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Business Combinations | 9 Months Ended
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Sep. 30, 2020
Business Combinations [Abstract] |
Business Combinations | Business Combinations: On January 7, 2020, the Company completed the acquisition of Maple Leaf Financial, Inc. (“Maple Leaf”), the parent company of Geauga Savings Bank, with branches located in Cuyahoga and Geauga Counties in Ohio. The Company expects the acquisition to increase synergies and cost savings resulting from the combining of the two companies. The transaction involved both cash and 1,398,229 shares of stock totaling $43.0 million. Pursuant to the terms of the Merger Agreement, common shareholders of Maple Leaf had the right to receive $640.00 in cash or 45.5948 common shares, without par value, of the Company. Holders of outstanding and unexercised warrants to purchase Maple Leaf Common Shares received an amount in cash equal to the excess of $640.00 over $370.00, the exercise price of such warrants. Goodwill of $9.2 million, which is recorded on the balance sheet, arising from the acquisition consisted largely of synergies and the cost savings resulting from the combining of the entities. The goodwill was determined not to be deductible for income tax purposes. The following table summarizes the consideration paid for Maple Leaf and the amounts of the assets acquired and liabilities assumed on the closing date of the acquisition.
(In Thousands of Dollars) |  |  |
Consideration |  |  |
Cash | $ | 20,423 |
Stock |  | 22,554 |
Fair value of total consideration transferred | $ | 42,977 |
Fair value of assets acquired |  |  |
Cash and due from financial institutions | $ | 12,287 |
Securities available for sale |  | 28,038 |
Loans |  | 181,280 |
Premises and equipment |  | 229 |
Core deposit intangible |  | 725 |
Other assets |  | 6,398 |
Total assets |  | 228,957 |
Fair value of liabilities assumed |  |  |
Deposits |  | 183,251 |
Long-term borrowings |  | 7,946 |
Accrued interest payable and other liabilities |  | 4,015 |
Total liabilities | $ | 195,212 |
Net assets acquired |  | 33,745 |
Goodwill created |  | 9,232 |
Total net assets acquired | $ | 42,977 |
The following table presents pro forma information as if the Maple Leaf acquisition that occurred during January 2020 actually took place at the beginning of 2019. The pro forma information includes adjustments for merger related costs, amortization of intangibles arising from the transaction and the related income tax effects. 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 Sept. 30, |  |  | For Nine Months Ended Sept. 30, |
(In thousands of dollars except per share results) | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Net interest income | $ | 24,165 |  |  | $ | 22,912 |  |  | $ | 70,568 |  |  | $ | 67,677 |
Net income | $ | 10,869 |  |  | $ | 9,390 |  |  | $ | 30,539 |  |  | $ | 26,794 |
Basic earnings per share | $ | 0.39 |  |  | $ | 0.34 |  |  | $ | 1.08 |  |  | $ | 0.97 |
Diluted earnings per share | $ | 0.38 |  |  | $ | 0.34 |  |  | $ | 1.07 |  |  | $ | 0.96 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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