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Business Combination and Asset Purchase (Tables) | 6 Months Ended
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Jun. 30, 2020
Business Combinations [Abstract] |
Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed Recognized | The following table summarizes the consideration paid for Bank of Geneva and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date.
Fair Value of Consideration Transferred |  |  |  |
|  | (In Thousands) |
Cash |  | $ | 8,465 |
Common Shares (1,830,000 shares) |  |  | 70,437 |
Total |  | $ | 78,902 |
Recognized amounts of identifiable assets acquired and liabilities assumed |  |  |  |
Assets |  |  |  |
Cash and cash equivalents |  | $ | 6,376 |
Securities - available-for-sale |  |  | 17,494 |
Other securities, at cost |  |  | 2,347 |
Loans, net |  |  | 257,183 |
Premises and equipment |  |  | 2,538 |
Goodwill |  |  | 43,266 |
Other assets |  |  | 7,176 |
Total Assets Purchased |  | $ | 336,380 |
Liabilities |  |  |  |
Deposits |  |  |  |
Noninterest bearing |  | $ | 37,822 |
Interest bearing |  |  | 168,312 |
Total deposits |  |  | 206,134 |
Federal Home Loan Bank (FHLB) advances |  |  | 48,196 |
Accrued expenses and other liabilities |  |  | 3,148 |
Total Liabilities Assumed |  | $ | 257,478 |
Summary of Carrying Amount of Loans | The carrying amount of those loans is included in loans, net on the balance sheet as of December 31, 2019 and June 30, 2020. The amounts of loans at December 31, 2019 and June 30, 2020 are as follows:
|  | 2019 |
|  | (In Thousands) |
Balance - January 1, 2019 |  |  |  |
Commercial |  | $ | 4,094 |
Consumer RE |  |  | 231 |
Consumer |  |  | 71 |
Carrying amount, net of fair value adjustment of $2,118 |  | $ | 2,278 |
Balance - December 31, 2019 |  |  |  |
Commercial |  | $ | 106 |
Consumer RE |  |  | - |
Consumer |  |  | - |
Carrying amount, net of fair value adjustment of $62 |  | $ | 44 |
Balance - June 30, 2020 |  |  |  |
Commercial |  | $ | - |
Consumer RE |  |  | - |
Consumer |  |  | - |
Carrying amount, net of fair value adjustment of $0 |  | $ | - |
Summary of Loans Acquired and Contractually Required Payments Receivable | Loans acquired during 2019 for which it was probable at acquisition that all contractually required payments would not be collected are as follows:
|  | (In Thousands) |
Contractually required payments receivable at acquisition |  |  |  |
Commercial |  | $ | 4,215 |
Consumer RE |  |  | 261 |
Consumer |  |  | 94 |
Total required payments receivable |  | $ | 4,570 |
Cash flows expected to be collected at acquisition |  | $ | 2,788 |
Basis in acquired loans at acquisition |  | $ | 4,396 |
Summary of Changes in Accretable Yield or Income Expected to be Collected | Changes in accretable yield, or income expected to be collected, are as follows:
|  | Three Months Ended June 30, 2020 |  |  | Three Months Ended June 30, 2019 |  |  | Six Months Ended June 30, 2020 |  |  | Six Months Ended June 30, 2019 |
|  | (In Thousands) |  |  | (In Thousands) |  |  | (In Thousands) |  |  | (In Thousands) |
Beginning Balance |  | $ | 1,978 |  |  | $ | 2,436 |  |  | $ | 2,021 |  |  | $ | 2,544 |
Additions |  |  | 1 |  |  |  | 5 |  |  |  | 2 |  |  |  | 6 |
Accretion |  |  | (108 | ) |  |  | (2,095 | ) |  |  | (214 | ) |  |  | (2,204 | )
Reclassification from nonaccretable difference |  |  | - |  |  |  | 1,985 |  |  |  | 62 |  |  |  | 1,985 |
Disposals |  |  | - |  |  |  | (2 | ) |  |  | - |  |  |  | (2 | )
Ending Balance |  | $ | 1,871 |  |  | $ | 2,329 |  |  | $ | 1,871 |  |  | $ | 2,329 |
Schedule of Annual Amortization of Core Deposit Intangible Assets | Annual amortization of core deposit intangible assets is as follows:
|  | (In Thousands) |  |  | (In Thousands) |  |  | (In Thousands) |
|  | Custar |  |  | Geneva |  |  | Total |
2020 |  | $ | 161 |  |  | $ | 560 |  |  | $ | 721 |
2021 |  |  | - |  |  |  | 560 |  |  |  | 560 |
2022 |  |  | - |  |  |  | 560 |  |  |  | 560 |
2023 |  |  | - |  |  |  | 560 |  |  |  | 560 |
2024 |  |  | - |  |  |  | 560 |  |  |  | 560 |
2025 |  |  | - |  |  |  | 560 |  |  |  | 560 |
|  | $ | 161 |  |  | $ | 3,360 |  |  | $ | 3,521 |

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