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ACQUISITIONS (Tables) | 12 Months Ended
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Dec. 31, 2020
ACQUISITIONS |
Schedule of 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | 2020 | ​ | 2019 | ​ | 2018
(000s omitted) | ​ |  | Steuben | ​ | Kinderhook |  | Other (1) |  | Total |  | Other (2)
Consideration paid : | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Cash | ​ | $ | 21,613 | ​ | $ | 93,384 | ​ | $ | 1,650 | ​ | $ | 95,034 | ​ | $ | 1,753
Community Bank System, Inc. common stock | ​ | ​ | 76,942 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0
Total net consideration paid | ​ | ​ | 98,555 | ​ |  | 93,384 | ​ |  | 1,650 | ​ |  | 95,034 | ​ |  | 1,753
Recognized amounts of identifiable assets acquired and liabilities assumed: | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Cash and cash equivalents | ​ | ​ | 55,973 | ​ |  | 90,381 | ​ |  | 0 | ​ |  | 90,381 | ​ |  | 16
Investment securities | ​ | ​ | 180,497 | ​ |  | 39,770 | ​ |  | 0 | ​ |  | 39,770 | ​ |  | 0
Loans, net of allowance for credit losses on PCD loans (3) | ​ | ​ | 339,017 | ​ |  | 479,877 | ​ |  | 0 | ​ |  | 479,877 | ​ |  | 0
Premises and equipment, net | ​ | ​ | 7,764 | ​ |  | 13,970 | ​ |  | 0 | ​ |  | 13,970 | ​ |  | 10
Accrued interest and fees receivable | ​ | ​ | 2,701 | ​ |  | 1,130 | ​ |  | 0 | ​ |  | 1,130 | ​ |  | 0
Other assets | ​ | ​ | 17,675 | ​ |  | 14,109 | ​ |  | 0 | ​ |  | 14,109 | ​ |  | 105
Core deposit intangibles | ​ | ​ | 2,928 | ​ |  | 3,573 | ​ |  | 0 | ​ |  | 3,573 | ​ |  | 0
Other intangibles | ​ | ​ | 1,196 | ​ |  | 0 | ​ |  | 1,650 | ​ |  | 1,650 | ​ |  | 1,343
Deposits | ​ | ​ | (516,274) | ​ |  | (568,161) | ​ |  | 0 | ​ |  | (568,161) | ​ |  | 0
Other liabilities | ​ | ​ | (5,095) | ​ |  | (2,922) | ​ |  | 0 | ​ |  | (2,922) | ​ |  | (31)
Other Federal Home Loan Bank borrowings | ​ | ​ | (6,000) | ​ |  | (2,420) | ​ |  | 0 | ​ |  | (2,420) | ​ |  | 0
Subordinated notes payable | ​ | ​ | 0 | ​ |  | (13,831) | ​ |  | 0 | ​ |  | (13,831) | ​ |  | 0
Subordinated debt held by unconsolidated subsidiary trusts | ​ | ​ | (2,062) | ​ |  | (2,062) | ​ |  | 0 | ​ |  | (2,062) | ​ |  | 0
Total identifiable assets, net | ​ | ​ | 78,320 | ​ |  | 53,414 | ​ |  | 1,650 | ​ |  | 55,064 | ​ |  | 1,443
Goodwill | ​ | $ | 20,235 | ​ | $ | 39,970 | ​ | $ | 0 | ​ | $ | 39,970 | ​ | $ | 310
​
(1) | Includes amounts related to both acquisitions completed by CISI in 2019.
(2) | Includes amounts related to the Penna, Styles Bridges and HR Consultants acquisitions.
(3) | Acquisition-related allowance for credit losses on purchased credit deteriorated ("PCD") loans applicable beginning in 2020.
Schedule of loans acquired | ​
​ | ​ | ​ | ​
(000s omitted) |  | PCD Loans
Par value of PCD loans at acquisition | ​ | $ | 35,906
Allowance for credit losses at acquisition | ​ |  | (668)
Non-credit premium at acquisition | ​ |  | 103
Fair value of PCD loans at acquisition | ​ | $ | 35,341
​ The following is a summary of the remaining loans acquired from Steuben for which there was no evidence of a more-than-insignificant deterioration in credit quality since origination at the date of acquisition: ​
​ | ​ | ​ | ​
(000s omitted) |  | Non-PCD Loans
Contractually required principal and interest at acquisition | ​ | $ | 400,738
Contractual cash flows not expected to be collected | ​ |  | (2,994)
Expected cash flows at acquisition | ​ |  | 397,744
Interest component of expected cash flows | ​ |  | (94,068)
Fair value of non-PCD loans at acquisition | ​ | $ | 303,676
​ The following is a summary of the loans acquired from Kinderhook at the date of acquisition: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Acquired | ​ | Acquired | ​ | Total
​ | ​ | Impaired | ​ | Non-impaired | ​ | Acquired
(000s omitted) |  | Loans |  | Loans |  | Loans
Contractually required principal and interest at acquisition | ​ | $ | 13,350 | ​ | $ | 636,384 | ​ | $ | 649,734
Contractual cash flows not expected to be collected |  | ​ | (4,176) |  | ​ | (5,472) |  | ​ | (9,648)
Expected cash flows at acquisition |  | ​ | 9,174 |  | ​ | 630,912 |  | ​ | 640,086
Interest component of expected cash flows |  | ​ | (551) |  | ​ | (159,658) |  | ​ | (160,209)
Fair value of acquired loans | ​ | $ | 8,623 | ​ | $ | 471,254 | ​ | $ | 479,877
​ The fair value of the Company’s common stock issued for the Steuben acquisition was determined using the market close price of the stock on June 12, 2020. ​
Schedule of pro forma financial information | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Pro Forma (Unaudited)
​ | ​ | Year Ended December 31,
(000s omitted) |  | 2020 |  | 2019 |  | 2018
Total revenue, net of interest expense | ​ | $ | 607,382 | ​ | $ | 626,229 | ​ | $ | 594,174
Net income | ​ |  | 171,147 | ​ |  | 180,237 | ​ |  | 167,914

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