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Subsequent Events | 12 Months Ended
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Dec. 31, 2014
Subsequent Events [Abstract] |
Subsequent Events | NOTE 24—SUBSEQUENT EVENTS On September 11, 2014, FCBC and TCNB Financial Corp. (“TCNB”) issued a press release announcing the signing of an Agreement and Plan of Merger (the “Merger Agreement”) by and among FCBC, FC Merger Corp. (“Merger Corp.”), a newly-formed Ohio corporation and wholly-owned subsidiary of FCBC, and TCNB pursuant to which FCBC will acquire TCNB and its wholly-owned subsidiary, The Citizens National Bank of Southwestern Ohio (“Citizens National”). Under the terms of the Merger Agreement, FCBC has agreed to pay $23.50 in cash for each of the 733,000 outstanding TCNB common shares. In addition, FCBC has agreed to cash out all of the 3,500 outstanding TCNB stock options for an amount equal to the difference between $23.50 per share and the exercise price of the stock options. The aggregate cash consideration to be paid by FCBC in respect of the outstanding TCNB common shares and the cash-out of outstanding TCNB stock options is approximately $17.2 million. It is anticipated that Citizens National will be merged with and into Citizens upon completion of the transaction. At that time, Citizens National’s three banking offices located in Dayton, Ohio will become branches of Citizens. As of December 31, 2014, TCNB and Citizens National had total consolidated assets of $102.5 million, total loans of $78.2 million and total deposits of $90.4 million. First Citizens has received regulatory approval of the merger from the Board of Governors of the Federal Reserve System and the Ohio Department of Financial Institutions and the shareholders of TCNB have also approved the merger. The transaction closed at the close of business of March 6, 2015. Management is still in the process of determining the fair value adjustments that will be applied as part of the business combination accounting. As such, neither the selected pro forma balance sheet information nor the selected pro forma income statement information presented as follows includes the impact of fair value adjustments. First Citizens Banc Corp and TCNB Financial Corp Pro Forma Selected Balance Sheet Items (unaudited)
|  | 2014 |  |  | 2013 |
ASSETS |  |  |  |  |  |  |  |
Cash and due from financial institutions |  | $ | 22,898 |  |  | $ | 27,481 |
Securities available for sale |  |  | 205,819 |  |  |  | 208,082 |
Loans, net of allowance |  |  | 978,802 |  |  |  | 921,597 |
Premises and equipment, net |  |  | 16,285 |  |  |  | 18,317 |
LIABILITIES |  |  |  |  |  |  |  |
Total deposits |  |  | 1,059,286 |  |  |  | 1,032,755 |
Federal Home Loan Bank advances |  |  | 62,589 |  |  |  | 37,726 |
Securities sold under agreements to repurchase |  |  | 21,613 |  |  |  | 20,053 |
Subordinated debentures |  |  | 29,427 |  |  |  | 29,427 |
SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Total shareholders’ equity |  |  | 114,548 |  |  |  | 126,294 |
First Citizens Banc Corp and TCNB Financial Corp Pro Forma Condensed Income Statement (unaudited)
|  | 2014 |  |  | 2013 |
Total interest and dividend income |  |  | 50,597 |  |  |  | 49,668 |
Total interest expense |  |  | 4,440 |  |  |  | 5,280 |
Net interest income |  |  | 46,157 |  |  |  | 44,388 |
Provision for loan losses |  |  | 1,535 |  |  |  | 1,180 |
Net interest income after provision for loan losses |  |  | 44,622 |  |  |  | 43,208 |
Total noninterest income |  |  | 14,316 |  |  |  | 12,506 |
Total noninterest expense |  |  | 45,220 |  |  |  | 46,833 |
Income before income taxes |  |  | 13,718 |  |  |  | 8,881 |
Income taxes |  |  | 3,483 |  |  |  | 1,710 |
Net income |  |  | 10,235 |  |  |  | 7,171 |
Preferred stock dividends and discount accretion |  |  | 1,873 |  |  |  | 1,159 |
Net income available to common shareholders |  | $ | 8,362 |  |  | $ | 6,012 |
Earnings per common share, basic |  | $ | 1.08 |  |  | $ | 0.78 |
Earnings per common share, diluted |  | $ | 0.91 |  |  | $ | 0.77 |

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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