XML 43 R31.htm IDEA: XBRL DOCUMENT
v3.22.1

FAIR VALUE (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2022
FAIR VALUE |
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, 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Total Fair
(000’s omitted) |  | Level 1 |  | Level 2 |  | Level 3 |  | Value
Available-for-sale investment securities: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Treasury and agency securities | ​ | $ | 4,745,042 | ​ | $ | 87,045 | ​ | $ | 0 | ​ | $ | 4,832,087
Obligations of state and political subdivisions | ​ |  | 0 | ​ |  | 476,155 | ​ |  | 0 | ​ |  | 476,155
Government agency mortgage-backed securities | ​ |  | 0 | ​ |  | 454,247 | ​ |  | 0 | ​ |  | 454,247
Corporate debt securities | ​ |  | 0 | ​ |  | 7,497 | ​ |  | 0 | ​ |  | 7,497
Government agency collateralized mortgage obligations | ​ |  | 0 | ​ |  | 17,172 | ​ |  | 0 | ​ |  | 17,172
Total available-for-sale investment securities | ​ |  | 4,745,042 | ​ |  | 1,042,116 | ​ |  | 0 | ​ |  | 5,787,158
Equity securities | ​ |  | 465 | ​ |  | 0 | ​ |  | 0 | ​ |  | 465
Commitments to originate real estate loans for sale | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 7 | ​ | ​ | 7
Forward sales commitments | ​ | ​ | 0 | ​ | ​ | 14 | ​ | ​ | 0 | ​ | ​ | 14
Interest rate swap agreements asset | ​ |  | 0 | ​ |  | 106 | ​ |  | 0 | ​ |  | 106
Total | ​ | $ | 4,745,507 | ​ | $ | 1,042,236 | ​ | $ | 7 | ​ | $ | 5,787,750
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
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, 2022 | ​ | December 31, 2021
​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | 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 | ​ | $ | 0 |  | $ | 0 | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | 1,820 |  | $ | 1,820
Other real estate owned | ​ |  | 0 | ​ |  | 0 | ​ |  | 416 |  |  | 416 | ​ |  | 0 | ​ |  | 0 | ​ |  | 718 |  |  | 718
Mortgage servicing rights | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 |  |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 810 |  |  | 810
Contingent consideration | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | (3,100) | ​ | ​ | (3,100) | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | (3,100) | ​ | ​ | (3,100)
Total | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | (2,684) |  | $ | (2,684) | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | 248 |  | $ | 248
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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Significant | ​
​ |  | ​ | ​ |  | ​ |  | ​ |  | Unobservable Input |
​ | ​ | Fair Value at | ​ | ​ | ​ | ​ | ​ | Range | ​
(000's omitted, except per loan data) | ​ | March 31, 2022 | ​ | Valuation Technique | ​ | Significant Unobservable Inputs |  | (Weighted Average) | ​
Other real estate owned | ​ | $ | 416 |  | Fair value of collateral |  | Estimated cost of disposal/market adjustment |  | ​ | 9.0% - 73.5% (40.7%) | ​
Commitments to originate real estate loans for sale | ​ |  | 7 |  | Discounted cash flow |  | Embedded servicing value |  | ​ | 1.0 | %
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 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ |  | ​ |  | Significant |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Unobservable Input | ​
​ | ​ | Fair Value at | ​ | ​ | ​ | ​ | ​ | Range | ​
(000's omitted, except per loan data) | ​ | December 31, 2021 | ​ | Valuation Technique | ​ | Significant Unobservable 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 | ​
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, 2022 and December 31, 2021 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2022 | ​ | December 31, 2021
​ |  | Carrying |  | ​ |  | Carrying |  | ​
(000's omitted) | ​ | Value | ​ | Fair Value | ​ | Value | ​ | Fair Value
Financial assets: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Net loans | ​ | $ | 7,372,106 | ​ | $ | 7,321,891 | ​ | $ | 7,323,770 | ​ | $ | 7,523,024
Financial liabilities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Deposits | ​ |  | 13,317,667 | ​ |  | 13,304,381 | ​ |  | 12,911,168 | ​ |  | 12,911,197
Securities sold under agreement to repurchase, short-term | ​ |  | 300,531 | ​ |  | 300,531 | ​ |  | 324,720 | ​ |  | 324,720
Other Federal Home Loan Bank borrowings | ​ |  | 1,864 | ​ |  | 1,846 | ​ |  | 1,888 | ​ |  | 1,907
Subordinated notes payable | ​ |  | 3,270 | ​ |  | 3,270 | ​ |  | 3,277 | ​ |  | 3,277
​

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 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=123874694&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=123874694&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=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=123594938&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=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=123874694&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=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration