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Business Combinations (Tables) | 3 Months Ended
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Dec. 31, 2018
Business Combinations [Abstract] |
Schedule of Business Acquisitions | The table below presents the significant operating results of the acquired business since the October 1, 2018 merger date:
|  | Three Months Ended December 31, 2018
|  | (Dollars in thousands)
Interest income: Interest and fees on loans (1) |  | $ | 1,738 |
Interest income: Interest and dividends on investment securities and FHLB stock |  | 201 |
Interest income: Other interest earning assets |  | 100 |
Interest expense |  | (128 | )
Provision for loan losses |  | — |
Non-interest income |  | 139 |
Non-interest expense (2) |  | (860 | )
Net effect, pre-tax |  | $ | 1,190 |
As a result, actual amounts would have differed from the unaudited pro forma information presented.
| Unaudited Pro Forma Three Months Ended December 31,
| 2018 |  | 2017
| (Dollars in thousands except per share data)
Total revenues (net interest income plus non-interest income) | $ | 15,610 |  |  | $ | 14,362 |
Net income | 5,666 |  |  | 3,789 |
Basic net income per common share | 0.68 |  |  | 0.46 |
Diluted net income per common share | 0.67 |  |  | 0.45 |
The following table summarizes the fair value of consideration paid, the preliminary estimated fair values of assets acquired and liabilities assumed as of the acquisition date, and the resulting preliminary goodwill relating to the transaction:
| At October 1, 2018
| Book Value |  | Fair Value Adjustment |  | Estimated Fair Value
| (Dollars in thousands)
Total merger consideration |  |  |  |  | $ | 35,170 |
Recognized amounts of identifiable assets acquired and liabilities assumed |  |  |  |  |
Identifiable assets acquired: |  |  |  |  |
Cash and cash equivalents | $ | 21,187 |  |  | $ | — |  |  | 21,187 |
CDs held for investment | 2,973 |  |  | — |  |  | 2,973 |
FHLB stock | 205 |  |  | — |  |  | 205 |
Investment securities | 24,913 |  |  | (189 | ) |  | 24,724 |
Loans receivable | 123,627 |  |  | (2,083 | ) |  | 121,544 |
Premises and equipment | 3,225 |  |  | 112 |  |  | 3,337 |
OREO | 25 |  |  | — |  |  | 25 |
Accrued interest receivable | 554 |  |  | — |  |  | 554 |
BOLI | 2,629 |  |  | — |  |  | 2,629 |
CDI | — |  |  | 2,483 |  |  | 2,483 |
MSRs | 285 |  |  | (4 | ) |  | 281 |
Other assets | 883 |  |  | — |  |  | 883 |
Total assets | 180,506 |  |  | 319 |  |  | 180,825 |
Liabilities assumed: |  |  |  |  |
Deposits | 151,378 |  |  | 160 |  |  | 151,538 |
Other liabilities and accrued expenses | 3,087 |  |  | — |  |  | 3,087 |
Total liabilities assumed | 154,465 |  |  | 160 |  |  | 154,625 |
Total identifiable net assets acquired | $ | 26,041 |  |  | $ | 159 |  |  | 26,200 |
Preliminary goodwill recognized |  |  |  |  | $ | 8,970 |

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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://www.xbrl.org/2003/role/presentationRef -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://www.xbrl.org/2003/role/presentationRef -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 + Details
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