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Acquisition of UpState New York Bancorp, Inc. and USNY Bank. (Tables) | 9 Months Ended
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Sep. 30, 2021
Acquisition of UpState New York Bancorp, Inc. and USNY Bank. [Abstract] |
Summary of Purchase | (Dollars in Thousands, Except Per Share Data) Purchase Price Consideration in Common StockUpState common shares settled for stock 1,987,206 Exchange Ratio 0.9390 Norwood Financial Corp shares issued 1,865,738 Value assigned to each Norwood Financial Corp common share$ 24.30 Purchase price assigned to UpState common shares $ 45,337 exchanged for Norwood Financial Corp shares Purchase Price Consideration - Cash for Common Stock UpState shares exchanged for cash, excluding fractional shares 220,794 Purchase price paid to each UpState common share exchanged for cash$ 33.33 Purchase price assigned to UpState common shares exchanged for cash $ 7,359Purchase price additional cash consideration per share 1,479Purchase price consideration - Cash-in-lieu of Fractional Shares 6Total Purchase Price $ 54,181 Net Assets Acquired: UpState shareholders' equity$ 44,803 UpState goodwill and intangibles - Total tangible equity 44,803 Adjustments to reflect assets acquired at fair value: Investments (112) Loans Interest rate 3,982 General credit (10,529) Specific credit - non-amortizing (5,213) Specific credit - amortizing (1,724) Core deposit intangible 409 Deferred loan fees (812) Premises and equipment (1,211) Allowance for loan and lease losses 5,982 Deferred tax assets 3,730 Other (48) Adjustments to reflect liabilities acquired at fair value: Deposits (3,011) Net assets acquired 36,246Goodwill resulting from merger $ 17,935
Schedule of Business Acquisitions, by Acquisition | (In Thousands) Total purchase price $ 54,181 Net assets acquired: Cash$ 24,037 Securities available for sale 13,836 Loans 405,221 Premises and equipment, net 4,318 Regulatory stock 2,487 Accrued interest receivable 1,426 Core deposit intangible 564 Other assets 5,398 Deposits (414,370) Accrued interest payable (175) Other liabilities (6,496) Total identifiable net assets acquired 36,246 Goodwill resulting from UpState Merger $ 17,935
Future Amortization Expense | (In thousands) 2021$172022 632023 562024 482025 41After five years 93 $318

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