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Business Combinations (Tables) | 3 Months Ended
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Mar. 31, 2020
Business Combinations [Abstract] |
Schedule of Allocation of Purchase Price to Fair Value of Net Assets Acquired | The purchased assets and assumed liabilities were recorded at their acquisition date fair values and are summarized in the table below (in thousands).
|  | As recorded |  | Fair value |  | As recorded |
|  | by PFG |  | adjustments (1) |  | by the Company |
Assets: |  |  |  |  |  |  |
Cash & cash equivalents |  | $ | 55,971 |  |  | $ | — |  |  | $ | 55,971 |  |
Investment securities available-for-sale |  | 27,054 |  |  | 203 |  |  | 27,257 |  |
Restricted investments |  | 692 |  |  | — |  |  | 692 |  |
Loans |  | 191,672 |  |  | (3,691) |  |  | 187,981 |  |
Allowance for loan losses |  | (2,832) |  |  | 2,832 |  |  | — |  |
Premises and equipment, net |  | 15,681 |  |  | (2,919) |  |  | 12,762 |  |
Bank owned life insurance |  | 5,560 |  |  | — |  |  | 5,560 |  |
Deferred tax asset, net |  | — |  |  | 813 |  |  | 813 |  |
Intangibles |  | — |  |  | 1,370 |  |  | 1,370 |  |
Other real estate owned |  | 3,695 |  |  | (100) |  |  | 3,595 |  |
Interest Receivable |  | 1,061 |  |  | (280) |  |  | 781 |  |
Prepaids |  | 375 |  |  | (174) |  |  | 201 |  |
Goodwill |  | 231 |  |  | (231) |  |  | — |  |
Other assets |  | 1,881 |  |  | — |  |  | 1,881 |  |
Total assets acquired |  | $ | 301,041 |  |  | $ | (2,177) |  |  | $ | 298,864 |  |
Liabilities: |  |  |  |  |  |  |
Deposits |  | $ | 271,276 |  |  | $ | — |  |  | $ | 271,276 |  |
Time deposit premium |  | — |  |  | 729 |  |  | 729 |  |
Payables and other liabilities |  | 776 |  |  | — |  |  | 776 |  |
Total liabilities assumed |  | 272,052 |  |  | 729 |  |  | 272,781 |  |
Excess of assets assumed over liabilities assumed |  | $ | 28,989 |  |  |  |  |  |
Aggregate fair value adjustments |  |  |  | $ | (2,906) |  |  |  |
Total identifiable net assets |  |  |  |  |  | 26,083 |  |
Consideration transferred: |  |  |  |  |  |  |
Cash |  |  |  |  |  | 9,838 |  |
Common stock issued (1,292,578 shares) |  |  |  |  |  | 24,547 |  |
Total fair value of consideration transferred |  |  |  |  |  | 34,385 |  |
Goodwill |  |  |  |  |  | $ | 8,302 |  |
(1) Fair values are preliminary and are subject to refinement for a period of one year after the closing date of an acquisition as information relative to the closing date fair value becomes available. |  |  |  |  |  |  |
Loans Acquired in Acquisition | The following table presents additional information related to the acquired loan portfolio at the acquisition date (in thousands):
|  | March 1, 2020 |
Accounted for pursuant to ASC 310-30: |  |  |
Contractually required principal and interest |  | $ | 21,107 |  |
Non-accretable differences |  | 4,706 |  |
Cash flows expected to be collected |  | 16,401 |  |
Accretable yield |  | 2,515 |  |
Fair value |  | $ | 13,886 |  |
Business Acquisition, Pro Forma Information | The actual results and pro-forma information were as follows (in thousands):
|  | Three Months Ended March 31, |  |
|  | Revenue |  | Net Income
2020: |  |  |  |
Actual PFG results included in statement of income since acquisition date |  | $ | 505 |  |  | $ | 117 |
Supplemental consolidation pro-forma as if PFG had been acquired January 1, 2019 |  | 28,050 |  |  | 4,013 |
2019: |  |  |  |
Supplemental consolidation pro-forma as if PFG had been acquired January 1, 2019 |  | $ | 26,766 |  |  | $ | 3,513 |

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