Acquisitions Acquisitions (Tables)

9 Months Ended

Sep. 30, 2017

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table details the total consideration paid on April 1, 2017 in connection with the acquisition of FCB, the fair values of the assets acquired and liabilities assumed and the resulting goodwill.



Dollars in thousands	As Recorded by FCB			Estimated Fair Value Adjustments			Estimated Fair Values as Recorded by Summit
Cash consideration							$	14,989
Stock consideration							33,127
Total consideration							48,116

Identifiable assets acquired:
Cash and cash equivalents	$	54,042		$	—		$	54,042
Securities available for sale, at fair value	101,022			295			101,317
Loans
Purchased performing	224,809			(2,693		)	222,116
Purchased credit impaired	4,167			(540		)	3,627
Allowance for loan losses	(2,511		)	2,511			—
Premises and equipment	10,396			(4,222		)	6,174
Property held for sale	4,596			(2,219		)	2,377
Goodwill	5,183			(5,183		)	—
Core deposit intangibles	—			10,916			10,916
Other assets	4,450			652			5,102
Total identifiable assets acquired	406,154			(483		)	405,671

Identifiable liabilities assumed:
Deposits	349,726			807			350,533
Other liabilities	11,216			58			11,274
Total identifiable liabilities assumed	360,942			865			361,807

Net identifiable assets acquired	$	45,212		$	(1,348	)	$	43,864

Goodwill resulting from acquisition							$	4,252

Schedule of PCI Loan Portfolio

The PCI loan portfolio related to the FCB acquisition was recorded at estimated fair value on the date of acquisition, April 1, 2017, as follows:



Dollars in thousands	Acquired Loans -PCI
Contractual principal and interest due	$	4,885
Nonaccretable difference	(597		)
Expected cash flows	4,288
Accretable yield	(661		)
Purchase credit impaired loans - estimated fair value	$	3,627

Pro Forma Information of the Combined Entities Summit FCB and HCB

The following table estimates the pro forma revenue, net income and diluted earnings per share of the combined entities of Summit, HCB and FCB as if the acquisitions had taken place on January 1, 2016. All acquisition related expenses were excluded from the pro forma information. We expect to achieve operational cost savings and other efficiencies as a result of the acquisitions which are not reflected in the pro forma amounts below.



	Summit, HCB & FCB Pro Forma
	For the Nine Months Ended September 30,
Dollars in thousands, except per share amounts	2017		2016
Total revenues, net of interest expense	$	64,313	$	61,457
Net income	$	11,176	$	15,017
Diluted earnings per share	$	0.95	$	1.23

Financial Effects of Purchase Accounting Adjustments [Table Text Block]

The following presents the financial effects of adjustments recognized in the statement of income for the three and nine months ended September 30, 2017 related to business combinations that occurred during 2016 or 2017.



	Income increase (decrease)
Dollars in thousands	Three Months Ended September 30, 2017			Nine Months Ended September 30, 2017
Interest and fees on loans	$	224		$	712
Interest expense on deposits	76			167
Amortization of intangibles	(399		)	(825		)
Income before income tax expense	$	(99	)	$	54