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MERGERS AND ACQUISITIONS (Tables) | 6 Months Ended
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Jun. 30, 2019
Business Combinations [Abstract] |
Summary of consideration Paid and Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the consideration paid for Hamilton 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 |  | $ | 14,197
Common stock issued |  | 36,622
Total consideration transferred |  | $ | 50,819
Estimated fair values of assets acquired and (liabilities) assumed: |  |
Cash and cash equivalents |  | $ | 43,140
Securities available for sale |  | 60,882
Restricted investments in bank stocks |  | 2,658
Loans |  | 347,667
Premises and equipment |  | 3,749
Core deposit intangible |  | 4,550
Goodwill |  | 7,030
Cash surrender value of life insurance |  | 17,948
Deferred tax asset, net |  | 5,838
ROU lease asset |  | 2,746
Other assets |  | 4,016
Total assets acquired |  | 500,224
Deposits |  | (388,246)
Borrowings |  | (51,393)
Other liabilities |  | (9,766)
Total liabilities assumed |  | (449,405)
|  | $ | 50,819
Schedule of Performing and PCI Loans Acquired, By Loan Class | The following table presents performing and PCI loans acquired, by loan class, at May 1, 2019. Upon completion of the acquisition, the Company sold the acquired investment portfolio and paid off acquired borrowings at the indicated fair value amounts in conjunction with its asset/liability management strategies.
(in thousands) | Performing |  | PCI |  | Total
Commercial real estate: |  |  |  |  |
Owner-occupied | $ | 42,148 |  | $ | 6,324 |  | $ | 48,472
Non-owner occupied | 45,401 |  | 770 |  | 46,171
Multi-family | 10,773 |  | 0 |  | 10,773
Acquisition and development: |  |  |  |  |
1-4 family residential construction | 7,450 |  | 0 |  | 7,450
Commercial and land development | 4,528 |  | 0 |  | 4,528
Commercial and industrial | 32,316 |  | 1,702 |  | 34,018
Residential mortgage: |  |  |  |  |
First lien | 152,657 |  | 10,800 |  | 163,457
Home-equity - term | 4,478 |  | 1 |  | 4,479
Home equity - lines of credit | 13,657 |  | 0 |  | 13,657
Installment and other loans | 14,467 |  | 195 |  | 14,662
Total loans acquired | $ | 327,875 |  | $ | 19,792 |  | $ | 347,667
Schedule Of Fair Value Adjustments Made To Amortized Costs Basis Of Loans Acquired | The following table presents the fair value adjustments made to the amortized cost basis of loans acquired at May 1, 2019.
(in thousands) |
Gross amortized cost basis at acquisition | $ | 362,125
Market rate adjustment | (5,309)
Credit fair value adjustment on non-credit impaired loans | (3,947)
Credit fair value adjustment on impaired loans | (5,202)
Estimated fair value of acquired loans | $ | 347,667
Schedule Of Information About Acquired PCI Loans | The following table provides information about acquired PCI loans at May 1, 2019.
(in thousands) |
Contractually required principal and interest at acquisition | $ | 31,599
Nonaccretable difference | (8,310)
Expected cash flows at acquisition | 23,289
Accretable yield | (3,497)
Estimated fair value of acquired PCI loans | $ | 19,792
Unaudited pro forma net income for the three and six months ended June 30, 2018, would have totaled $3,557,000 and $2,516,000, and revenues would have totaled $34,878,000 and $58,695,000 for the same period had the Mercersburg and Hamilton acquisitions occurred January 1, 2018. Unaudited pro forma net income for the three and six months ended June 30, 2019, would have totaled $6,152,000 and $9,710,000, and revenues would have totaled $27,607,000 and $50,923,000 for the same period had the Hamilton acquisition occurred January 1, 2019. In connection with the Mercersburg and Hamilton acquisitions, we incurred merger related expenses totaling $6,860,000 and $7,505,000 for the three and six months ending June 30, 2019, which are included in noninterest expenses. The expenses consisted primarily of $1,649,000 and $1,967,000 of investment banking, legal and consulting fees; $3,492,000 and $3,619,000 of information systems expense, including canceling of contracts; and $1,719,000 and $1,919,000 of other expenses, including payout of employee termination contracts.

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