XML 35 R25.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Merger (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2018
Business Combinations [Abstract] |
Allocation of the Purchase Price | The allocation of the purchase price is as follows:
(Dollars in thousands) |  |
Assets acquired: |  |  |  |
Cash and cash equivalents |  | $ | 67,817 |
Investment securities |  |  | 114,039 |
Restricted stock |  |  | 97 |
Loans |  |  | 70,686 |
Goodwill |  |  | 18,610 |
Core deposit intangible |  |  | 4,940 |
Premises and equipment |  |  | 1,496 |
Foreclosed assets |  |  | 11 |
Deferred income taxes |  |  | 621 |
Accrued interest receivable |  |  | 989 |
Other assets |  |  | 266 |
Total assets acquired |  |  | 279,572 |
Liabilities assumed: |  |  |  |
Deposits |  |  | 209,981 |
Accrued interest payable |  |  | 16 |
Other liabilities |  |  | 2,602 |
Total liabilities assumed |  |  | 212,599 |
Consideration paid |  | $ | 66,973 |
Cash paid |  | $ | 2,792 |
Fair value of common stock issued |  |  | 64,181 |
Summary of the Preliminary Estimated Fair Value of the Assets Acquired and Liabilities and Equity Assumed | The following table summarizes the preliminary estimated fair value of the assets acquired and liabilities and equity assumed.
(Dollars in thousands) |  |
Total purchase price |  | $ | 66,973 |
Net assets acquired: |  |  |  |
Cash and cash equivalents |  |  | 67,817 |
Investment securities |  |  | 114,039 |
Restricted stock |  |  | 97 |
Loans |  |  | 70,686 |
Core deposit intangible |  |  | 4,940 |
Premises and equipment |  |  | 1,496 |
Foreclosed assets |  |  | 11 |
Deferred income taxes |  |  | 621 |
Accrued interest receivable |  |  | 989 |
Other assets |  |  | 266 |
Deposits |  |  | (209,981 | )
Accrued interest payable |  |  | (16 | )
Other liabilities |  |  | (2,602 | )
|  |  | 48,363 |
Goodwill |  | $ | 18,610 |
Fair Value Adjustments Made to the Amortized Cost Basis, Presented at the Fair Value of Loans Acquired | The table below illustrates the fair value adjustments made to the amortized cost basis in order to present a fair value of the loans acquired.
(Dollars in thousands) |  |
Gross amortized cost basis at January 8, 2018 |  | $ | 71,809 |
Market rate adjustment |  |  | 601 |
Credit fair value adjustment on pools of homogeneous loans |  |  | (1,078 | )
Credit fair value adjustment on impaired loans |  |  | (646 | )
Fair value of purchased loans at January 8, 2018 |  | $ | 70,686 |
Fair Value of the Loans Acquired | The information about the acquired Scottdale impaired loan portfolio as of January 8, 2018 is as follows:
(Dollars in thousands) |  |
Contractually required principal and interest at acquisition |  | $ | 2,587 |
Contractual cash flows not expected to be collected (nonaccretable discount) |  |  | (1,010 | )
Expected cash flows at acquisition |  |  | 1,577 |
Interest component of expected cash flows (accretable discount) |  |  | (305 | )
Fair value of acquired loans |  | $ | 1,272 |
Pro Forma Information | The following table presents pro forma information as if the merger between Mid Penn and Scottdale had been completed on January 1, 2017.
(Dollars in thousands, except per share data) |  | Three Months Ended March 31, |
|  | 2018 |  |  | 2017 |
Net interest income after loan loss provision |  | $ | 10,753 |  |  | $ | 10,498 |
Noninterest income |  |  | 1,647 |  |  |  | 1,585 |
Noninterest expense |  |  | 9,910 |  |  |  | 10,346 |
Net income |  |  | 2,054 |  |  |  | 1,268 |
Net income per common share |  |  | 0.34 |  |  |  | 0.21 |

X
- Definition Tabular disclosure of the nature and amount of any material, nonrecurring adjustments directly attributable to the business combination(s) included in the reported pro forma revenue and earnings (supplemental pro forma information). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(4) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationNonrecurringAdjustmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of goodwill in a business combination. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479 + Details
Name: | us-gaap_BusinessCombinationSegmentAllocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
Name: | us-gaap_ScheduleOfFiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration