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v3.23.1

ACQUISITIONS (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
ACQUISITIONS |
Schedule of expenses incurred related to the acquisition | ​
​ | ​ | ​ | ​
Provision for credit losses | ​ | $ | 5,924
Salaries | ​ | ​ | 3,518
Data processing | ​ | ​ | 1,855
Marketing and customer relations | ​ | ​ | 14
Legal fees and other noninterest expense | ​ | ​ | 1,753
Total acquisition-related expenses | ​ | $ | 13,064
​
Schedule of recognized identified assets acquired and liabilities assumed | ​
​ | ​ | ​ | ​
​ |  | Fair Value
Assets acquired: | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 23,542
Interest-bearing time deposits with banks | ​ | ​ | 249
Debt securities | ​ | ​ | 167,869
Equity securities | ​ | ​ | 90
Restricted stock | ​ | ​ | 2,822
Loans held for sale | ​ | ​ | 1,612
​ | ​ | ​ | ​
Loans, before allowance for credit losses | ​ | ​ | 635,376
Allowance for credit losses | ​ | ​ | (1,247)
Loans, net of allowance for credit losses | ​ | ​ | 634,129
​ | ​ | ​ | ​
Bank owned life insurance | ​ | ​ | 15,782
Bank premises and equipment | ​ | ​ | 14,828
Foreclosed assets | ​ | ​ | 271
Intangible assets | ​ | ​ | 22,282
Mortgage servicing rights | ​ | ​ | 10,469
Investments in unconsolidated subsidiaries | ​ | ​ | 449
Accrued interest receivable | ​ | ​ | 3,113
Other assets | ​ | ​ | 8,061
Total assets acquired | ​ | ​ | 905,568
​ | ​ | ​ | ​
Liabilities assumed: | ​ | ​ | ​
Deposits | ​ | ​ | 720,417
FHLB advances | ​ | ​ | 86,439
Junior subordinated debentures | ​ | ​ | 14,949
Other liabilities | ​ | ​ | 4,965
Total liabilities assumed | ​ | ​ | 826,770
Net assets acquired | ​ | $ | 78,798
​ | ​ | ​ | ​
Consideration paid: | ​ | ​ | ​
Cash | ​ | $ | 37,996
Common stock | ​ | ​ | 71,356
Total consideration paid | ​ | $ | 109,352
​ | ​ | ​ | ​
Goodwill | ​ | $ | 30,554
​
Schedule of the components of the purchase price of financing receivables purchased with credit deterioration | ​
​ | ​ | ​ | ​
Unpaid principal balance | ​ | $ | 89,822
Allowance for credit losses at acquisition | ​ | ​ | (1,247)
Non-credit discount | ​ | ​ | (2,218)
Purchase price | ​ | $ | 86,357
​
Business acquisition, pro forma information | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Pro Forma
​ | ​ | Three Months Ended March 31,
(dollars in thousands, except per share data) | ​ | 2023 | ​ | 2022
Total revenues (net interest income and noninterest income) | ​ | $ | 57,770 | ​ | $ | 54,512
Net income | ​ | ​ | 10,015 | ​ | ​ | 17,577
Earnings per share - basic | ​ | ​ | 0.31 | ​ | ​ | 0.57
Earnings per share - diluted | ​ | ​ | 0.31 | ​ | ​ | 0.57

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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 https://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 https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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