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ACQUISITIONS (Tables) | 9 Months Ended
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Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of expenses incurred related to the acquisition |
(dollars in thousands) |  | Nine Months Ended September 30, 2023
PROVISION FOR CREDIT LOSSES |  | $ | 5,924
NONINTEREST EXPENSE |  |
Salaries |  | 3,584
Furniture and equipment |  | 39
Data processing |  | 2,031
Marketing and customer relations |  | 24
Loan collection and servicing |  | 125
Legal fees and other noninterest expense |  | 1,964
Total noninterest expense |  | 7,767
Total Town and Country acquisition-related expenses |  | $ | 13,691
Schedule of recognized identified assets acquired and liabilities assumed | The fair value of the assets acquired and liabilities assumed from Town and Country on the acquisition date of February 1, 2023 were as follows (dollars in thousands):
| Fair Value
Assets acquired: |
Cash and cash equivalents | $ | 23,542
Interest-bearing time deposits with banks | 249
Debt securities | 167,869
Equity securities | 301
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 | 8,940
Total assets acquired | 906,658
Liabilities assumed: |
Deposits | 720,417
FHLB advances | 86,439
Junior subordinated debentures | 14,949
Other liabilities | 5,999
Total liabilities assumed | 827,804
Net assets acquired | $ | 78,854
Consideration paid: |
Cash | $ | 37,996
Common stock | 71,356
Total consideration paid | $ | 109,352
Goodwill | $ | 30,498
Schedule of the components of the purchase price of financing receivables purchased with credit deterioration | The following table provides a summary of these PCD loans at acquisition (dollars in thousands):
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 | The acquisition-related expenses that have been recognized are included in net income in the following table.
|  | Pro Forma
(dollars in thousands, except per share data) |  | Three Months Ended September 30, 2023 |  | Nine Months Ended September 30, 2023
Total revenues (net interest income and noninterest income) |  | $ | 57,459 |  | $ | 174,015
Net income |  | 19,497 |  | 47,697
Earnings per share - basic |  | 0.61 |  | 1.49
Earnings per share - diluted |  | 0.61 |  | 1.49

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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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 -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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