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Acquisition of New Windsor Bancorp, Inc. (Tables) | 9 Months Ended
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Sep. 30, 2018
Business Combinations [Abstract] |
Purchase price consideration in common stock | The following table summarizes the consideration paid for New Windsor and the fair value of assets acquired and liabilities assumed as of the acquisition date: Purchase Price Consideration in Common Stock
New Windsor shares outstanding |  | 1,003,703 |
Shares paid cash consideration |  | 150,555 |
Cash consideration (per New Windsor share) |  | $ | 30.00 |
Cash portion of purchase price |  | $ | 4,519,995 |
New Windsor shares outstanding |  | 1,003,703 |
Shares paid stock consideration |  | 853,148 |
Exchange ratio |  | 1.10 |
Total ACNB shares issued |  | 938,360 |
ACNB’s share price for purposes of calculation |  | $ | 30.50 |
Equity portion of purchase price |  | $ | 28,619,980 |
Cost of shares owned by buyer |  | $ | 150,000 |
Total consideration paid |  | $ | 33,289,975 |
Allocation of Purchase Price |  | In thousands |  |
Total Purchase Price |  |  |  | $ | 33,290 |
Fair Value of Assets Acquired |  |  |  |
Cash and cash equivalents |  | 10,964 |  |  |
Investment securities |  | 21,624 |  |  |
Loans held for sale |  | 1,463 |  |  |
Loans |  | 263,450 |  |  |
Restricted stock |  | 486 |  |  |
Premises and equipment |  | 8,624 |  |  |
Core deposit intangible asset |  | 2,418 |  |  |
Other assets |  | 10,792 |  |  |
Total assets |  | 319,821 |  |  |
Fair Value of Liabilities Assumed |  |  |  |
Non-interest bearing deposits |  | 80,006 |  |  |
Interest bearing deposits |  | 213,327 |  |  |
Subordinated debt |  | 4,688 |  |  |
Other liabilities |  | 1,782 |  |  |
Total liabilities |  | 299,803 |  |  |
Net Assets Acquired |  |  |  | 20,018 |
Goodwill Recorded in Acquisition |  |  |  | $ | 13,272 |
Fair value adjustments | The table below illustrates the fair value adjustments made to the amortized cost basis in order to present a fair value of the loans acquired. The credit adjustment on purchased credit impaired loans is derived in accordance with ASC 310-30 and represents the portion of the loan balances that has been deemed uncollectible based on the Corporation’s expectations of future cash flows for each respective loan.
In thousands |  |
Gross amortized cost basis at July 1, 2017 |  | $ | 272,646 |
Interest rate fair value adjustment on pools of homogeneous loans |  | (731 | )
Credit fair value adjustment on pools of homogeneous loans |  | (4,501 | )
Credit fair value adjustment on purchased credit impaired loans |  | (3,964 | )
Fair value of acquired loans at July 1, 2017 |  | $ | 263,450 |
Acquired purchased credit impaired loans receivable | The following table presents the acquired purchased credit impaired loans receivable at the Acquisition Date:
In thousands |  |
Contractual principal and interest at acquisition |  | $ | 13,439 |
Nonaccretable difference |  | (5,651 | )
Expected cash flows at acquisition |  | 7,788 |
Accretable yield |  | (1,458 | )
Fair value of purchased impaired loans |  | $ | 6,330 |

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- Definition Tabular disclosure of the reconciliation of contractual cash flows to the carrying amount relating to certain loans acquired in a transfer. + References No definition available. + Details
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- Definition Tabular disclosure of the equity interest issued or issuable in a business acquisition (or series of individually immaterial business acquisitions) planned, initiated, or completed during the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (b)(4) -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479 + 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://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=84161108&loc=d3e4845-128472 + Details
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