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Business Combinations (Tables) | 3 Months Ended
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Mar. 31, 2018
Pro Forma Information | The pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transactions been effective on the assumed date.
| For Three Months Ended |
(In thousands of dollars except per share results) | March 31, 2017 |
Net interest income | $ | 17,863 |
Net income | $ | 5,849 |
Basic and diluted earnings per share | $ | 0.21 |
Monitor Bancorp, Inc. |
Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed | The following table summarizes the consideration paid for Monitor and the amounts of the assets acquired and liabilities assumed on the closing date of the acquisition.
(In Thousands of Dollars) |  |  |
Consideration |  |  |
Cash | $ | 1,154 |
Stock |  | 6,358 |
Fair value of total consideration transferred | $ | 7,512 |
Fair value of assets acquired |  |  |
Cash and due from financial institutions | $ | 17,673 |
Securities available for sale |  | 3,057 |
Loans, net |  | 19,315 |
Premises and equipment |  | 192 |
Core deposit intangible |  | 673 |
Other assets |  | 272 |
Total assets |  | 41,182 |
Fair value of liabilities assumed |  |  |
Deposits |  | 34,586 |
Accrued interest payable and other liabilities |  | 121 |
Total liabilities |  | 34,707 |
Net assets acquired | $ | 6,475 |
Goodwill created |  | 1,037 |
Total net assets acquired | $ | 7,512 |
Bowers Insurance Agency, Inc. |
Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed | The following table summarizes the consideration paid for Bowers and the amounts of the assets acquired and liabilities assumed on the closing date of the acquisition.
(In Thousands of Dollars) |  |  |
Consideration |  |  |
Cash | $ | 1,137 |
Stock |  | 1,138 |
Contingent consideration |  | 880 |
Fair value of total consideration transferred | $ | 3,155 |
Fair value of assets acquired |  |  |
Cash | $ | 64 |
Premises and equipment |  | 290 |
Other assets |  | 34 |
Total assets acquired |  | 388 |
Fair value of liabilities assumed |  | 124 |
Net assets acquired | $ | 264 |
Assets and liabilities arising from acquisition |  |  |
Identified intangible assets |  | 1,630 |
Deferred tax liability |  | (588 | )
Goodwill created |  | 1,849 |
Total net assets acquired | $ | 3,155 |

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- 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
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- 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
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