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ACQUISITIONS (Tables) | 9 Months Ended
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Sep. 30, 2022
Business Combinations [Abstract] |
Schedule of fair value of the assets acquired and liabilities assumed | ​ ​ ​ ​ The following table summarizes the fair value of the assets acquired and liabilities assumed at the acquisition date: ​
​ | ​ | ​ | ​ | ​
​ |  | PEB |
​ | ​ | Acquisition | ​
​ | ​ | Date | ​
​ | ​ | February 1, 2022 | ​
Fair value of assets: |  | ​ |  |
Cash and due from banks | ​ | $ | 5,350 | ​
Total cash and cash equivalents | ​ |  | 5,350 | ​
​ | ​ | ​ | ​ | ​
Interest bearing deposits in banks | ​ |  | 13,348 | ​
Investment securities available-for-sale | ​ | ​ | 3 | ​
FHLB stock, at par | ​ |  | 2,294 | ​
FRB stock, at par | ​ |  | 942 | ​
Loans, net | ​ |  | 412,851 | ​
Premises and equipment, net | ​ | ​ | 221 | ​
Core deposit intangible | ​ |  | 756 | ​
Deferred tax assets, net | ​ |  | 1,192 | ​
Interest receivable and other assets | ​ | ​ | 9,178 | ​
Total assets acquired | ​ |  | 446,135 | ​
Liabilities: | ​ |  |  | ​
Deposits | ​ |  |  | ​
Noninterest bearing | ​ |  | 60,006 | ​
Interest bearing | ​ |  | 316,679 | ​
Total Deposits | ​ |  | 376,685 | ​
​ | ​ | ​ | ​ | ​
Interest payable and other liabilities | ​ | ​ | 3,370 | ​
Total liabilities assumed | ​ | ​ | 380,055 | ​
​ | ​ | ​ | ​ | ​
Stock consideration | ​ |  | 64,140 | ​
Cash consideration | ​ |  | 275 | ​
Bargain purchase gain | ​ | $ | 1,665 | ​
​ The following table presents the net assets acquired and the estimated fair value adjustments, which resulted in bargain purchase gain at the acquisition date: ​
​ | ​ | ​ | ​ | ​
​ |  | PEB |
​ | ​ | Acquisition | ​
​ | ​ | Date | ​
​ | ​ | February 1, 2022 | ​
Book value of net assets acquired | ​ | $ | 61,469 | ​
Fair value adjustments: | ​ |  |  | ​
Loans, net | ​ |  | 5,840 | ​
Premises and equipment, net | ​ | ​ | 26 | ​
Core deposit intangible | ​ |  | 756 | ​
Time deposits | ​ | ​ | (869) | ​
Reserve for unfunded commitments | ​ |  | 283 | ​
Write-up right-of-use asset | ​ |  | 439 | ​
Total purchase accounting adjustments | ​ |  | 6,475 | ​
​ | ​ | ​ | ​ | ​
Tax effect of purchase accounting adjustments at 27.9% | ​ |  | (1,864) | ​
Fair value of assets acquired | ​ |  | 66,080 | ​
Value of stock issued/cash paid for stock options | ​ |  | 64,415 | ​
Bargain purchase gain | ​ | $ | (1,665) | ​
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
Schedule of unaudited pro forma net interest income, net income and earnings per share | Unaudited pro forma net interest income, net income and earnings per share are presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | ​ | ​ | Nine Months Ended September 30,
​ | ​ | ​ | 2022 (As Restated) | ​ | ​ | 2021 | ​ | ​ | ​ | ​ | 2022 (As Restated) | ​ | ​ | 2021
Net interest income | ​ | $ | 24,725 | ​ | $ | 24,761 | ​ | ​ | ​ | $ | 71,097 | ​ | $ | 73,497
Net income | ​ |  | 6,970 | ​ |  | 7,933 | ​ | ​ | ​ |  | 12,869 | ​ |  | 21,109
Basic earnings per share | ​ | $ | 0.52 | ​ | $ | 0.58 | ​ | ​ | ​ | $ | 0.95 | ​ | $ | 1.51
Diluted earnings per share | ​ | ​ | 0.52 | ​ | ​ | 0.58 | ​ | ​ | ​ | ​ | 0.95 | ​ | ​ | 1.51
Schedule of acquisition expenses | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022
​ | ​ | ​ | Three month ended | ​ | ​ | Nine months ended
​ |  | ​ | September 30 | ​ | ​ | September 30
Severance expense |  | $ | — |  | $ | 556
Occupancy expense |  | ​ | — |  | ​ | 375
Data processing |  | ​ | — |  | ​ | 1,073
Professional fees | ​ | ​ | ​ | ​ | ​ | 724
Other expenses |  | ​ | — |  | ​ | 347
Total | ​ | $ | — | ​ | $ | 3,075

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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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