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VARIABLE INTEREST ENTITIES | 12 Months Ended
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Dec. 31, 2021
VARIABLE INTEREST ENTITIES |
VARIABLE INTEREST ENTITIES | NOTE T: VARIABLE INTEREST ENTITIES The Company’s wholly-owned subsidiary CCT IV was a VIE for which the Company was not the primary beneficiary. Accordingly, the accounts of this entity were not included in the Company’s consolidated financial statements. On March 15, 2021, the Company exercised its right to redeem all of the CCT IV debentures and associated preferred securities. See further information regarding CCT IV in Note H: Borrowings. In connection with the Company’s acquisition of Oneida Financial Corp, the Company acquired OPFC II which holds a 50% membership interest in 706 North Clinton, an entity formed for the purpose of acquiring and rehabilitating real property. The real property held by 706 North Clinton is principally occupied by subsidiaries of the Company. The Company analyzed the operating agreement and capital structure of 706 North Clinton and determined that it was the primary beneficiary and therefore should consolidate 706 North Clinton in its financial statements. This conclusion was based on the determination that the Company has a de facto agency relationship because of the financing arrangement between the other member of 706 North Clinton and the Bank which provides OPFC II with both the power to direct the activities of 706 North Clinton and the obligation to absorb any losses of 706 North Clinton. The carrying amount of the assets and liabilities of 706 North Clinton and the classification of these assets and liabilities in the Company’s consolidated statements of condition at December 31 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(000’s omitted) |  | 2021 |  | 2020
Cash and cash equivalents | ​ | $ | 198 | ​ | $ | 157
Premises and equipment, net | ​ |  | 5,618 | ​ |  | 5,782
Other assets | ​ |  | 57 | ​ |  | 48
Total assets | ​ | $ | 5,873 | ​ | $ | 5,987
Accrued interest and other liabilities / Total liabilities | ​ | $ | 0 | ​ | $ | 0
​ In addition to the assets and liabilities of 706 North Clinton, the minority interest in 706 North Clinton of $2.9 million at December 31, 2021 is included in the Company’s consolidated statements of condition. The creditors of 706 North Clinton do not have a claim on the general assets of the Company. The Company’s maximum loss exposure net of minority interest in 706 North Clinton is approximately $4.2 million as of December 31, 2021, including a $1.2 million loss exposure related to the financing agreement between the other member of 706 North Clinton and the Bank.

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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