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Business Combination (Table)
3 Months Ended
Mar. 31, 2018
Business Combination [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table provides the purchase price as of the acquisition date of May 19, 2017, the identifiable assets acquired and liabilities assumed at their estimated fair values, and the resulting goodwill of $15.0 million recorded from the acquisition:

 

(in thousands)





 

 

 

Purchase Price Consideration:

 

 

 

Cash consideration

 

$

17,186 

Total purchase price for NWBI branch acquisition

 

$

17,186 



 

 

 

Assets acquired at fair value:

 

 

 

Cash and cash equivalents

 

$

81,231 

Loans

 

 

122,862 

Premises and equipment, net

 

 

6,326 

Core deposit intangible

 

 

3,954 

Deferred tax assets

 

 

291 

Total fair value of assets acquired

 

$

214,664 



 

 

 

Liabilities assumed at fair value:

 

 

 

Deposits

 

$

212,456 

Other liabilities

 

 

Total fair value of liabilities assumed

 

$

212,463 



 

 

 

Net assets acquired at fair value:

 

$

2,201 



 

 

 

Amount of goodwill resulting from acquisition

 

$

14,985 



Schedule of Contractually Required Payments Receivable

The following table outlines the contractually required payments receivable, cash flows we expect to receive, and the accretable yield for all NWBI loans as of the acquisition date.







 

 

 

 

 

 

 

 

 

 

 

 



 

Contractually

 

 

 

 

 

 

 

 

 



 

Required

 

Cash Flows

 

 

 

 

Carrying Value



 

Payments

 

Expected To Be

 

Accretable FMV

 

of Loans



 

Receivable

 

Collected

 

Adjustments

 

Receivable



 

 

 

 

 

 

 

 

 

 

 

 

Performing loans acquired

 

$

125,131 

 

 

125,131 

 

 

2,269 

 

$

122,862