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MERGERS AND ACQUISITIONS (Tables) | 9 Months Ended
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Sep. 30, 2020
Business Combinations [Abstract] |
Summary of Consideration Paid and Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the consideration paid for Hamilton and the estimated fair values of the assets acquired and liabilities assumed recognized at the acquisition date:
Fair value of consideration transferred: |  |
Cash |  | $ | 14,197 |
Common stock issued |  | 36,622 |
Total consideration transferred |  | $ | 50,819 |
Estimated fair values of assets acquired and liabilities assumed: |  |
Cash and cash equivalents |  | $ | 43,140 |
Securities available for sale |  | 60,882 |
Restricted investments in bank stocks |  | 2,658 |
Loans |  | 347,143 |
Premises and equipment |  | 3,749 |
Core deposit intangible |  | 4,550 |
Goodwill |  | 6,132 |
Cash surrender value of life insurance |  | 17,948 |
Deferred tax asset, net |  | 7,257 |
ROU lease asset |  | 2,793 |
Other assets |  | 3,925 |
Total assets acquired |  | 500,177 |
Deposits |  | (388,246) |
Borrowings |  | (51,393) |
Other liabilities |  | (9,719) |
Total liabilities assumed |  | $ | (449,358) |
Schedule of Performing and PCI Loans Acquired, by Loan Class | The following table presents performing and PCI loans acquired, by loan class, at May 1, 2019:
| Performing |  | PCI |  | Total
Commercial real estate: |  |  |  |  |
Owner-occupied | $ | 42,148 |  |  | $ | 5,894 |  |  | $ | 48,042 |
Non-owner occupied | 45,401 |  |  | 770 |  |  | 46,171 |
Multi-family | 10,773 |  |  | — |  |  | 10,773 |
Acquisition and development: |  |  |  |  |
1-4 family residential construction | 7,450 |  |  | — |  |  | 7,450 |
Commercial and land development | 4,528 |  |  | — |  |  | 4,528 |
Commercial and industrial | 32,316 |  |  | 1,914 |  |  | 34,230 |
Residential mortgage: |  |  |  |  |
First lien | 152,657 |  |  | 10,494 |  |  | 163,151 |
Home-equity - term | 4,478 |  |  | 1 |  |  | 4,479 |
Home equity - lines of credit | 13,657 |  |  | — |  |  | 13,657 |
Installment and other loans | 14,467 |  |  | 195 |  |  | 14,662 |
Total loans acquired | $ | 327,875 |  |  | $ | 19,268 |  |  | $ | 347,143 |
Schedule of Fair Value Adjustments Made to Amortized Costs Basis of Loans Acquired | The following table presents the fair value adjustments made to the amortized cost basis of loans acquired at May 1, 2019:
Gross amortized cost basis at acquisition | $ | 362,125 |
Market rate adjustment | (5,309) |
Credit fair value adjustment on non-credit impaired loans | (3,947) |
Credit fair value adjustment on PCI loans | (5,726) |
Estimated fair value of acquired loans | $ | 347,143 |
Schedule of Information About Acquired PCI Loans | The following table provides information about acquired PCI loans at May 1, 2019:
Contractually required principal and interest at acquisition | $ | 31,599 |
Nonaccretable difference | (8,834) |
Expected cash flows at acquisition | 22,765 |
Accretable yield | (3,497) |
Estimated fair value of acquired PCI loans | $ | 19,268 |

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