Note 2 - Mergers and Acquisitions

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Business Combination Disclosure [Text Block]

2. Mergers and Acquisitions

On

October 1, 2018,

the Corporation completed its acquisition of Community First Bancorp, Inc. (Community First), and its banking subsidiary Community First Bank, a Pennsylvania bank headquartered in Reynoldsville, Pennsylvania.

Under the terms of the merger agreement, Community First merged into the Corporation and shareholders of Community First received

1.2008

shares of the Corporation's common stock and

$6.95

in cash for each share of common stock of Community First or approximately

$15.6

 million in common stock and

$2.4

 million in cash in the aggregate. In addition, Community First Bank merged into the Bank.

The transaction added total consolidated assets, loans and deposits of approximately

$121.0

million,

$111.6

million and

$106.5

million, respectively.  Acquisition costs for the

three

and

nine

month periods were

$677,000

and

$1.0

million, respectively.  It is anticipated that the Corporation will recognize approximately

$2.6

million of additional merger costs during the

fourth

quarter. The initial accounting for the acquisition is incomplete as the fair value adjustments to the acquired assets and assumed liabilities are

not

finalized.