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ACQUISITIONS (Tables) | 9 Months Ended
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Sep. 30, 2017
ACQUISITIONS [Abstract] |
Estimated Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair value of the assets acquired and liabilities assumed after considering the measurement period adjustments described above:
|  | 2017 |  |  | 2016 |
(000s omitted) |  | NRS |  |  | Merchants |  |  | Other (1) |  |  | Total |  |  | WJL |
Consideration paid : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 70,073 |  |  | $ | 82,898 |  |  | $ | 4,224 |  |  | $ | 157,195 |  |  | $ | 575 |
Community Bank System, Inc. common stock |  |  | 78,483 |  |  |  | 262,254 |  |  |  | 0 |  |  |  | 340,737 |  |  |  | 0 |
Total net consideration paid |  |  | 148,556 |  |  |  | 345,152 |  |  |  | 4,224 |  |  |  | 497,932 |  |  |  | 575 |
Recognized amounts of identifiable assets acquired and liabilities assumed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 11,063 |  |  |  | 40,730 |  |  |  | 0 |  |  |  | 51,793 |  |  |  | 0 |
Investment securities |  |  | 20,294 |  |  |  | 370,648 |  |  |  | 0 |  |  |  | 390,942 |  |  |  | 0 |
Loans |  |  | 0 |  |  |  | 1,488,680 |  |  |  | 0 |  |  |  | 1,488,680 |  |  |  | 0 |
Premises and equipment |  |  | 411 |  |  |  | 16,608 |  |  |  | 27 |  |  |  | 17,046 |  |  |  | 0 |
Accrued interest receivable |  |  | 72 |  |  |  | 4,773 |  |  |  | 0 |  |  |  | 4,845 |  |  |  | 0 |
Other assets |  |  | 8,088 |  |  |  | 51,849 |  |  |  | 272 |  |  |  | 60,209 |  |  |  | 0 |
Core deposit intangibles |  |  | 0 |  |  |  | 23,214 |  |  |  | 0 |  |  |  | 23,214 |  |  |  | 0 |
Other intangibles |  |  | 60,200 |  |  |  | 2,857 |  |  |  | 2,857 |  |  |  | 65,914 |  |  |  | 288 |
Deposits |  |  | 0 |  |  |  | (1,448,406 | ) |  |  | 0 |  |  |  | (1,448,406 | ) |  |  | 0 |
Other liabilities |  |  | (28,002 | ) |  |  | (11,774 | ) |  |  | (582 | ) |  |  | (40,358 | ) |  |  | 0 |
Short-term advances |  |  | 0 |  |  |  | (80,000 | ) |  |  | 0 |  |  |  | (80,000 | ) |  |  | 0 |
Securities sold under agreement to repurchase, short-term |  |  | 0 |  |  |  | (278,076 | ) |  |  | 0 |  |  |  | (278,076 | ) |  |  | 0 |
Long-term debt |  |  | 0 |  |  |  | (3,615 | ) |  |  | 0 |  |  |  | (3,615 | ) |  |  | 0 |
Subordinated debt held by unconsolidated subsidiary trusts |  |  | 0 |  |  |  | (20,619 | ) |  |  | 0 |  |  |  | (20,619 | ) |  |  | 0 |
Total identifiable assets, net |  |  | 72,126 |  |  |  | 156,869 |  |  |  | 2,574 |  |  |  | 231,569 |  |  |  | 288 |
Goodwill |  | $ | 76,430 |  |  | $ | 188,283 |  |  | $ | 1,650 |  |  | $ | 266,363 |  |  | $ | 287 |
(1) Includes amounts related to the BAS and Dryfoos acquisitions.
Summary of Loans Acquired | The following is a summary of the loans acquired from Merchants at the date of acquisition:
(000s omitted) |  | Acquired Impaired Loans |  |  | Acquired Non-impaired Loans |  |  | Total Acquired Loans |
Contractually required principal and interest at acquisition |  | $ | 16,351 |  |  | $ | 1,872,574 |  |  | $ | 1,888,925 |
Contractual cash flows not expected to be collected |  |  | (5,794 | ) |  |  | (14,753 | ) |  |  | (20,547 | )
Expected cash flows at acquisition |  |  | 10,557 |  |  |  | 1,857,821 |  |  |  | 1,868,378 |
Interest component of expected cash flows |  |  | (758 | ) |  |  | (378,940 | ) |  |  | (379,698 | )
Fair value of acquired loans |  | $ | 9,799 |  |  | $ | 1,478,881 |  |  | $ | 1,488,680 |
Pro Forma Financial Information | Acquisition expenses related to the Merchants and NRS transactions totaling $0.5 million and $25.0 million for the three and nine months ended September 30, 2017 were included in the pro forma information as if they were incurred in the first quarter of 2016.
|  | Pro Forma (Unaudited) Three Months Ended |  |  | Pro Forma (Unaudited) Nine Months Ended |
(000’s omitted) |  | September 30, 2017 |  |  | September 30, 2016 |  |  | September 30, 2017 |  |  | September 30, 2016 |
Total revenue, net of interest expense |  | $ | 136,692 |  |  | $ | 135,026 |  |  | $ | 407,735 |  |  | $ | 400,341 |
Net income |  |  | 35,533 |  |  |  | 32,706 |  |  |  | 104,197 |  |  |  | 78,557 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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