ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2016

Estimated Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed.

(000s omitted)	2016		2015			2014
Consideration paid:
Cash	$	575	$	56,266		$	924
Community Bank System, Inc. common stock		0		102,202			0
Total net consideration paid		575		158,468			924
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents		0		81,772			0
Investment securities		0		225,729			0
Loans		0		399,422			0
Premises and equipment		0		22,212			0
Accrued interest receivable		0		1,133			0
Other assets		0		26,529			163
Core deposit intangibles		0		2,570			0
Other intangibles		288		9,994			578
Deposits		0		(699,241	)		0
Other liabilities		0		(1,333	)		0
Total identifiable assets (liabilities), net		288		68,787			741
Goodwill	$	287	$	89,681		$	183

Summary of Loans Acquired

The following is a summary of the loans acquired from Oneida at the date of acquisition:

(000’s omitted)	Acquired Impaired Loans			Acquired Non-Impaired Loans			Total Acquired Loans
Contractually required principal and interest at acquisition	$	5,138		$	484,937		$	490,075
Contractual cash flows not expected to be collected		(1,977	)		(4,833	)		(6,810	)
Expected cash flows at acquisition		3,161			480,104			483,265
Interest component of expected cash flows		(341	)		(83,502	)		(83,843	)
Fair value of acquired loans	$	2,820		$	396,602		$	399,422

Pro Forma Financial Information

The pro forma information set forth below reflects adjustments related to (a) certain purchase accounting fair value adjustments; and (b) amortization of customer lists and core deposit intangibles. Expenses totaling $14.0 million related to conversion of systems and other costs of integration, as well as certain one-time costs, are excluded from the pro forma year ended December 31, 2015 and were included in the pro forma year ended December 31, 2014.

	Actual since Acquisition Through			Pro Forma (Unaudited) Year Ended December 31,
(000’s omitted)	December 31, 2015			2015		2014
Total revenue, net of interest expense	$	3,667		$	426,541	$	416,713
Net income (loss)		(3,905	)		96,894		85,665