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ACQUISITIONS (Tables) | 12 Months Ended
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Dec. 31, 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 |  |  | 2015 |
(000s omitted) |  | NRS |  |  | Merchants |  |  | Other (1) |  |  | Total |  |  | WJL |  |  | Oneida |
Consideration paid : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash (2) |  | $ | 70,073 |  |  | $ | 82,898 |  |  | $ | 6,775 |  |  | $ | 159,746 |  |  | $ | 575 |  |  | $ | 56,266 |
Community Bank System, Inc. common stock |  |  | 78,483 |  |  |  | 262,254 |  |  |  | 2,395 |  |  |  | 343,132 |  |  |  | 0 |  |  |  | 102,202 |
Total net consideration paid |  |  | 148,556 |  |  |  | 345,152 |  |  |  | 9,170 |  |  |  | 502,878 |  |  |  | 575 |  |  |  | 158,468 |
Recognized amounts of identifiable assets acquired and liabilities assumed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 11,063 |  |  |  | 40,730 |  |  |  | 339 |  |  |  | 52,132 |  |  |  | 0 |  |  |  | 81,772 |
Investment securities |  |  | 20,294 |  |  |  | 370,648 |  |  |  | 0 |  |  |  | 390,942 |  |  |  | 0 |  |  |  | 225,729 |
Loans |  |  | 0 |  |  |  | 1,488,157 |  |  |  | 0 |  |  |  | 1,488,157 |  |  |  | 0 |  |  |  | 399,422 |
Premises and equipment |  |  | 411 |  |  |  | 16,608 |  |  |  | 27 |  |  |  | 17,046 |  |  |  | 0 |  |  |  | 22,212 |
Accrued interest receivable |  |  | 72 |  |  |  | 4,773 |  |  |  | 0 |  |  |  | 4,845 |  |  |  | 0 |  |  |  | 1,133 |
Other assets |  |  | 8,088 |  |  |  | 51,585 |  |  |  | 583 |  |  |  | 60,256 |  |  |  | 0 |  |  |  | 26,529 |
Core deposit intangibles |  |  | 0 |  |  |  | 23,214 |  |  |  | 0 |  |  |  | 23,214 |  |  |  | 0 |  |  |  | 2,570 |
Other intangibles |  |  | 60,200 |  |  |  | 2,857 |  |  |  | 5,626 |  |  |  | 68,683 |  |  |  | 288 |  |  |  | 9,994 |
Deposits |  |  | 0 |  |  |  | (1,448,406 | ) |  |  | 0 |  |  |  | (1,448,406 | ) |  |  | 0 |  |  |  | (699,241 | )
Other liabilities |  |  | (28,002 | ) |  |  | (11,750 | ) |  |  | (1,217 | ) |  |  | (40,969 | ) |  |  | 0 |  |  |  | (1,333 | )
Short-term advances |  |  | 0 |  |  |  | (80,000 | ) |  |  | 0 |  |  |  | (80,000 | ) |  |  | 0 |  |  |  | 0 |
Securities sold under agreement to repurchase, short-term |  |  | 0 |  |  |  | (278,076 | ) |  |  | 0 |  |  |  | (278,076 | ) |  |  | 0 |  |  |  | 0 |
Long-term debt |  |  | 0 |  |  |  | (3,615 | ) |  |  | 0 |  |  |  | (3,615 | ) |  |  | 0 |  |  |  | 0 |
Subordinated debt held by unconsolidated subsidiary trusts |  |  | 0 |  |  |  | (20,619 | ) |  |  | 0 |  |  |  | (20,619 | ) |  |  | 0 |  |  |  | 0 |
Total identifiable assets, net |  |  | 72,126 |  |  |  | 156,106 |  |  |  | 5,358 |  |  |  | 233,590 |  |  |  | 288 |  |  |  | 68,787 |
Goodwill |  | $ | 76,430 |  |  | $ | 189,046 |  |  | $ | 3,812 |  |  | $ | 269,288 |  |  | $ | 287 |  |  | $ | 89,681 |
(1) Includes amounts related to the BAS, Dryfoos, NECM and GBR acquisitions. (2) Includes NECM $0.2 million contingent cash payment consideration.
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 |  | $ | 15,454 |  |  | $ | 1,872,574 |  |  | $ | 1,888,028 |
Contractual cash flows not expected to be collected |  |  | (5,385 | ) |  |  | (14,753 | ) |  |  | (20,138 | )
Expected cash flows at acquisition |  |  | 10,069 |  |  |  | 1,857,821 |  |  |  | 1,867,890 |
Interest component of expected cash flows |  |  | (793 | ) |  |  | (378,940 | ) |  |  | (379,733 | )
Fair value of acquired loans |  | $ | 9,276 |  |  | $ | 1,478,881 |  |  | $ | 1,488,157 |
Pro Forma Financial Information | The pro forma information set forth below reflects the historical results of Merchants and NRS combined with the Company’s consolidated statement of income with adjustments related to (a) certain purchase accounting fair value adjustments and (b) amortization of customer lists and core deposit intangibles. Acquisition expenses related to the Merchants and NRS transactions totaling $25.7 million for the year ended December 31, 2017 were included in the pro forma information as if they were incurred in 2016.
|  | Pro Forma (Unaudited) Year Ended December 31, |
(000’s omitted) |  | 2017 |  |  | 2016 |
Total revenue, net of interest expense |  | $ | 546,977 |  |  | $ | 536,183 |
Net income |  |  | 176,257 |  |  |  | 109,186 |

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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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