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ACQUISITIONS (Tables) | 3 Months Ended
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Mar. 31, 2021
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
(000s omitted) | ​ | Steuben
Consideration paid : | ​ | ​ |
Cash | ​ | $ | 21,613
Community Bank System, Inc. common stock | ​ |  | 76,942
Total net consideration paid | ​ |  | 98,555
Recognized amounts of identifiable assets acquired and liabilities assumed: | ​ |  |
Cash and cash equivalents | ​ |  | 55,973
Investment securities | ​ |  | 180,497
Loans, net of allowance for credit losses on PCD loans | ​ |  | 339,017
Premises and equipment, net | ​ |  | 7,764
Accrued interest and fees receivable | ​ |  | 2,701
Other assets | ​ |  | 17,675
Core deposit intangibles | ​ |  | 2,928
Other intangibles | ​ |  | 1,196
Deposits | ​ |  | (516,274)
Other liabilities | ​ |  | (4,843)
Other Federal Home Loan Bank borrowings | ​ |  | (6,000)
Subordinated debt held by unconsolidated subsidiary trusts | ​ |  | (2,062)
Total identifiable assets, net | ​ |  | 78,572
Goodwill | ​ | $ | 19,983
​
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
​
​ | ​ | ​ | ​
(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

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121647850&loc=d3e4845-128472 + Details
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