MERGERS AND ACQUISITIONS (Tables)
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12 Months Ended |
Dec. 31, 2018 |
Business Combinations [Abstract] |
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Summary of Consideration Paid and Assets Acquired and Liabilities Assumed |
The following table summarizes the consideration paid for Mercersburg and the estimated fair values of the assets acquired and liabilities assumed recognized at the acquisition date: | | | | | | (Dollars in thousands) | | Fair value of consideration transferred: | | Cash | $ | 4,866 | Common stock issued | 25,053 | Total consideration transferred | $ | 29,919 | | | Estimated fair values of assets acquired and (liabilities) assumed: | | Cash and cash equivalents | $ | 17,273 | Securities available for sale | 7,352 | | | Loans | 141,103 | Premises and equipment | 2,232 | Core deposit intangible | 3,840 | Goodwill | 11,873 | Cash surrender value of life insurance | 6,252 | Deferred tax asset, net | 1,323 | Other assets | 2,055 | | | Deposits | (160,433) | | | Other liabilities | (2,951) | | | | $ | 29,919 |
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Schedule Of Loans Acquired In Business Combination |
The following table presents performing and PCI loans acquired, by loan class, at October 1, 2018. | | | | | | | | | | | | | | | | | | (in thousands) | Performing | | PCI | | Total | Commercial real estate: | | | | | | Owner-occupied | $ | 10,336 | | $ | 1,800 | | $ | 12,136 | Non-owner occupied | 4,405 | | 672 | | 5,077 | Multi-family | 3,005 | | 722 | | 3,727 | | | | | | | Acquisition and development: | | | | | | 1-4 family residential construction | 878 | | 0 | | 878 | Commercial and land development | 2,044 | | 269 | | 2,313 | Commercial and industrial | 22,433 | | 5,696 | | 28,129 | Municipal | 1,862 | | 0 | | 1,862 | Residential mortgage: | | | | | | First lien | 75,034 | | 3,103 | | 78,137 | Home-equity - term | 2,258 | | 23 | | 2,281 | Home equity - lines of credit | 3,144 | | 0 | | 3,144 | Installment and other loans | 3,233 | | 186 | | 3,419 | Total loans acquired | $ | 128,632 | | $ | 12,471 | | $ | 141,103 |
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Schedule Of Fair Value Adjustments Made To Amortized Cost Basis Loans |
The following table presents the fair value adjustments made to the amortized cost basis of loans acquired at October 1, 2018.
| | | | | | (in thousands) | | Gross amortized cost basis at acquisition | $ | 149,162 | Market rate adjustment | (3,464) | Credit fair value adjustment on non-credit impaired loans | (1,400) | Credit fair value adjustment on impaired loans | (3,195) | Estimated fair value of acquired loans | $ | 141,103 |
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Schedule Of Information About Purchased Credit Impaired Loans |
The following table provides information about acquired PCI loans at October 1, 2018.
| | | | | | (in thousands) | | Contractually required principal and interest at acquisition | $ | 21,587 | Contractual cash flows not expected to be collected (nonaccretable discount) | (6,873) | Expected cash flows at acquisition | 14,714 | Interest component of expected cash flows (accretable discount) | (2,243) | Estimated fair value of acquired PCI loans | $ | 12,471 |
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