XML 54 R24.htm IDEA: XBRL DOCUMENT v3.20.2
MERGERS AND ACQUISITIONS (Tables)
 9 Months Ended
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 issued36,622 
Total consideration transferred$50,819 
Estimated fair values of assets acquired and liabilities assumed:
Cash and cash equivalents$43,140 
Securities available for sale60,882 
Restricted investments in bank stocks2,658 
Loans347,143 
Premises and equipment3,749 
Core deposit intangible4,550 
Goodwill6,132 
Cash surrender value of life insurance17,948 
Deferred tax asset, net7,257 
ROU lease asset2,793 
Other assets3,925 
Total assets acquired500,177 
Deposits(388,246)
Borrowings(51,393)
Other liabilities(9,719)
Total liabilities assumed$(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:
PerformingPCITotal
Commercial real estate:
Owner-occupied$42,148 $5,894 $48,042 
Non-owner occupied45,401 770 46,171 
Multi-family10,773 — 10,773 
Acquisition and development:
1-4 family residential construction7,450 — 7,450 
Commercial and land development4,528 — 4,528 
Commercial and industrial32,316 1,914 34,230 
Residential mortgage:
First lien152,657 10,494 163,151 
Home-equity - term4,478 1 4,479 
Home equity - lines of credit13,657 — 13,657 
Installment and other loans14,467 195 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 acquisition22,765 
Accretable yield(3,497)
Estimated fair value of acquired PCI loans$19,268