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ACQUISITION OF FNB (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2015
Business Acquisition [Line Items] |
Summarizes the purchase of FNB | The following table summarizes the purchase of FNB as of December 11, 2015:
(In Thousands, Except Per Share Data) |  |
Purchase Price Consideration in Common Stock |  |
Citizens Financial Services, Inc. shares issued | 336,515 |
Value assigned to Citizens Financial Services, Inc. common share | $ 47.50 |
Purchase price assigned to FNB common shares exchanged for Citizens Financial Services, Inc. |  | $ 15,984
Purchase Price Consideration - Cash for Common Stock |  |
Purchase price assigned to The First National Bank of Fredericksburg common shares exchanged for cash |  | 5,619
Total Purchase Price |  | 21,603
Net Assets Acquired: |  |
The First National Bank of Fredericksburg shareholders’ equity | $ 12,298 |
Adjustments to reflect assets acquired at fair value: |  |
Loans |  |
Interest rate | 31 |
General credit | (1,362) |
Specific credit - non-amortizing | (2,495) |
Specific credit - amortizing | (665) |
Core deposit intangible | 1,641 |
Covenant not to compete | 125 |
Premises and equipment | 1,203 |
Leased premises contracts | (359) |
Other assets | (358) |
Deferred tax assets | 785 |
Adjustments to reflect liabilities acquired at fair value: |  |
Time deposits | (74) |
|  | 10,770
Goodwill resulting from merger |  | $ 10,833
Schedule of asset acquired and liability assumed | The following condensed statement reflects the amounts recognized as of the acquisition date for each major class of asset acquired and liability assumed:
(In Thousands) |  |  |
Total purchase price |  |  |  | $ 21,603
Assets (liabilities) acquired: |  |  |  |
Cash and cash equivalents |  | $ 83,514 |  |
Interest bearing time deposits with other banks |  | 1,236 |  |
Securities available for sale |  | 23,831 |  |
Loans |  | 115,211 |  |
Premises and equipment, net |  | 4,743 |  |
Accrued interest receivable |  | 282 |  |
Bank-owned life insurance |  | 4,598 |  |
Intangibles |  | 1,981 |  |
Deferred tax asset |  | 2,979 |  |
Other assets |  | 2,332 |  |
Time deposits |  | (42,675) |  |
Deposits other than time deposits |  | (182,555) |  |
Accrued interest payable |  | (14) |  |
Other liabilities |  | (4,693) |  |
|  |  |  | 10,770
Goodwill resulting from the FNB merger |  |  |  | $ 10,833
Schedule of future amortization expense for core deposit intangible and MSR | The following table provides the current year and estimated future amortization expense for amortized intangible assets. We based our projections of amortization expense shown below on existing asset balances at December 31, 2015. Future amortization expense may vary from these projections (in thousands):
| MSRs | Core deposit intangibles | Covenant not to compete | Total
Year ended December 31, 2015 (actual) | $ 129 | $ 25 | $ 2 | $ 156
Estimate for year ended December 31, |  |  |  |
2016 | 173 | 296 | 31 | 500
2017 | 142 | 266 | 31 | 439
2018 | 113 | 236 | 31 | 380
2019 | 88 | 206 | 30 | 324
2020 | 66 | 177 | — | 243
Summary of integration costs and amortization of fair value adjustments | Merger and acquisition integration costs and amortization of fair value adjustments are included in the numbers below.
|  | Pro Formas
| Actual from Acquisition Date Through December 31, 2015 |  | Twelve Months Ended December 31,
(In Thousands, Except Per Share Data) |  | 2015 | 2014
Net interest income | $ 401 |  | $ 37,736 | $ 37,634
Non-interest income | 21 |  | 8,576 | 8,184
Net income | (22) |  | 8,640 | 14,019
Pro forma earnings per share: |  |  |  |
Basic |  |  | $ 2.57 | $ 4.15
Diluted |  |  | $ 2.57 | $ 4.15

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