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GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS (Tables)

12 Months Ended

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:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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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Tabular disclosure of all information related to the key inputs and assumptions used in measuring the fair value of assets obtained or liabilities incurred, as the result of a sale of financial assets, relating to the transferor's continuing involvement, if any, at the time of securitization, asset-backed financing arrangement, or similar transfer (including at a minimum, but not limited to, and if applicable, quantitative information about discount rates, expected prepayments including the expected weighted-average life of prepayable financial assets, and anticipated credit losses, including expected static pool losses).

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