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FAIR VALUE (Tables)
9 Months Ended
Sep. 30, 2025
FAIR VALUE  
Schedule of fair value measured on a recurring basis

September 30, 2025

Total Fair

(000’s omitted)

    

Level 1

    

Level 2

    

Level 3

    

Value

Available-for-sale investment securities:

 

  

 

  

 

  

 

  

U.S. Treasury and agency securities

$

2,116,941

$

60,969

$

0

$

2,177,910

Obligations of state and political subdivisions

 

0

 

385,441

 

0

 

385,441

Government agency mortgage-backed securities

 

0

 

286,249

 

0

 

286,249

Corporate debt securities

 

0

 

4,875

 

0

 

4,875

Government agency collateralized mortgage obligations

 

0

 

4,837

 

0

 

4,837

Total available-for-sale investment securities

 

2,116,941

 

742,371

 

0

 

2,859,312

Equity securities

 

2,905

 

0

 

0

 

2,905

Mortgage loans held for sale

 

0

339

0

339

Commitments to originate real estate loans for sale

0

0

169

169

Interest rate swap agreements asset

 

0

 

7,823

 

0

 

7,823

Interest rate swap agreements liability

 

0

 

(7,823)

 

0

 

(7,823)

Total

$

2,119,846

$

742,710

$

169

$

2,862,725

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

Schedule of assets and liabilities measured on a non-recurring basis

September 30, 2025

December 31, 2024

    

    

    

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

$

14,334

 

$

14,334

$

0

$

0

$

19,315

 

$

19,315

Other real estate owned

 

0

0

5,635

 

5,635

0

0

2,781

 

2,781

Mortgage servicing rights

 

0

 

0

 

1,263

 

 

1,263

 

0

 

0

 

460

 

 

460

Contingent consideration

0

0

(6,814)

(6,814)

0

0

(4,140)

(4,140)

Total

$

0

$

0

$

14,418

 

$

14,418

$

0

$

0

$

18,416

 

$

18,416

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, 2025

Valuation Technique

Significant Unobservable Inputs

(Weighted Average)

 

Individually assessed loans

$

14,334

 

Fair value of collateral

 

Estimated cost of disposal/market adjustment

 

27.2

%

Other real estate owned

5,635

 

Fair value of collateral

 

Estimated cost of disposal/market adjustment

 

6.8% - 27.2% (27.0%)

Commitments to originate real estate loans for sale

169

Discounted cash flow

Embedded servicing value

1.0

%

Mortgage servicing rights

 

1,263

 

Discounted cash flow

 

Weighted average constant prepayment rate

 

10.5% - 18.9% (11.1%)

 

Weighted average discount rate

 

4.9% - 5.5% (5.4%)

Contingent consideration

(6,814)

Discounted cash flow

Discount rate

12.2% - 18.4% (14.7%)

Probability of achievement

30.0% - 82.0% (65.6%)

    

    

    

    

Significant Unobservable

 

Fair Value at

Input Range

 

(000's omitted, except per loan data)

December 31, 2024

Valuation Technique

Significant Unobservable 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%)

Contingent consideration

(4,140)

Discounted cash flow

Discount rate

18.4

%

Probability of achievement

82.0

%

Schedule of carrying amounts and estimated fair values of other financial instruments

September 30, 2025

December 31, 2024

    

Carrying

    

Fair

    

Carrying

    

Fair

(000’s omitted)

Value

Value

Value

Value

Financial assets:

 

  

 

  

 

  

 

  

Net loans

$

10,665,318

$

10,574,472

$

10,353,251

$

9,969,696

Held-to-maturity securities

1,442,308

1,360,889

1,345,155

1,220,168

Financial liabilities:

 

 

 

 

Deposits

 

14,056,850

 

14,046,118

 

13,441,707

 

13,428,682

Overnight borrowings

 

67,900

 

67,900

 

118,000

 

118,000

Securities sold under agreement to repurchase, short-term

 

224,169

 

224,169

 

261,553

 

261,553

Other Federal Home Loan Bank borrowings

 

462,875

 

471,305

 

610,646

 

620,045