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FAIR VALUE (Tables)

3 Months Ended

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