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Business Combinations (Tables)

12 Months Ended

Dec. 31, 2023

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.

		2022
Net interest income		$	168,692
Provision for credit losses			17,246
Noninterest income			47,206
Noninterest expense			137,930
Income before income taxes			60,722
Income tax expense			10,007
Net income		$	50,715
Basic earnings per share		$	1.34
Diluted earnings per share		$	1.33

Cortland Bank

Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed

The following table summarizes the consideration paid for Emclaire and the amounts of the assets acquired and liabilities assumed on the closing date of the acquisition.

Consideration
Cash		$	33,440
Stock			59,202
Fair value of total consideration transferred		$	92,642
Fair value of assets acquired
Cash and cash equivalents		$	20,265
Securities available for sale			126,970
Other investments			7,795
Loans, net			740,659
Premises and equipment			14,808
Bank owned life insurance			22,485
Core deposit intangible			19,249
Current and deferred taxes			17,708
Other assets			7,682
Total assets acquired			977,621
Fair value of liabilities assumed
Deposits			875,813
Short-term borrowings			75,000
Accrued interest payable and other liabilities			7,104
Total liabilities			957,917
Net assets acquired		$	19,704
Goodwill created			72,938
Total net assets acquired		$	92,642

X

- 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/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
-SubTopic 10
-Topic 805
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479328/805-10-50-2

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(3)
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-Topic 805
-Publisher FASB
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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

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-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Paragraph 1
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-Publisher FASB
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