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ACQUISITION OF STATE COLLEGE BRANCH | 12 Months Ended
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Dec. 31, 2017
ACQUISITION OF STATE COLLEGE BRANCH [Abstract] |
ACQUISITION OF STATE COLLEGE BRANCH | 21. ACQUISITION OF STATE COLLEGE BRANCH In the second quarter of 2017, the Company announced the signing of a purchase and assumption agreement to acquire the full service branch in State College of S&T Bank. The transaction closed on December 8, 2017, and the Bank paid consideration of $1,044,000, which was based on the average deposit balances for the 30 days prior to the branch merging into First Citizens Community Bank. The acquisition established the Company's presence in the Centre County, Pennsylvania market. The acquired assets and assumed liabilities were measured at estimated fair values. Management made significant estimates and exercised significant judgment in accounting for the acquisition. Management measured loan fair values based on loan file reviews, appraised collateral values, expected cash flows, and historical loss factors of S&T. The Bank also recorded an identifiable intangible asset representing the core deposit base of the branch based on management's evaluation of the cost of such deposits relative to alternative funding sources. The business combination resulted in the acquisition of loans without evidence of credit quality deterioration. Loans without evidence of credit deterioration were fair valued by discounting both expected principal and interest cash flows using an observable discount rate for similar instruments that a market participant would consider in determining fair value. Additionally, consideration was given to management's best estimates of default rates and pre-payment speeds. The following table summarizes the purchase of the branch as of December 7, 2017:
(In Thousands) |  |  |  |  |  |
Purchase Price Consideration in cash |  |  |  |  | $ | 1,044 |
Net Assets Acquired for cash |  |  |  |  |  |  |
Loans, interest, PP&E less deposits, interest and escrow payable |  |  |  |  |  | 3,509 |
Total cash consideration |  |  |  |  |  | 4,553 |
Net Assets Acquired for cash |  | $ | 3,509 |  |  |  |  |
Adjustments to reflect assets acquired at fair value: |  |  |  |  |  |  |  |
Loans |  |  |  |  |  |  |  |
Interest rate |  |  | (522 | ) |  |  |  |
General credit |  |  | (740 | ) |  |  |  |
Core deposit intangible |  |  | 145 |  |  |  |  |
Adjustments to reflect liabilities acquired at fair value: |  |  |  |  |  |  |  |
Time deposits |  |  | (46 | ) |  |  |  |
Acquired net assets at fair value |  |  |  |  |  |  | 2,346 |
Goodwill resulting from acquisition |  |  |  |  |  | $ | 2,207 |
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 |  |  |  |  | $ | 4,553 |
Net assets acquired: |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 154 |  |  |  |  |
Loans |  |  | 39,847 |  |  |  |  |
Premises and equipment, net |  |  | 86 |  |  |  |  |
Accrued interest receivable |  |  | 74 |  |  |  |  |
Intangibles |  |  | 145 |  |  |  |  |
Deposits |  |  | (37,880 | ) |  |  |  |
Accrued interest payable |  |  | (29 | ) |  |  |  |
Other liabilities |  |  | (51 | ) |  |  |  |
|  |  |  |  |  |  | 2,346 |
Goodwill resulting from the branch acquisition |  |  |  |  |  | $ | 2,207 |
The Company recorded goodwill and other intangibles associated with the purchase of the branch totaling $2,352,000. Goodwill is not amortized, but is periodically evaluated for impairment. The Company did not recognize any impairment from December 8, 2017 to December 31, 2017. Identifiable intangibles are amortized to their estimated residual values over the expected useful lives. Such lives are also periodically reassessed to determine if any amortization period adjustments are required. For the period from December 8, 2017 to December 31, 2017, no such adjustments were recorded. The identifiable intangible assets consist of a core deposit intangible. See footnote 6 for additional information on the identifiable intangible assets.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References No definition available. + Details
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