INVESTMENT SECURITIES

6 Months Ended

Jun. 30, 2016

INVESTMENT SECURITIES [Abstract]

INVESTMENT SECURITIES

NOTE D:  INVESTMENT SECURITIES

The amortized cost and estimated fair value of investment securities as of June 30, 2016 and December 31, 2015 are as follows:

	June 30, 2016								December 31, 2015
			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	$	1,871,049	$	121,608	$	0	$	1,992,657	$	1,866,819	$	35,186	$	2,027	$	1,899,978
Obligations of state and political subdivisions		611,129		34,360		1		645,488		640,455		26,487		59		666,883
Government agency mortgage-backed securities		215,191		8,235		287		223,139		205,220		6,906		1,261		210,865
Corporate debt securities		16,606		54		0		16,660		16,672		66		58		16,680
Government agency collateralized mortgage obligations		11,006		496		0		11,502		12,862		446		0		13,308
Marketable equity securities		251		187		21		417		250		163		14		399
Total available-for-sale portfolio	$	2,725,232	$	164,940	$	309	$	2,889,863	$	2,742,278	$	69,254	$	3,419	$	2,808,113
Other Securities:
Federal Home Loan Bank common stock	$	17,732					$	17,732	$	19,317					$	19,317
Federal Reserve Bank common stock		19,780						19,780		16,050						16,050
Other equity securities		3,926						3,926		4,460						4,460
Total other securities	$	41,438					$	41,438	$	39,827					$	39,827

A summary of investment securities that have been in a continuous unrealized loss position is as follows:

As of June 30, 2016

	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:
Obligations of state and political subdivisions		3	$	842	$	1		0	$	0	$	0		3	$	842	$	1
Government agency mortgage-backed securities		5		1,128		9		14		23,688		278		19		24,816		287
Corporate debt securities		1		3,000		0		0		0		0		1		3,000		0
Government agency collateralized mortgage obligations		0		0		0		2		3		0		2		3		0
Marketable equity securities		1		79		21		0		0		0		1		79		21
Total available-for-sale investment portfolio		10	$	5,049	$	31		16	$	23,691	$	278		26	$	28,740	$	309

As of December 31, 2015

	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 obligations		9	$	353,844	$	2,027		0	$	0	$	0		9	$	353,844	$	2,027
Obligations of state and political subdivisions		18		8,804		34		2		735		25		20		9,539		59
Government agency mortgage-backed securities		17		24,178		161		19		30,103		1,100		36		54,281		1,261
Corporate debt securities		1		3,024		0		1		2,710		58		2		5,734		58
Government agency collateralized mortgage obligations		0		0		0		2		3		0		2		3		0
Marketable equity securities		1		87		14		0		0		0		1		87		14
Total available-for-sale investment portfolio		46	$	389,937	$	2,236		24	$	33,551	$	1,183		70	$	423,488	$	3,419

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 the Government National Mortgage Association ("GNMA"), the Federal National Mortgage Association ("FNMA"), and the Federal Home Loan Corporation ("FHLMC"), 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 and corporations carry a credit rating of A or better.  Additionally, a majority of the obligations of state and political subdivisions carry a secondary level of credit enhancement. 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. 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, 2016 represents OTTI.

The amortized cost and estimated fair value of debt securities at June 30, 2016, 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.

	Available-for-Sale
	Amortized		Fair
(000's omitted)	Cost		Value
Due in one year or less	$	46,761	$	47,048
Due after one through five years		775,417		815,276
Due after five years through ten years		1,465,017		1,564,831
Due after ten years		211,589		227,650
Subtotal		2,498,784		2,654,805
Government agency mortgage-backed securities		215,191		223,139
Government agency collateralized mortgage obligations		11,006		11,502
Total	$	2,724,981	$	2,889,446