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FAIR VALUE (Tables) | 3 Months Ended
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Mar. 31, 2019
FAIR VALUE [Abstract] |
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, 2019 |
(000's omitted) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total Fair Value |
Available-for-sale investment securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency securities |  | $ | 1,913,361 |  |  | $ | 121,611 |  |  | $ | 0 |  |  | $ | 2,034,972 |
Obligations of state and political subdivisions |  |  | 0 |  |  |  | 433,159 |  |  |  | 0 |  |  |  | 433,159 |
Government agency mortgage-backed securities |  |  | 0 |  |  |  | 386,543 |  |  |  | 0 |  |  |  | 386,543 |
Corporate debt securities |  |  | 0 |  |  |  | 2,553 |  |  |  | 0 |  |  |  | 2,553 |
Government agency collateralized mortgage obligations |  |  | 0 |  |  |  | 65,716 |  |  |  | 0 |  |  |  | 65,716 |
Total available-for-sale investment securities |  |  | 1,913,361 |  |  |  | 1,009,582 |  |  |  | 0 |  |  |  | 2,922,943 |
Equity securities |  |  | 464 |  |  |  | 0 |  |  |  | 0 |  |  |  | 464 |
Mortgage loans held for sale |  |  | 0 |  |  |  | 212 |  |  |  | 0 |  |  |  | 212 |
Commitments to originate real estate loans for sale |  |  | 0 |  |  |  | 0 |  |  |  | 20 |  |  |  | 20 |
Forward sales commitments |  |  | 0 |  |  |  | (6 | ) |  |  | 0 |  |  |  | (6 | )
Interest rate swap agreements asset |  |  | 0 |  |  |  | 835 |  |  |  | 0 |  |  |  | 835 |
Interest rate swap agreements liability |  |  | 0 |  |  |  | (705 | ) |  |  | 0 |  |  |  | (705 | )
Total |  | $ | 1,913,825 |  |  | $ | 1,009,918 |  |  | $ | 20 |  |  | $ | 2,923,763 |
|  | December 31, 2018 |
(000's omitted) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total Fair Value |
Available-for-sale investment securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency securities |  | $ | 1,896,931 |  |  | $ | 126,822 |  |  | $ | 0 |  |  | $ | 2,023,753 |
Obligations of state and political subdivisions |  |  | 0 |  |  |  | 459,154 |  |  |  | 0 |  |  |  | 459,154 |
Government agency mortgage-backed securities |  |  | 0 |  |  |  | 382,477 |  |  |  | 0 |  |  |  | 382,477 |
Corporate debt securities |  |  | 0 |  |  |  | 2,546 |  |  |  | 0 |  |  |  | 2,546 |
Government agency collateralized mortgage obligations |  |  | 0 |  |  |  | 68,119 |  |  |  | 0 |  |  |  | 68,119 |
Total available-for-sale investment securities |  |  | 1,896,931 |  |  |  | 1,039,118 |  |  |  | 0 |  |  |  | 2,936,049 |
Equity securities |  |  | 432 |  |  |  | 0 |  |  |  | 0 |  |  |  | 432 |
Mortgage loans held for sale |  |  | 0 |  |  |  | 83 |  |  |  | 0 |  |  |  | 83 |
Interest rate swap agreements asset |  |  | 0 |  |  |  | 793 |  |  |  | 0 |  |  |  | 793 |
Interest rate swap agreements liability |  |  | 0 |  |  |  | (742 | ) |  |  | 0 |  |  |  | (742 | )
Total |  | $ | 1,897,363 |  |  | $ | 1,039,252 |  |  | $ | 0 |  |  | $ | 2,936,615 |
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.
|  | March 31, 2019 |  |  | December 31, 2018 |
(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 |  |  | $ | 2,831 |  |  | $ | 2,831 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 1,102 |  |  | $ | 1,102 |
Other real estate owned |  |  | 0 |  |  |  | 0 |  |  |  | 1,524 |  |  |  | 1,524 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,320 |  |  |  | 1,320 |
Total |  | $ | 0 |  |  | $ | 0 |  |  | $ | 4,355 |  |  | $ | 4,355 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 2,422 |  |  | $ | 2,422 |
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, 2019 |  | Valuation Technique | Significant Unobservable Inputs |  | Significant Unobservable Input Range (Weighted Average) |
Impaired loans |  | $ | 2,831 |  | Fair value of collateral | Estimated cost of disposal/market adjustment |  |  | 9.0% - 40.4% (35.0 | %)
Other real estate owned |  |  | 1,524 |  | Fair value of collateral | Estimated cost of disposal/market adjustment |  |  | 9.0% - 75.8% (23.8 | %)
Commitments to originate real estate loans for sale |  |  | 20 |  | Discounted cash flow | Embedded servicing value |  |  | 1 | %
(000's omitted) |  | Fair Value at December 31, 2018 |  | Valuation Technique | Significant Unobservable Inputs |  | Significant Unobservable Input Range (Weighted Average) |
Impaired loans |  | $ | 1,102 |  | Fair value of collateral | Estimated cost of disposal/market adjustment |  |  | 9.0% - 35.4% (28.8 | %)
Other real estate owned |  |  | 1,320 |  | Fair value of collateral | Estimated cost of disposal/market adjustment |  |  | 9.0% - 69.3% (23.8 | %)
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, 2019 and December 31, 2018 are as follows:
|  | March 31, 2019 |  |  | December 31, 2018 |
(000's omitted) |  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
Net loans |  | $ | 6,216,979 |  |  | $ | 6,266,587 |  |  | $ | 6,231,837 |  |  | $ | 6,247,939 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 8,619,662 |  |  |  | 8,607,827 |  |  |  | 8,322,371 |  |  |  | 8,308,765 |
Short-term borrowings |  |  | 0 |  |  |  | 0 |  |  |  | 54,400 |  |  |  | 54,400 |
Securities sold under agreement to repurchase, short-term |  |  | 249,880 |  |  |  | 249,880 |  |  |  | 259,367 |  |  |  | 259,367 |
Other long-term debt |  |  | 1,953 |  |  |  | 1,914 |  |  |  | 1,976 |  |  |  | 1,921 |
Subordinated debt held by unconsolidated subsidiary trusts |  |  | 97,939 |  |  |  | 97,939 |  |  |  | 97,939 |  |  |  | 97,939 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109250915&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 + Details
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