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ACQUISITIONS (Tables)
 9 Months Ended
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
Salaries3,584
Furniture and equipment39
Data processing2,031
Marketing and customer relations24
Loan collection and servicing125
Legal fees and other noninterest expense1,964
Total noninterest expense7,767
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 banks249
Debt securities167,869
Equity securities301
Restricted stock2,822
Loans held for sale1,612
Loans, before allowance for credit losses635,376
Allowance for credit losses(1,247)
Loans, net of allowance for credit losses634,129
Bank owned life insurance15,782
Bank premises and equipment14,828
Foreclosed assets271
Intangible assets22,282
Mortgage servicing rights10,469
Investments in unconsolidated subsidiaries449
Accrued interest receivable3,113
Other assets8,940
Total assets acquired906,658
Liabilities assumed:
Deposits720,417
FHLB advances86,439
Junior subordinated debentures14,949
Other liabilities5,999
Total liabilities assumed827,804
Net assets acquired$78,854
Consideration paid:
Cash$37,996
Common stock71,356
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, 2023Nine Months Ended September 30, 2023
Total revenues (net interest income and noninterest income)$57,459$174,015
Net income19,49747,697
Earnings per share - basic0.611.49
Earnings per share - diluted0.611.49