GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2012

GOODWILL AND INTANGIBLE ASSETS [Abstract]

Schedule of changes in goodwill

The changes in goodwill included in the core banking segment during the years ending December 31, 2012 and 2011 were as follows:

	2012			2011
Beginning of year	$	21,983,617		$	9,872,375
Acquired goodwill		-			12,111,242
Adjustment of Acquired goodwill (1)		(159,174	)		-
End of year	$	21,824,443		$	21,983,617
(1) Adjustments related to Fort Orange Financial Corp. acquisition

Schedule of acquired finite-lived intangible assets by major class

Acquired intangible assets were as follows at December 31, 2012 and 2011:

	At December 31, 2012				At December 31, 2011
	Balance Acquired		Accumulated Amortization		Balance Acquired		Accumulated Amortization
Core deposit intangibles	$	3,819,798	$	1,796,853	$	3,819,798	$	1,213,118
Other customer relationship intangibles		6,063,423		2,942,548		6,063,423		2,479,563
Total	$	9,883,221	$	4,739,401	$	9,883,221	$	3,692,681

Schedule of expected amortization expense

The remaining estimated aggregate amortization expense at December 31, 2012 is listed below:

Year	Estimated Expense
2013	$	876,524
2014		777,801
2015		681,176
2016		607,713
2017		557,893
2018 and thereafter		1,642,713
Total	$	5,143,820