XML 33 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1

Business Combinations (Tables)

3 Months Ended

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

X

- References

No definition available.

+ Details

Name:	us-gaap_BusinessCombinationsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration