XML 42 R29.htm IDEA: XBRL DOCUMENT
v3.20.2

MANDATORILY REDEEMABLE PREFERRED SECURITIES (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2020
MANDATORILY REDEEMABLE PREFERRED SECURITIES [Abstract] |
Terms of Preferred Securities | As of June 30, 2020, the Company sponsors two business trusts, Community Capital Trust IV (“CCT IV”) and Steuben Statutory Trust II (“SST II”), of which 100% of the common stock is owned by the Company. The common stock of Steuben Statutory Trust II was acquired in the Steuben acquisition. The Company previously sponsored MBVT Statutory Trust I (“MBVT I”) and Kinderhook Capital Trust (“KCT”) until September 16, 2019 when the Company exercised its right to redeem all of the MBVT I and KCT debentures and associated preferred securities for a total of $20.6 million and $2.1 million, respectively. The common stock of MBVT I was acquired in the Merchants Bancshares, Inc. (“Merchants”) acquisition and the common stock of KCT was acquired in the Kinderhook Bank Corp. (“Kinderhook”) acquisition. The trusts were formed for the purpose of issuing company-obligated mandatorily redeemable preferred securities to third-party investors and investing the proceeds from the sale of such preferred securities solely in junior subordinated debt securities of the Company. The debentures held by each trust are the sole assets of such trust. Distributions on the preferred securities issued by each trust are payable quarterly at a rate per annum equal to the interest rate being earned by the trust on the debentures held by that trust and are recorded as interest expense in the consolidated financial statements. The preferred securities are subject to mandatory redemption, in whole or in part, upon repayment of the debentures. The Company has entered into agreements which, taken collectively, fully and unconditionally guarantee the preferred securities subject to the terms of each of the guarantees. As of June 30, 2020, the terms of the preferred securities of each trust are as follows:
Trust | Issuance Date | Par Amount | Interest Rate | Maturity Date | Call Price
CCT IV | 12/8/2006 | $75.0 million | 3 month LIBOR plus 1.65% (1.96%) | 12/15/2036 | Par
SST II | 07/16/2007 | $2.0 million | 3 month LIBOR plus 1.55% (1.86%) | 09/15/2037 | Par

X
- Definition Tabular disclosure of information pertaining to subordinated long-term debt owed to unconsolidated subsidiary trusts, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | cbu_JuniorSubordinatedDebentureOwedToUnconsolidatedSubsidiaryTrustTableTextBlock
Namespace Prefix: | cbu_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | cbu_MandatorilyRedeemablePreferredSecuritiesAbstract
Namespace Prefix: | cbu_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration