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ACQUISITIONS (Tables)

9 Months Ended

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