Acquisition (Tables)

12 Months Ended

Dec. 31, 2019

Acquisition

Schedule of allocation purchase prices for Powhatan Point

The following table summarizes the allocation purchase prices for Powhatan Point.

(in thousands)
ASSETS			LIABILITIES
Cash and cash equivalents	$	24,986	Deposits
Deposits in other banks		3,461	Non interest bearing	$	19,287
FHLB stock		78	Savings		30,533
Investments		23,865	Certificates of Deposit		5,772
Commercial		3,019	Total Deposits		55,592
Residential		2,403
Installment		1,357
Total loans		6,779
Premise and equipment, net		548	Interest payable and other liabilities		496
Core deposit intangible		1,028
Goodwill		682
Bank owned life insurance		612
Accrued interest receivable		145
Deferred federal income taxes		20
Other assets		124
Total assets purchased	$	62,328	Total liabilities assumed
Common shares issued	$	4,711		$	56,088
Cash paid		1,529
Estimated purchase price	$	6,240

Business Acquistions Proforma Income Statement Table Text Block [Table Text Block]

The following schedule includes pro-forma results for the period ended December 31, 2018 and 2017 as if Powhatan Point had occurred as of the beginning of the comparable prior-reporting periods.

Summary of Operations
(Unaudited):	Dec 31, 2018		Dec 31, 2017
Net Interest Income	$	19,409	$	16,977
Provision for Loan Losses		302		110
Net Interest Income after Provision for Loan Losses		19,107		16,817
Non-interest Income		3,736		3,547
Non-interest Expense		16,017		14,500
Income before Income  Taxes		6,826		5,914
Income Tax Expense		563		2,088
Net Income		6,263		3,825
Net Income Available to Common  Shareholders	$	6,049	$	3,710
Basic and Diluted Earnings Per Share	$	1.22	$	0.79