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Acquisition of Visalia Community Bank Acquisition of Visalia Community Bank (Tables) | 12 Months Ended
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Dec. 31, 2014
Business Combinations [Abstract] |
Summary of consideration paid, assets acquired and liabilities assumed | The following table summarizes the consideration paid for Visalia Community Bank and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date (in thousands):
Merger consideration: |
Cash | $ | 11,050 |
Common stock issued | 12,727 |
Fair Value of Total Consideration Transferred | $ | 23,777 |
Recognized amounts of identifiable assets acquired and liabilities assumed: |
Cash and cash equivalents | $ | 51,985 |
Loans, net | 113,467 |
Investments | 14,818 |
Core deposit intangible | 1,365 |
Premises and equipment | 4,263 |
Federal Home Loan Bank stock | 698 |
Other real estate owned | 263 |
Deferred taxes and taxes receivable | 3,179 |
Bank owned life insurance | 6,786 |
Other assets | 797 |
Total assets acquired | 197,621 |
Deposits | 174,206 |
Other liabilities | 5,978 |
Total liabilities assumed | 180,184 |
Total identifiable net assets | 17,437 |
Goodwill | $ | 6,340 |
Pro Forma Results of Operations | The following table presents pro forma results of operations information for the periods presented as if the acquisition had occurred on January 1, 2012 after giving effect to certain adjustments. The pro forma results of operations for the years ended December 31, 2013 and 2012 include the historical accounts of the Company and Visalia Community Bank and pro forma adjustments as may be required, including the amortization of intangibles with definite lives and the amortization or accretion of any premiums or discounts arising from fair value adjustments for assets acquired and liabilities assumed. The pro forma information is intended for informational purposes only and is not necessarily indicative of the Company’s future operating results or operating results that would have occurred had the acquisition been completed at the beginning of 2012. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, expense efficiencies or asset dispositions. (In thousands, except per share amounts):
|  | For the Years Ended December 31,
|  | 2013 |  | 2012
Net interest income |  | $ | 36,773 |  |  | $ | 36,964 |
Provision for credit losses |  | 298 |  |  | 1,534 |
Non-interest income |  | 8,576 |  |  | 9,394 |
Non-interest expense |  | 36,917 |  |  | 35,531 |
Income before provision for income taxes |  | 8,134 |  |  | 9,293 |
Provision for income taxes |  | 783 |  |  | 1,625 |
Net income |  | $ | 7,351 |  |  | $ | 7,668 |
Preferred stock dividends and accretion |  | 350 |  |  | 350 |
Net income available to common shareholders |  | $ | 7,001 |  |  | $ | 7,318 |
Basic earnings per common share |  | $ | 0.68 |  |  | $ | 0.67 |
Diluted earnings per common share |  | $ | 0.68 |  |  | $ | 0.68 |

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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=25497992&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1486-128463 + Details
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