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BUSINESS COMBINATIONS (Tables)

9 Months Ended

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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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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Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

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