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ACQUISITIONS (Tables) | 12 Months Ended
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Dec. 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 | ​ | ​ | 2020 | ​ | 2019
(000s omitted) |  | TGA | ​ | FBD |  | NuVantage |  | Total | ​ | ​ | Steuben |  | Total (1)
Consideration: | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |
Cash | $ | 11,620 | ​ | $ | 15,350 | ​ | $ | 2,900 | ​ | $ | 29,870 | ​ | $ | 21,613 | ​ | $ | 95,034
Community Bank System, Inc. common stock | ​ | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ | ​ | 76,942 | ​ |  | 0
Contingent consideration | ​ | 1,500 | ​ | ​ | 1,400 | ​ | ​ | 0 | ​ | ​ | 2,900 | ​ | ​ | 0 | ​ | ​ | 0
Total net consideration | ​ | 13,120 | ​ |  | 16,750 | ​ |  | 2,900 | ​ |  | 32,770 | ​ | ​ | 98,555 | ​ |  | 95,034
Recognized amounts of identifiable assets acquired and liabilities assumed: | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ |  |
Cash and cash equivalents | ​ | 0 | ​ |  | 541 | ​ |  | 0 | ​ |  | 541 | ​ | ​ | 55,973 | ​ |  | 90,381
Investment securities | ​ | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ | ​ | 180,497 | ​ |  | 39,770
Loans, net of allowance for credit losses on PCD loans (2) | ​ | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ | ​ | 339,017 | ​ |  | 479,877
Premises and equipment, net | ​ | 279 | ​ |  | 282 | ​ |  | 199 | ​ |  | 760 | ​ | ​ | 7,764 | ​ |  | 13,970
Accrued interest and fees receivable | ​ | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ | ​ | 2,701 | ​ |  | 1,130
Other assets | ​ | 0 | ​ |  | 579 | ​ |  | 0 | ​ |  | 579 | ​ | ​ | 17,675 | ​ |  | 14,109
Core deposit intangibles | ​ | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ | ​ | 2,928 | ​ |  | 3,573
Other intangibles | ​ | 10,900 | ​ |  | 14,000 | ​ |  | 1,437 | ​ |  | 26,337 | ​ | ​ | 1,196 | ​ |  | 1,650
Deposits | ​ | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ | ​ | (516,274) | ​ |  | (568,161)
Other liabilities | ​ | (229) | ​ |  | (698) | ​ |  | (174) | ​ |  | (1,101) | ​ | ​ | (4,841) | ​ |  | (2,922)
Other Federal Home Loan Bank borrowings | ​ | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ | ​ | (6,000) | ​ |  | (2,420)
Subordinated notes payable | ​ | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ | ​ | 0 | ​ |  | (13,831)
Subordinated debt held by unconsolidated subsidiary trusts | ​ | 0 | ​ |  | 0 | ​ |  | 0 | ​ |  | 0 | ​ | ​ | (2,062) | ​ |  | (2,062)
Total identifiable assets, net | ​ | 10,950 | ​ |  | 14,704 | ​ |  | 1,462 | ​ |  | 27,116 | ​ | ​ | 78,574 | ​ |  | 55,064
Goodwill | $ | 2,170 | ​ | $ | 2,046 | ​ | $ | 1,438 | ​ | $ | 5,654 | ​ | $ | 19,981 | ​ | $ | 39,970
​
(1) | Includes amounts related to the Kinderhook and both CISI acquisitions completed in 2019.
(2) | Acquisition-related allowance for credit losses on purchased credit deteriorated ("PCD") loans applicable beginning in 2020.
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
​ The following is a summary of the remaining loans acquired from Steuben for which there was no evidence of a more-than-insignificant deterioration in credit quality since origination at the date of acquisition: ​
​ | ​ | ​ | ​
(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
​ The following is a summary of the loans acquired from Kinderhook at the date of acquisition: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Acquired | ​ | Acquired | ​ | Total
​ | ​ | Impaired | ​ | Non-impaired | ​ | Acquired
(000s omitted) |  | Loans |  | Loans |  | Loans
Contractually required principal and interest at acquisition | ​ | $ | 13,350 | ​ | $ | 636,384 | ​ | $ | 649,734
Contractual cash flows not expected to be collected |  | ​ | (4,176) |  | ​ | (5,472) |  | ​ | (9,648)
Expected cash flows at acquisition |  | ​ | 9,174 |  | ​ | 630,912 |  | ​ | 640,086
Interest component of expected cash flows |  | ​ | (551) |  | ​ | (159,658) |  | ​ | (160,209)
Fair value of acquired loans | ​ | $ | 8,623 | ​ | $ | 471,254 | ​ | $ | 479,877
​ The fair value of the Company’s common stock issued for the Steuben acquisition was determined using the market close price of the stock on June 12, 2020. ​
Schedule of pro forma financial information | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Pro Forma (Unaudited)
​ | ​ | Year Ended December 31,
(000s omitted) |  | 2020 |  | 2019
Total revenue, net of interest expense | ​ | $ | 607,382 | ​ | $ | 626,229
Net income | ​ |  | 171,147 | ​ |  | 180,237

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