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GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2017
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS [Abstract] |
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS |
NOTE F: | GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS
The gross carrying amount and accumulated amortization for each type of identifiable intangible asset are as follows:
|  | December 31, 2017 |  |  | December 31, 2016 |
(000's omitted) |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Amortizing intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core deposit intangibles |  | $ | 62,902 |  |  | $ | (37,877 | ) |  | $ | 25,025 |  |  | $ | 39,688 |  |  | $ | (32,581 | ) |  | $ | 7,107 |
Other intangibles |  |  | 86,535 |  |  |  | (20,902 | ) |  |  | 65,633 |  |  |  | 17,853 |  |  |  | (9,258 | ) |  |  | 8,595 |
Total amortizing intangibles |  | $ | 149,437 |  |  | $ | (58,779 | ) |  | $ | 90,658 |  |  | $ | 57,541 |  |  | $ | (41,839 | ) |  | $ | 15,702 |
The estimated aggregate amortization expense for each of the five succeeding fiscal years ended December 31 is as follows:
2018 |  | $ | 17,872 |
2019 |  |  | 15,033 |
2020 |  |  | 12,497 |
2021 |  |  | 10,665 |
2022 |  |  | 9,165 |
Thereafter |  |  | 25,426 |
Total |  | $ | 90,658 |
Shown below are the components of the Company’s goodwill at December 31, 2017 and 2016:
(000’s omitted) |  | Year Ended December 31, 2015 |  |  | Activity |  |  | Year Ended December 31, 2016 |  |  | Activity |  |  | Year Ended December 31, 2017 |
Goodwill |  | $ | 468,076 |  |  | $ | 1,890 |  |  | $ | 469,966 |  |  | $ | 269,288 |  |  | $ | 739,254 |
Accumulated impairment |  |  | (4,824 | ) |  |  | 0 |  |  |  | (4,824 | ) |  |  | 0 |  |  |  | (4,824 | )
Goodwill, net |  | $ | 463,252 |  |  | $ | 1,890 |  |  | $ | 465,142 |  |  | $ | 269,288 |  |  | $ | 734,430 |
During the first quarter of 2017, the Company performed its annual internal valuation of goodwill and impairment analysis by comparing the fair value of each reporting unit to its carrying value. Results of the valuations indicate there was no goodwill impairment. Mortgage Servicing Rights Under certain circumstances, the Company sells consumer residential mortgage loans in the secondary market and typically retains the right to service the loans sold. Generally, the Company’s residential mortgage loans sold to third parties are sold on a non-recourse basis. Upon sale, a mortgage servicing right (“MSR”) is established, which represents the current fair value of future net cash flows expected to be realized for performing the servicing activities. The Company stratifies these assets based on predominant risk characteristics, namely expected term of the underlying financial instruments, and uses a valuation model that calculates the present value of future cash flows to determine the fair value of servicing rights. MSRs are recorded in other assets at the lower of the initial capitalized amount, net of accumulated amortization or fair value. Mortgage loans serviced for others are not included in the accompanying consolidated statements of condition. The following table summarizes the changes in carrying value of MSRs and the associated valuation allowance:
(000’s omitted) |  | 2017 |  |  | 2016 |
Carrying value before valuation allowance at beginning of period |  | $ | 1,435 |  |  | $ | 1,472 |
Additions |  |  | 358 |  |  |  | 481 |
Merchants acquisition |  |  | 64 |  |  |  | 0 |
Amortization |  |  | (499 | ) |  |  | (518 | )
Carrying value before valuation allowance at end of period |  |  | 1,358 |  |  |  | 1,435 |
Valuation allowance balance at beginning of period |  |  | 0 |  |  |  | 0 |
Impairment charges |  |  | 0 |  |  |  | (226 | )
Impairment recoveries |  |  | 0 |  |  |  | 226 |
Valuation allowance balance at end of period |  |  | 0 |  |  |  | 0 |
Net carrying value at end of period |  | $ | 1,358 |  |  | $ | 1,435 |
Fair value of MSRs at end of period |  | $ | 2,473 |  |  | $ | 1,928 |
Principal balance of loans sold during the year |  | $ | 32,937 |  |  | $ | 45,852 |
Principal balance of loans serviced for others |  | $ | 358,518 |  |  | $ | 365,374 |
Custodial escrow balances maintained in connection with loans serviced for others |  | $ | 5,363 |  |  | $ | 5,603 |
The following table summarizes the key economic assumptions used to estimate the value of the MSRs at December 31:
|  | 2017 |  |  | 2016 |
Weighted-average contractual life (in years) |  |  | 21.3 |  |  |  | 20.8 |
Weighted-average constant prepayment rate (CPR) |  |  | 11.1 | % |  |  | 15.1 | %
Weighted-average discount rate |  |  | 3.3 | % |  |  | 3.5 | %

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- Definition The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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