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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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Tabular disclosure of the expenses incurred related to the business acquisition.

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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