GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2013

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, 2013 and 2012 were as follows:

	2013		2012
Beginning of year	$	21,824,443	$	21,983,617
Acquired goodwill		-		-
Adjustment of Acquired goodwill (1)		-		(159,174	)
End of year	$	21,824,443	$	21,824,443

(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, 2013 and 2012:

	At December 31, 2013				At December 31, 2012
	Balance Acquired		Accumulated Amortization		Balance Acquired		Accumulated Amortization
Core deposit intangibles	$	5,974,468	$	2,337,959	$	3,819,798	$	1,796,853
Other customer relationship intangibles		6,063,423		3,322,855		6,063,423		2,942,548
Total	$	12,037,891	$	5,660,814	$	9,883,221	$	4,739,401

Schedule of expected amortization expense

The remaining estimated aggregate amortization expense at December 31, 2013 is listed below:

Year	Estimated Expense
2014	$	1,310,056
2015		1,136,478
2016		986,063
2017		859,290
2018		734,237
2019 and thereafter		1,350,953
Total	$	6,377,077