Acquisitions and Preliminary Purchase Price Allocation On December 7, 2018, the Company acquired 100% of the outstanding common stock of Poage Bankshares, Inc., the parent company of Town Square Bank (collectively, "Poage"). The acquisition of Poage was structured as a stock transaction in which the Company issued approximately 1.1 million shares, valued at approximately $82.6 million , or $24.22 per share of Poage common stock. On December 7, 2018, the Company also acquired 100% of the outstanding common stock of Farmers Deposit Bancorp, Inc., the parent company of Farmers Deposit Bank (collectively, "Farmers Deposit"). The acquisition of Farmers Deposit was structured as a cash transaction valued at $24.9 million , or $1,174.14 per share of Farmers Deposit common stock. The Company accounted for both acquisitions using the acquisition method pursuant to "Topic 805 Business Combinations" of the FASB Accounting Standards Codification. The acquisition method requires the acquirer to recognize the assets acquired and the liabilities assumed at their fair values as of the acquisition date. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed as of the date of acquisition (in thousands): Farmers Deposit Poage Total Consideration $ 24,900 $ 83,936 $ 108,836 Identifiable assets: Cash and cash equivalents 4,173 34,325 38,498 Investment securities 46,235 72,321 118,556 Loans 58,485 304,359 362,844 Bank owned life insurance  7,439 7,439 Premises and equipment 568 4,547 5,115 Deferred tax assets, net 137 2,222 2,359 Other assets 2,302 8,770 11,072 Total identifiable assets 111,900 433,983 545,883 Identifiable liabilities: Deposits 92,241 379,285 471,526 Short-term borrowings 2,025  2,025 Long-term debt  4,053 4,053 Other liabilities 651 3,032 3,683 Total identifiable liabilities 94,917 386,370 481,287 Net identifiable assets 16,983 47,613 64,596 Goodwill 4,583 28,269 32,852 Core deposit intangible 3,334 8,054 11,388 $ 24,900 $ 83,936 $ 108,836 Acquired Loans The following table presents information regarding the purchased credit-impaired and noncredit-impaired loans acquired in conjunction with both acquisitions as of the date of acquisition (in thousands): Acquired Credit-Impaired Contractually required principal and interest $ 25,315 Contractual cash flows not expected to be collected (non-accretable difference) (13,593 ) Expected cash flows 11,722 Interest component of expected cash flows (accretable difference) (2,375 ) Carrying value of purchased credit-impaired loans acquired $ 9,347 Acquired Noncredit-Impaired Outstanding balance $ 354,343 Less: fair value adjustment (846 ) Carrying value of acquired noncredit-impaired loans $ 353,497 Acquired Deposits The fair values of non-time deposits approximated their carrying value at the acquisition date. For time deposits, the fair values were estimated based on discounted cash flows, using interest rates that are currently being offered compared to the contractual interest rates. Based on this analysis, management recorded a premium on time deposits acquired of $0.1 million and $1.7 million for the Farmers Deposit and Poage acquisitions, respectively, each of which is being amortized over 5 years. Core Deposit Intangible The Company believes that the customer relationships with the deposits acquired have an intangible value. In connection with the acquisitions, the Company recorded a core deposit intangible asset of $3.3 million and $8.1 million for Farmers Deposit and Poage, respectively. Each of the core deposit intangible assets represent the value that the acquiree had with their deposit customers. The fair value was estimated based on a discounted cash flow methodology that considered the type of deposit, deposit retention and the cost of the deposit base. The core deposit intangibles are being amortized over 10 years. Goodwill Under GAAP, management has up to twelve months following the date of the acquisition to finalize the fair value of acquired assets and liabilities. The measurement period ends as soon as the Company receives information it was seeking about facts and circumstances that existed as of the acquisition date or learns that more information is not obtainable. Any subsequent adjustments to the fair value of the acquired assets and liabilities, intangible assets or other purchase accounting adjustments will result in adjustments to the goodwill recorded. Among the items that are still preliminary at September 30, 2019 , is the finalization of the final tax return for Poage, which management anticipates completing during the fourth quarter of 2019 . Given the form of the respective transactions, the goodwill preliminarily recorded in conjunction with the Farmers Deposit acquisition is expected to be deductible for tax purposes, while the goodwill preliminarily recorded in conjunction with the Poage acquisition is not expected to be deductible for tax purposes. The following table summarizes adjustments to goodwill subsequent to December 31, 2018 (in thousands): Goodwill Balance at December 31, 2018 $ 109,567 Adjustment to goodwill acquired in conjunction with the acquisition of Poage (365 ) Adjustment to goodwill acquired in conjunction with the acquisition of Farmers Deposit (154 ) Balance at September 30, 2019 $ 109,048