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GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS (Tables) | 12 Months Ended
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Dec. 31, 2019
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS [Abstract] |
Gross Carrying Amount and Accumulated Amortization for Each Type of Identifiable Intangible Asset | The gross carrying amount and accumulated amortization for each type of identifiable intangible asset are as follows:
|  | December 31, 2019 |  |  | December 31, 2018 |
(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 |  | $ | 66,475 |  |  | $ | (50,057 | ) |  | $ | 16,418 |  |  | $ | 62,902 |  |  | $ | (44,306 | ) |  | $ | 18,596 |
Other intangibles |  |  | 89,266 |  |  |  | (42,571 | ) |  |  | 46,695 |  |  |  | 87,616 |  |  |  | (32,366 | ) |  |  | 55,250 |
Total amortizing intangibles |  | $ | 155,741 |  |  | $ | (92,628 | ) |  | $ | 63,113 |  |  | $ | 150,518 |  |  | $ | (76,672 | ) |  | $ | 73,846 |
Estimated Aggregate Amortization Expense for Each of Five Succeeding Fiscal Years | The estimated aggregate amortization expense for each of the five succeeding fiscal years ended December 31 is as follows:
2020 |  | $ | 13,800 |
2021 |  |  | 11,786 |
2022 |  |  | 10,105 |
2023 |  |  | 8,457 |
2024 |  |  | 7,041 |
Thereafter |  |  | 11,924 |
Total |  | $ | 63,113 |
Components of Goodwill | Shown below are the components of the Company’s goodwill at December 31, 2019, 2018 and 2017:
(000’s omitted) |  | Year Ended December 31, 2017 |  |  | Activity |  |  | Year Ended December 31, 2018 |  |  | Activity |  |  | Year Ended December 31, 2019 |
Goodwill |  | $ | 739,254 |  |  | $ | (927 | ) |  | $ | 738,327 |  |  | $ | 40,307 |  |  | $ | 778,634 |
Accumulated impairment |  |  | (4,824 | ) |  |  | 0 |  |  |  | (4,824 | ) |  |  | 0 |  |  |  | (4,824 | )
Goodwill, net |  | $ | 734,430 |  |  | $ | (927 | ) |  | $ | 733,503 |  |  | $ | 40,307 |  |  | $ | 773,810 |
Changes in Carrying Value of MSRs and Associated Valuation Allowance | The following table summarizes the changes in carrying value of MSRs and the associated valuation allowance:
(000’s omitted) |  | 2019 |  |  | 2018 |
Carrying value before valuation allowance at beginning of period |  | $ | 1,137 |  |  | $ | 1,358 |
Additions |  |  | 17 |  |  |  | 228 |
Kinderhook acquisition |  |  | 196 |  |  |  | 0 |
Amortization |  |  | (378 | ) |  |  | (449 | )
Carrying value before valuation allowance at end of period |  |  | 972 |  |  |  | 1,137 |
Valuation allowance balance at beginning of period |  |  | 0 |  |  |  | 0 |
Impairment charges |  |  | (326 | ) |  |  | 0 |
Impairment recoveries |  |  | 28 |  |  |  | 0 |
Valuation allowance balance at end of period |  |  | (298 | ) |  |  | 0 |
Net carrying value at end of period |  | $ | 674 |  |  | $ | 1,137 |
Fair value of MSRs at end of period |  | $ | 1,362 |  |  | $ | 2,397 |
Principal balance of loans sold during the year |  | $ | 2,204 |  |  | $ | 18,228 |
Principal balance of loans serviced for others |  | $ | 294,093 |  |  | $ | 333,862 |
Custodial escrow balances maintained in connection with loans serviced for others |  | $ | 4,596 |  |  | $ | 4,982 |
Key Economic Assumptions Used to Estimate Value of MSRs | The following table summarizes the key economic assumptions used to estimate the value of the MSRs at December 31:
|  | 2019 |  |  | 2018 |
Weighted-average contractual life (in years) |  |  | 20.9 |  |  |  | 21.4 |
Weighted-average constant prepayment rate (CPR) |  |  | 18.7 | % |  |  | 9.3 | %
Weighted-average discount rate |  |  | 3.0 | % |  |  | 3.6 | %

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