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Acquisition of IA Bancorp, Inc. (Tables)

6 Months Ended

Jun. 30, 2018

Acquisition of IA Bancorp, Inc. [Abstract]

Summary of Acquisition, Consideration Paid and Fair Value of Assets Acquired and Liabilities Assumed


	Estimated Fair Value
	At June 30, 2018
	(in thousands)
Consideration paid:
Common stock issued in acquisition	$	9,952
Cash paid for exchange of IAB shares		2,550
Preferred stock		7,453
Total consideration paid		19,955

Assets acquired:
Cash and cash equivalents		7,597
Investment securities available for sale		13,811
Restricted investment in bank stocks		1,163
Loans		182,527
Premises and equipment, net		2,834
Other real estate owned, net		328
Accrued interest receivable		612
Core deposit intangible		430
Deferred tax asset		5,212
Other assets		1,273
Total assets acquired		215,787

Liabilities assumed:
Deposits		178,436
Borrowings		20,015
Accrued interest payable		120
Other liabilities		2,542
Total liabilities assumed		201,113
Net assets acquired		14,674

Goodwill recorded in acquisition	$	5,281

Summary of Fair Value Adjustments of Loans Acquired


	At June 30, 2018
	(in thousands)

Gross principal balance	$	191,997
Fair value adjustment on pools of homogeneous loans		(5,895)
Fair value adjustment on acquired impaired loans		(3,575)
Fair value of acquired loans	$	182,527

Summary of Credit Adjusment on Acquired Impaired Loans


	At June 30, 2018
	(in thousands)

Contractually required principal and interest at acquisition	$	21,177
Contractual cash flows not expected to be collected (non-accretable
discount, includes principal and interest)		(4,892)
Expected cash flows at acquisition		16,285
Interest component of expected cash flows (accretable discount)		(1,399)
Fair value of loans acquired accounted for under ASC 310-30		14,886

Schedule of Combined Pro Forma Information


		IAB Actual from			Pro forma Combined			Pro forma Combined
		April 17, 2018 to			Six Months Ended			Six Months Ended
		June 30, 2018			June 30, 2018			June 30, 2017
		(in thousands, except for share data)

Interest income	$	2,195		$	49,740		$	42,821
Interest Expense		519			10,942			9,109
Provision for loan losses		-			3,402			1,274
Non-interest income		99			5,089			4,574
Non-interest expense		1,385			29,948			27,052
Income Taxes		118			3,208			3,969
Net Income		272			7,329			5,991

Earnings per diluted share	$	0.01		$	0.45		$	0.50