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 |
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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 |
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