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Acquisitions Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2019
Business Combinations [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]
The following table details the total consideration paid on January 1, 2019 in connection with the acquisition of PBI, the fair values of the assets acquired and liabilities assumed and the resulting preliminary goodwill.
(Dollars in thousands)
 
As Recorded by PBI
 
Estimated Fair Value Adjustments
 
Estimated Fair Values as Recorded by Summit
Cash consideration
 
 
 
 
 
$
12,740

Stock consideration
 
 
 
 
 
8,997

Total consideration
 
 
 
 
 
21,737

 
 
 
 
 
 
 
Identifiable assets acquired:
 
 
 
 
 
 
Cash and cash equivalents
 
$
33,422

 
$
(93
)
 
$
33,329

Securities available for sale, at fair value
 
55,206

 
(93
)
 
55,113

Loans
 
 
 
 
 


Purchased performing
 
42,376

 
(977
)
 
41,399

Purchased credit impaired
 
—

 
—

 
—

Allowance for loan losses
 
(410
)
 
410

 
—

Premises and equipment
 
1,382

 
(567
)
 
815

Property held for sale
 
—

 
—

 
—

Core deposit intangibles
 
—

 
2,129

 
2,129

Other assets
 
1,110

 
(100
)
 
1,010

Total identifiable assets acquired
 
$
133,086

 
$
709

 
$
133,795

 
 
 
 
 
 
 
Identifiable liabilities assumed:
 
 
 
 
 
 
Deposits
 
112,064

 
315

 
112,379

Other liabilities
 
1,422

 
353

 
1,775

Total identifiable liabilities assumed
 
$
113,486

 
$
668

 
$
114,154

 
 
 
 
 
 
 
Net identifiable assets acquired
 
$
19,600

 
$
41

 
$
19,641

 
 
 
 
 
 
 
Goodwill resulting from acquisition
 
 
 
 
 
$
2,096
Financial Effects of Purchase Accounting Adjustments
The following presents the financial effects of adjustments recognized in the statements of income for the years ended December 31, 2019, 2018 and 2017 related to all business combinations.
 
Income increase (decrease)
Dollars in thousands
2019
 
2018
 
2017
Interest and fees on loans
$
694

 
$
386

 
$
825

Interest expense on deposits
316

 
205

 
237

Amortization of intangibles
(1,634
)
 
(1,471
)
 
(1,210
)
Income before income tax expense
$
(624
)
 
$
(880
)
 
$
(148
)