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FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2022

FAIR VALUE

Fair Value Measured on a Recurring Basis


		December 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		$	3,178,189		$	65,348		$	0		$	3,243,537
Obligations of state and political subdivisions			0			504,297			0			504,297
Government agency mortgage-backed securities			0			384,633			0			384,633
Corporate debt securities			0			7,114			0			7,114
Government agency collateralized mortgage obligations			0			12,270			0			12,270
Total available-for-sale investment securities			3,178,189			973,662			0			4,151,851
Equity securities			419			0			0			419
Commitments to originate real estate loans for sale			0			0			5			5
Forward sales commitments			0			5			0			5
Interest rate swap agreements asset			0			1			0			1
Interest rate swap agreements liability			0			(1)			0			(1)
Total		$	3,178,608		$	973,667		$	5		$	4,152,280


		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


		December 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			503			503			0			0			718			718
Mortgage servicing rights			0			0			1,169			1,169			0			0			810			810
Contingent consideration			0			0			(2,800)			(2,800)			0			0			(3,100)			(3,100)
Total		$	0		$	0		$	(1,128)		$	(1,128)		$	0		$	0		$	248		$	248

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, 2022 are as follows:


							Significant		Significant Unobservable
					Valuation		Unobservable		Input Range
(000's omitted, except per loan data)		Fair Value			Technique		Inputs		(Weighted Average)
Other real estate owned		$	503		Fair value of collateral		Estimated cost of disposal/market adjustment			9.0% - 72.8% (35.7%)
Commitments to originate real estate loans for sale			5		Discounted cash flow		Embedded servicing value			1.0	%
Mortgage servicing rights			1,169		Discounted cash flow		Weighted average constant prepayment rate			2.9% - 3.3% (2.9%)
							Weighted average discount rate			4.6% - 4.9% (4.9%)
							Adequate compensation			$7/loan
Contingent consideration			(2,800)		Discounted cash flow		Discount rate			5.9% - 6.2% (6.1%)
							Probability adjusted level of retained revenue			$3.1 million - $5.1 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, 2021 are as follows:


							Significant		Significant Unobservable
					Valuation		Unobservable		Input Range
(000's omitted, except per loan data)		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

Carrying Amounts and Estimated Fair Values of Other Financial Instruments


		December 31, 2022						December 31, 2021
		Carrying						Carrying
(000’s omitted)		Value			Fair Value			Value			Fair Value
Financial assets:
Net loans		$	8,748,335		$	8,696,185		$	7,323,770		$	7,523,024
Held-to-maturity securities			1,079,695			1,034,795			0			0
Financial liabilities:
Deposits			13,012,308			12,981,487			12,911,168			12,911,197
Overnight borrowings			768,400			768,400			0			0
Securities sold under agreement to repurchase, short-term			346,652			346,652			324,720			324,720
Other Federal Home Loan Bank borrowings			19,474			19,377			1,888			1,907
Subordinated notes payable			3,249			3,249			3,277			3,277