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GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2019
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, 2019
    
December 31, 2018
  
(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
  
$
66,475
    
$
(50,057
)
  
$
16,418
    
$
62,902
    
$
(44,306
)
  
$
18,596
  
Other intangibles
    
89,266
      
(42,571
)
    
46,695
      
87,616
      
(32,366
)
    
55,250
  
Total amortizing intangibles
  
$
155,741
    
$
(92,628
)
  
$
63,113
    
$
150,518
    
$
(76,672
)
  
$
73,846
  
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:

2020
  
$
13,800
  
2021
    
11,786
  
2022
    
10,105
  
2023
    
8,457
  
2024
    
7,041
  
Thereafter
    
11,924
  
Total
  
$
63,113
  
Components of Goodwill Shown below are the components of the Company’s goodwill at December 31, 2019, 2018 and 2017:

(000’s omitted)
  
Year Ended
December 31, 2017
    
Activity
    
Year Ended
December 31,
2018
    
Activity
    
Year Ended
December 31,
2019
  
Goodwill
  
$
739,254
    
$
(927
)
  
$
738,327
    
$
40,307
    
$
778,634
  
Accumulated impairment
    
(4,824
)
    
0
      
(4,824
)
    
0
      
(4,824
)
Goodwill, net
  
$
734,430
    
$
(927
)
  
$
733,503
    
$
40,307
    
$
773,810
  
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)
  
2019
    
2018
  
Carrying value before valuation allowance at beginning of period
  
$
1,137
    
$
1,358
  
Additions
    
17
      
228
  
Kinderhook acquisition
    
196
      
0
  
Amortization
    
(378
)
    
(449
)
Carrying value before valuation allowance at end of period
    
972
      
1,137
  
Valuation allowance balance at beginning of period
    
0
      
0
  
Impairment charges
    
(326
)
    
0
  
Impairment recoveries
    
28
      
0
  
Valuation allowance balance at end of period
    
(298
)
    
0
  
Net carrying value at end of period
  
$
674
    
$
1,137
  
Fair value of MSRs at end of period
  
$
1,362
    
$
2,397
  
Principal balance of loans sold during the year
  
$
2,204
    
$
18,228
  
Principal balance of loans serviced for others
  
$
294,093
    
$
333,862
  
Custodial escrow balances maintained in connection with loans serviced for others
  
$
4,596
    
$
4,982
  
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:


 
2019
    
2018
  
Weighted-average contractual life (in years)
    
20.9
      
21.4
  
Weighted-average constant prepayment rate (CPR)
    
18.7
%
    
9.3
%
Weighted-average discount rate
    
3.0
%
    
3.6
%