ACQUISITION OF NUVO BANK & TRUST COMPANY (Tables)

6 Months Ended

Jun. 30, 2016

Consideration paid and the fair value of identifiable assets acquired and liabilities assumed

(In thousands)
Consideration paid:
Common stock issued in exchange for NUVO shares	$	16,889
Cash paid for NUVO shares		5,988
Stock warrants issued		470
Total consideration paid	$	23,347
Assets acquired:
Cash and cash equivalents	$	7,070
Interest bearing time deposits with banks		110
Investments		4,365
Restricted investment in bank stock		376
Loans		149,360
Premises and equipment , net		580
Accrued interest receivable		369
Core deposit intangible		1,377
Deferred tax asset		1,926
Other assets		355
Total assets acquired		165,888
Liabilities assumed:
Deposits		144,482
Federal Home Loan Bank advances		4,001
Accrued interest payable		42
Tax effect of acquisition fair value adjustments		705
Other liabilities		183
Total liabilities assumed		149,413
Net assets acquired	$	16,475
Goodwill	$	6,872

NUVO Bank & Trust Company

Schedule of changes in fair value of the consideration paid and the net assets acquired

(In thousands)
Goodwill reported as of December 31, 2015	$	6,967
Effect of adjustments to:
Consideration paid:
Stock warrants issued		(74)
Assets acquired:
Investments		21
Adjusted goodwill as of June 30, 2016	$	6,872