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MERGERS AND ACQUISITIONS (Tables) | 12 Months Ended
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Dec. 31, 2018
Business Combinations [Abstract] |
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
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
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
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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