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FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Measured on a Recurring Basis


		December 31, 2021
											Total Fair
(000’s omitted)		Level 1			Level 2			Level 3			Value
Available-for-sale investment securities:
U.S. Treasury and agency securities		$	3,900,924		$	97,640		$	0		$	3,998,564
Obligations of state and political subdivisions			0			430,289			0			430,289
Government agency mortgage-backed securities			0			477,056			0			477,056
Corporate debt securities			0			7,962			0			7,962
Government agency collateralized mortgage obligations			0			20,339			0			20,339
Total available-for-sale investment securities			3,900,924			1,033,286			0			4,934,210
Equity securities			463			0			0			463
Commitments to originate real estate loans for sale			0			0			51			51
Forward sales commitments			0			32			0			32
Interest rate swap agreements asset			0			296			0			296
Interest rate swap agreements liability			0			(3)			0			(3)
Total		$	3,901,387		$	1,033,611		$	51		$	4,935,049


		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

Assets and Liabilities Measured on a Non-Recurring Basis

Assets and liabilities measured on a non-recurring basis:


		December 31, 2021												December 31, 2020
											Total Fair												Total Fair
(000's omitted)		Level 1			Level 2			Level 3			Value			Level 1			Level 2			Level 3			Value
Individually assessed loans		$	0		$	0		$	1,820		$	1,820		$	0		$	0		$	25,063		$	25,063
Other real estate owned			0			0			718			718			0			0			883			883
Mortgage servicing rights			0			0			810			810			0			0			682			682
Contingent consideration			0			0			(3,100)			(3,100)			0			0			0			0
Total		$	0		$	0		$	248		$	248		$	0		$	0		$	26,628		$	26,628

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, 2021 are as follows:


							Significant		Significant Unobservable
					Valuation		Unobservable		Input Range
(000’s omitted)		Fair Value			Technique		Inputs		(Weighted Average)
Individually assessed loans		$	1,820		Fair value of collateral		Estimated cost of disposal/market adjustment			9.0% - 43.1% (43.1%)
Other real estate owned			718		Fair value of collateral		Estimated cost of disposal/market adjustment			31.8% - 42.3% (33.3%)
Commitments to originate real estate loans for sale			51		Discounted cash flow		Embedded servicing value			1.0	%
Mortgage servicing rights			810		Discounted cash flow		Weighted average constant prepayment rate			6.4% - 15.2% (14.0%)
							Weighted average discount rate			2.3% - 2.7% (2.6%)
							Adequate compensation		$	7/loan
Contingent consideration			(3,100)		Discounted cash flow		Discount rate			1.4% - 1.7% (1.5%)
							Probability adjusted level of retained revenue			$3.0 million - $5.8 million

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)
Individually assessed 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

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, 2021 and 2020 are as follows:


		December 31, 2021						December 31, 2020
		Carrying						Carrying
(000's omitted)		Value			Fair Value			Value			Fair Value
Financial assets:
Net loans		$	7,323,770		$	7,523,024		$	7,355,083		$	7,655,044
Financial liabilities:
Deposits			12,911,168			12,911,197			11,224,974			11,239,628
Securities sold under agreement to repurchase, short-term			324,720			324,720			284,008			284,008
Other Federal Home Loan Bank borrowings			1,888			1,907			6,658			6,758
Subordinated notes payable			3,277			3,277			3,303			3,303
Subordinated debt held by unconsolidated subsidiary trusts			0			0			77,320			77,320