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ACQUISITIONS | 6 Months Ended
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Jun. 30, 2019
ACQUISITIONS [Abstract] |
ACQUISITIONS | NOTE B: ACQUISITIONS Subsequent Event – Kinderhook Bank Corp. On July 12, 2019, the Company completed its merger with Kinderhook Bank Corp. (“Kinderhook”), parent company of The National Union Bank of Kinderhook headquartered in Kinderhook, New York, for approximately $93.4 million in cash. The merger added 11 branch locations across a five county area in the Capital District of Upstate New York. The Company expects to incur certain one-time, transaction-related costs in 2019. The initial accounting for the assets and liabilities assumed with this acquisition is incomplete as of the date of issuance of the consolidated financial statements due to the proximity of the acquisition date to the date of issuance. On January 2, 2019, the Company, through its subsidiary, Community Investment Services, Inc. (“CISI”), completed its acquisition of certain assets of Wealth Resources Network, Inc. (“Wealth Resources”), a financial services business headquartered in Liverpool, New York. The Company paid $1.2 million in cash to acquire a customer list from Wealth Resources, and recorded a $1.2 million customer list intangible asset in conjunction with the acquisition. The effects of the acquired assets have been included in the consolidated financial statements since that date. On April 2, 2018, the Company, through its subsidiary, Benefit Plans Administrative Services, Inc. (“BPAS”), acquired certain assets of HR Consultants (SA), LLC (“HR Consultants”), a provider of actuarial and benefit consulting services headquartered in Puerto Rico. The Company paid $0.3 million in cash to acquire the assets of HR Consultants and recorded intangible assets of $0.3 million in conjunction with the acquisition. The effects of the acquired assets have been included in the consolidated financial statements since that date. On January 2, 2018, the Company, through its subsidiary, OneGroup NY, Inc. (“OneGroup”), completed its acquisition of certain assets of Penna & Associates Agency, Inc. (“Penna”), an insurance agency headquartered in Johnson City, New York. The Company paid $0.8 million in cash to acquire the assets of Penna, and recorded goodwill in the amount of $0.3 million and a customer list intangible asset of $0.3 million in conjunction with the acquisition. The effects of the acquired assets and liabilities have been included in the consolidated financial statements since that date. On January 2, 2018, the Company, through its subsidiary, CISI, completed its acquisition of certain assets of Styles Bridges Associates (“Styles Bridges”), a financial services business headquartered in Canton, New York. The Company paid $0.7 million in cash to acquire a customer list from Styles Bridges, and recorded a $0.7 million customer list intangible asset in conjunction with the acquisition. The effects of the acquired assets have been included in the consolidated financial statements since that date. The assets and liabilities assumed in the acquisitions were recorded at their estimated fair values based on management's best estimates using information available at the dates of the acquisitions, and were subject to adjustment based on updated information not available at the time of the acquisitions.
|  | 2019 |  |  | 2018 |
(000s omitted) |  | Wealth Resources |  |  | Other (1) |
Consideration paid : |  |  |  |  |  |
Cash |  | $ | 1,200 |  |  | $ | 1,753 |
Total net consideration paid |  | $ | 1,200 |  |  | $ | 1,753 |
Recognized amounts of identifiable assets acquired and liabilities assumed: |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 0 |  |  |  | 16 |
Premises and equipment |  |  | 0 |  |  |  | 10 |
Other assets |  |  | 0 |  |  |  | 105 |
Other intangibles |  |  | 1,200 |  |  |  | 1,343 |
Other liabilities |  |  | 0 |  |  |  | (31 | )
Total identifiable assets, net |  |  | 1,200 |  |  |  | 1,443 |
Goodwill |  | $ | 0 |  |  | $ | 310 |
(1) Includes amounts related to the Styles Bridges, Penna, and HR Consultants acquisitions. The other intangibles related to the Wealth Resources, Styles Bridges, Penna, and HR Consultants acquisitions are being amortized using an accelerated method over their estimated useful life of eight years. The goodwill, which is not amortized for book purposes, was assigned to the All Other segment for the Penna acquisition. Goodwill arising from the Penna acquisition is deductible for tax purposes. Direct costs related to the acquisitions were expensed as incurred. Merger and acquisition integration-related expenses amount to $1.2 million and $1.7 million during the three and six months ended June 30, 2019 and have been separately stated in the Consolidated Statements of Income. Merger and acquisition integration-related expenses for the three and six months ended June 30, 2018 were immaterial.

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