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ACQUISITION (Tables) | 12 Months Ended
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Dec. 31, 2014
Business Combinations [Abstract] |
Fair Values of Assets Acquired, Liabilities Assumed, and Consideration Paid | The merger with Eaton National was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration paid were recorded at their estimated fair values as of the merger date, as summarized in the following table (in thousands):
Consideration Paid: |
Cash paid to shareholder | $ | 24,750 |
Identifiable Assets Acquired: |  |
Cash and cash equivalents | 15,635 |
Investment securities: |  |
Available-for-sale | 35,859 |
Federal Reserve Bank stock | 41 |
Federal Home Loan Bank stock | 784 |
Loans | 115,944 |
Premises and equipment | 1,314 |
Bank owned life insurance | 3,618 |
Core deposit intangible | 2,466 |
Other real estate owned | 262 |
Other assets | 1,624 |
Total identifiable assets acquired | 177,547 |
Liabilities Assumed: |  |
Deposits | 165,335 |
Short-term borrowings | 651 |
Other liabilities | 263 |
Total liabilities assumed | 166,249 |
Total Identifiable Net Assets Acquired | 11,298 |
Goodwill resulting from merger | $ | 13,452 |
The merger with First Capital was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration paid were recorded at their estimated fair values as of the merger date, as summarized in the following table (in thousands):
Consideration Paid: |
Common shares issued (888,811) | $ | 12,354 |
Cash paid to shareholders | 7,828 |
Total value of consideration paid | 20,182 |
Identifiable Assets Acquired: |  |
Cash and cash equivalents | 17,632 |
Investment securities: |  |
Available-for-sale | 21,606 |
Held-to-maturity | 384 |
Federal Reserve Bank stock | 157 |
Federal Home Loan Bank stock | 763 |
Loans | 98,904 |
Premises and equipment | 3,949 |
Bank owned life insurance | 3,687 |
Core deposit intangible | 2,574 |
Other real estate owned | 127 |
Deferred income taxes | 185 |
Other assets | 1,380 |
Total identifiable assets acquired | 151,348 |
Liabilities Assumed: |  |
Deposits | 136,823 |
Long-term debt | 1,792 |
Other liabilities | 822 |
Total liabilities assumed | 139,437 |
Total Identifiable Net Assets Acquired | 11,911 |
Goodwill resulting from merger | $ | 8,271 |
Results of Operations are Included in Consolidated Statement of Income from the Date of Merger | The results of operations are included in the consolidated statement of income from the dates of the mergers. The estimated amount of Eaton National's revenue (net interest income plus non-interest income) and net income, excluding merger and data conversion costs, included in LCNB's consolidated statement of income for 2014 were as follows (in thousands):
Total revenue | $ | 6,608 |
Net income | 2,997 |
Acquired Entity's Estimated Pro Forma Financial Information | The following table presents unaudited pro forma information as if the merger with Eaton National had occurred on January 1, 2012 (in thousands). This pro forma information gives effect to certain adjustments, including purchase accounting fair value adjustments, amortization of the core deposit intangible, and related income tax effects. It does not include merger and data conversion costs. The pro forma information does not necessarily reflect the results of operations that would have occurred had the merger with First Capital occurred in 2012. In particular, expected operational cost savings are not reflected in the pro forma amounts.
| For Years Ended December 31,
| 2014 |  | 2013 |  | 2012
Total revenue | $ | 44,768 |  |  | 47,183 |  |  | 43,287 |
Net income | 10,275 |  |  | 10,670 |  |  | 10,668 |
Basic earnings per common share | 1.11 |  |  | 1.36 |  |  | 1.28 |
Diluted earnings per common share | 1.09 |  |  | 1.34 |  |  | 1.26 |

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- Definition Tabular disclosure of pro forma estimated revenue and net income from acquired entity included in acquirer's statement of income. + References No definition available. + Details
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- Definition This is the estimated revenue and income generated by the company acquired that is included in the acquiring company's income statement. + References No definition available. + Details
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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4845-128472 + Details
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