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ACQUISITIONS (Tables) - Hometown Bancorp, Ltd.

9 Months Ended

Sep. 30, 2023

ACQUISITIONS

Schedule of fair value of the assets acquired and liabilities assumed

The fair value of the assets acquired and liabilities assumed on February 10, 2023 was as follows:

​	​	​	​	​	​	​	​	​	​
​	​	As Recorded by			Fair Value		​	As Recorded by
​	​	Hometown			Adjustments			the Company
Cash, cash equivalents and securities	​	$	174,582	​	$	(1,010)	​	$	173,572
Other investments	​		1,195	​		—	​	​	1,195
Loans, net	​		406,168	​		(10,367)	​	​	395,801
Premises and equipment, net	​		7,577	​		(1,109)	​	​	6,468
Core deposit intangible	​		405	​		16,085	​	​	16,490
Other assets	​		28,011	​		(6,432)	​	​	21,579
Total assets acquired	​	$	617,938	​	$	(2,833)	​	$	615,105
​	​	​	​	​	​	​	​	​	​
Deposits	​	$	532,165	​	$	209	​	$	532,374
Other borrowings	​		5,000	​		(331)	​		4,669
Junior subordinated debentures	​	​	12,372	​	​	(1,464)	​	​	10,908
Other liabilities	​		469	​		1,144	​		1,613
Total liabilities assumed	​	$	550,006	​	$	(442)	​	$	549,564
​	​	​	​	​	​	​	​	​	​
Excess of assets acquired over liabilities assumed	​	$	67,932	​	$	(2,391)	​	$	65,541
Less: purchase price	​			​			​		130,452
Goodwill	​	​	​	​	​	​	​	​	64,911
Refinement to fair value estimates (1)	​	​	​	​	​	​	​	​	(30)
Goodwill (after refinement)	​			​			​	$	64,881

(1) Refinement consists of adjustments to the initial fair value estimates of other assets and liabilities.

​

Schedule of loans purchased through acquisition

The Company purchased loans through the acquisition of Hometown for which there was, at the date of acquisition, more than insignificant deterioration of credit quality since origination (PCD Loans). The carrying amount of these loans at acquisition was as follows:

​	​	​	​
​	​	February 10, 2023
Purchase price of PCD loans at acquisition	​	$	30,276
Allowance for credit losses on PCD loans at acquisition	​	​	5,534
Par value of PCD acquired loans at acquisition	​	$	35,810

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