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ACQUISITIONS (Tables)

6 Months Ended

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

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​	​	​	​
​		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

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Pro Forma

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Pro Forma

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

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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
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
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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
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