Acquisition On December 20, 2017, LCNB and Columbus First Bancorp, Inc. (CFB) entered into an Agreement and Plan of Merger (Merger Agreement) pursuant to which CFB merged with and into LCNB on May 31, 2018. Immediately following the merger of CFB into LCNB, Columbus First Bank, a wholly-owned subsidiary of CFB, merged into the Bank. Columbus First Bank operated from one full-service office located in Worthington, Ohio. That office became a branch of the Bank after the merger. Under the terms of the Merger Agreement, the shareholders of CFB received two shares of LCNB common stock for each outstanding CFB common share. Unexercised stock options of CFB were canceled in exchange for a cash payment. The merger with CFB was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration paid were recorded at their estimated fair values as of the merger date. The estimated fair values reported in LCNB's Form 10-Q for the quarterly period ended June 30, 2018 were preliminary, as the pricing study had not been finalized at that time. The following table summarizes the preliminary balances at June 30, 2018, revisions to the preliminary balances, and the balances at December 31, 2018 (in thousands): June 30, 2018 Fair Value Adjustments December 31, 2018 Consideration Paid: Common shares issued (3,253,060 shares issued at $19.55 per share) $ 63,598  63,598 Cash paid to cancel share based payment awards 783  783 64,381  64,381 Identifiable Assets Acquired: Cash and cash equivalents 13,679  13,679 Interest-bearing time deposits 10,350  10,350 Federal Home Loan Bank stock 1,207  1,207 Loans, net 282,748 (615 ) 282,133 Loans held for sale, net 1,819  1,819 Premises and equipment 102  102 Core deposit intangible 2,089 88 2,177 Other real estate owned 35  35 Deferred income taxes  352 352 Other assets 2,022 (658 ) 1,364 Total identifiable assets acquired 314,051 (833 ) 313,218 Liabilities Assumed: Deposits 245,036 (606 ) 244,430 Short-term borrowings 10,000  10,000 Long-term debt 22,920 23 22,943 Deferred income taxes 200 (200 )  Other liabilities 491 11 502 Total liabilities assumed 278,647 (772 ) 277,875 Total Identifiable Net Assets Acquired 35,404 (61 ) 35,343 Goodwill resulting from merger $ 28,977 61 29,038 As permitted by ASC 805-10-25, Business Combinations, the above estimated amounts could be adjusted up to one year after the closing date of the acquisition to reflect any new information obtained about facts and circumstances existing at the acquisition date. Any changes in the estimated fair values were recognized in the period the adjustment was identified. This adjustment period closed on May 31, 2019. There were no revisions during the first and second quarters of 2019. The amount of goodwill recorded reflects LCNB's expansion in the Columbus market and related synergies that are expected to result from the acquisition and represents the excess purchase price over the estimated fair value of the net assets acquired. The goodwill will not be amortizable on LCNB's financial records and will not be deductible for tax purposes. Goodwill will be subject to an annual test for impairment and the amount impaired, if any, will be charged to expense at the time of impairment. The core deposit intangible will be amortized over the estimated weighted average economic life of the various core deposit types, which is approximately seven years. Direct costs related to the acquisition were expensed as incurred and are recorded as a merger-related expense in the consolidated condensed statements of income. CFB's results of operations are included in the consolidated condensed statements of income from May 31, 2018, the effective date of the merger.