Acquisition (Tables)

6 Months Ended

Jun. 30, 2012

Consideration Transferred for CommerceFirst's Common Equity and Amounts of Acquired Identifiable Assets and Liabilities Assumed

The consideration transferred for CommerceFirst’s common equity and the amounts of acquired identifiable assets and liabilities assumed as of the acquisition date were as follows:

(in thousands)
Purchase Price:
Value of common share issued	$	13,023
Cash		12,381
Total purchase price		25,404
Identifiable assets:
Cash and due from banks		11,532
Investments		502
Loans and leases		168,984
Other Real Estate Owned		4,232
Intangible assets		210
Other assets		5,439
Total identifiable assets		190,899
Liabilities:
Deposits		169,921
Other Liabilities		644
Total liabilities		170,565
Net goodwill resulting from acquisition	$	5,070

Loans Acquired in Acquisition

The following is a summary of the loans acquired in the acquisition with evidence of deteriorated credit quality:

	Loans Acquired
	with Evidence of
(in thousands)	Deteriorated Credit Quality
Contractually required principal and interest at acquisition	$	11,356
Contractual cash flows not expected to be collected		(4,427	)
Expected cash flows at acquisition		6,929
Interest component of expected cash flows		(850	)
Basis in acquired loans at acquisition - estimated fair value	$	6,079

Merger Related Expenses

A summary of merger related expenses included in the indicated captions in the consolidated statement of income at June 30, 2012 as follows:

	For the Six Months Ended
(in thousands)	June 30, 2012
Salaries and employee benefits	$	737
Outside data services		1,031
Other non-interest expenses:
Professional fees (legal, consulting, etc.)		683
Miscellaneous expenses		121
Total merger expenses	$	2,572