and fees receivable on the consolidated statements of condition, totaled $3.3 million at March 31,2024 and is excluded from the estimate of credit losses. The Company has the intent and ability to hold the securities to maturity. The amortized cost and estimated fair value of debt securities at March 31, 2024, 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 | ​ | $ | 14,764 | ​ | $ | 14,603
Due after one through five years | ​ |  | 0 | ​ |  | 0 | ​ | ​ | 1,682,697 | ​ | ​ | 1,517,578
Due after five years through ten years | ​ |  | 556,091 | ​ |  | 527,314 | ​ | ​ | 492,385 | ​ | ​ | 438,082
Due after ten years | ​ |  | 560,367 | ​ |  | 503,684 | ​ | ​ | 697,790 | ​ | ​ | 552,843
Subtotal | ​ |  | 1,116,458 | ​ |  | 1,030,998 | ​ | ​ | 2,887,636 | ​ | ​ | 2,523,106
Government agency mortgage-backed securities | ​ |  | 101,014 | ​ |  | 100,617 | ​ | ​ | 391,020 | ​ | ​ | 332,479
Government agency collateralized mortgage obligations | ​ |  | 0 | ​ |  | 0 | ​ | ​ | 8,841 | ​ | ​ | 8,279
Total | ​ | $ | 1,217,472 | ​ | $ | 1,131,615 | ​ | $ | 3,287,497 | ​ | $ | 2,863,864
​ Investment securities with a carrying value of $2.76 billion and $2.14 billion at March 31, 2024 and December 31, 2023, respectively, were pledged to collateralize certain deposits and borrowings. Securities pledged to collateralize certain deposits and borrowings included $393.5 million and $598.9 million of U.S. Treasury securities that were pledged as collateral for securities sold under agreement to repurchase at March 31, 2024 and December 31, 2023, respectively. All securities sold under agreement to repurchase as of March 31, 2024 and December 31, 2023 have an overnight and continuous maturity. During the first quarter of 2023, the Company sold $786.1 million in book value of available-for-sale U.S. Treasury and agency securities, recognizing $52.3 million of gross realized losses. The sales were completed in January and February 2023 as part of a strategic balance sheet repositioning and were unrelated to the negative developments in the banking industry that occurred in March 2023. The proceeds from these sales of $733.8 million were redeployed entirely towards paying off existing overnight borrowings.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) -Publisher SEC Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//946-320/tableOfContent Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//940-320/tableOfContent Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration