GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2021

GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS

Schedule of 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, 2021						December 31, 2020
	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	$	69,403	$	(60,316)	$	9,087	$	69,403	$	(55,572)	$	13,831
Other intangibles		116,799		(60,660)		56,139		90,462		(51,353)		39,109
Total amortizing intangibles	$	186,202	$	(120,976)	$	65,226	$	159,865	$	(106,925)	$	52,940

Schedule of 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 (000’s omitted):

Year	Amount
2022	$	13,668
2023		11,595
2024		9,782
2025		8,349
2026		7,494
Thereafter		14,338
Total	$	65,226

Schedule of components of goodwill

Shown below are the components of the Company’s goodwill at December 31, 2021, 2020, and 2019:

		December 31,			December 31,				December 31,
(000’s omitted)		2019	Activity		2020		Activity		2021
Goodwill, net	$	773,810	$	19,898	$	793,708	$	5,401	$	799,109

Schedule of 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)	2021		2020
Carrying value before valuation allowance at beginning of period	$	1,430	$	972
Additions		233		715
Acquisitions		0		122
Amortization		(519)		(379)
Carrying value before valuation allowance at end of period		1,144		1,430
Valuation allowance balance at beginning of period		(219)		(298)
Impairment charges		(55)		(150)
Impairment recoveries		274		229
Valuation allowance balance at end of period		0		(219)
Net carrying value at end of period	$	1,144	$	1,211
Fair value of MSRs at end of period	$	1,469	$	1,384
Principal balance of mortgage loans sold during the year	$	20,133	$	79,709
Principal balance of loans serviced for others	$	296,506	$	351,759
Custodial escrow balances maintained in connection with loans serviced for others	$	4,934	$	5,583

Schedule of 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:

	2021		2020
Weighted-average contractual life (in years)	21.4		21.5
Weighted-average constant prepayment rate (CPR)	24.5	%	30.4	%
Weighted-average discount rate	2.6	%	2.1	%