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v3.24.1.1.u2

FAIR VALUE (Tables) | 3 Months Ended
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Mar. 31, 2024
FAIR VALUE |
Schedule of fair value measured on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Total Fair
(000’s omitted) |  | Level 1 |  | Level 2 |  | Level 3 |  | Value
Available-for-sale investment securities: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Treasury and agency securities | ​ | $ | 1,995,421 | ​ | $ | 60,096 | ​ | $ | 0 | ​ | $ | 2,055,517
Obligations of state and political subdivisions | ​ |  | 0 | ​ |  | 460,149 | ​ |  | 0 | ​ |  | 460,149
Government agency mortgage-backed securities | ​ |  | 0 | ​ |  | 332,479 | ​ |  | 0 | ​ |  | 332,479
Corporate debt securities | ​ |  | 0 | ​ |  | 7,440 | ​ |  | 0 | ​ |  | 7,440
Government agency collateralized mortgage obligations | ​ |  | 0 | ​ |  | 8,279 | ​ |  | 0 | ​ |  | 8,279
Total available-for-sale investment securities | ​ |  | 1,995,421 | ​ |  | 868,443 | ​ |  | 0 | ​ |  | 2,863,864
Equity securities | ​ |  | 388 | ​ |  | 0 | ​ |  | 0 | ​ |  | 388
Mortgage loans held for sale | ​ | ​ | 0 | ​ | ​ | 88 | ​ | ​ | 0 | ​ | ​ | 88
Commitments to originate real estate loans for sale | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 32 | ​ | ​ | 32
Forward sales commitments | ​ | ​ | 0 | ​ | ​ | 37 | ​ | ​ | 0 | ​ | ​ | 37
Total | ​ | $ | 1,995,809 | ​ | $ | 868,568 | ​ | $ | 32 | ​ | $ | 2,864,409
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Total Fair
(000’s omitted) |  | Level 1 |  | Level 2 |  | Level 3 |  | Value
Available-for-sale investment securities: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Treasury and agency securities | ​ | $ | 2,019,089 | ​ | $ | 61,694 | ​ | $ | 0 | ​ | $ | 2,080,783
Obligations of state and political subdivisions | ​ |  | 0 | ​ |  | 474,363 | ​ |  | 0 | ​ |  | 474,363
Government agency mortgage-backed securities | ​ |  | 0 | ​ |  | 348,526 | ​ |  | 0 | ​ |  | 348,526
Corporate debt securities | ​ |  | 0 | ​ |  | 7,394 | ​ |  | 0 | ​ |  | 7,394
Government agency collateralized mortgage obligations | ​ |  | 0 | ​ |  | 8,926 | ​ |  | 0 | ​ |  | 8,926
Total available-for-sale investment securities | ​ |  | 2,019,089 | ​ |  | 900,903 | ​ |  | 0 | ​ |  | 2,919,992
Equity securities | ​ |  | 372 | ​ |  | 0 | ​ |  | 0 | ​ |  | 372
Mortgage loans held for sale | ​ |  | 0 | ​ |  | 414 | ​ |  | 0 | ​ |  | 414
Commitments to originate real estate loans for sale | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 2 | ​ | ​ | 2
Forward sales commitments | ​ | ​ | 0 | ​ | ​ | 6 | ​ | ​ | 0 | ​ | ​ | 6
Total | ​ | $ | 2,019,461 | ​ | $ | 901,323 | ​ | $ | 2 | ​ | $ | 2,920,786
Schedule of assets and liabilities measured on a non-recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2024 | ​ | December 31, 2023
​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | 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 | ​ | $ | 9,224 |  | $ | 9,224 | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | 3,014 |  | $ | 3,014
Other real estate owned | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 1,742 |  | ​ | 1,742 | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 1,159 |  | ​ | 1,159
Mortgage servicing rights | ​ |  | 0 | ​ |  | 0 | ​ |  | 76 |  |  | 76 | ​ |  | 0 | ​ |  | 0 | ​ |  | 162 |  |  | 162
Contingent consideration | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | (8,216) | ​ | ​ | (8,216) | ​ | ​ | 0 | ​ | ​ | 0 | ​ | ​ | (5,150) | ​ | ​ | (5,150)
Total | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | 2,826 |  | $ | 2,826 | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | (815) |  | $ | (815)
