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ACQUISITIONS (Tables) - Hometown Bancorp, Ltd. | 3 Months Ended
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Mar. 31, 2024
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 | ​ | $ | 25,778
Non-credit discount on PCD loans at acquisition | ​ | ​ | 4,498
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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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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