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FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2024

FAIR VALUE

Schedule of fair value measured on a recurring basis


		December 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		$	2,025,164		$	58,622		$	0		$	2,083,786
Obligations of state and political subdivisions			0			386,495			0			386,495
Government agency mortgage-backed securities			0			301,224			0			301,224
Corporate debt securities			0			7,697			0			7,697
Government agency collateralized mortgage obligations			0			6,512			0			6,512
Total available-for-sale investment securities			2,025,164			760,550			0			2,785,714
Equity securities			2,354			0			0			2,354
Mortgage loans held for sale			0			1,470			0			1,470
Commitments to originate real estate loans for sale			0			0			215			215
Forward sales commitments			0			(8)			0			(8)
Interest rate swap agreements asset			0			2,664			0			2,664
Interest rate swap agreements liability			0			(2,664)			0			(2,664)
Total		$	2,027,518		$	762,012		$	215		$	2,789,745


		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


		December 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		$	19,315		$	19,315		$	0		$	0		$	3,014		$	3,014
Other real estate owned			0			0			2,781			2,781			0			0			1,159			1,159
Mortgage servicing rights			0			0			460			460			0			0			162			162
Contingent consideration			0			0			(4,140)			(4,140)			0			0			(5,150)			(5,150)
Total		$	0		$	0		$	18,416		$	18,416		$	0		$	0		$	(815)		$	(815)

Schedule of significant unobservable inputs, fair value valuation techniques


							Significant		Significant Unobservable
		Fair Value			Valuation		Unobservable		Input Range
(000's omitted, except per loan data)		December 31, 2024			Technique		Inputs		(Weighted Average)
Individually assessed loans		$	19,315		Fair value of collateral		Estimated cost of disposal/market adjustment			27.2	%
Other real estate owned			2,781		Fair value of collateral		Estimated cost of disposal/market adjustment			9.0% - 93.1% (51.0%)
Commitments to originate real estate loans for sale			215		Discounted cash flow		Embedded servicing value			1.0	%
Mortgage servicing rights			460		Discounted cash flow		Weighted average constant prepayment rate			16.1% - 22.8% (16.6%)
							Weighted average discount rate			5.3% - 5.6% (5.6%)
							Adequate compensation			$7/loan
Contingent consideration			(4,140)		Discounted cash flow		Discount rate			18.4%
							Probability of achievement			82.0%


							Significant		Significant Unobservable
		Fair Value			Valuation		Unobservable		Input Range
(000's omitted, except per loan data)		December 31, 2023			Technique		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


		December 31, 2024						December 31, 2023
		Carrying						Carrying
(000’s omitted)		Value			Fair Value			Value			Fair Value
Financial assets:
Net loans		$	10,353,251		$	9,969,696		$	9,637,929		$	9,293,902
Held-to-maturity securities			1,345,155			1,220,168			1,172,174			1,121,816
Financial liabilities:
Deposits			13,441,707			13,428,682			12,928,121			12,907,605
Overnight borrowings			118,000			118,000			53,000			53,000
Securities sold under agreement to repurchase, short-term			261,553			261,553			304,595			304,595
Other Federal Home Loan Bank borrowings			610,646			620,045			407,603			410,385