Business Combinations (Tables)

9 Months Ended

Sep. 30, 2017

The pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transactions been effective on the assumed date.

	For Three Months Ended September 30,				For Nine Months Ended September 30,
(In thousands of dollars except per share results)	2017		2016		2017		2016
Net interest income	$	18,841	$	17,525	$	55,408	$	51,824
Net income	$	6,016	$	5,442	$	17,641	$	15,412
Basic and diluted earnings per share	$	0.22	$	0.20	$	0.64	$	0.56

Monitor Bancorp, Inc.

Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed

The following table summarizes the consideration paid for Monitor and the amounts of the assets acquired and liabilities assumed on the closing date of the acquisition.

(In Thousands of Dollars)
Consideration
Cash	$	1,154
Stock		6,358
Fair value of total consideration transferred	$	7,512
Fair value of assets acquired
Cash and due from financial institutions	$	17,673
Securities available for sale		3,057
Loans, net		19,315
Premises and equipment		192
Core deposit intangible		673
Other assets		272
Total assets		41,182
Fair value of liabilities assumed
Deposits		34,586
Accrued interest payable and other liabilities		121
Total liabilities		34,707
Net assets acquired	$	6,475
Goodwill created		1,037
Total net assets acquired	$	7,512

Bowers Insurance Agency, Inc.

Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed

The following table summarizes the consideration paid for Bowers and the amounts of the assets acquired and liabilities assumed on the closing date of the acquisition.

(In Thousands of Dollars)
Consideration
Cash	$	1,137
Stock		1,138
Contingent consideration		880
Fair value of total consideration transferred	$	3,155
Fair value of assets acquired
Cash	$	64
Premises and equipment		290
Other assets		34
Total assets acquired		388
Fair value of liabilities assumed		124
Net assets acquired	$	264

Assets and liabilities arising from acquisition
Identified intangible assets		1,630
Deferred tax liability		(588	)
Goodwill created		1,849
Total net assets acquired	$	3,155