Acquisitions - (Tables)

6 Months Ended

Jun. 30, 2019

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair value of the acquired assets and liabilities assumed at the date of acquisition for Highlands.



(in thousands)
Cash and cash equivalents	$	13,454
Securities, available for sale	22,734
Federal Home Loan Bank stock	1,767
Loans held for sale	1,113
Loans	425,005
Premises and equipment	3,253
Goodwill	19,397
Identifiable intangible assets	3,728
Accrued interest receivable and other assets	6,051
Total assets acquired	496,502

Deposits	(409,638		)
Other borrowings	(27,800		)
Subordinated debt	(13,157		)
Other liabilities	(2,490		)
Total liabilities assumed	(453,085		)
Net assets acquired	$	43,417

Schedule of Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period

The following is a summary of the credit impaired loans acquired in the Highlands acquisition as of the closing date and includes loans added during the second quarter of 2019.



(in thousands)
Contractually required principal and interest at acquisition	$	22,363
Contractual cash flows not expected to be collected (non-accretable difference)	7,129
Expected cash flows at acquisition	$	15,234
Interest component of expected cash flows (accretable difference)	1,431
Fair value of acquired loans	$	13,803

The following sets forth the carrying value of the purchased credit impaired ("PCI") loans acquired in mergers:



(in thousands)	June 30, 2019		December 31, 2018
Acquisition
Highlands	$	13,446	$	—
Pascack Community Bank ("Pascack")	134		157
Harmony Bank ("Harmony")	470		495
Total	$	14,050	$	652

Business Acquisition, Pro Forma Information



	Pro Forma Six Months Ended
(in thousands)	June 30, 2019		June 30, 2018
Net interest income	$	97,951	$	94,903
Provision for loan losses	508		3,095
Noninterest income	12,083		12,732
Noninterest expense	62,573		61,324
Net income	35,511		33,987
Earnings per share:
Fully diluted	$	0.70	$	0.67