Acquisitions (Tables)

9 Months Ended

Sep. 30, 2019

Fair Values of Assets Acquired, Liabilities Assumed, and Consideration Paid

The merger with CFB 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. The estimated fair values reported in LCNB's Form 10-Q for the quarterly period ended June 30, 2018 were preliminary, as the pricing study had not been finalized at that time.

The following table summarizes the preliminary balances at June 30, 2018, revisions to the preliminary balances, and the balances at December 31, 2018 (in thousands):



	June 30, 2018		Fair Value Adjustments		December 31, 2018
Consideration Paid:
Common shares issued (3,253,060 shares issued at $19.55 per share)	$	63,598	—		63,598
Cash paid to cancel share based payment awards	783		—		783
	64,381		—		64,381

Identifiable Assets Acquired:
Cash and cash equivalents	13,679		—		13,679
Interest-bearing time deposits	10,350		—		10,350
Federal Home Loan Bank stock	1,207		—		1,207
Loans, net	282,748		(615	)	282,133
Loans held for sale, net	1,819		—		1,819
Premises and equipment	102		—		102
Core deposit intangible	2,089		88		2,177
Other real estate owned	35		—		35
Deferred income taxes	—		352		352
Other assets	2,022		(658	)	1,364
Total identifiable assets acquired	314,051		(833	)	313,218

Liabilities Assumed:
Deposits	245,036		(606	)	244,430
Short-term borrowings	10,000		—		10,000
Long-term debt	22,920		23		22,943
Deferred income taxes	200		(200	)	—
Other liabilities	491		11		502
Total liabilities assumed	278,647		(772	)	277,875

Total Identifiable Net Assets Acquired	35,404		(61	)	35,343

Goodwill resulting from merger	$	28,977	61		29,038