Schedule of significant unobservable inputs, fair value valuation techniques | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ |  | ​ |  | Significant Unobservable |
​ | ​ | Fair Value at | ​ | ​ | ​ | ​ | ​ | Input Range | ​
(000’s omitted, except per loan data) | ​ | March 31, 2024 | ​ | Valuation Technique | ​ | Significant Unobservable Inputs |  | (Weighted Average) | ​
Individually assessed loans | ​ | $ | 9,224 |  | Fair value of collateral |  | Estimated cost of disposal/market adjustment |  | ​ | 27.2 | %
Other real estate owned | ​ | ​ | 1,742 |  | Fair value of collateral |  | Estimated cost of disposal/market adjustment |  | ​ | 9.0% - 73.8% (58.8%) | ​
Commitments to originate real estate loans for sale | ​ |  | 32 |  | Discounted cash flow |  | Embedded servicing value |  | ​ | 1.0 | %
Mortgage servicing rights | ​ |  | 76 |  | Discounted cash flow |  | Weighted average constant prepayment rate |  | ​ | 5.0% - 14.4% (5.2%) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted average discount rate | ​ | ​ | 5.0% - 5.2% (5.2%) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Adequate compensation | ​ | $ | 7/loan | ​
Contingent consideration | ​ | ​ | (8,216) | ​ | Discounted cash flow | ​ | Discount rate | ​ | ​ | 6.7% - 19.1% (12.1%) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Probability of achievement | ​ | ​ | 82.0% - 100.0% (94.1%) | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Significant Unobservable | ​
​ | ​ | Fair Value at | ​ | ​ | ​ | ​ | ​ | Input Range | ​
(000's omitted, except per loan data) | ​ | December 31, 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 | ​ | ​ | 1,159 |  | Fair value of collateral |  | Estimated cost of disposal/market adjustment |  | ​ | 9.0% - 73.8% (45.8%) | ​
Commitments to originate real estate loans for sale | ​ | ​ | 2 | ​ | Discounted cash flow | ​ | Embedded servicing value | ​ | ​ | 1.0 | %
Mortgage servicing rights | ​ |  | 162 |  | Discounted cash flow |  | Weighted average constant prepayment rate |  | ​ | 4.2% - 5.1% (4.2%) | ​
​ | ​ |  | ​ |  |  |  | Weighted average discount rate |  | ​ | 4.6% - 5.0% (4.9%) | ​
​ | ​ | ​ | ​ | ​ | ​ |  | Adequate compensation | ​ | $ | 7/loan | ​
Contingent consideration | ​ | ​ | (5,150) | ​ | Discounted cash flow | ​ | Discount rate | ​ | ​ | 6.7% - 6.9% (6.9%) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Probability of achievement | ​ | ​ | 100% | ​
​
Schedule of carrying amounts and estimated fair values of other financial instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2024 | ​ | December 31, 2023
​ |  | Carrying |  | Fair |  | Carrying |  | Fair
(000’s omitted) | ​ | Value | ​ | Value | ​ | Value | ​ | Value
Financial assets: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Net loans | ​ | $ | 9,813,409 | ​ | $ | 9,366,599 | ​ | $ | 9,637,929 | ​ | $ | 9,293,902
Held-to-maturity securities | ​ | ​ | 1,217,472 | ​ | ​ | 1,131,615 | ​ | ​ | 1,172,174 | ​ | ​ | 1,121,816
Financial liabilities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Deposits | ​ |  | 13,352,022 | ​ |  | 13,326,950 | ​ |  | 12,928,121 | ​ |  | 12,907,605
Overnight borrowings | ​ |  | 0 | ​ |  | 0 | ​ |  | 53,000 | ​ |  | 53,000
Securities sold under agreement to repurchase, short-term | ​ |  | 287,241 | ​ |  | 287,241 | ​ |  | 304,595 | ​ |  | 304,595
Other Federal Home Loan Bank borrowings | ​ |  | 395,122 | ​ |  | 391,311 | ​ |  | 407,603 | ​ |  | 410,385

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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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