XML 24 R27.htm IDEA: XBRL DOCUMENT v2.4.0.8
Acquisition of Visalia Community Bank (Tables)
9 Months Ended
Sep. 30, 2013
Business Combinations [Abstract]  
Summary of consideration paid, assets acquired and liabilities assumed
The following table summarizes the consideration paid for Visalia Community Bank and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date:
Merger consideration:
 
          Cash
$
11,050,000

          Common stock issued
12,494,000

Fair Value of Total Consideration Transferred
$
23,544,000

 
 
Recognized amounts of identifiable assets acquired and liabilities assumed
 
          Cash and cash equivalents
$
51,779,000

          Loans, net
113,467,000

          Investments
14,818,000

          Core deposit intangible
1,365,000

          Premises and equipment
4,263,000

          Federal Home Loan Bank stock
698,000

  Other real estate owned
263,000

          Deferred taxes and taxes receivable
3,051,000

          Bank owned life insurance
6,786,000

          Other assets
796,000

            Total assets acquired
197,286,000

          Deposits
174,206,000

          Other liabilities
5,735,000

            Total liabilities assumed
179,941,000

          Total identifiable net assets
17,345,000

Goodwill
$
6,199,000

Pro Forma Results of Operations
Pro Forma Results of Operations
 
 
For the Nine Months Ended September 30,
(In thousands, except per share amounts) 
 
 
2013
 
2012
Net interest income
 
 
$
27,581

 
$
28,027

Provision for credit losses
 
 
298

 
1,185

Non-interest income
 
 
6,611

 
7,025

Non-interest expense
 
 
28,619

 
26,332

Income before provision for income taxes
 
 
5,275

 
7,535

Provision for income taxes
 
 
375

 
1,542

Net income
 
 
$
4,900

 
$
5,993

Basic earnings per share
 
 
$
0.46

 
$
0.53

Diluted earnings per share
 
 
$
0.46

 
$
0.53