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v3.23.2

ACQUISITIONS (Tables) | 6 Months Ended
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Jun. 30, 2023
ACQUISITIONS |
Schedule of expenses incurred related to the acquisition | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended June 30, 2023 | ​ | Six Months Ended June 30, 2023
​ | ​ | (dollars in thousands)
PROVISION FOR CREDIT LOSSES | ​ | $ | — | ​ | $ | 5,924
NONINTEREST EXPENSE | ​ | ​ | ​ | ​ | ​ | ​
Salaries | ​ | ​ | 66 | ​ | ​ | 3,584
Furniture and equipment | ​ | ​ | 39 | ​ | ​ | 39
Data processing | ​ | ​ | 176 | ​ | ​ | 2,031
Marketing and customer relations | ​ | ​ | 10 | ​ | ​ | 24
Loan collection and servicing | ​ | ​ | 125 | ​ | ​ | 125
Legal fees and other noninterest expense | ​ | ​ | 211 | ​ | ​ | 1,964
Total noninterest expense | ​ | ​ | 627 | ​ | ​ | 7,767
Total acquisition-related expenses | ​ | $ | 627 | ​ | $ | 13,691
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 | ​ | Pro Forma
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
(dollars in thousands, except per share data) | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
Total revenues (net interest income and noninterest income) | ​ | $ | 58,786 | ​ | $ | 53,431 | ​ | $ | 116,556 | ​ | $ | 107,943
Net income | ​ | ​ | 18,185 | ​ | ​ | 16,833 | ​ | ​ | 28,200 | ​ | ​ | 36,190
Earnings per share - basic | ​ | ​ | 0.57 | ​ | ​ | 0.55 | ​ | ​ | 0.89 | ​ | ​ | 1.17
Earnings per share - diluted | ​ | ​ | 0.57 | ​ | ​ | 0.55 | ​ | ​ | 0.88 | ​ | ​ | 1.17

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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 https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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