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ACQUISITION OF STATE COLLEGE BRANCH (Tables)

12 Months Ended

Dec. 31, 2019

ACQUISITION OF STATE COLLEGE BRANCH [Abstract]

Summarizes the Purchase Price of Branch

The following table summarizes the purchase of the branch as of December 8, 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

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						$	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

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- References

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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
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- Definition

Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=116869197&loc=d3e4845-128472

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