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Acquisitions and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Summary of Consideration Paid

The following table summarizes the consideration paid for the branch and the allocation to the assets acquired and liabilities assumed based on estimates of fair value at the acquisition date:

Assets
Cash			$	381,000
Loans & accrued interest			23,138,000
Premises and equipment			696,000
Prepaid expenses			10,000
Core deposit intangible			262,000
Goodwill			841,000
Liabilities
Deposits			$	19,261,000
Other liabilities			7,000

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- References

No definition available.

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- Definition

Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

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