Acquisitions (Tables)

12 Months Ended

Dec. 31, 2019

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



(in thousands)
Assets Acquired
Cash and cash equivalents	$	13,454
Investment securities, available for sale	21,234
Investment securities, held to maturity	1,500
Federal Home Loan Bank stock	1,767
Loans held for sale	1,113
Loans	425,005
Premises and equipment	2,613
Goodwill	19,844
Identifiable intangible assets	3,728
Accrued interest receivable and other assets	6,244
Total assets acquired	496,502
Liabilities assumed
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

The following is a summary of the credit impaired loans acquired in the Highlands acquisition as of the closing date.



(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 loans ("PCI") loans acquired in mergers: