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ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2022

ACQUISITIONS

Schedule of estimated fair value of assets acquired and liabilities assumed

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	2022								​	2021		​	2020
(000s omitted)	Elmira			Other (1)			Total		​	​	Total (2)		Steuben
Consideration:	​		​	​		​	​		​	​	​	​	​
Cash	$	82,179	​	$	3,477	​	$	85,656	​	$	29,870	​	$	21,613
Community Bank System, Inc. common stock		0	​		0	​		0	​	​	0	​		76,942
Contingent consideration	​	0	​	​	0	​	​	0	​	​	2,900	​	​	0
Total net consideration		82,179	​		3,477	​		85,656	​	​	32,770	​		98,555
Recognized amounts of identifiable assets acquired and liabilities assumed:			​			​			​	​	​	​
Cash and cash equivalents		84,988	​		0	​		84,988	​	​	541	​		55,973
Investment securities		11,305	​		0	​		11,305	​	​	0	​		180,497
Loans, net of allowance for credit losses on PCD loans		436,954	​		0	​		436,954	​	​	0	​		339,017
Premises and equipment, net		11,303	​		14	​		11,317	​	​	760	​		7,764
Accrued interest and fees receivable		884	​		0	​		884	​	​	0	​		2,701
Other assets		30,007	​		0	​		30,007	​	​	579	​		17,675
Core deposit intangibles		7,970	​		0	​		7,970	​	​	0	​		2,928
Other intangibles		0	​		3,014	​		3,014	​	​	26,337	​		1,196
Deposits		(522,295)	​		0	​		(522,295)	​	​	0	​		(516,274)
Other liabilities		(3,541)	​		0	​		(3,541)	​	​	(1,164)	​		(4,841)
Other Federal Home Loan Bank borrowings		(17,616)	​		0	​		(17,616)	​	​	0	​		(6,000)
Subordinated debt held by unconsolidated subsidiary trusts		0	​		0	​		0	​	​	0	​		(2,062)
Total identifiable assets, net		39,959	​		3,028	​		42,987	​	​	27,053	​		78,574
Goodwill	$	42,220	​	$	449	​	$	42,669	​	$	5,717	​	$	19,981

​

(1) Includes amounts for all OneGroup acquisitions completed in 2022.

(2) Includes amounts for TGA, FBD, and NuVantage acquisitions completed in 2021.

Schedule of loans acquired

​

​	​	​	​
(000s omitted)		PCD Loans
Par value of PCD loans at acquisition	​	$	2,184
Allowance for credit losses at acquisition	​		(71)
Non-credit discount at acquisition	​		(81)
Fair value of PCD loans at acquisition	​	$	2,032

​

​

​	​	​	​
(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

​

Schedule of pro forma financial information

​

​	​	​	​	​	​	​	​	​	​
​	​	Pro Forma (Unaudited)
​	​	Year Ended December 31,
(000s omitted)		2022			2021			2020
Total revenue, net of interest expense	​	$	687,976	​	$	646,375	​	$	607,382
Net income	​		193,417	​		191,450	​		171,147

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Tabular disclosure regarding loans acquired during the period.

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
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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

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