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v3.20.4

FAIR VALUE (Tables) | 12 Months Ended
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Dec. 31, 2020
FAIR VALUE |
Fair Value Measured on a Recurring Basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Total Fair
(000’s omitted) |  | Level 1 |  | Level 2 |  | Level 3 |  | Value
Available-for-sale investment securities: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Treasury and agency securities | ​ | $ | 2,359,912 | ​ | $ | 141,470 | ​ | $ | 0 | ​ | $ | 2,501,382
Obligations of state and political subdivisions | ​ |  | 0 | ​ |  | 475,660 | ​ |  | 0 | ​ |  | 475,660
Government agency mortgage-backed securities | ​ |  | 0 | ​ |  | 522,638 | ​ |  | 0 | ​ |  | 522,638
Corporate debt securities | ​ |  | 0 | ​ |  | 4,635 | ​ |  | 0 | ​ |  | 4,635
Government agency collateralized mortgage obligations | ​ |  | 0 | ​ |  | 43,577 | ​ |  | 0 | ​ |  | 43,577
Total available-for-sale investment securities | ​ |  | 2,359,912 | ​ |  | 1,187,980 | ​ |  | 0 | ​ |  | 3,547,892
Equity securities | ​ |  | 445 | ​ |  | 0 | ​ |  | 0 | ​ |  | 445
Mortgage loans held for sale | ​ | ​ | 0 | ​ | ​ | 1,622 | ​ | ​ | 0 | ​ | ​ | 1,622
Commitments to originate real estate loans for sale | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 14 | ​ | ​ | 14
Forward sales commitments | ​ | ​ | 0 | ​ | ​ | 2 | ​ | ​ | 0 | ​ | ​ | 2
Interest rate swap agreements asset | ​ |  | 0 | ​ |  | 1,572 | ​ |  | 0 | ​ |  | 1,572
Interest rate swap agreements liability | ​ |  | 0 | ​ |  | (1,074) | ​ |  | 0 | ​ |  | (1,074)
Total | ​ | $ | 2,360,357 | ​ | $ | 1,190,102 | ​ | $ | 14 | ​ | $ | 3,550,473
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2019
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Total Fair
(000’s omitted) |  | Level 1 |  | Level 2 |  | Level 3 |  | 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 | Assets and liabilities measured on a non-recurring basis: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020 | ​ | December 31, 2019
​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | Total |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | Total
(000’s omitted) | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Fair Value | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Fair Value
Impaired loans | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | 25,063 |  | $ | 25,063 | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | 848 |  | $ | 848
Other real estate owned | ​ |  | 0 | ​ |  | 0 | ​ |  | 883 |  |  | 883 | ​ |  | 0 | ​ |  | 0 | ​ |  | 1,270 |  |  | 1,270
Mortgage servicing rights | ​ |  | 0 | ​ |  | 0 | ​ |  | 682 |  |  | 682 | ​ |  | 0 | ​ |  | 0 | ​ |  | 56 |  |  | 56
Total | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | 26,628 |  | $ | 26,628 | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | 2,174 |  | $ | 2,174
​
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 as of December 31, 2020 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | Significant |  | Significant Unobservable |
​ | ​ | ​ | ​ | ​ | Valuation | ​ | Unobservable | ​ | Input Range |
(000’s omitted) | ​ | Fair Value | ​ | Technique | ​ | Inputs | ​ | (Weighted Average) |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Impaired loans | ​ | $ | 25,063 |  | Fair value of collateral |  | Estimated cost of disposal/market adjustment |  | ​ | 9.0% - 78.4% (52.7) | %
Other real estate owned | ​ |  | 883 |  | Fair value of collateral |  | Estimated cost of disposal/market adjustment |  | ​ | 11.3% - 52.9% (34.0) | %
Commitments to originate real estate loans for sale | ​ | ​ | 14 | ​ | Discounted cash flow | ​ | Embedded servicing value | ​ | ​ | 1.0 | %
Mortgage servicing rights | ​ |  | 682 |  | Discounted cash flow |  | Weighted average constant prepayment rate |  | ​ | 9.8% - 18.8% (17.6) | %
​ | ​ | ​ | ​ | ​ | ​ |  | Weighted average discount rate |  | ​ | 1.7% - 2.2% (2.1) | %
​ | ​ | ​ | ​ | ​ | ​ |  | 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, 2019 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | Significant |  | Significant Unobservable |
​ | ​ | ​ | ​ | ​ | Valuation | ​ | Unobservable | ​ | Input Range |
(000’s omitted) | ​ | Fair Value | ​ | Technique | ​ | Inputs | ​ | (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 | The carrying amounts and estimated fair values of the Company’s other financial instruments that are not accounted for at fair value at December 31, 2020 and 2019 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020 | ​ | December 31, 2019
​ |  | Carrying |  | Fair |  | Carrying |  | Fair
(000’s omitted) | ​ | Value | ​ | Value | ​ | Value | ​ | Value
Financial assets: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Net loans | ​ | $ | 7,355,083 | ​ | $ | 7,655,044 | ​ | $ | 6,840,632 | ​ | $ | 7,028,663
Financial liabilities: | ​ |  | ​ | ​ |  | ​ | ​ |  |  | ​ |  |
Deposits | ​ |  | 11,224,974 | ​ |  | 11,239,628 | ​ |  | 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 | ​ |  | 284,008 | ​ |  | 284,008 | ​ |  | 241,708 | ​ |  | 241,708
Other Federal Home Loan Bank borrowings | ​ |  | 6,658 | ​ |  | 6,758 | ​ |  | 3,750 | ​ |  | 3,755
Subordinated notes payable | ​ |  | 3,303 | ​ |  | 3,303 | ​ |  | 13,795 | ​ |  | 13,795
Subordinated debt held by unconsolidated subsidiary trusts | ​ |  | 77,320 | ​ |  | 77,320 | ​ |  | 77,320 | ​ |  | 77,320
​

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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=117815213&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=117815213&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=117815213&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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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