XML 46 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Acquisitions
12 Months Ended
Dec. 31, 2011
Acquisitions [Abstract]  
Acquisitions

4. Acquisitions

On July 1, 2011, First Defiance acquired PDI, an insurance agency headquartered in Maumee and Oregon, Ohio for a cash purchase price $4.8 million and future consideration to be paid in cash in 2012 and 2013. As of December 31, 2011, management has reported goodwill of approximately $4.0 million and identifiable intangible assets of $1.5 million consisting of customer relationship intangible of $947,000 and a non-compete intangible of $518,000. A contingent payable of $626,000 was also recorded in the transaction. The Company accounted for the transaction under the acquisition method of accounting which requires purchased assets and assumed liabilities to be recorded at their respective acquisition date fair value. Disclosure of pro forma results of this acquisition is not material to the Company's consolidated financial statements.

On May 10, 2010, First Defiance acquired a group medical benefits line of business from Andres O'Neil & Lowe Insurance Agency ("AOL") for a cash purchase price of $1.5 million and future consideration to be paid in cash in 2010, 2011 and 2012. The acquisition resulted in goodwill of $971,200 and identifiable intangible assets of $735,800 consisting of a customer relationship intangible of $597,800 and a non-compete intangible of $138,000 and a recorded contingent payable of $207,000. Disclosure of pro forma results of this acquisition is not material to the Company's consolidated financial statements.