FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2019

FAIR VALUE [Abstract]

Fair Value Measured on a Recurring Basis

The following tables set forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis. There were no transfers between any of the levels for the periods presented.

	December 31, 2019
(000’s omitted)	Level 1		Level 2			Level 3		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury and agency securities	$	1,878,705	$	165,054		$	0	$	2,043,759
Obligations of state and political subdivisions		0		512,208			0		512,208
Government agency mortgage-backed securities		0		432,862			0		432,862
Corporate debt securities		0		2,528			0		2,528
Government agency collateralized mortgage obligations		0		53,071			0		53,071
Total available-for-sale investment securities		1,878,705		1,165,723			0		3,044,428
Equity securities		451		0			0		451
Interest rate swap agreements asset		0		851			0		851
Interest rate swap agreements liability		0		(586	)		0		(586	)
Total	$	1,879,156	$	1,165,988		$	0	$	3,045,144

	December 31, 2018
(000’s omitted)	Level 1		Level 2			Level 3		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury and agency securities	$	1,896,931	$	126,822		$	0	$	2,023,753
Obligations of state and political subdivisions		0		459,154			0		459,154
Government agency mortgage-backed securities		0		382,477			0		382,477
Corporate debt securities		0		2,546			0		2,546
Government agency collateralized mortgage obligations		0		68,119			0		68,119
Total available-for-sale investment securities		1,896,931		1,039,118			0		2,936,049
Equity securities		432		0			0		432
Mortgage loans held for sale		0		83			0		83
Interest rate swap agreements asset		0		793			0		793
Interest rate swap agreements liability		0		(742	)		0		(742	)
Total	$	1,897,363	$	1,039,252		$	0	$	2,936,615

Assets and Liabilities Measured on a Non-Recurring Basis

Assets and liabilities measured on a non-recurring basis:

	December 31, 2019								December 31, 2018
(000’s omitted)	Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value
Impaired loans	$	0	$	0	$	848	$	848	$	0	$	0	$	1,102	$	1,102
Other real estate owned		0		0		1,270		1,270		0		0		1,320		1,320
Mortgage servicing rights		0		0		56		56		0		0		0		0
Total	$	0	$	0	$	2,174	$	2,174	$	0	$	0	$	2,422	$	2,422

Significant Unobservable Inputs, Fair Value Valuation Techniques

The significant unobservable inputs used in the determination of fair value of assets classified as Level 3 on a recurring or non-recurring basis as of December 31, 2019 are as follows:

(000’s omitted)	Fair Value		Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Range (Weighted Average)
Impaired loans	$	848	Fair value of collateral	Estimated cost of disposal/market adjustment		9.0% - 35.0% (27.9	%)
Other real estate owned		1,270	Fair value of collateral	Estimated cost of disposal/market adjustment		9.0% - 85.7% (37.1	%)
Mortgage servicing rights		56	Discounted cash flow	Weighted average constant prepayment rate		52.8	%
				Weighted average discount rate		3.00	%
				Adequate compensation	$7/loan

The significant unobservable inputs used in the determination of fair value of assets classified as Level 3 on a recurring or non-recurring basis as of December 31, 2018 are as follows:

(000’s omitted)	Fair Value		Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Range (Weighted Average)
Impaired loans	$	1,102	Fair value of collateral	Estimated cost of disposal/market adjustment		9.0% - 35.4% (28.8	%)
Other real estate owned		1,320	Fair value of collateral	Estimated cost of disposal/market adjustment		9.0% - 69.3% (23.8	%)

Carrying Amounts and Estimated Fair Values of Other Financial Instruments

The carrying amounts and estimated fair values of the Company’s other financial instruments that are not accounted for at fair value at December 31, 2019 and 2018 are as follows:

	December 31, 2019				December 31, 2018
(000’s omitted)	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets:
Net loans	$	6,840,632	$	7,028,663	$	6,231,837	$	6,247,939
Financial liabilities:
Deposits		8,994,967		8,997,551		8,322,371		8,308,765
Overnight Federal Home Loan Bank borrowings		8,300		8,300		54,400		54,400
Securities sold under agreement to repurchase, short-term		241,708		241,708		259,367		259,367
Other Federal Home Loan Bank borrowings		3,750		3,755		1,976		1,921
Subordinated notes payable		13,795		13,795		0		0
Subordinated debt held by unconsolidated subsidiary trusts		77,320		77,320		97,939		97,939