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Business Combinations (Tables)

3 Months Ended

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

X

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(3)
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

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X

- Definition

Tabular disclosure of the reconciliation of contractual cash flows to the carrying amount relating to certain loans acquired in a transfer.

+ References

No definition available.

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X

- Definition

Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

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