v2.4.0.8

FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2014

FAIR VALUE [Abstract]

Summary of Fair Value Measured on a Recurring Basis

The following tables set forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis.  There were no transfers between any of the levels for the periods presented.

		March 31, 2014
(000's omitted)		Level 1				Level 2				Level 3				Total Fair Value
Available-for-sale investment securities:
U.S. Treasury and agency securities			$1,437,219				$29,512				$0				$1,466,731
Obligations of state and political subdivisions			0				699,126				0				699,126
Government agency mortgage-backed securities			0				254,850				0				254,850
Corporate debt securities			0				27,557				0				27,557
Government agency collateralized mortgage obligations			0				21,589				0				21,589
Marketable equity securities			433				0				0				433
Total available-for-sale investment securities			1,437,652				1,032,634				0				2,470,286
Mortgage loans held for sale			0				802				0				802
Commitments to originate real estate loans for sale			0				0				67				67
Forward sales commitments			0				9				0				9
Total			$1,437,652				$1,033,445				$67				$2,471,164

		December 31, 2013
(000's omitted)		Level 1				Level 2				Level 3				Total Fair Value
Available-for-sale investment securities:
U.S. Treasury and agency securities			$1,182,261				$29,886				$0				$1,212,147
Obligations of state and political subdivisions			0				668,982				0				668,982
Government agency mortgage-backed securities			0				254,978				0				254,978
Corporate debt securities			0				27,587				0				27,587
Government agency collateralized mortgage obligations			0				22,048				0				22,048
Marketable equity securities			421				0				0				421
Total available-for-sale investment securities			1,182,682				1,003,481				0				2,186,163
Mortgage loans held for sale			0				728				0				728
Commitments to originate real estate loans for sale			0				0				44				44
Forward sales commitments			0				27				0				27
Total			$1,182,682				$1,004,236				$44				$2,186,962

Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis

The changes in Level 3 assets measured at fair value on a recurring basis are summarized in the following tables:

		Three Months Ended March 31,
		2014				2013
(000's omitted)		Commitments to Originate Real Estate Loans for Sale				Pooled Trust Preferred Securities
Beginning balance			$44				$49,600
Total (losses)/gains included in earnings (1)(3)			(44	)			103
Total gains included in other comprehensive income(2)			0				1,892
Principal reductions			0				(4,109	)
Commitments to originate real estate loans held for sale, net			67				0
Ending balance			$67				$47,486

(1) Amounts included in earnings associated with the pooled trust preferred securities relate to accretion of related discount, which are reported in interest and dividends on taxable investments.

(2) Amounts included in other comprehensive income associated with the pooled trust preferred securities relate to changes in unrealized loss and are reported as a component of net unrealized gains/(losses) on available-for sale securities in the Statement of Comprehensive Income.

(3) Amounts included in earnings associated with the commitments to originate real estate loans for sale are reported as a component of other banking services in the Consolidated Statement of Income.

Assets and Liabilities Measured on a Non-Recurring Basis

Assets and liabilities measured on a non-recurring basis:

		March 31, 2014																December 31, 2013
(000's omitted)		Level 1				Level 2				Level 3				Total Fair Value				Level 1				Level 2				Level 3				Total Fair Value
Impaired loans			$0				$0				$420				$420				$0				$600				$0				$600
Other real estate owned			0				0				4,914				4,914				0				0				5,060				5,060
Total			$0				$0				$5,334				$5,334				$0				$600				$5,060				$5,660

Significant Unobservable Inputs, Fair Value Valuation Techniques

The significant unobservable inputs used in the determination of fair value of assets classified as Level 3 on a recurring or non-recurring basis as of March 31, 2014 are as follows:

(000's omitted)	Fair Value at March 31, 2014	Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Range (Weighted Average)
Impaired loans	$420	Fair Value of Collateral	Estimated cost of disposal/market adjustment	12.0%-50.0% (23.1%)
Other real estate owned	4,914	Fair Value of Collateral	Estimated cost of disposal/market adjustment	4.6%-69.2% (25.7%)
Commitments to originate real    estate loans for sale	67	Discounted cash flow	Embedded servicing value	1%

The significant unobservable inputs used in the determination of fair value of assets classified as Level 3 on a recurring or non-recurring basis as of December 31, 2013 are as follows:

(000's omitted)	Fair Value at December 31, 2013	Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Range (Weighted Average)
Other real estate owned	$5,060	Fair value of collateral	Estimated cost of disposal/market adjustment	11.0% - 54.4% (28.1%)
Commitments to originate real    estate loans for sale	44	Discounted cash flow	Embedded servicing value	1%

Carrying Amounts and Estimated Fair Values of Other Financial Instruments

The carrying amounts and estimated fair values of the Company’s other financial instruments that are not accounted for at fair value at March 31, 2014 and December 31, 2013 are as follows:

		March 31, 2014			December 31, 2013
		Carrying	Fair		Carrying	Fair
(000's omitted)		Value	Value		Value	Value
Financial assets:
Net loans		$4,052,161	$4,041,417		$4,064,764	$4,044,449
Financial liabilities:
Deposits		6,038,888	6,039,766		5,896,044	5,898,138
Borrowings		217,110	217,110		141,913	141,913
Subordinated debt held by unconsolidated subsidiary trusts		102,103	99,265		102,097	109,284

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- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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-Publisher FASB

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-Topic 820

-SubTopic 10

-Section 50

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Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, used to measure similar assets in prior periods (non-recurring basis) by class of asset or liability.

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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