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Business Combinations (Tables) | 3 Months Ended
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Mar. 31, 2021
Business Combinations [Abstract] |
Estimated Fair Values of Assets Acquired and Liabilities Assumed |
|  | Acquired |  |  | Fair Value |  |  | As Recorded by |
|  | Book Value |  |  | Adjustments |  |  | Providence Bank |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 130,561 |  |  | $ | - |  |  | $ | 130,561 |
Investment Securities |  |  | 119,234 |  |  |  | 264 |  |  |  | 119,498 |
Loans |  |  | 838,377 |  |  |  | (9,401 | ) |  |  | 828,976 |
Allowance for credit losses |  |  | (8,656 | ) |  |  | 6,583 |  |  |  | (2,073 | )
Other real estate owned |  |  | 8,435 |  |  |  | 2,456 |  |  |  | 10,891 |
Premises and equipment |  |  | 23,440 |  |  |  | 4,819 |  |  |  | 28,259 |
Goodwill |  |  | - |  |  |  | 8,956 |  |  |  | 8,956 |
Core deposit intangible |  |  | 123 |  |  |  | 2,025 |  |  |  | 2,148 |
Right of use asset |  |  | - |  |  |  | 794 |  |  |  | 794 |
Other assets |  |  | 43,697 |  |  |  | 1,736 |  |  |  | 45,433 |
Total assets acquired |  | $ | 1,155,211 |  |  | $ | 18,232 |  |  | $ | 1,173,443 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 988,329 |  |  | $ | 2,081 |  |  | $ | 990,410 |
Securities sold under agreements to repurchase |  |  | - |  |  |  | - |  |  |  | - |
FHLB advances |  |  | 26,941 |  |  |  | 975 |  |  |  | 27,916 |
Other borrowings |  |  | - |  |  |  | - |  |  |  | - |
Lease liability |  |  | - |  |  |  | 794 |  |  |  | 794 |
Other liabilities |  |  | 7,242 |  |  |  | (610 | ) |  |  | 6,632 |
Total liabilities assumed |  |  | 1,022,512 |  |  |  | 3,240 |  |  |  | 1,025,752 |
Net assets acquired |  | $ | 132,699 |  |  | $ | 14,992 |  |  | $ | 147,691 |
Consideration Paid |  |  |  |  |  |  |  |  |  |  |  |
Cash |  |  |  |  |  |  |  |  |  | $ | 103,500 |
Common stock |  |  |  |  |  |  |  |  |  |  | 44,191 |
|  |  |  |  |  |  |  |  |  | $ | 147,691 |
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Unaudited Pro Forma Condensed Combined Financial Information | The following unaudited pro forma condensed combined financial information presents the results of operations of the Company, including the effects of the purchase accounting adjustments and acquisition expenses, had the LINCO acquisition taken place at the beginning of the period (dollars in thousands):
|  |  |  | Three months ended March 31, 2021 |  |  | Three months ended March 31, 2020 |
Net interest income |  |  |  | $ | 38,237 |  |  | $ | 40,626 |
Provision for loan losses |  |  |  |  | 12,136 |  |  |  | 5,492 |
Non-interest income |  |  |  |  | 17,749 |  |  |  | 17,651 |
Non-interest expense |  |  |  |  | 37,659 |  |  |  | 32,060 |
Income before taxes |  |  |  |  | 6,191 |  |  |  | 20,725 |
Income tax expense (benefit) |  |  |  |  | 1,078 |  |  |  | 5,277 |
Net income (loss) |  |  |  | $ | 5,113 |  |  | $ | 15,448 |
Earnings per share |  |  |  |  |  |  |  |  |  |
Basic |  |  |  | $ | 0.30 |  |  | $ | 0.86 |
Diluted |  |  |  |  | 0.29 |  |  |  | 0.86 |
Basic weighted average shares o/s |  |  |  |  | 17,299,927 |  |  |  | 17,955,429 |
Diluted weighted average shares o/s |  |  |  |  | 17,352,947 |  |  |  | 18,002,337 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121647850&loc=d3e4845-128472 + Details
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