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FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2015

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, 2015
(000's omitted)		Level 1				Level 2				Level 3				Total Fair Value
Available-for-sale investment securities:
U.S. Treasury and agency securities		$	1,676,112			$	0			$	0			$	1,676,112
Obligations of state and political subdivisions			0				672,709				0				672,709
Government agency mortgage-backed securities			0				229,526				0				229,526
Corporate debt securities			0				27,026				0				27,026
Government agency collateralized mortgage obligations			0				16,980				0				16,980
Marketable equity securities			426				0				0				426
Total available-for-sale investment securities			1,676,538				946,241				0				2,622,779
Mortgage loans held for sale			0				1,437				0				1,437
Commitments to originate real estate loans for sale			0				0				152				152
Forward sales commitments			0				(22	)			0				(22	)
Total		$	1,676,538			$	947,656			$	152			$	2,624,346

		December 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		$	1,496,667			$	21,066			$	0			$	1,517,733
Obligations of state and political subdivisions			0				671,903				0				671,903
Government agency mortgage-backed securities			0				237,728				0				237,728
Corporate debt securities			0				27,091				0				27,091
Government agency collateralized mortgage obligations			0				18,025				0				18,025
Marketable equity securities			445				0				0				445
Total available-for-sale investment securities			1,497,112				975,813				0				2,472,925
Mortgage loans held for sale			0				1,042				0				1,042
Commitments to originate real estate loans for sale			0				0				185				185
Forward sales commitments			0				(43	)			0				(43	)
Total		$	1,497,112			$	976,812			$	185			$	2,474,109

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,
		2015				2014
(000's omitted)		Commitments to Originate Real Estate Loans for Sale				Commitments to Originate Real Estate Loans for Sale
Beginning balance		$	185			$	44
Total (losses)/gains included in earnings (1)			(185	)			(44	)
Commitments to originate real estate loans held for sale, net			152				67
Ending balance		$	152			$	67

⁽¹⁾ 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, 2015																December 31, 2014
(000's omitted)		Level 1				Level 2				Level 3				Total Fair Value				Level 1				Level 2				Level 3				Total Fair Value
Other real estate owned		$	0			$	0			$	1,767			$	1,767			$	0			$	0			$	1,855			$	1,855

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 are as follows:

(000's omitted)		Fair Value at March 31, 2015			Valuation Technique	Significant Unobservable Inputs		Significant Unobservable Input Range (Weighted Average)
Other real estate owned		$	1,767		Fair Value of Collateral	Estimated cost of disposal/market adjustment			10.0%-49.2% (23.3	%)
Commitments to originate real estate loans for sale			152		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, 2014 are as follows:

(000's omitted)		Fair Value at December 31, 2014			Valuation Technique	Significant Unobservable Inputs		Significant Unobservable Input Range (Weighted Average)
Other real estate owned		$	1,855		Fair value of collateral	Estimated cost of disposal/market adjustment			10.0% - 77.5% (30.6	%)
Commitments to originate real estate loans for sale			185		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, 2015 and December 31, 2014 are as follows:

		March 31, 2015								December 31, 2014
		Carrying				Fair				Carrying				Fair
(000's omitted)		Value				Value				Value				Value
Financial assets:
Net loans		$	4,118,906			$	4,167,605			$	4,190,865			$	4,251,565
Financial liabilities:
Deposits			6,126,547				6,126,431				5,935,264				5,935,690
Borrowings			195,700				195,700				338,000				338,000
Subordinated debt held by unconsolidated subsidiary trusts			102,128				86,116				102,122				85,189

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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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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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