Merger (Tables)

9 Months Ended

Sep. 30, 2015

Schedule of Financial Information for Former TCNB Included in Consolidated Statement of Income

The following table presents financial information for the former TCNB included in the Consolidated Statements of Income from the date of acquisition through September 30, 2015 and for the three-month period ended September 30, 2015.


	Actual From Acquisition Date Through September 30, 2015 (in thousands)		For the Three-Month Period Ended September 30, 2015 (in thousands)
Net interest income after provision for loan losses	$	2,291	$	987
Noninterest income		71		—
Net income		859		396

Business Acquisition Pro Forma Information

The following table presents pro forma information for the nine and three-month periods ended September 30, 2015 and 2014 as if the acquisition of TCNB had occurred on January 1, 2014. This table has been prepared for comparative purposes only and is not indicative of the actual results that would have been attained had the acquisition occurred as of the beginning of the periods presented, nor is it indicative of future results.


	Pro Formas				Pro Formas
	Nine months ended September 30,				Three months ended September 30,
	2015		2014		2015		2014
Net interest income after provision for loan losses	$	36,951	$	32,799	$	12,974	$	30,677
Noninterest income		11,624		11,376		3,076		3,093
Net income		9,645		7,820		3,599		2,418
Pro forma earnings per share:
Basic	$	1.13	$	0.88	$	0.41	$	0.26
Diluted	$	0.88	$	0.69	$	0.33	$	0.22

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for TCNB. Core deposit intangibles will be amortized over periods of between five and ten years using an accelerated method. Goodwill will not be amortized, but instead will be evaluated for impairment.


	At March 6, 2015
Total purchase price				$	17,226

Net assets acquired:
Cash and short-term investments		18,152
Loans, net		76,444
Other securities		716
Premises and equipment		1,738
Accrued interest receivable		194
Core deposit intangible		1,009
Other assets		472
Noninterest-bearing deposits		(18,263	)
Interest-bearing deposits		(68,606	)
Other liabilities		(5	)
					11,851

Goodwill				$	5,375