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ACQUISITIONS (Tables)

12 Months Ended

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

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December 31, 2020

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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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- Definition

The entire description for costs incurred to effect a business combination that have been expensed during the period. Such costs could include business integration costs, systems integration and conversion costs, and severance and other employee-related costs.

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Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

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