Business Combinations (Tables)

12 Months Ended

Dec. 31, 2022

Pro Forma Information

The unaudited pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transaction been effective on the assumed date.

	2021		2020
Net interest income	$	130,005	$	120,651
Provision for credit losses		10,893		10,675
Noninterest income		45,393		43,661
Noninterest expense		94,236		93,045
Income before income taxes		70,269		60,592
Income tax expense		11,299		33,818
Net income	$	58,970	$	50,602
Basic earnings per share	$	1.75	$	1.50
Diluted earnings per share	$	1.74	$	1.49

Cortland Bank

Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed

The following table summarizes the consideration paid for Cortland and the amounts of the assets acquired and liabilities assumed on the closing date of the acquisition.

Consideration
Cash	$	29,618
Stock		98,921
Fair value of total consideration transferred	$	128,539
Fair value of assets acquired
Cash and cash equivalents	$	113,391
Securities available for sale		130,574
Other investments		16,092
Loans, net		482,168
Premises and equipment		12,644
Bank owned life insurance		21,547
Core deposit intangible		5,886
Current and deferred taxes		3,135
Other assets		7,805
Total assets acquired		793,242
Fair value of liabilities assumed
Deposits		695,274
Short-term borrowings		4,246
Long-term borrowings		4,262
Accrued interest payable and other liabilities		9,386
Total liabilities		713,168
Net assets acquired	$	80,074
Goodwill created		48,465
Total net assets acquired	$	128,539