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Business Combinations (Tables) - Progressive Financial Group Inc. [Member]

12 Months Ended

Dec. 31, 2020

Business Acquisition [Line Items]

Schedule of Business Acquisitions

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Initial

​

​

​

​

​

​

​

As recorded

Fair value

​

Subsequent

As recorded

​

​

by PFG

​

adjustments

​

Adjustments

​

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

​

​

78

​

891

Intangibles

​

—

​

1,370

​

​

1,127

​

2,497

Other real estate owned

​

3,695

​

(100)

​

​

(1,424)

​

2,171

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)

​

$

(219)

​

$

298,645

​

​

​

​

​

​

​

​

​

​

​

​

​

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)

​

$

(219)

​

Total identifiable net assets

​

​

​

​

​

​

25,864

Consideration transferred:

​

​

​

​

​

​

Cash

​

​

​

​

​

​

9,838

Common stock issued (1,292,578 shares)

​

​

​

​

​

​

24,547

Total fair value of consideration transferred

​

​

​

​

​

​

34,385

​

​

​

​

​

​

​

​

​

​

​

​

​

Goodwill

​

​

​

​

​

​

$

8,521

Loans Acquired in Acquisition

​

​	​	​	​
​		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

​

​	​	​	​	​	​	​	​
​	​	Year Ended					​
​	​	December 31,
​	​	Revenue			Net Income
2020:	​		​	​		​
Actual PFG results included in statement of income since acquisition date	​	$	10,227	​	$	3,581	​
Supplemental consolidation pro-forma as if PFG had been acquired January 1, 2019	​		119,334	​		27,436	​
​	​	​	​	​	​	​	​
2019:	​			​			​
Supplemental consolidation pro-forma as if PFG had been acquired January 1, 2019	​	$	115,479	​	$	27,952	​

​

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+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
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