Mergers and Acquisitions (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed:



(Dollar amounts in thousands)

Assets acquired:
	Cash and cash equivalents		$	9,899
	Securities available for sale		60
	Loans receivable		66,145
	Federal bank stocks		978
	Accrued interest receivable		187
	Premises and equipment		1,169
	Goodwill		6,624
	Core deposit intangible		232
	Prepaid expenses and other assets		989
		Total assets acquired	86,283

Liabilities assumed:
	Deposits		72,700
	Accrued interest payable		29
	Accrued expenses and other liabilities		346
		Total liabilities assumed	73,075

Consideration paid			$	13,208

The following table summarizes the estimated fair value of the assets acquired, liabilities assumed and consideration transferred in connection with the acquisition:



(Dollar amounts in thousands)

Assets acquired:
Cash and cash equivalents	$	2,539
Loans receivable	18,480
Federal bank stocks	11
Accrued interest receivable	103
Premises and equipment	708
Core deposit intangible	167
Prepaid expenses and other assets	766
Total assets acquired	22,774

Liabilities assumed:
Deposits	19,748
Accrued interest payable	6
Accrued expenses and other liabilities	8
Total liabilities assumed	19,762

Identifiable net assets acquired	3,012

Consideration paid:
Cash	22
Common stock	1,674
Total consideration	1,696

Gain on bargain purchase	$	1,316