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FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2020

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