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MERGERS AND ACQUISITIONS AND BRANCH CONSOLIDATIONS (Tables) | 12 Months Ended
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Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract] |
Summary of Consideration Paid and 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 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 Loans Acquired in Business Combination | The following table presents performing and PCI loans acquired, by loan class, at May 1, 2019. Upon completion of the Hamilton acquisition, the Company sold the acquired investment portfolio and paid off acquired borrowings at the indicated fair value amounts in conjunction with its asset/liability management strategies.
| 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 Cost Basis Loans | 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 impaired loans | (5,726) |
Estimated fair value of acquired loans | $ | 347,143 |
Schedule of Information About Purchased Credit Impaired Loans | The following table provides information about acquired PCI loans at May 1, 2019.
Contractually required principal and interest at acquisition | $ | 31,599 |
Contractual cash flows not expected to be collected (nonaccretable discount) | (8,834) |
Expected cash flows at acquisition | 22,765 |
Interest component of expected cash flows (accretable discount) | (3,497) |
Estimated fair value of acquired PCI loans | $ | 19,268 |

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