Acquisitions (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed


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		203,489	Total deposits		315,230
Residential mortgage		36,410
Consumer		12,532	Borrowings		25,463
Total loans		252,431	Interest payable		81
			Subordinated debt		4,000
Premises and equipment, net		4,799	Other liabilities		462
Federal Home Loan Bank stock		1,637	Total liabilities assumed	$	345,236
Deferred tax asset, net		2,848
Cash value of life insurance		7,556
Goodwill		20,511
Core deposit intangible		4,545
Interest receivable		1,259
Other real estate owned and repossessed assets		1,009
Other assets		2,073
Total assets purchased	$	406,558

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 and nine months ended September 30, 2018, as if the Universal acquisition occurred as of the beginning of the reporting periods presented.


	Three Months Ended		Nine Months Ended
	September 30, 2018		September 30, 2018
Summary of Operations
Net interest income	$	16,417	$	48,900
Provision for loan losses		(570)		(1,520)
Net interest income after provision	$	15,847	$	47,380
Non-interest income		5,039		14,556
Non-interest expense		(14,574)		(49,532)
Income before income taxes	$	6,312	$	12,404
Income tax benefit (expense)		(910)		(1,286)
Net income to common shareholders	$	5,402	$	11,118
Basic earnings per share	$	0.63	$	1.30
Diluted earnings per share	$	0.62	$	1.27