Acquisitions (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Based on preliminary valuations of the fair value of tangible and intangible assets acquired, liabilities assumed and related deferred tax impacts, which are based on assumptions that are subject to change as management continues to evaluate, the purchase price for the Universal acquisition is detailed in the following table. If prior to the end of the one-year measurement period for finalizing the purchase price allocation, information becomes available which would indicate adjustments are required to the purchase price allocation, such adjustments will be recorded in the reporting period in which the adjustment amounts are determined. The measurement period adjustments will be calculated as if the accounting had been completed as of the acquisition date.



Assets			Liabilities
Cash and cash equivalents	$	11,326	Deposits
Interest-bearing time deposits		8,747	Non-interest bearing	$	81,061
Investment securities, available for sale		87,817	NOW accounts		66,372
			Savings and money market		85,690
Loans			Certificated of deposits		82,107
Commercial		203,621	Total deposits		315,230
Residential mortgage		36,410
Consumer		12,532	Borrowings		25,463
Total loans		252,563	Interest payable		81
			Subordinated debt		4,000
Premises and equipment, net		4,799	Other liabilities		832
Federal Home Loan Bank stock		1,637	Total liabilities assumed	$	345,606
Deferred tax asset, net		2,056
Cash value of life insurance		7,556
Goodwill		22,069
Core deposit intangible		4,545
Interest receivable		1,259
Other real estate owned and repossessed assets		1,009
Other assets		1,545
Total assets purchased	$	406,928

Common shares issued	$	42,323
Cash paid		18,999
Total purchase price	$	61,322

Business Acquisition, Pro Forma Information

The following schedule includes pro forma results for the three months ended March 31, 2018 and 2017, as if the Universal acquisition occurred as of the beginning of the reporting periods presented.



	Three Months Ended March 31,
	2018		2017
Summary of Operations
Net interest income	$	15,875	$	15,621
Provision for loan losses		(450)		(200)
Net interest income after provision	$	15,425	$	15,421
Non-interest income		4,713		4,730
Non-interest expense		(18,795)		(14,970)
Income before income taxes	$	1,343	$	5,181
Income tax benefit (expense)		208		(1,212)
Net income to common shareholders	$	1,551	$	3,969
Basic earnings per share	$	0.18	$	0.47
Diluted earnings per share	$	0.18	$	0.46