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Business Combination (Tables) | 6 Months Ended
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Jun. 30, 2020
Business combinations: |
Schedule of Fair Value of Identifiable Assets Acquired and Liabilities [Table Text Block] | 12
CONNECTONE BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
Note 2. Business Combinations – (continued) In connection with the acquisition, the consideration paid and the fair value of identifiable assets acquired and liabilities assumed as of the date of acquisition are summarized in the following table:
|  | Estimated Fair
|  | Value at
|  | January 2, 2020
|  | (in thousands)
Consideration paid: |  |  |
Common stock issued in acquisition |  | $ | 118,375
Cash paid in acquisition |  |  | 23,977
Total consideration paid: |  |  | 142,352
Assets acquired: |  |  |
Cash and cash equivalents |  |  | 111,368
Securities available-for-sale |  |  | 20,073
Loans, net |  |  | 774,720
Premises and equipment, net |  |  | 12,826
Accrued interest receivable |  |  | 2,910
Core deposit intangibles |  |  | 8,076
Other assets |  |  | 19,309
Total assets acquired |  |  | 949,282
Liabilities assumed: |  |  |
Deposits |  |  | 785,378
Borrowings |  |  | 49,742
Other liabilities |  |  | 17,609
Total liabilities assumed |  |  | 852,729
Net assets acquired |  |  | 96,553
Goodwill recorded in acquisition |  | $ | 45,799
Schedule of BNJ Acquisition [Table Text Block] | The following is a summary of the loans accounted for in accordance with ASC 310-30 that were acquired in the BNJ acquisition as of the Merger date:
|  | Estimated Fair |
|  | Value at |
|  | January 2, 2020 |
|  | (in thousands) |
Contractually required principal and interest acquisition |  | $ | 14,416 |  |
Contractual cash flows not expected to be collected (non-accretable discount) |  |  | (2,111 | ) |
Expected cash flows at acquisition |  |  | 12,305 |  |
Interest component of expected cash flows (accretable discount) |  |  | (605 | ) |
Fair value of acquired loans |  | $ | 11,700 |  |

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