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FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2020

FAIR VALUE [Abstract]

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.

		March 31, 2020
(000's omitted)		Level 1				Level 2				Level 3				Total Fair Value
Available-for-sale investment securities:
U.S. Treasury and agency securities		$	1,986,718			$	152,361			$	0			$	2,139,079
Obligations of state and political subdivisions			0				501,708				0				501,708
Government agency mortgage-backed securities			0				448,248				0				448,248
Corporate debt securities			0				2,508				0				2,508
Government agency collateralized mortgage obligations			0				50,339				0				50,339
Total available-for-sale investment securities			1,986,718				1,155,164				0				3,141,882
Equity securities			421				0				0				421
Mortgage loans held for sale			0				3,272				0				3,272
Commitments to originate real estate loans for sale			0				0				530				530
Forward sales commitments			0				26				0				26
Interest rate swap agreements asset			0				1,825				0				1,825
Interest rate swap agreements liability			0				(1,261	)			0				(1,261	)
Total		$	1,987,139			$	1,159,026			$	530			$	3,146,695

		December 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		$	1,878,705			$	165,054			$	0			$	2,043,759
Obligations of state and political subdivisions			0				512,208				0				512,208
Government agency mortgage-backed securities			0				432,862				0				432,862
Corporate debt securities			0				2,528				0				2,528
Government agency collateralized mortgage obligations			0				53,071				0				53,071
Total available-for-sale investment securities			1,878,705				1,165,723				0				3,044,428
Equity securities			451				0				0				451
Interest rate swap agreements asset			0				851				0				851
Interest rate swap agreements liability			0				(586	)			0				(586	)
Total		$	1,879,156			$	1,165,988			$	0			$	3,045,144

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, 2020																December 31, 2019
(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			$	848			$	848			$	0			$	0			$	848			$	848
Other real estate owned			0				0				1,469				1,469				0				0				1,270				1,270
Mortgage servicing rights			0				0				52				52				0				0				56				56
Total		$	0			$	0			$	2,369			$	2,369			$	0			$	0			$	2,174			$	2,174

Significant Unobservable Inputs, Fair Value Valuation Techniques

The Company determines fair values based on quoted market values, where available, estimates of present values, or other valuation techniques.  Those techniques are significantly affected by the assumptions used, including, but not limited to, the discount rate and estimates of future cash flows.  In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in immediate settlement of the instrument.  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, 2020			Valuation Technique	Significant Unobservable Inputs		Significant Unobservable Input Range (Weighted Average)
Impaired loans		$	848		Fair value of collateral	Estimated cost of disposal/market adjustment			9.0% - 35.0% (27.9	%)
Other real estate owned			1,469		Fair value of collateral	Estimated cost of disposal/market adjustment			9.0% - 85.7% (35.5	%)
Commitments to originate real estate loans for sale			530		Discounted cash flow	Embedded servicing value			1	%
Mortgage servicing rights			52		Discounted cash flow	Weighted average constant prepayment rate			43.0	%
						Weighted average discount rate			1.90	%
						Adequate compensation		$7/loan

(000's omitted)		Fair Value at December 31, 2019			Valuation Technique	Significant Unobservable Inputs		Significant Unobservable Input Range (Weighted Average)
Impaired loans		$	848		Fair value of collateral	Estimated cost of disposal/market adjustment			9.0% - 35.0% (27.9	%)
Other real estate owned			1,270		Fair value of collateral	Estimated cost of disposal/market adjustment			9.0% - 85.7% (37.1	%)
Mortgage servicing rights			56		Discounted cash flow	Weighted average constant prepayment rate			52.8	%
						Weighted average discount rate			3.00	%
						Adequate compensation		$7/loan

Carrying Amounts and Estimated Fair Values of Other Financial Instruments

Certain financial instruments and all nonfinancial instruments are excluded from fair value disclosure requirements.  Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company.  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, 2020 and December 31, 2019 are as follows:

		March 31, 2020								December 31, 2019
(000's omitted)		Carrying Value				Fair Value				Carrying Value				Fair Value
Financial assets:
Net loans		$	6,810,440			$	7,063,785			$	6,840,632			$	7,028,663
Financial liabilities:
Deposits			9,303,982				9,319,783				8,994,967				8,997,551
Overnight Federal Home Loan Bank borrowings			0				0				8,300				8,300
Securities sold under agreement to repurchase, short-term			204,991				204,991				241,708				241,708
Other Federal Home Loan Bank borrowings			3,727				3,789				3,750				3,755
Subordinated notes payable			13,775				13,775				13,795				13,795
Subordinated debt held by unconsolidated subsidiary trusts			77,320				77,320				77,320				77,320

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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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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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

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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).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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