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Business Combinations (Tables) | 6 Months Ended
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Jun. 30, 2021
Fountain [Member] |
Business Acquisition [Line Items] |
Schedule of Business Acquisitions | The purchased assets and assumed liabilities were recorded at their acquisition date fair values (1) and are summarized in the table below (in thousands).
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As recorded |  | Fair value | ​ | Subsequent |  | As recorded
​ | ​ | by Fountain | ​ | adjustments | ​ | Adjustments | ​ | by the Company
Assets: |  | ​ |  |  | ​ |  | ​ | ​ | ​ |  | ​ |
Cash & cash equivalents | ​ | $ | 413 | ​ | $ | — | ​ | $ | — | ​ | $ | 413
Leases | ​ |  | 54,945 | ​ |  | (720) | ​ | ​ | — | ​ |  | 54,225
Allowance for lease losses | ​ |  | (1,796) | ​ |  | 1,796 | ​ | ​ | — | ​ |  | —
Customer list intangible | ​ |  | — | ​ |  | 2,658 | ​ | ​ | — | ​ |  | 2,658
Other repossessed assets | ​ |  | 319 | ​ |  | — | ​ | ​ | — | ​ |  | 319
Other assets | ​ |  | 233 | ​ |  | — | ​ | ​ | — | ​ |  | 233
Total assets acquired | ​ | $ | 54,114 | ​ | $ | 3,734 | ​ | $ | — | ​ | $ | 57,848
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ |  |
Payables and other liabilities | ​ |  | 683 | ​ |  | (229) | ​ | ​ | — | ​ |  | 454
Total liabilities assumed | ​ |  | 683 | ​ |  | (229) | ​ |  | — | ​ |  | 454
Excess of assets acquired over liabilities assumed | ​ | $ | 53,431 | ​ |  |  | ​ | ​ | ​ | ​ |  |
Aggregate fair value adjustments | ​ |  |  | ​ | $ | 3,963 | ​ | $ | — | ​ |  |
Total identifiable net assets | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ |  | 57,394
Consideration transferred: | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ |  |
Cash | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ |  | 59,794
Total fair value of consideration transferred | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ |  | 59,794
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Goodwill | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ | $ | 2,400
(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 purchased credit impaired financing leases (ASC 310-30) of the acquired lease portfolio at the acquisition date (in thousands):
​ | ​ | ​ | ​
​ |  | May 3, 2021
Accounted for pursuant to ASC 310-30: |  | ​ |
Contractually required principal and interest | ​ | $ | 6,018
Non-accretable differences | ​ |  | 447
Cash flows expected to be collected | ​ |  | 5,571
Accretable yield | ​ |  | 649
Fair value | ​ | $ | 4,922
Business Acquisition, Pro Forma Information | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
​ |  | Revenue |  | Net Income | ​ | Revenue |  | Net Income
2021: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Actual Fountain results included in statement of income since acquisition date | ​ | $ | 1,137 | ​ | $ | 345 | ​ | $ | 1,137 | ​ | $ | 345
Supplemental consolidation pro-forma as if Fountain had been acquired January 1, 2021 | ​ |  | 32,487 | ​ |  | 8,844 | ​ |  | 65,780 | ​ |  | 18,487
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2020: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Supplemental consolidation pro-forma as if Fountain had been acquired January 1, 2020 | ​ | $ | 30,659 | ​ | $ | 6,434 | ​ | $ | 57,451 | ​ | $ | 9,530
Progressive Financial Group Inc. [Member] |
Business Acquisition [Line Items] |
Schedule of Business Acquisitions | The purchased assets and assumed liabilities were recorded at their acquisition date fair values (1) and are summarized in the table below (in thousands).
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | 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 | ​ | ​ | 193 | ​ |  | 1,006
Intangibles | ​ |  | — | ​ |  | 1,370 | ​ | ​ | 1,127 | ​ |  | 2,497
Other real estate owned | ​ |  | 3,695 | ​ |  | (100) | ​ | ​ | (1,862) | ​ |  | 1,733
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) | ​ | $ | (542) | ​ | $ | 298,322
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 acquired over liabilities assumed | ​ | $ | 28,989 | ​ |  |  | ​ | ​ | ​ | ​ |  |
Aggregate fair value adjustments | ​ |  |  | ​ | $ | (2,906) | ​ | $ | (542) | ​ |  |
Total identifiable net assets | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ |  | 25,541
Consideration transferred: | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ |  |
Cash | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ |  | 9,838
Common stock issued (1,292,578 shares) | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ |  | 24,547
Total fair value of consideration transferred | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ |  | 34,385
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Goodwill | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ | $ | 8,844
(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 purchased credit impaired loans (ASC 310-30) of 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

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