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v3.22.2.2

Merger (Tables) | 9 Months Ended
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Sep. 30, 2022
Business Combinations [Abstract] |
Schedule of Estimated Amortization Expense | Estimated amortization expense for each of the next five years and thereafter is as follows:
|  | MSRs |  |  | Core deposit intangibles |  |  | Total |
2022 |  | $ | 40 |  |  | $ | 407 |  |  | $ | 447 |
2023 |  |  | 161 |  |  |  | 1,579 |  |  |  | 1,740 |
2024 |  |  | 160 |  |  |  | 1,488 |  |  |  | 1,648 |
2025 |  |  | 160 |  |  |  | 1,312 |  |  |  | 1,472 |
2026 |  |  | 159 |  |  |  | 1,193 |  |  |  | 1,352 |
Thereafter |  |  | 2,399 |  |  |  | 2,496 |  |  |  | 4,895 |
|  | $ | 3,079 |  |  | $ | 8,475 |  |  | $ | 11,554 |
As of September 30, 2022, the current year and estimated future amortization expense for the core deposit intangible is as follows:
|  | Core deposit intangibles |
2022 |  | $ | 427 |
2023 |  |  | 739 |
2024 |  |  | 684 |
2025 |  |  | 604 |
2026 |  |  | 523 |
Thereafter |  |  | 1,449 |
|  | $ | 4,426 |
Summary of Financial Information | The following table presents financial information for the former Comunibanc Corp. included in the Consolidated Statements of Operations from the date of acquisition through September 30, 2022.
|  | Actual From Acquisition Date Through September 30, 2022 |
|  | (in thousands) |
Net interest income after provision for loan losses |  | $ | 1,638 |
Noninterest income |  |  | 158 |
Net income |  |  | 426 |
Summary of Pro Forma Information | The following table presents pro forma information for the three- and nine-month periods ended September 30, 2022 and 2021 as if the acquisition of Comunibanc Corp. had occurred on January 1, 2021. This table has been prepared for comparative purposes only and is not indicative of the actual results that would have been attained had the acquisition occurred as of the beginning of the periods presented, nor is it indicative of future results. Furthermore, the unaudited pro forma information does not reflect management’s estimate of any revenue-enhancing opportunities nor anticipated cost savings as a result of the integration and consolidation of the acquisition.
|  | Pro Formas |  | Pro Formas |
|  | Three months ended September 30, |  | Nine months ended September 30, |
|  | 2022 |  |  | 2021 |  | 2022 |  |  | 2021 |
Net interest income after provision for loan losses |  | $ | 30,405 |  |  | $ | 26,891 |  | $ | 82,100 |  |  | $ | 78,452 |
Noninterest income |  |  | 5,734 |  |  |  | 6,693 |  |  | 19,387 |  |  |  | 25,486 |
Net income |  |  | 11,176 |  |  |  | 10,100 |  |  | 26,914 |  |  |  | 31,015 |
Pro forma earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.74 |  |  | $ | 0.63 |  | $ | 1.80 |  |  | $ | 1.88 |
Diluted |  | $ | 0.74 |  |  | $ | 0.63 |  | $ | 1.80 |  |  | $ | 1.88 |
Summary of Estimated Fair Values of the Assets Acquired and Liabilities | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for Comunibanc Corp. Core deposit intangibles will be amortized over periods of between ten years using an accelerated method. Goodwill will not be amortized, but instead will be evaluated for impairment.
Cash paid |  |  |  |  |  | $ | 24,968 |
Common Shares issued (984,723 shares) |  |  |  |  |  |  | 21,122 |
Total |  |  |  |  |  | $ | 46,090 |
Net assets acquired: |  |  |  |  |  |  |  |
Cash and due from financial institutions |  | $ | 3,098 |  |  |  |  |
Securities available for sale |  |  | 120,399 |  |  |  |  |
Time deposits |  |  | 742 |  |  |  |  |
Loans, net |  |  | 169,202 |  |  |  |  |
Other securities |  |  | 1,553 |  |  |  |  |
Premises and equipment |  |  | 6,073 |  |  |  |  |
Accrued interest receivable |  |  | 670 |  |  |  |  |
Core deposit intangible |  |  | 4,426 |  |  |  |  |
Bank owned life insurance |  |  | 5,918 |  |  |  |  |
Other assets |  |  | 3,767 |  |  |  |  |
Noninterest-bearing deposits |  |  | (122,642 | ) |  |  |  |
Interest-bearing deposits |  |  | (148,552 | ) |  |  |  |
Other borrowings |  |  | (21,706 | ) |  |  |  |
Other liabilities |  |  | (1,659 | ) |  |  |  |
|  |  |  |  |  |  | 21,289 |
Goodwill resulting from Comunibanc Corp. acquisition |  |  |  |  |  | $ | 24,801 |
Summary of Acquired and Accounted for in Accordance With ASC 310-30 | The following table presents additional information regarding loans acquired and accounted for in accordance with ASC 310-30:
|  | At September 30, 2022 |
|  | Acquired Loans with Specific Evidence of Deterioration of Credit Quality (ASC 310-30) |
|  | (In Thousands) |
Outstanding balance |  | $ | 4,421 |
Carrying amount |  |  | 3,774 |

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