Acquisition (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Purchase Price of Assets Acquired and Liabilities Assumed

Based on management’s preliminary valuation of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on estimates and assumptions that are subject to change, the final purchase price for the Peoples acquisition is allocated as follows:


ASSETS
Cash and due from banks	$	205,054
Investment securities, held to maturity		2,038

Commercial		67,435
Residential mortgage		137,331
Consumer		19,593

Total loans		224,359

Premises and equipment, net		5,524
FRB and FHLB stock		2,743
Goodwill		21,424
Core deposit intangible		4,394
Interest receivable		1,279
Cash value of life insurance		13,898
Other assets		4,364

Total assets purchased	$	485,077


Common shares issued	$	55,506
Cash paid		22,641

Total estimated purchase price	$	78,147

LIABILITIES
Deposits
Non-interest bearing	$	28,251
NOW accounts		65,771
Savings and money market		125,176
Certificates of deposits		131,889

Total deposits		351,087

Borrowings		48,884
Interest payable		21
Other liabilities		6,938

Total liabilities assumed	$	406,930

Schedule of Acquired Loans Accounted for in Accordance with ASC 310-30

The following table details the acquired loans that are accounted for in accordance with ASC 310-30 as of July 1, 2015.


Contractually required principal and interest at acquisition	$	5,730
Contractual cash flows not expected to be collected (nonaccretable differences)		715

Expected cash flows at acquisition		5,015
Interest component of expected cash flows (accretable discount)		647

Fair value of acquired loans accounted for under ASC 310-30	$	4,368

Pro Forma Result of Comparable Prior Reporting Period

The following schedule includes pro forma results for the periods ended December 31, 2015 and December 31, 2014 as if the Peoples and Peoples FSB acquisitions had occurred as of the beginning of the comparable prior reporting period.


	December 31,		December 31,
	2015		2014
Summary of Operations:
Net Interest Income	$	80,688	$	75,442
Provision for Loan Losses		3,222		3,443

Net Interest Income after Provision for Loan Losses		77,466		71,999
Non-interest Income		32,295		29,928
Non-Interest Expense		80,489		74,010

Income before Income Taxes		29,272		27,917
Income Tax Expense		7,359		6,560

Net Income		21,913		21,357
Net Income Available to Common Shareholders	$	21,788	$	21,372

Basic Earnings Per Share	$	1.90	$	1.87
Diluted Earnings Per Share	$	1.85	$	1.81

Summit [Member]

Schedule of Purchase Price of Assets Acquired and Liabilities Assumed

Based on management’s preliminary valuation of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on estimates and assumptions that are subject to change, the preliminary purchase price for the Summit acquisition is allocated as follows:


ASSETS
Cash and due from banks	$	15,161

Commercial		70,441
Residential mortgage		43,448
Consumer		10,192

Total loans		124,081

Premises and equipment, net		2,548
FRB and FHLB stock		2,136
Goodwill		8,428
Core deposit intangible		822
Interest receivable		347
Cash value of life insurance		2,185
Other assets		2,877

Total assets purchased	$	158,585


LIABILITIES
Deposits
Non-interest bearing	$	27,274
NOW accounts		16,332
Savings and money market		35,045
Certificates of deposits		42,368

Total deposits		121,019

Borrowings		16,990
Interest payable		52
Other liabilities		599

Total liabilities assumed	$	138,660

Schedule of Acquired Loans Accounted for in Accordance with ASC 310-30

The following table details the acquired loans that are accounted for in accordance with ASC 310-30 as of April 3, 2014.


Contractually required principal and interest at acquisition	$	14,460
Contractual cash flows not expected to be collected (nonaccretable differences)		3,146

Expected cash flows at acquisition		11,314
Interest component of expected cash flows (accretable discount)		1,688

Fair value of acquired loans accounted for under ASC 310-30	$	9,626