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v3.22.2.2

Note 2 - ACQUISITION (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2022
ACQUISITION |
Fair values of the assets acquired and liabilities assumed | ​
​ | ​ | ​ | ​
​ |  | As of
​ | ​ | April 1, 2022
​ | ​ | (dollars in thousands)
ASSETS |  | ​ |
Cash and due from banks | ​ | $ | 171,844
Interest-bearing deposits at financial institutions | ​ |  | 17,134
Securities | ​ |  | 143,017
Loans/leases receivable, net | ​ |  | 801,697
Bank-owned life insurance | ​ | ​ | 32,100
Premises and equipment | ​ |  | 16,257
Restricted investment securities | ​ |  | 2,220
Other real estate owned | ​ |  | 55
Intangibles | ​ |  | 10,264
Other assets | ​ |  | 23,685
Total assets acquired | ​ | $ | 1,218,273
​ | ​ |  |
LIABILITIES | ​ |  |
Deposits | ​ | $ | 1,076,573
FHLB advances | ​ |  | 16,000
Subordinated notes | ​ | ​ | 19,621
Junior subordinated debentures | ​ | ​ | 10,310
Other liabilities | ​ |  | 15,225
Total liabilities assumed | ​ | $ | 1,137,729
Net assets acquired | ​ | $ | 80,544
​ | ​ |  |
CONSIDERATION PAID: | ​ |  |
Cash | ​ | $ | 26,871
Common stock | ​ | ​ | 117,214
Total consideration paid | ​ | $ | 144,085
Goodwill | ​ | $ | 63,541
Schedule of carrying amount of loans acquired and classified | ​
​ | ​ | ​ | ​
​ |  | Guaranty Bank
​ | ​ | April 1, 2022
​ | ​ | (dollars in thousands)
​ | ​ | ​ | ​
Principal balance of PCD loans at acquisition | ​ | $ | 38,711
Allowance for credit losses at acquisition | ​ |  | (5,902)
Non-credit discount at acquisition | ​ |  | (1,366)
Fair value of PCD loans at acquisition | ​ | $ | 31,443
Schedule of changes in the carrying amount of core deposit | ​
​ | ​ | ​ | ​
​ |  | September 30, 2022
​ | ​ | (dollars in thousands)
Balance at acquisition | ​ | $ | 10,264
Amortization expense | ​ |  | (588)
Balance at the end of the period | ​ | $ | 9,676
​ | ​ | ​ | ​
​ | ​ | ​ | ​
Gross carrying amount | ​ | $ | 10,264
Accumulated amortization | ​ |  | (588)
Net book value | ​ | $ | 9,676
​ | ​ | ​ | ​
Estimated amortization of intangible assets | ​
​ | ​ | ​ | ​
Year ending, December 31, |  | Amount
​ | ​ | (dollars in thousands)
2022 | ​ | $ | 295
2023 | ​ | ​ | 1,162
2024 | ​ | ​ | 1,138
2025 | ​ | ​ | 1,109
2026 | ​ | ​ | 1,076
Thereafter | ​ |  | 4,896
​ | ​ | $ | 9,676
​ | ​ | ​ | ​
Schedule of FHLB advances and other borrowings | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
​ | ​ | Amount | Rate | Terms | Maturity Date | Collateral
​ | ​ | (dollars in thousands)
FHLB advance | ​ | 6,500 | 0.59% | monthly interest payments; principal due at maturity | 5/15/2023 | commercial and residential real estate loans
FHLB advance | ​ | 6,500 | 0.82% | monthly interest payments; principal due at maturity | 5/15/2025 | commercial and residential real estate loans
FHLB advance | ​ | 3,000 | 1.12% | monthly interest payments; principal due at maturity | 5/17/2027 | commercial and residential real estate loans
Subordinated notes | ​ | 19,621 | 5.25% | monthly interest payments; principal due at maturity | 9/30/2030 | unsecured
Junior subordinated debentures | ​ | 10,310 | 4.09% | monthly interest payments; principal due at maturity | 2/23/2036 | unsecured
Fair value of borrowings assumed | ​ | $ 45,931 | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of unaudited pro forma combined operating results | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
​ |  | 2022 |  | 2021 |  | 2022 | 2021
​ | ​ | (dollars in thousands, except per share data)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net interest income | ​ | $ | 60,769 | ​ | $ | 56,684 | ​ | $ | 175,743 | ​ | $ | 161,229
Noninterest income | ​ | $ | 21,095 | ​ | $ | 40,170 | ​ | $ | 61,747 | ​ | $ | 88,386
Net income | ​ | $ | 29,294 | ​ | $ | 35,567 | ​ | $ | 70,691 | ​ | $ | 82,354
​ | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ | ​ | ​
Earnings per common share: | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ | ​ |
Basic | ​ | $ | 1.73 | ​ | $ | 2.01 | ​ | $ | 4.23 | ​ | $ | 4.60
Diluted | ​ | $ | 1.71 | ​ | $ | 1.98 | ​ | $ | 4.18 | ​ | $ | 4.54

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