XML 44 R32.htm IDEA: XBRL DOCUMENT
v3.5.0.2

FAIR VALUE (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2016
FAIR VALUE [Abstract] |
Summary of Fair Value Measured on a Recurring Basis | A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. 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.
|  | September 30, 2016 |
(000's omitted) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total Fair Value |
Available-for-sale investment securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency securities |  | $ | 1,976,612 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 1,976,612 |
Obligations of state and political subdivisions |  |  | 0 |  |  |  | 624,222 |  |  |  | 0 |  |  |  | 624,222 |
Government agency mortgage-backed securities |  |  | 0 |  |  |  | 224,733 |  |  |  | 0 |  |  |  | 224,733 |
Corporate debt securities |  |  | 0 |  |  |  | 5,774 |  |  |  | 0 |  |  |  | 5,774 |
Government agency collateralized mortgage obligations |  |  | 0 |  |  |  | 10,504 |  |  |  | 0 |  |  |  | 10,504 |
Marketable equity securities |  |  | 410 |  |  |  | 0 |  |  |  | 0 |  |  |  | 410 |
Total available-for-sale investment securities |  |  | 1,977,022 |  |  |  | 865,233 |  |  |  | 0 |  |  |  | 2,842,255 |
Mortgage loans held for sale |  |  | 0 |  |  |  | 633 |  |  |  | 0 |  |  |  | 633 |
Commitments to originate real estate loans for sale |  |  | 0 |  |  |  | 0 |  |  |  | 474 |  |  |  | 474 |
Forward sales commitments |  |  | 0 |  |  |  | (30 | ) |  |  | 0 |  |  |  | (30 | )
Total |  | $ | 1,977,022 |  |  | $ | 865,836 |  |  | $ | 474 |  |  |  | 2,843,332 |
|  | December 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 |  | $ | 1,899,978 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 1,899,978 |
Obligations of state and political subdivisions |  |  | 0 |  |  |  | 666,883 |  |  |  | 0 |  |  |  | 666,883 |
Government agency mortgage-backed securities |  |  | 0 |  |  |  | 210,865 |  |  |  | 0 |  |  |  | 210,865 |
Corporate debt securities |  |  | 0 |  |  |  | 16,680 |  |  |  | 0 |  |  |  | 16,680 |
Government agency collateralized mortgage obligations |  |  | 0 |  |  |  | 13,308 |  |  |  | 0 |  |  |  | 13,308 |
Marketable equity securities |  |  | 399 |  |  |  | 0 |  |  |  | 0 |  |  |  | 399 |
Total available-for-sale investment securities |  |  | 1,900,377 |  |  |  | 907,736 |  |  |  | 0 |  |  |  | 2,808,113 |
Mortgage loans held for sale |  |  | 0 |  |  |  | 932 |  |  |  | 0 |  |  |  | 932 |
Commitments to originate real estate loans for sale |  |  | 0 |  |  |  | 0 |  |  |  | 117 |  |  |  | 117 |
Forward sales commitments |  |  | 0 |  |  |  | (37 | ) |  |  | 0 |  |  |  | (37 | )
Total |  | $ | 1,900,377 |  |  | $ | 908,631 |  |  | $ | 117 |  |  | $ | 2,809,125 |
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 |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
(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 |  | $ | 361 |  |  | $ | 195 |  |  | $ | 117 |  |  | $ | 185 |
Total losses included in earnings (1) |  |  | (361 | ) |  |  | (195 | ) |  |  | (760 | ) |  |  | (532 | )
Commitments to originate real estate loans held for sale, net |  |  | 474 |  |  |  | 276 |  |  |  | 1,117 |  |  |  | 623 |
Ending balance |  | $ | 474 |  |  | $ | 276 |  |  | $ | 474 |  |  | $ | 276 |
(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 | The fair value information of assets and liabilities measured on a non-recurring basis presented below is not as of the period-end, but rather as of the date the fair value adjustment was recorded closest to the date presented.
|  | September 30, 2016 |  |  | December 31, 2015 |
(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 |  |  | $ | 769 |  |  | $ | 769 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 1,765 |  |  | $ | 1,765 |
Mortgage servicing rights |  |  | 0 |  |  |  | 0 |  |  |  | 573 |  |  |  | 573 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Other real estate owned |  |  | 0 |  |  |  | 0 |  |  |  | 2,060 |  |  |  | 2,060 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,088 |  |  |  | 2,088 |
Total |  | $ | 0 |  |  | $ | 0 |  |  | $ | 3,402 |  |  | $ | 3,402 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 3,853 |  |  | $ | 3,853 |
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 September 30, 2016 |  | Valuation Technique | Significant Unobservable Inputs |  | Significant Unobservable Input Range (Weighted Average) |
Other real estate owned |  | $ | 2,060 |  | Fair Value of Collateral | Estimated cost of disposal/market adjustment |  |  | 9.0% - 71.0% (23.4 | %)
Impaired loans |  |  | 769 |  | Fair Value of Collateral | Estimated cost of disposal/market adjustment |  |  | 15.0% - 17.6% (16.3 | %)
Commitments to originate real estate loans for sale |  |  | 474 |  | Discounted cash flow | Embedded servicing value |  |  | 1 | %
Mortgage servicing rights |  |  | 573 |  | Discounted cash flow | Weighted average constant prepayment rate |  |  | 11.8 | %
|  |  |  |  |  | Weighted average discount rate |  |  | 2.24 | %
|  |  |  |  |  | Adequate compensation |  | $7/loan |
(000's omitted) |  | Fair Value at December 31, 2015 |  | Valuation Technique | Significant Unobservable Inputs |  | Significant Unobservable Input Range (Weighted Average) |
Other real estate owned |  | $ | 2,088 |  | Fair value of collateral | Estimated cost of disposal/market adjustment |  |  | 5.3% - 74.0% (27.7 | %)
Impaired loans |  |  | 1,765 |  | Fair value of collateral | Estimated cost of disposal/market adjustment |  |  | 9.0% - 20.0% (17.9 | %)
Commitments to originate real estate loans for sale |  |  | 117 |  | 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 September 30, 2016 and December 31, 2015 are as follows:
|  | September 30, 2016 |  |  | December 31, 2015 |
|  | Carrying |  |  | Fair |  |  | Carrying |  |  | Fair |
(000's omitted) |  | Value |  |  | Value |  |  | Value |  |  | Value |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
Net loans |  | $ | 4,893,832 |  |  | $ | 4,958,819 |  |  | $ | 4,755,974 |  |  | $ | 4,808,856 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 7,077,419 |  |  |  | 7,074,685 |  |  |  | 6,873,474 |  |  |  | 6,871,098 |
Borrowings |  |  | 133,900 |  |  |  | 133,900 |  |  |  | 301,300 |  |  |  | 301,300 |
Subordinated debt held by unconsolidated subsidiary trusts |  |  | 102,164 |  |  |  | 82,380 |  |  |  | 102,146 |  |  |  | 84,680 |

X
- 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 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=66048111&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 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 Reference 3: 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=66048111&loc=d3e19207-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=66048111&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=66048111&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=66048111&loc=d3e19279-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=73719730&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=66048111&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=73719730&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=73719730&loc=d3e13433-108611 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=66048111&loc=d3e19190-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration