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BUSINESS COMBINATIONS (Tables) | 9 Months Ended
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Sep. 30, 2020
BUSINESS COMBINATIONS |
Summary of consideration paid and assets acquired and liabilities assumed | ​
​ | ​ | ​ | ​
(In Thousands) |  | ​ |
Fair value of consideration transferred: | ​ | ​ | ​
Cash | ​ | $ | 21,837
Common stock issued | ​ |  | 41,429
Total consideration transferred | ​ | $ | 63,266
​ | ​ | ​ | ​
Estimated fair value of assets acquired and (liabilities) assumed: | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 97,792
Available-for-sale debt securities | ​ |  | 10,754
Loans receivable | ​ |  | 464,792
Bank-owned life insurance | ​ |  | 11,170
Accrued interest receivable | ​ |  | 1,922
Bank premises and equipment | ​ |  | 3,250
Foreclosed assets held for sale | ​ |  | 860
Deferred tax asset, net | ​ |  | 1,469
Core deposit intangible | ​ |  | 3,144
Goodwill | ​ |  | 24,138
Other assets | ​ |  | 13,478
Deposits | ​ |  | (481,796)
Short-term borrowings | ​ |  | (33,950)
Long-term borrowings | ​ |  | (30,025)
Subordinated debt | ​ |  | (10,091)
Accrued interest and other liabilities | ​ | ​ | (13,641)
Estimated excess fair value of assets acquired over liabilities assumed | ​ | $ | 63,266
​ | ​ | ​ | ​
Loans acquired on business acquisition |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In Thousands) |  | ​ | Performing |  | ​ | PCI |  | ​ | Total
Residential mortgage: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgage loans - first liens | ​ | $ | 65,883 | ​ | $ | 0 | ​ | $ | 65,883
Residential mortgage loans - junior liens | ​ |  | 4,141 | ​ | ​ | 75 | ​ | ​ | 4,216
Home equity lines of credit | ​ | ​ | 8,368 | ​ | ​ | 0 | ​ | ​ | 8,368
1-4 Family residential construction | ​ | ​ | 11,437 | ​ | ​ | 0 | ​ | ​ | 11,437
Total residential mortgage | ​ | ​ | 89,829 | ​ | ​ | 75 | ​ | ​ | 89,904
Commercial: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial loans secured by real estate | ​ |  | 240,482 | ​ | ​ | 4,152 | ​ | ​ | 244,634
Commercial and industrial | ​ |  | 39,068 | ​ | ​ | 806 | ​ | ​ | 39,874
Small Business Adminstration - Paycheck Protection Program | ​ | ​ | 63,740 | ​ | ​ | 0 | ​ | ​ | 63,740
Loans secured by farmland | ​ |  | 73 | ​ | ​ | 0 | ​ | ​ | 73
Multi-family (5 or more) residential | ​ |  | 23,065 | ​ | ​ | 2,171 | ​ | ​ | 25,236
Other commercial loans | ​ |  | 952 | ​ | ​ | 0 | ​ | ​ | 952
Total commercial | ​ |  | 367,380 | ​ | ​ | 7,129 | ​ | ​ | 374,509
Consumer | ​ |  | 379 | ​ | ​ | 0 | ​ | ​ | 379
Total | ​ | $ | 457,588 | ​ | $ | 7,204 | ​ | ​ | 464,792
Fair Value adjustments of loans acquired on business acquisition | ​
​ | ​ | ​ | ​
(In Thousands) |  | ​ | ​
Gross amortized cost at acquisition | ​ | $ | 472,012
Fair value adjustments: | ​ | ​ | ​
Market rates | ​ |  | 2,909
Credit adjustment on non-impaired loans | ​ | ​ | (7,219)
Credit adjustment on impaired loans | ​ | ​ | (2,910)
Fair value at acquisition | ​ | $ | 464,792
​ | ​ | ​ | ​
Pro forma information as if the merger had been completed on January 1, 2019 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In Thousands Except Per Share Data) |  | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30, | ​ | September 30, | ​ | September 30,
​ | ​ | 2020 | ​ | 2019 | ​ | 2020 | ​ | 2019
Interest income |  | $ | 21,632 |  | $ | 23,142 | ​ | $ | 66,564 |  | $ | 64,800
Interest expense |  | ​ | 3,091 |  | ​ | 4,367 | ​ | ​ | 10,727 |  | ​ | 10,747
Net interest income | ​ | ​ | 18,541 | ​ | ​ | 18,775 | ​ | ​ | 55,837 | ​ | ​ | 54,053
Provision for loan losses | ​ |  | 1,941 | ​ |  | 1,208 | ​ |  | 3,393 | ​ |  | 1,047
Net interest after provision for loan losses | ​ |  | 16,600 | ​ |  | 17,567 | ​ |  | 52,444 | ​ |  | 53,006
Noninterest income | ​ |  | 6,970 | ​ |  | 5,523 | ​ |  | 18,092 | ​ |  | 15,546
Net gains on securities | ​ |  | 25 | ​ |  | 13 | ​ |  | 25 | ​ |  | 20
Other noninterest expenses | ​ |  | 14,572 | ​ |  | 14,530 | ​ |  | 45,604 | ​ |  | 46,198
Income before income tax provision | ​ |  | 9,023 | ​ |  | 8,573 | ​ |  | 24,957 | ​ |  | 22,374
Income tax provision | ​ |  | 1,605 | ​ |  | 1,511 | ​ |  | 4,610 | ​ |  | 3,886
Net income | ​ | $ | 7,418 | ​ | $ | 7,062 | ​ | $ | 20,347 | ​ | $ | 18,488
Earnings per common share - basic | ​ | $ | 0.47 | ​ | $ | 0.45 | ​ | $ | 1.28 | ​ | $ | 1.21
Earnings per common share - diluted | ​ | $ | 0.47 | ​ | $ | 0.45 | ​ | $ | 1.28 | ​ | $ | 1.21
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

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