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ACQUISITIONS (Tables) | 9 Months Ended
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Sep. 30, 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | 2020
(000s omitted) |  | TGA |  | FBD |  | NuVantage |  | Total |  | Steuben
Consideration: | ​ | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash | ​ | $ | 11,620 | ​ | $ | 15,350 | ​ | $ | 2,900 | ​ | $ | 29,870 | ​ | $ | 21,613
Community Bank System, Inc. common stock | ​ | ​ | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 76,942
Contingent consideration | ​ | ​ | 1,500 | ​ | ​ | 1,400 | ​ | ​ | 0 | ​ | ​ | 2,900 | ​ | ​ | 0
Total net consideration | ​ | ​ | 13,120 | ​ |  | 16,750 | ​ |  | 2,900 | ​ |  | 32,770 | ​ |  | 98,555
Recognized amounts of identifiable assets acquired and liabilities assumed: | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Cash and cash equivalents | ​ | ​ | 0 | ​ |  | 541 | ​ |  | 0 | ​ |  | 541 | ​ |  | 55,973
Investment securities | ​ | ​ | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 180,497
Loans, net of allowance for credit losses on PCD loans | ​ | ​ | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 339,017
Premises and equipment, net | ​ | ​ | 279 | ​ |  | 282 | ​ |  | 199 | ​ |  | 760 | ​ |  | 7,764
Accrued interest and fees receivable | ​ | ​ | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 2,701
Other assets | ​ | ​ | 0 | ​ |  | 564 | ​ |  | 0 | ​ |  | 564 | ​ |  | 17,675
Core deposit intangibles | ​ | ​ | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 2,928
Other intangibles | ​ | ​ | 10,900 | ​ |  | 14,000 | ​ |  | 1,437 | ​ |  | 26,337 | ​ |  | 1,196
Deposits | ​ | ​ | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | (516,274)
Other liabilities | ​ | ​ | (229) | ​ |  | (698) | ​ |  | (174) | ​ |  | (1,101) | ​ |  | (4,841)
Other Federal Home Loan Bank borrowings | ​ | ​ | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | (6,000)
Subordinated debt held by unconsolidated subsidiary trusts | ​ | ​ | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | (2,062)
Total identifiable assets, net | ​ | ​ | 10,950 | ​ |  | 14,689 | ​ |  | 1,462 | ​ |  | 27,101 | ​ |  | 78,574
Goodwill | ​ | $ | 2,170 | ​ | $ | 2,061 | ​ | $ | 1,438 | ​ | $ | 5,669 | ​ | $ | 19,981
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
Schedule of pro forma financial information | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Pro Forma (Unaudited) | ​ | Pro Forma (Unaudited)
​ | ​ | Three Months Ended |  | Nine Months Ended
(000’s omitted) |  | September 30, 2020 |  | September 30, 2019 |  | September 30, 2020 |  | September 30, 2019
Total revenue, net of interest expense | ​ | $ | 152,634 | ​ | $ | 154,221 | ​ | $ | 456,740 | ​ | $ | 457,399
Net income | ​ |  | 43,472 | ​ |  | 40,695 | ​ |  | 124,338 | ​ |  | 126,874

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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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=123413009&loc=d3e4845-128472 + Details
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