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GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS (Tables) | 12 Months Ended
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Dec. 31, 2020
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS |
Schedule of 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, 2020 |  | December 31, 2019
​ | ​ | Gross | ​ | ​ | ​ | ​ | Net | ​ | Gross | ​ | ​ | ​ | ​ | Net
​ | ​ | Carrying |  | Accumulated |  | Carrying |  | Carrying |  | Accumulated |  | Carrying
(000’s omitted) | ​ | Amount |  | Amortization |  | Amount |  | Amount |  | Amortization |  | Amount
Amortizing intangible assets: | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Core deposit intangibles | ​ | $ | 69,403 | ​ | $ | (55,572) | ​ | $ | 13,831 | ​ | $ | 66,475 | ​ | $ | (50,057) | ​ | $ | 16,418
Other intangibles | ​ |  | 90,462 | ​ |  | (51,353) | ​ |  | 39,109 | ​ |  | 89,266 | ​ |  | (42,571) | ​ |  | 46,695
Total amortizing intangibles | ​ | $ | 159,865 | ​ | $ | (106,925) | ​ | $ | 52,940 | ​ | $ | 155,741 | ​ | $ | (92,628) | ​ | $ | 63,113
​
Schedule of 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 (000’s omitted): ​
​ | ​ | ​ | ​
2021 |  | $ | 12,640
2022 | ​ |  | 10,844
2023 | ​ |  | 9,082
2024 | ​ |  | 7,551
2025 | ​ |  | 6,374
Thereafter | ​ |  | 6,449
Total | ​ | $ | 52,940
​
Schedule of components of goodwill | Shown below are the components of the Company’s goodwill at December 31, 2020, 2019, and 2018: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | ​ | ​ | ​ | December 31, | ​ | ​ | ​ | ​ | December 31,
(000’s omitted) |  | 2018 |  | Activity |  | 2019 |  | Activity |  | 2020
Goodwill, net | ​ | $ | 733,503 | ​ | $ | 40,307 | ​ | $ | 773,810 | ​ | $ | 19,898 | ​ | $ | 793,708
​
Schedule of 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) | ​ | 2020 | ​ | 2019
Carrying value before valuation allowance at beginning of period | ​ | $ | 972 | ​ | $ | 1,137
Additions | ​ |  | 715 | ​ |  | 17
Acquisitions | ​ |  | 122 | ​ |  | 196
Amortization | ​ |  | (379) | ​ |  | (378)
Carrying value before valuation allowance at end of period | ​ |  | 1,430 | ​ |  | 972
Valuation allowance balance at beginning of period | ​ |  | (298) | ​ |  | 0
Impairment charges | ​ |  | (150) | ​ |  | (326)
Impairment recoveries | ​ |  | 229 | ​ |  | 28
Valuation allowance balance at end of period | ​ |  | (219) | ​ |  | (298)
Net carrying value at end of period | ​ | $ | 1,211 | ​ | $ | 674
Fair value of MSRs at end of period | ​ | $ | 1,384 | ​ | $ | 1,362
Principal balance of loans sold during the year | ​ | $ | 79,709 | ​ | $ | 2,204
Principal balance of loans serviced for others | ​ | $ | 351,759 | ​ | $ | 294,093
Custodial escrow balances maintained in connection with loans serviced for others | ​ | $ | 5,583 | ​ | $ | 4,596
​
Schedule of 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: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2020 | ​ | 2019 |
Weighted-average contractual life (in years) |  | 21.5 |  | 20.9 | ​
Weighted-average constant prepayment rate (CPR) |  | 30.4 | % | 18.7 | %
Weighted-average discount rate |  | 2.1 | % | 3.0 | %

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