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GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS (Tables)
12 Months Ended
Dec. 31, 2018
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS [Abstract]  
Gross Carrying Amount and Accumulated Amortization for Each Type of Identifiable Intangible Asset
The gross carrying amount and accumulated amortization for each type of identifiable intangible asset are as follows:

  
December 31, 2018
  
December 31, 2017
 
(000’s omitted)
 
Gross
Carrying
Amount
  
Accumulated
Amortization
  
Net
Carrying
Amount
  
Gross
Carrying
Amount
  
Accumulated
Amortization
  
Net
Carrying
Amount
 
Amortizing intangible assets:
                  
Core deposit intangibles
 
$
62,902
  
(44,306
)
 
$
18,596
  
$
62,902
  
(37,877
)
 
$
25,025
 
Other intangibles
  
87,616
   
(32,366
)
  
55,250
   
86,535
   
(20,902
)
  
65,633
 
Total amortizing intangibles
 
$
150,518
  
(76,672
)
 
$
73,846
  
$
149,437
  
(58,779
)
 
$
90,658
 
Estimated Aggregate Amortization Expense for Each of Five Succeeding Fiscal Years
The estimated aggregate amortization expense for each of the five succeeding fiscal years ended December 31 is as follows:

2019
 
$
15,296
 
2020
  
12,722
 
2021
  
10,853
 
2022
  
9,317
 
2023
  
7,814
 
Thereafter
  
17,844
 
Total
 
$
73,846
 
Components of Goodwill
Shown below are the components of the Company’s goodwill at December 31, 2018 and 2017:

(000’s omitted)
 
Year Ended
December 31, 2016
  
Activity
  
Year Ended
December 31,
2017
  
Activity
  
Year Ended
December 31,
2018
 
Goodwill
 
$
469,966
  
$
269,288
  
$
739,254
  
(927
)
 
$
738,327
 
Accumulated impairment
  
(4,824
)
  
0
   
(4,824
)
  
0
   
(4,824
)
Goodwill, net
 
$
465,142
  
$
269,288
  
$
734,430
  
(927
)
 
$
733,503
 
Changes in Carrying Value of MSRs and Associated Valuation Allowance
The following table summarizes the changes in carrying value of MSRs and the associated valuation allowance:

(000’s omitted)
 
2018
  
2017
 
Carrying value before valuation allowance at beginning of period
 
$
1,358
  
$
1,435
 
Additions
  
228
   
358
 
Merchants acquisition
  
0
   
64
 
Amortization
  
(449
)
  
(499
)
Carrying value before valuation allowance at end of period
  
1,137
   
1,358
 
Valuation allowance balance at beginning of period
  
0
   
0
 
Impairment charges
  
0
   
0
 
Impairment recoveries
  
0
   
0
 
Valuation allowance balance at end of period
  
0
   
0
 
Net carrying value at end of period
 
$
1,137
  
$
1,358
 
Fair value of MSRs at end of period
 
$
2,397
  
$
2,473
 
Principal balance of loans sold during the year
 
$
18,228
  
$
32,937
 
Principal balance of loans serviced for others
 
$
333,862
  
$
358,518
 
Custodial escrow balances maintained in connection with loans serviced for others
 
$
4,982
  
$
5,363
 
Key Economic Assumptions Used to Estimate Value of MSRs
The following table summarizes the key economic assumptions used to estimate the value of the MSRs at December 31:

  
2018
  
2017
 
Weighted-average contractual life (in years)
  
21.4
   
21.3
 
Weighted-average constant prepayment rate (CPR)
  
9.3
%
  
11.1
%
Weighted-average discount rate
  
3.6
%
  
3.3
%