GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2013

GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS [Abstract]

Gross carrying amount and accumulated amortization of identifiable intangible assets

The gross carrying amount and accumulated amortization for each type of identifiable intangible asset are as follows:

	December 31, 2013							December 31, 2012
	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	$	40,722	$	(27,262	)	$	13,460	$	38,185	$	(23,693	)	$	14,492
Other intangibles		9,441		(7,393	)		2,048		9,432		(6,493	)		2,939
Total amortizing intangibles	$	50,163	$	(34,655	)	$	15,508	$	47,617	$	(30,186	)	$	17,431

Estimated aggregate amortization expense

The estimated aggregate amortization expense for each of the five succeeding fiscal years ended December 31 is as follows:

2014	$	4,160
2015		3,296
2016		2,515
2017		1,828
2018		1,359
Thereafter		2,350
Total	$	15,508

Components of goodwill

Shown below are the components of the Company’s goodwill at December 31, 2013 and 2012:

	Year Ended					Year Ended					Year Ended
(000’s omitted)	December 31, 2011			Activity		December 31, 2012			Activity		December 31, 2013
Goodwill	$	349,874		$	24,653	$	374,527		$	5,288	$	379,815
Accumulated impairment		(4,824	)		0		(4,824	)		0		(4,824	)
Goodwill, net	$	345,050		$	24,653	$	369,703		$	5,288	$	374,991

Changes in Mortgage servicing rights

The following table summarizes the changes in carrying value of MSRs and the associated valuation allowance:

(000’s omitted)	2013			2012
Carrying value before valuation allowance at beginning of period	$	1,458		$	2,145
Additions		289			0
Amortization		(529	)		(687	)
Carrying value before valuation allowance at end of period		1,218			1,458
Valuation allowance balance at beginning of period		(430	)		(397	)
Impairment charges		(111	)		(279	)
Impairment recoveries		541			246
Valuation allowance balance at end of period		0			(430	)
Net carrying value at end of period	$	1,218		$	1,028
Fair value of MSRs at end of period	$	1,495		$	1,028
Principal balance of loans sold during the year	$	25,179		$	3,554
Principal balance of loans serviced for others	$	322,030		$	367,241
Custodial escrow balances maintained in connection with loans serviced for others	$	4,519		$	5,011

Table of key economic assumptions used to estimate fair value of MSRs

The following table summarizes the key economic assumptions used to estimate the value of the MSRs at December 31:

	2013			2012
Weighted-average contractual life (in years)		19.2			18.8
Weighted-average constant prepayment rate (CPR)		18.0	%		34.4	%
Weighted-average discount rate		4.5	%		3.1	%