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ACQUISITIONS (Tables) | 12 Months Ended
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Dec. 31, 2020
ACQUISITIONS |
Schedule of fair value of the assets acquired and liabilities assumed | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | GMB |  | TIG |  | UFC |
​ | ​ | Acquisition | ​ | Acquisition | ​ | Acquisition | ​
​ | ​ | Date | ​ | Date | ​ | Date | ​
​ | ​ | February 4, 2020 | ​ | October 21, 2019 | ​ | May 24, 2019 | ​
Fair value of assets: |  | ​ |  |  | ​ |  |  | ​ |  |
Cash and due from banks | ​ | $ | 5,454 | ​ | $ | 6,146 | ​ | $ | 6,392 | ​
Federal funds sold | ​ |  | — | ​ |  | 55,955 | ​ |  | 22,080 | ​
Total cash and cash equivalents | ​ |  | 5,454 | ​ |  | 62,101 | ​ |  | 28,472 | ​
Interest bearing deposits in banks | ​ |  | 16,040 | ​ |  | — | ​ |  | — | ​
Investment securities available-for-sale | ​ | ​ | 4,369 | ​ | ​ | 26,382 | ​ | ​ | 5,096 | ​
FHLB stock, at par | ​ |  | 165 | ​ |  | 241 | ​ |  | 1,535 | ​
FRB stock, at par | ​ |  | — | ​ |  | 792 | ​ |  | — | ​
Loans, net | ​ |  | 98,410 | ​ |  | 137,183 | ​ |  | 276,719 | ​
Premises and equipment, net | ​ | ​ | 3,879 | ​ | ​ | 3,480 | ​ | ​ | 463 | ​
OREO | ​ |  | — | ​ |  | 42 | ​ |  | 76 | ​
Core deposit intangible | ​ |  | 949 | ​ |  | 3,038 | ​ |  | 566 | ​
Deferred tax assets, net | ​ |  | 728 | ​ |  | 308 | ​ |  | 234 | ​
Servicing asset | ​ |  | — | ​ |  | — | ​ |  | 1,824 | ​
Interest receivable and other assets | ​ | ​ | 929 | ​ | ​ | 2,079 | ​ | ​ | 3,033 | ​
Total assets acquired | ​ |  | 130,923 | ​ |  | 235,646 | ​ |  | 318,018 | ​
Liabilities: | ​ |  |  | ​ |  |  | ​ |  |  | ​
Deposits | ​ |  |  | ​ |  |  | ​ |  |  | ​
Noninterest bearing | ​ |  | 30,937 | ​ |  | 77,157 | ​ |  | 143,082 | ​
Interest bearing | ​ |  | 87,210 | ​ |  | 125,597 | ​ |  | 122,704 | ​
Total Deposits | ​ |  | 118,147 | ​ |  | 202,754 | ​ |  | 265,786 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Junior subordinated debentures, net | ​ | ​ | 1,575 | ​ | ​ | — | ​ | ​ | — | ​
Interest payable and other liabilities | ​ | ​ | 687 | ​ | ​ | 2,014 | ​ | ​ | 1,386 | ​
Total liabilities assumed | ​ | ​ | 120,409 | ​ | ​ | 204,768 | ​ | ​ | 267,172 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Stock issued | ​ |  | — | ​ |  | 19,711 | ​ |  | 24,887 | ​
Cash consideration | ​ |  | 13,886 | ​ |  | 20,184 | ​ |  | 37,814 | ​
Goodwill | ​ | $ | 3,372 | ​ | $ | 9,017 | ​ | $ | 11,855 | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | GMB |  | TIG |  | UFC | ​
​ | ​ | Acquisition | ​ | Acquisition | ​ | Acquisition | ​
​ | ​ | Date | ​ | Date | ​ | Date | ​
​ | ​ | February 4, 2020 | ​ | October 21, 2019 | ​ | May 24, 2019 | ​
Book value of net assets acquired | ​ | $ | 10,348 | ​ | $ | 29,164 | ​ | $ | 47,445 | ​
Fair value adjustments: | ​ |  |  | ​ |  |  | ​ |  |  | ​
Investments available-for-sale | ​ |  | (10) | ​ |  | (627) | ​ |  | — | ​
Loans, net | ​ |  | 484 | ​ |  | 382 | ​ |  | 4,617 | ​
Premises and equipment, net | ​ |  | (1,000) | ​ |  | 180 | ​ |  | — | ​
Write-down on OREO | ​ |  | — | ​ |  | (18) | ​ |  | (32) | ​
Core deposit intangible | ​ |  | 949 | ​ |  | 3,038 | ​ |  | 566 | ​
Tax assets | ​ |  | (139) | ​ |  | (774) | ​ |  | (695) | ​
Time deposits | ​ |  | (25) | ​ |  | (308) | ​ |  | (250) | ​
Write-down on servicing assets | ​ |  | — | ​ |  | — | ​ |  | (805) | ​
Junior subordinated debentures, net | ​ | ​ | (98) | ​ | ​ | — | ​ | ​ | — | ​
Write-down other (assets) liabilities | ​ | ​ | 5 | ​ | ​ | (159) | ​ | ​ | — | ​
Total purchase accounting adjustments | ​ |  | 166 | ​ |  | 1,714 | ​ |  | 3,401 | ​
Fair value of net assets acquired | ​ |  | 10,514 | ​ |  | 30,878 | ​ |  | 50,846 | ​
Price paid: | ​ |  |  | ​ |  |  | ​ |  |  | ​
Common stock issued | ​ |  | — | ​ |  | 19,711 | ​ |  | 24,887 | ​
Cash paid | ​ |  | 13,886 | ​ |  | 20,184 | ​ |  | 37,814 | ​
Total price paid | ​ |  | 13,886 | ​ |  | 39,895 | ​ |  | 62,701 | ​
Goodwill | ​ | $ | 3,372 | ​ | $ | 9,017 | ​ | $ | 11,855 | ​
​
Schedule of unaudited pro forma net interest income, net income and earnings per share | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31, | ​ | December 31,
​ | ​ | 2020 | ​ | 2019 | ​ | 2018
Net interest income | ​ | $ | 78,695 | ​ | $ | 80,649 | ​ | $ | 82,141
Net income | ​ |  | 12,929 | ​ |  | 20,447 | ​ |  | 21,263
Basic earnings per share | ​ | $ | 1.08 | ​ | $ | 1.74 | ​ | $ | 2.19
Diluted earnings per share | ​ | ​ | 1.08 | ​ | ​ | 1.74 | ​ | ​ | 2.19
​
Schedule of acquisition expenses | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020 | ​ | December 31, 2019 | ​ | December 31, 2018
​ | ​ | GMB Merger | ​ | TIG |  | Uniti |  | Total |  | BFC
Professional fees | ​ | $ | 369 | ​ | $ | 403 | ​ | $ | 535 | ​ | $ | 938 | ​ | $ | 130
Data processing | ​ |  | 2,000 | ​ |  | 1,709 | ​ |  | 2,657 | ​ |  | 4,366 | ​ |  | 1,290
Severance expense | ​ |  | 266 | ​ |  | 257 | ​ |  | 578 | ​ |  | 835 | ​ |  | 536
Other | ​ |  | 383 | ​ |  | 115 | ​ |  | 365 | ​ |  | 480 | ​ |  | 369
Total | ​ | $ | 3,018 | ​ | $ | 2,484 | ​ | $ | 4,135 | ​ | $ | 6,619 | ​ | $ | 2,325
​

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