Business Combinations (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Consideration Paid for Business Combination and Acquisition of Assets and Liabilities

The following table summarizes the consideration paid for Civic and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date:


Consideration:
Common stock issued to Civic shareholders	$	31,635
Fair value of stock options issued to Civic option holders	1,539
Fair value of total consideration	$	33,174
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents	$	24,660
Certificates of deposit at other financial institutions	500
Securities available for sale	31,734
Loans	96,385
Equity securities	876
Premises and equipment	253
Core deposit intangibles	558
Foreclosed assets	350
Other assets	5,285
Total assets acquired	160,601
Deposits	123,162
Federal Home Loan Bank advances	11,500
Other liabilities	1,817
Total liabilities assumed	136,479
Total net assets acquired	24,122
Goodwill	$	9,052

Schedule of Pro forma Information of Business Acquired

The following table presents supplemental unaudited pro forma information as if the Civic acquisition had occurred at the beginning and 2017. The unaudited pro forma information includes adjustments for interest income on loans acquired, amortization of intangibles arising from the transaction, interest expense on deposits acquired, and the related income tax effects. The unaudited pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transactions been effected on the assumed dates. Because the Civic transaction closed on April 1, 2018, and its actual results are included in the Company’s actual operating results for the year ended December 31, 2019, there is no pro forma information for that period.


	For the Year Ended December 31,
Unaudited	2018		2017
Net interest income – pro forma	$	106,765	$	103,055
Net income – pro forma	$	34,606	$	29,368
Earnings per share – pro forma:
Basic	$	2.28	$	2.09
Diluted	$	2.20	$	1.99