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GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2021
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS |
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS | NOTE F: GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS The gross carrying amount and accumulated amortization for each type of identifiable intangible asset are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021 |  | December 31, 2020
​ | ​ | 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 | ​ | $ | (60,316) | ​ | $ | 9,087 | ​ | $ | 69,403 | ​ | $ | (55,572) | ​ | $ | 13,831
Other intangibles | ​ |  | 116,799 | ​ |  | (60,660) | ​ |  | 56,139 | ​ |  | 90,462 | ​ |  | (51,353) | ​ |  | 39,109
Total amortizing intangibles | ​ | $ | 186,202 | ​ | $ | (120,976) | ​ | $ | 65,226 | ​ | $ | 159,865 | ​ | $ | (106,925) | ​ | $ | 52,940
​ The estimated aggregate amortization expense for each of the five succeeding fiscal years ended December 31 is as follows (000’s omitted): ​
​ | ​ | ​ | ​
Year |  | Amount
2022 | ​ | $ | 13,668
2023 | ​ | ​ | 11,595
2024 | ​ |  | 9,782
2025 | ​ |  | 8,349
2026 | ​ |  | 7,494
Thereafter | ​ |  | 14,338
Total | ​ | $ | 65,226
​ Shown below are the components of the Company’s goodwill at December 31, 2021, 2020, and 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | December 31, | ​ | ​ | ​ | ​ | December 31, | ​ | ​ | ​ | ​ | December 31,
(000’s omitted) |  | ​ | 2019 |  | Activity |  | 2020 |  | Activity |  | 2021
Goodwill, net | ​ | $ | 773,810 | ​ | $ | 19,898 | ​ | $ | 793,708 | ​ | $ | 5,401 | ​ | $ | 799,109
​ During 2021, the Company performed quarterly qualitative analyses of goodwill impairment and performed a quantitative assessment of its banking and financial services businesses during the fourth quarter of 2021 by comparing the fair value of the reporting unit with its carrying amount. The qualitative analyses performed in 2021 included assessments of macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, other relevant entity-specific events, events affecting a reporting unit and changes in share price. During 2020, the Company performed quarterly qualitative analyses of goodwill impairment and performed a quantitative assessment of its insurance subsidiary included in the All Other segment during the fourth quarter of 2020. Results of the quarterly and annual analyses indicate there was no goodwill impairment in 2021 or 2020. Mortgage Servicing Rights Under certain circumstances, the Company sells consumer residential mortgage loans in the secondary market and typically retains the right to service the loans sold. Generally, the Company’s residential mortgage loans sold to third parties are sold on a non-recourse basis. Upon sale, a mortgage servicing right (“MSR”) is established, which represents the current fair value of future net cash flows expected to be realized for performing the servicing activities. The Company stratifies these assets based on predominant risk characteristics, namely expected term of the underlying financial instruments, and uses a valuation model that calculates the present value of future cash flows to determine the fair value of servicing rights. MSRs are recorded in other assets at the lower of the initial capitalized amount, net of accumulated amortization or fair value. Mortgage loans serviced for others are not included in the accompanying consolidated statements of condition. The following table summarizes the changes in carrying value of MSRs and the associated valuation allowance: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(000’s omitted) | ​ | 2021 | ​ | 2020
Carrying value before valuation allowance at beginning of period | ​ | $ | 1,430 | ​ | $ | 972
Additions | ​ |  | 233 | ​ |  | 715
Acquisitions | ​ |  | 0 | ​ |  | 122
Amortization | ​ |  | (519) | ​ |  | (379)
Carrying value before valuation allowance at end of period | ​ |  | 1,144 | ​ |  | 1,430
Valuation allowance balance at beginning of period | ​ |  | (219) | ​ |  | (298)
Impairment charges | ​ |  | (55) | ​ |  | (150)
Impairment recoveries | ​ |  | 274 | ​ |  | 229
Valuation allowance balance at end of period | ​ |  | 0 | ​ |  | (219)
Net carrying value at end of period | ​ | $ | 1,144 | ​ | $ | 1,211
Fair value of MSRs at end of period | ​ | $ | 1,469 | ​ | $ | 1,384
Principal balance of mortgage loans sold during the year | ​ | $ | 20,133 | ​ | $ | 79,709
Principal balance of loans serviced for others | ​ | $ | 296,506 | ​ | $ | 351,759
Custodial escrow balances maintained in connection with loans serviced for others | ​ | $ | 4,934 | ​ | $ | 5,583
​ The following table summarizes the key economic assumptions used to estimate the value of the MSRs at December 31: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | 2020 |
Weighted-average contractual life (in years) |  | 21.4 |  | 21.5 | ​
Weighted-average constant prepayment rate (CPR) |  | 24.5 | % | 30.4 | %
Weighted-average discount rate |  | 2.6 | % | 2.1 | %
​

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