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Business Combinations (Tables) | 12 Months Ended
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Dec. 31, 2021
Pro Forma Information | The unaudited pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transaction been effective on the assumed date.
|  | 2021 |  |  | 2020 |
Net interest income |  | $ | 130,005 |  |  | $ | 120,651 |
Provision for credit losses |  |  | 10,893 |  |  |  | 10,675 |
Noninterest income |  |  | 45,393 |  |  |  | 43,661 |
Noninterest expense |  |  | 94,236 |  |  |  | 93,045 |
Income before income taxes |  |  | 70,269 |  |  |  | 60,592 |
Income tax expense |  |  | 11,299 |  |  |  | 33,818 |
Net income |  | $ | 58,970 |  |  | $ | 50,602 |
Basic earnings per share |  | $ | 1.75 |  |  | $ | 1.50 |
Diluted earnings per share |  | $ | 1.74 |  |  | $ | 1.49 |
Cortland Bank |
Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed | The following table summarizes the consideration paid for Cortland and the amounts of the assets acquired and liabilities assumed on the closing date of the acquisition.
Consideration |  |  |  |
Cash |  | $ | 29,618 |
Stock |  |  | 98,921 |
Fair value of total consideration transferred |  | $ | 128,539 |
Fair value of assets acquired |  |  |  |
Cash and cash equivalents |  | $ | 113,391 |
Securities available for sale |  |  | 130,574 |
Other investments |  |  | 16,092 |
Loans |  |  | 482,168 |
Premises and equipment |  |  | 12,644 |
Bank owned life insurance |  |  | 21,547 |
Core deposit intangible |  |  | 5,886 |
Current and deferred taxes |  |  | 3,135 |
Other assets |  |  | 7,805 |
Total assets acquired |  |  | 793,242 |
Fair value of liabilities assumed |  |  |  |
Deposits |  |  | 695,274 |
Short-term borrowings |  |  | 4,246 |
Long-term borrowings |  |  | 4,262 |
Accrued interest payable and other liabilities |  |  | 9,386 |
Total liabilities |  |  | 713,168 |
Net assets acquired |  | $ | 80,074 |
Goodwill created |  |  | 48,465 |
Total net assets acquired |  | $ | 128,539 |
Maple Leaf |
Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed | 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.
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 |  | $ | 18,219 |
Securities available for sale |  |  | 69,547 |
Loans |  |  | 181,280 |
Premises and equipment |  |  | 229 |
Core deposit intangible |  |  | 725 |
Other assets |  |  | 6,398 |
Total assets acquired |  |  | 276,398 |
Fair value of liabilities assumed |  |  |  |
Deposits |  |  | 183,251 |
Long-term borrowings |  |  | 54,487 |
Accrued interest payable and other liabilities |  |  | 3,257 |
Total liabilities |  |  | 240,995 |
Net assets acquired |  | $ | 35,403 |
Goodwill created |  |  | 7,574 |
Total net assets acquired |  | $ | 42,977 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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