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FAIR VALUE (Tables) | 6 Months Ended
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Jun. 30, 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.
|  | June 30, 2015 |
(000's omitted) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total Fair Value |
Available-for-sale investment securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency securities |  | $ | 1,893,445 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 1,893,445 |
Obligations of state and political subdivisions |  |  | 0 |  |  |  | 662,764 |  |  |  | 0 |  |  |  | 662,764 |
Government agency mortgage-backed securities |  |  | 0 |  |  |  | 218,755 |  |  |  | 0 |  |  |  | 218,755 |
Corporate debt securities |  |  | 0 |  |  |  | 26,817 |  |  |  | 0 |  |  |  | 26,817 |
Government agency collateralized mortgage obligations |  |  | 0 |  |  |  | 15,655 |  |  |  | 0 |  |  |  | 15,655 |
Marketable equity securities |  |  | 425 |  |  |  | 0 |  |  |  | 0 |  |  |  | 425 |
Total available-for-sale investment securities |  |  | 1,893,870 |  |  |  | 923,991 |  |  |  | 0 |  |  |  | 2,817,861 |
Mortgage loans held for sale |  |  | 0 |  |  |  | 1,031 |  |  |  | 0 |  |  |  | 1,031 |
Commitments to originate real estate loans for sale |  |  | 0 |  |  |  | 0 |  |  |  | 195 |  |  |  | 195 |
Forward sales commitments |  |  | 0 |  |  |  | (81 | ) |  |  | 0 |  |  |  | (81 | )
Total |  | $ | 1,893,870 |  |  | $ | 924,941 |  |  | $ | 195 |  |  | $ | 2,819,006 |
|  | 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 June 30, |  |  | Six Months Ended June 30, |
|  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
(000's omitted) |  | Commitments to Originate Real Estate Loans for Sale |  |  | Commitments to Originate Real Estate Loans for Sale |  |  | Commitments to Originate Real Estate Loans for Sale |  |  | Commitments to Originate Real Estate Loans for Sale |
Beginning balance |  | $ | 152 |  |  | $ | 67 |  |  | $ | 185 |  |  | $ | 44 |
Total losses included in earnings (1) |  |  | (152 | ) |  |  | (67 | ) |  |  | (337 | ) |  |  | (111 | )
Commitments to originate real estate loans held for sale, net |  |  | 195 |  |  |  | 142 |  |  |  | 347 |  |  |  | 209 |
Ending balance |  | $ | 195 |  |  | $ | 142 |  |  | $ | 195 |  |  | $ | 142 |
(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:
|  | June 30, 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 |
Impaired loans |  | $ | 0 |  |  | $ | 0 |  |  | $ | 506 |  |  | $ | 506 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Other real estate owned |  |  | 0 |  |  |  | 0 |  |  |  | 2,324 |  |  |  | 2,324 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,855 |  |  |  | 1,855 |
Mortgage servicing rights |  |  | 0 |  |  |  | 0 |  |  |  | 485 |  |  |  | 485 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Total |  | $ | 0 |  |  | $ | 0 |  |  | $ | 3,315 |  |  | $ | 3,315 |  |  | $ | 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 June 30, 2015 |  | Valuation Technique | Significant Unobservable Inputs |  | Significant Unobservable Input Range (Weighted Average) |
Impaired loans |  | $ | 506 |  | Fair Value of Collateral | Estimated cost of disposal/market adjustment |  |  | 10.0% - 32.0% (28.4 | %)
Other real estate owned |  |  | 2,324 |  | Fair Value of Collateral | Estimated cost of disposal/market adjustment |  |  | 7.1% - 48.5% (23.7 | %)
Commitments to originate real estate loans for sale |  |  | 195 |  | Discounted cash flow | Embedded servicing value |  |  | 1 | %
Mortgage servicing rights |  |  | 485 |  | Discounted cash flow | Weighted average constant prepayment rate |  |  | 14.6 | %
|  |  |  |  |  | Weighted average discount rate |  |  | 3.58 | %
|  |  |  |  |  | Adequate compensation |  |  | $7/loan |
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 nobservable 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 June 30, 2015 and December 31, 2014 are as follows:
|  | June 30, 2015 |  |  | December 31, 2014 |
(000's omitted) |  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
Net loans |  | $ | 4,218,321 |  |  | $ | 4,295,518 |  |  | $ | 4,190,865 |  |  | $ | 4,251,565 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 6,086,820 |  |  |  | 6,085,968 |  |  |  | 5,935,264 |  |  |  | 5,935,690 |
Borrowings |  |  | 566,200 |  |  |  | 566,200 |  |  |  | 338,000 |  |  |  | 338,000 |
Subordinated debt held by unconsolidated subsidiary trusts |  |  | 102,134 |  |  |  | 92,484 |  |  |  | 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). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19296-110258 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13476-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611 + Details
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- Definition 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). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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