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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2018
Business Combinations [Abstract] |
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 |
The following table summarizes the consideration paid for FLB and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date (in thousands):
Merger consideration: |
Common stock issued | $ | 28,475 |
Fair Value of Total Consideration Transferred | $ | 28,475 |
Recognized amounts of identifiable assets acquired and liabilities assumed: |
Cash and cash equivalents | $ | 26,279 |
Loans, net | 117,815 |
Investments | 41,280 |
Core deposit intangible | 1,879 |
Premises and equipment | 561 |
Federal Home Loan Bank stock | 1,559 |
Deferred taxes and taxes receivable | 2,186 |
Bank owned life insurance | 3,997 |
Other assets | 592 |
Total assets acquired | 196,148 |
Deposits | 171,948 |
Deposit premium | 132 |
Short-term borrowings - Federal Home Loan Bank | 7,000 |
Other liabilities | 2,059 |
Total liabilities assumed | 181,139 |
Total identifiable net assets | 15,009 |
Goodwill | $ | 13,466 |
Pro Forma Results of Operations | The following table presents pro forma results of operations information for the periods presented as if the acquisitions had occurred on January 1, 2016 after giving effect to certain adjustments. The unaudited pro forma results of operations for the years ended December 31, 2017 and 2016 include the historical accounts of the Company, Folsom Lake Bank, 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 acquisitions been completed at the beginning of each respective year. 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,
|  | 2017 |  | 2016
Net interest income |  | $ | 61,059 |  |  | $ | 56,531 |
Provision for (reversal of) credit losses |  | (1,150 | ) |  | (5,800 | )
Non-interest income |  | 11,240 |  |  | 10,205 |
Non-interest expense |  | 51,415 |  |  | 52,131 |
Income before provision for income taxes |  | 22,034 |  |  | 20,405 |
Provision for income taxes |  | 9,168 |  |  | 6,381 |
Net income |  | $ | 12,866 |  |  | $ | 14,024 |
Net income available to common shareholders |  | $ | 12,866 |  |  | $ | 14,024 |
Basic earnings per common share |  | $ | 1.03 |  |  | $ | 1.24 |
Diluted earnings per common share |  | $ | 1.01 |  |  | $ | 1.23 |

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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/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + 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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