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Business Combination and Branch Sale | 12 Months Ended
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Dec. 31, 2017
Business Combinations [Abstract] |
Business Combination and Branch Sale | 2. Business Combination and Branch Sale On December 30, 2015, the Corporation announced the signing of a definitive merger agreement to acquire Lake National Bank (LNB) of Mentor, Ohio for $22.50 per share in cash, or approximately $24.75 million in the aggregate. LNB served the northeastern Ohio market with two branches located in Mentor, Ohio. On July 15, 2016, the transaction closed and the Corporation began including LNB’s results of operations in its consolidated results. The two LNB offices now operate as part of the ERIEBANK division of CNB Bank. As disclosed in the accompanying consolidated statements of income, the Corporation incurred merger costs of $486 thousand and $308 thousand for the twelve months ended December 31, 2016 and 2015, respectively. All merger costs have been expensed as incurred. The following table summarizes the consideration paid for LNB and the amounts of the assets acquired and liabilities assumed that were recognized at the acquisition date:
Consideration paid: |  |  |  |
Cash |  | $ | 24,750 |
Recognized amounts of identifiable assets acquired and liabilities assumed: |  |  |  |
Cash and cash equivalents |  |  | 21,884 |
Securities available for sale |  |  | 450 |
Loans |  |  | 122,206 |
FHLB and other equity interests |  |  | 637 |
Premises and equipment |  |  | 3,242 |
Bank owned life insurance |  |  | 2,152 |
Mortgage servicing rights |  |  | 367 |
Core deposit intangible |  |  | 1,583 |
Accrued interest receivable and other assets |  |  | 3,110 |
Total assets acquired |  |  | 155,631 |
Demand deposits |  |  | 81,472 |
Time deposits |  |  | 58,311 |
Accrued interest payable and other liabilities |  |  | 2,634 |
Total liabilities assumed |  |  | 142,417 |
Total identifiable net assets |  |  | 13,214 |
Goodwill |  | $ | 11,536 |
Included in accrued interest receivable and other assets is a deferred tax asset of $58 which represents the tax effect of temporary differences between the tax basis and fair values assigned to the assets and liabilities. Acquired loans were recorded at fair value with no carryover of the related allowance for loan losses. Determining the fair value of loans involved estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. The Corporation acquired $126,134 of gross loans and recognized a net combined yield and credit mark of $3,928. Goodwill of $11,536 arising from the acquisition consisted largely of synergies and the cost savings resulting from the combining of the operations of the Corporation and Lake National Bank. None of the goodwill is expected to be deductible for income tax purposes. On May 19, 2017, CNB completed its previously announced sale of the Mt. Hope, Ohio branch to First Federal Community Bank. CNB transferred loans totaling $7,800, fixed assets totaling $100, and deposits totaling $7,400 in conjunction with the sale of the branch and realized a gain of $536 based on the 8% deposit premium paid by First Federal Community Bank.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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