Business Combinations (Tables)

12 Months Ended

Dec. 31, 2016

Book Value and Estimated Fair Value of Assets Acquired and Liabilities Assumed

The following table reflects the book value and estimated fair value of the assets acquired and liabilities assumed related to the Delta National Bancorp Acquisition:

	Delta National Bancorp
(in thousands)	Book Value		Fair Value
Assets Acquired:
Cash and Cash Equivalents	$	34,009	$	34,009
Investments		38,727		38,727
Loans		32,885		32,410
Core Deposit Intangible		-		959
Deferred Tax Asset		-		893
Other Assets		6,263		7,873
Total Assets Acquired	$	111,884	$	114,871

Liabilities Assumed
Deposits:
Demand		35,106		35,106
Interest-Bearing Transaction		20,572		20,572
Savings and Money Market		33,091		33,091
Time		14,930		14,930
Total Deposits	$	103,699	$	103,699

Other Liabilities		161		161
Total liabilities assumed	$	103,860	$	103,860

Cash Paid				2,258
Fair Value of Common Stock Issued				6,921
Total Merger Consideration			$	9,179

Net Assets Acquired and Estimated Fair Value Adjustments

The following table presents the net assets acquired from Delta National Bancorp and the estimated fair value adjustment:

(in thousands)	Acquisition Date November 18, 2016
Book Value of Net Assets Acquired	$	8,024
Fair Value Adjustments:
Loans		(1,063	)
Reversal of Allowance for Loan Loss		588
Core Deposit Intangible Asset		959
Other Assets & Liabilities, net		1,610
Total Purchase Accounting Adjustments	$	2,094

Deferred Tax Asset (tax effect of purchase accounting adjustments at 42%)		(880	)
DTA Carryforward		1,773
Fair Value of Net Assets Acquired	$	11,011

Fair Value of Net Assets Acquired		11,011
Less Merger Consideration		(9,179	)
Bargain Purchase Gain	$	1,832