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ACQUISITIONS (Tables)

3 Months Ended

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 regarding loans acquired during the period.

+ References

No definition available.

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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

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