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Acquisitions Acquisitions (Tables)
 9 Months Ended
Sep. 30, 2019
Business Combinations [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]
The following table details the total consideration paid on January 1, 2019 in connection with the acquisition of PBI, the fair values of the assets acquired and liabilities assumed and the resulting preliminary goodwill.
(Dollars in thousands)
 
As Recorded by PBI
 
Estimated Fair Value Adjustments
 
Estimated Fair Values as Recorded by Summit
Cash consideration
 
 
 
 
 
$
12,740

Stock consideration
 
 
 
 
 
8,997

Total consideration
 
 
 
 
 
21,737

 
 
 
 
 
 
 
Identifiable assets acquired:
 
 
 
 
 
 
Cash and cash equivalents
 
$
33,422

 
$
(93
)
 
$
33,329

Securities available for sale, at fair value
 
55,206

 
(93
)
 
55,113

Loans
 
 
 
 
 


Purchased performing
 
42,376

 
(977
)
 
41,399

Purchased credit impaired
 
—

 
—

 
—

Allowance for loan losses
 
(410
)
 
410

 
—

Premises and equipment
 
1,382

 
(567
)
 
815

Property held for sale
 
—

 
—

 
—

Core deposit intangibles
 
—

 
2,129

 
2,129

Other assets
 
1,110

 
(100
)
 
1,010

Total identifiable assets acquired
 
$
133,086

 
$
709

 
$
133,795

 
 
 
 
 
 
 
Identifiable liabilities assumed:
 
 
 
 
 
 
Deposits
 
112,064

 
315

 
112,379

Other liabilities
 
1,422

 
111

 
1,533

Total identifiable liabilities assumed
 
$
113,486

 
$
426

 
$
113,912

 
 
 
 
 
 
 
Net identifiable assets acquired
 
$
19,600

 
$
283

 
$
19,883

 
 
 
 
 
 
 
Goodwill resulting from acquisition
 
 
 
 
 
$
1,854
Financial Effects of Purchase Accounting Adjustments [Table Text Block]
The following presents the financial effects of adjustments recognized in the statements of income for the three and nine months ended September 30, 2019 and 2018 related to business combinations that occurred during 2016, 2017 and 2019.
 
Income increase (decrease)
Dollars in thousands
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
2018
Interest and fees on loans
$
137

 
$
38

 
$
604

$
239

Interest expense on deposits
77

 
48

 
247

162

Amortization of intangibles
(404
)
 
(363
)
 
(1,234
)
(1,111
)
Income before income tax expense
$
(190
)
 
$
(277
)
 
$
(383
)
$
(710
)