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FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2017

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, 2017
(000's omitted)		Level 1				Level 2				Level 3				Total Fair Value
Available-for-sale investment securities:
U.S. Treasury and agency securities		$	1,928,311			$	147,487			$	0			$	2,075,798
Obligations of state and political subdivisions			0				573,472				0				573,472
Government agency mortgage-backed securities			0				333,447				0				333,447
Corporate debt securities			0				2,671				0				2,671
Government agency collateralized mortgage obligations			0				100,439				0				100,439
Marketable equity securities			497				0				0				497
Total available-for-sale investment securities			1,928,808				1,157,516				0				3,086,324
Mortgage loans held for sale			0				26				0				26
Commitments to originate real estate loans for sale			0				0				179				179
Forward sales commitments			0				5				0				5
Interest rate swap agreements asset			0				1,140				0				1,140
Interest rate swap agreements liability			0				(922	)			0				(922	)
Total		$	1,928,808			$	1,157,765			$	179			$	3,086,752

		December 31, 2016
(000's omitted)		Level 1				Level 2				Level 3				Total Fair  Value
Available-for-sale investment securities:
U.S. Treasury and agency securities		$	1,902,762			$	0			$	0			$	1,902,762
Obligations of state and political subdivisions			0				594,990				0				594,990
Government agency mortgage-backed securities			0				235,230				0				235,230
Corporate debt securities			0				5,687				0				5,687
Government agency collateralized mortgage obligations			0				9,535				0				9,535
Marketable equity securities			452				0				0				452
Total available-for-sale investment securities			1,903,214				845,442				0				2,748,656
Mortgage loans held for sale			0				2,416				0				2,416
Commitments to originate real estate loans for sale			0				0				54				54
Forward sales commitments			0				3				0				3
Total		$	1,903,214			$	847,861			$	54			$	2,751,129

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								Six Months Ended
		June 30,								June 30,
		2017				2016				2017				2016
(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		$	114			$	282			$	54			$	117
Total losses included in earnings (1)			(114	)			(282	)			(168	)			(399	)
Commitments to originate real estate loans held for sale, net			179				361				293				643
Ending balance		$	179			$	361			$	179			$	361

⁽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.

		June 30, 2017																December 31, 2016
(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			$	0			$	0			$	0			$	0			$	633			$	633
Other real estate owned			0				0				2,491				2,491				0				0				1,966				1,966
Total		$	0			$	0			$	2,491			$	2,491			$	0			$	0			$	2,599			$	2,599

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, 2017			Valuation Technique	Significant Unobservable Inputs		Significant Unobservable Input Range (Weighted Average)
Other real estate owned		$	2,491		Fair Value of Collateral	Estimated cost of disposal/market adjustment			9.0% - 96.0% (35.8	%)
Commitments to originate real estate loans for sale			179		Discounted cash flow	Embedded servicing value			1	%

(000's omitted)		Fair Value at  December 31, 2016			Valuation Technique	Significant Unobservable Inputs		Significant  Unobservable Input Range (Weighted Average)
Other real estate owned		$	1,966		Fair value of collateral	Estimated cost of disposal/market adjustment			9.0% - 97.0% (29.6	%)
Impaired loans			633		Fair value of collateral	Estimated cost of disposal/market adjustment			15.0% - 50.0%(36.5	%)
Commitments to originate real estate loans for sale			54		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, 2017 and December 31, 2016 are as follows:

		June 30, 2017								December 31, 2016
(000's omitted)		Carrying Value				Fair Value				Carrying Value				Fair  Value
Financial assets:
Net loans		$	6,313,849			$	6,377,803			$	4,901,329			$	4,935,140
Financial liabilities:
Deposits			8,625,605				8,613,815				7,075,954				7,071,191
Short-term borrowings			179,000				179,000				146,200				146,200
Securities sold under agreement to repurchase, short-term			190,445				190,445				0				0
Other long-term debt			3,608				3,590				0				0
Subordinated debt held by unconsolidated subsidiary trusts			122,802				122,802				102,170				90,144

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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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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