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Business Combination and Asset Purchase (Tables) | 6 Months Ended
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Jun. 30, 2019
Business Combinations [Abstract] |
Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed Recognized | The following table summarizes the consideration paid for Bank of Geneva and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date.
Fair Value of Consideration Transferred |  |  |  |
|  | (In Thousands) |
Cash |  | $ | 8,465 |
Common Shares (1,830,000 shares) |  |  | 70,437 |
Total |  | $ | 78,902 |
Recognized amounts of identifiable assets acquired and liabilities assumed |  |  |  |
Assets |  |  |  |
Cash and cash equivalents |  | $ | 6,376 |
Securities - available-for-sale |  |  | 17,494 |
Other securities, at cost |  |  | 2,347 |
Loans, net |  |  | 257,183 |
Premises and equipment |  |  | 2,538 |
Goodwill |  |  | 43,266 |
Other assets |  |  | 7,176 |
Total Assets Purchased |  | $ | 336,380 |
Liabilities |  |  |  |
Deposits |  |  |  |
Noninterest bearing |  | $ | 37,822 |
Interest bearing |  |  | 168,312 |
Total deposits |  |  | 206,134 |
Federal Home Loan Bank (FHLB) advances |  |  | 48,196 |
Accrued expenses and other liabilities |  |  | 3,148 |
Total Liabilities Assumed |  | $ | 257,478 |
Summary of Carrying Amount of Loans | The carrying amount of those loans is included in loans, net on the balance sheet at June 30, 2019. The amounts of loans at June 30, 2019 are as follows:
|  | 2019 |
|  | (In Thousands) |
Balance - January 1, 2019 |  |  |  |
Commercial |  | $ | 4,094 |
Consumer RE |  |  | 231 |
Consumer |  |  | 71 |
Carrying amount, net of allowance of $2,118 |  | $ | 2,278 |
Balance - June 30, 2019 |  |  |  |
Commercial |  | $ | 117 |
Consumer RE |  |  | 73 |
Consumer |  |  | 32 |
Carrying amount, net of allowance of $96 |  | $ | 126 |
Summary of Loans Acquired and Contractually Required Payments Receivable | Loans acquired during 2019 for which it was probable at acquisition that all contractually required payments would not be collected are as follows:
|  | (In Thousands) |
Contractually required payments receivable at acquisition |  |  |  |
Commercial |  | $ | 4,215 |
Consumer RE |  |  | 261 |
Consumer |  |  | 94 |
Total required payments receivable |  | $ | 4,570 |
Cash flows expected to be collected at acquisition |  | $ | 2,788 |
Basis in acquired loans at acquisition |  | $ | 4,396 |
Summary of Changes in Accretable Yield or Income Expected to be Collected | Changes in accretable yield, or income expected to be collected, are as follows:
|  | Three Months Ended June 30, 2019 |  |  | Six Months Ended June 30, 2019 |
|  | (In Thousands) |  |  | (In Thousands) |
Beginning Balance |  | $ | 2,436 |  |  | $ | 2,544 |
Additions |  |  | 5 |  |  |  | 6 |
Accretion |  |  | (110 | ) |  |  | (219 | )
Reclassification from nonaccretable difference |  |  | - |  |  |  | - |
Disposals |  |  | (2 | ) |  |  | (2 | )
Ending Balance |  | $ | 2,329 |  |  | $ | 2,329 |
Schedule of Pro-forma Results | The following schedule includes pro-forma results for the three and six months ended June 30, 2019 and 2018 as if the Bank of Geneva acquisitions had occurred as of the beginning of the comparable prior reporting period.
|  | (in thousands of dollars, except per share data) |  |  | (in thousands of dollars, except per share data) |
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, 2019 |  |  | June 30, 2018 |  |  | June 30, 2019 |  |  | June 30, 2018 |
Summary of Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Interest Income - Before Provision for Loan Losses |  | $ | 14,534 |  |  | $ | 15,079 |  |  | $ | 27,311 |  |  | $ | 27,718 |
Provision for Loan Losses |  |  | 133 |  |  |  | 252 |  |  |  | 163 |  |  |  | 397 |
Net Interest Income After Provision for Loan Losses |  |  | 14,401 |  |  |  | 14,827 |  |  |  | 27,148 |  |  |  | 27,321 |
Noninterest Income |  |  | 2,981 |  |  |  | 2,965 |  |  |  | 5,676 |  |  |  | 5,727 |
Noninterest Expense |  |  | 9,753 |  |  |  | 9,373 |  |  |  | 19,977 |  |  |  | 18,719 |
Income Before Income Taxes |  |  | 7,629 |  |  |  | 8,419 |  |  |  | 12,847 |  |  |  | 14,329 |
Income Taxes |  |  | 1,480 |  |  |  | 1,632 |  |  |  | 2,445 |  |  |  | 2,740 |
Net Income |  | $ | 6,149 |  |  | $ | 6,787 |  |  | $ | 10,402 |  |  | $ | 11,589 |
Basic and Diluted Earnings Per Share |  | $ | 0.56 |  |  | $ | 0.61 |  |  | $ | 0.94 |  |  | $ | 1.04 |
Amortization Expense of Core Deposit Intangible Assets |
|  | (In Thousands) |  |  | (In Thousands) |  |  | (In Thousands) |
|  | Custar |  |  | Geneva |  |  | Total |
2019 |  | $ | 167 |  |  | $ | 560 |  |  | $ | 727 |
2020 |  |  | 161 |  |  |  | 560 |  |  |  | 721 |
2021 |  |  | - |  |  |  | 560 |  |  |  | 560 |
2022 |  |  | - |  |  |  | 560 |  |  |  | 560 |
2023 |  |  | - |  |  |  | 560 |  |  |  | 560 |
2024 |  |  | - |  |  |  | 560 |  |  |  | 560 |
2025 |  |  | - |  |  |  | 560 |  |  |  | 560 |
|  | $ | 328 |  |  | $ | 3,920 |  |  | $ | 4,248 |

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