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INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2024

INVESTMENT SECURITIES

Schedule of amortized cost and estimated fair value of investment securities


		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

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

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

Schedule of amortized cost and estimated fair value of debt securities by contractual maturity


		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