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Business Combinations (Tables)

9 Months Ended

Sep. 30, 2021

Business Combinations [Abstract]

Estimated Fair Values of Assets Acquired and Liabilities Assumed

		Acquired				Fair Value				As Recorded by
(In thousands)		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				915				9,350
Premises and equipment			23,440				6,360				29,800
Goodwill			20,503				(15,054	)			5,449
Core deposit intangible			123				2,025				2,148
Right of use asset			—				794				794
Other assets			43,697				2,499				46,196
Total assets acquired		$	1,175,714			$	(5,015	)		$	1,170,699
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			4,498				(610	)			3,888
Total liabilities assumed			1,019,768				3,240				1,023,008
Net assets acquired		$	155,946			$	(8,255	)		$	147,691
Consideration paid
Cash										$	103,500
Common stock											44,191
										$	147,691

39

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, except per share data):

		Three months ended September 30, 2021				Three months ended September 30, 2020				Nine months ended September 30, 2021				Nine months ended September 30, 2020
Net interest income		$	45,496			$	43,717			$	131,713			$	127,341
Provision for loan losses			1,103				4,211				12,879				17,379
Non-interest income			16,359				15,439				53,504				48,214
Non-interest expense			36,321				36,100				124,133				113,461
Income before taxes			24,431				18,845				48,205				44,715
Income tax expense (benefit)			6,105				4,753				11,052				10,865
Net income (loss)		$	18,326			$	14,092			$	37,153			$	33,850
Earnings per share
Basic		$	1.01			$	0.78			$	2.08			$	1.88
Diluted			1.01				0.78				2.08				1.88
Basic weighted average shares o/s			18,083,126				17,990,437				17,819,619				17,972,731
Diluted weighted average shares o/s			18,136,146				18,037,345				17,872,639				18,019,639

X

- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(3)
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X

- 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=123413009&loc=d3e4845-128472

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