ACQUISITION OF MADISON FINANCIAL CORPORATION (Tables)

12 Months Ended

Dec. 31, 2016

ACQUISITION OF MADISON FINANCIAL CORPORATION

Schedule of valuation of the fair value of tangible and intangible assets acquired and liabilities assumed

Based on management’s valuation of the fair value of tangible and intangible assets acquired and liabilities assumed, the purchase price for the Madison Financial Corporation acquisition is allocated as follows (in thousands):

Cash and cash equivalents	$	3,517
Interest-bearing deposits in other financial institutions		2,979
Securities available for sale		27,704
Loans		77,729
Federal Home Loan Bank Stock		1,053
Accrued interest receivable		309
Premises and equipment		789
Other real estate		445
Deferred tax assets		624
Core deposit intangible asset		800
Other assets		116
Total assets acquired	$	116,065
Deposits	$	95,823
Other borrowings		6,245
Accrued interest payable		59
Other liabilities		817
Total liabilities assumed	$	102,944
Liquidation amount of preferred stock including unpaid dividends and interest		6,066
Total identifiable net assets	$	7,055
Goodwill		884
	$	7,939