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v3.23.3

FAIR VALUE (Tables) | 9 Months Ended
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Sep. 30, 2023
FAIR VALUE |
Schedule of fair value measured on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Total Fair
(000’s omitted) |  | Level 1 |  | Level 2 |  | Level 3 |  | Value
Available-for-sale investment securities: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Treasury and agency securities | ​ | $ | 1,921,264 | ​ | $ | 58,175 | ​ | $ | 0 | ​ | $ | 1,979,439
Obligations of state and political subdivisions | ​ |  | 0 | ​ |  | 434,465 | ​ |  | 0 | ​ |  | 434,465
Government agency mortgage-backed securities | ​ |  | 0 | ​ |  | 337,071 | ​ |  | 0 | ​ |  | 337,071
Corporate debt securities | ​ |  | 0 | ​ |  | 7,174 | ​ |  | 0 | ​ |  | 7,174
Government agency collateralized mortgage obligations | ​ |  | 0 | ​ |  | 9,487 | ​ |  | 0 | ​ |  | 9,487
Total available-for-sale investment securities | ​ |  | 1,921,264 | ​ |  | 846,372 | ​ |  | 0 | ​ |  | 2,767,636
Equity securities | ​ |  | 320 | ​ |  | 0 | ​ |  | 0 | ​ |  | 320
Mortgage loans held for sale | ​ | ​ | 0 | ​ | ​ | 604 | ​ | ​ | 0 | ​ | ​ | 604
Commitments to originate real estate loans for sale | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 13 | ​ | ​ | 13
Forward sales commitments | ​ | ​ | 0 | ​ | ​ | 10 | ​ | ​ | 0 | ​ | ​ | 10
Total | ​ | $ | 1,921,584 | ​ | $ | 846,986 | ​ | $ | 13 | ​ | $ | 2,768,583
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
Schedule of assets and liabilities measured on a non-recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023 | ​ | December 31, 2022
​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | 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 | ​ | $ | 3,014 |  | $ | 3,014 | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | 0 |  | $ | 0
Other real estate owned | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 578 |  | ​ | 578 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 503 |  | ​ | 503
Mortgage servicing rights | ​ |  | 0 | ​ |  | 0 | ​ |  | 309 |  |  | 309 | ​ |  | 0 | ​ |  | 0 | ​ |  | 1,169 |  |  | 1,169
Contingent consideration | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | (2,950) | ​ | ​ | (2,950) | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | (2,800) | ​ | ​ | (2,800)
Total | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | 951 |  | $ | 951 | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | (1,128) |  | $ | (1,128)
Schedule of significant unobservable inputs, fair value valuation techniques | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ |  | ​ |  | Significant Unobservable |
​ | ​ | Fair Value at | ​ | ​ | ​ | ​ | ​ | Input Range | ​
(000’s omitted, except per loan data) | ​ | September 30, 2023 | ​ | Valuation Technique | ​ | Significant Unobservable Inputs |  | (Weighted Average) | ​
Individually assessed loans | ​ | $ | 3,014 |  | Fair value of collateral |  | Estimated cost of disposal/market adjustment |  | ​ | 27.2 | %
Other real estate owned | ​ | ​ | 578 |  | Fair value of collateral |  | Estimated cost of disposal/market adjustment |  | ​ | 9.0% – 73.8% (38.5%) | ​
Commitments to originate real estate loans for sale | ​ |  | 13 |  | Discounted cash flow |  | Embedded servicing value |  | ​ | 1.0 | %
Mortgage servicing rights | ​ |  | 309 |  | Discounted cash flow |  | Weighted average constant prepayment rate |  | ​ | 5.6% - 6.1% (5.6%) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted average discount rate | ​ | ​ | 5.3% - 5.7% (5.7%) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Adequate compensation | ​ | $ | 7/loan | ​
Contingent consideration | ​ | ​ | (2,950) | ​ | Discounted cash flow | ​ | Discount rate | ​ | ​ | 6.7% - 6.9% (6.9%) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Probability of achievement | ​ | ​ | 37.8% - 100.0% (70.9%) | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Significant Unobservable | ​
​ | ​ | Fair Value at | ​ | ​ | ​ | ​ | ​ | Input Range | ​
(000's omitted, except per loan data) | ​ | December 31, 2022 | ​ | Valuation Technique | ​ | Significant Unobservable 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 of achievement | ​ | ​ | 44.9% - 53.5% (50.1%) | ​
​
Schedule of carrying amounts and estimated fair values of other financial instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023 | ​ | December 31, 2022
​ |  | Carrying |  | Fair |  | Carrying |  | Fair
(000’s omitted) | ​ | Value | ​ | Value | ​ | Value | ​ | Value
Financial assets: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Net loans | ​ | $ | 9,385,121 | ​ | $ | 8,836,726 | ​ | $ | 8,748,335 | ​ | $ | 8,696,185
Held-to-maturity securities | ​ | ​ | 1,125,540 | ​ | ​ | 990,660 | ​ | ​ | 1,079,695 | ​ | ​ | 1,034,795
Financial liabilities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Deposits | ​ |  | 13,030,788 | ​ |  | 12,997,731 | ​ |  | 13,012,308 | ​ |  | 12,981,487
Overnight borrowings | ​ |  | 0 | ​ |  | 0 | ​ |  | 768,400 | ​ |  | 768,400
Securities sold under agreement to repurchase, short-term | ​ |  | 330,252 | ​ |  | 330,252 | ​ |  | 346,652 | ​ |  | 346,652
Other Federal Home Loan Bank borrowings | ​ |  | 316,837 | ​ |  | 313,111 | ​ |  | 19,474 | ​ |  | 19,377
Subordinated notes payable | ​ |  | 0 | ​ |  | 0 | ​ |  | 3,249 | ​ |  | 3,249

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + 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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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