Acquisition of Sierra Vista Bank (Tables)

12 Months Ended

Dec. 31, 2016

The following table presents pro forma results of operations information for the periods presented as if the acquisition had occurred on January 1, 2015 after giving effect to certain adjustments. The unaudited pro forma results of operations for the years ended December 31, 2016 and 2015 include the historical accounts of the Company and Sierra Vista 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 2015. 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,
	2016			2015
Net interest income	$	50,491		$	46,499
Provision for credit losses	(5,750		)	645
Non-interest income	9,930			9,912
Non-interest expense	47,350			40,971
Income before provision for income taxes	18,821			14,795
Provision for income taxes	5,817			3,101
Net income	$	13,004		$	11,694
Net income available to common shareholders	$	13,004		$	11,694
Basic earnings per common share	$	1.15		$	1.07
Diluted earnings per common share	$	1.14		$	1.06

Schedule of Assets Acquired and Liabilities Assumed

The following table summarizes the consideration paid for Sierra Vista Bank and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date (in thousands):



Merger consideration:
Cash	$	9,468
Common stock issued	16,793
Fair Value of Total Consideration Transferred	$	26,261

Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents	$	22,709
Loans, net	122,533
Core deposit intangible	508
Premises and equipment	586
Federal Home Loan Bank stock	771
Deferred taxes and taxes receivable	4,417
Bank owned life insurance	2,664
Other assets	966
Total assets acquired	155,154
Deposits	138,236
Deposit premium	142
Other liabilities	829
Total liabilities assumed	139,207
Total identifiable net assets	15,947
Goodwill	$	10,314