Business Combinations (Tables)

3 Months Ended

Mar. 31, 2021

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

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