XML 28 R39.htm IDEA: XBRL DOCUMENT v3.20.1
Acquisitions Acquisitions (Tables)
 3 Months Ended
Mar. 31, 2020
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, 2020 in connection with the acquisition of Cornerstone, the fair values of the assets acquired and liabilities assumed and the resulting preliminary goodwill.
(Dollars in thousands)
 
As Recorded by Cornerstone
 
Estimated Fair Value Adjustments
 
Estimated Fair Values as Recorded by Summit
Cash consideration
 
 
 
 
 
$
14,250

Stock consideration
 
 
 
 
 
15,441

Total consideration
 
 
 
 
 
29,691

 
 
 
 
 
 
 
Identifiable assets acquired:
 
 
 
 
 
 
Cash and cash equivalents
 
$
60,210

 
$
—

 
$
60,210

Securities available for sale, at fair value
 
90,154

 
(47
)
 
90,107

Loans
 
 
 
 
 


Purchased performing
 
37,965

 
188

 
38,153

Purchased credit deteriorated
 
1,877

 
(569
)
 
1,308

Allowance for loan losses
 
(312
)
 
312

 
—

Premises and equipment
 
807

 
(142
)
 
665

Property held for sale
 
10

 
—

 
10

Core deposit intangibles
 
—

 
717

 
717

Other assets
 
4,338

 
(474
)
 
3,864

Total identifiable assets acquired
 
$
195,049

 
$
(15
)
 
$
195,034

 
 
 
 
 
 
 
Identifiable liabilities assumed:
 
 
 
 
 
 
Deposits
 
173,030

 
239

 
173,269

Other liabilities
 
3,303

 
(407
)
 
2,896

Total identifiable liabilities assumed
 
$
176,333

 
$
(168
)
 
$
176,165

 
 
 
 
 
 
 
Net identifiable assets acquired
 
$
18,716

 
$
153

 
$
18,869

 
 
 
 
 
 
 
Preliminary goodwill resulting from acquisition
 
 
 
 
 
$
10,822
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 months ended March 31, 2020 and 2019 related to business combinations that occurred during 2016, 2017, 2019 and 2020.
 
Income increase (decrease)
 
Three Months Ended March 31,
Dollars in thousands
2020
 
2019
Interest and fees on loans
$
255

 
$
(9
)
Interest expense on deposits
98

 
88

Amortization of intangibles
(429
)
 
(426
)
Income before income tax expense
$
(76
)
 
$
(347
)