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BUSINESS COMBINATIONS (Tables) | 12 Months Ended
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Dec. 31, 2020
BUSINESS COMBINATIONS |
Summary adjustments to the initial fair value measurements of certain assets and liabilities | ​
​ | ​ | ​ | ​
(In Thousands) | ​ | ​ | ​
Preliminary goodwill balance, September 30, 2020 | ​ | $ | 24,138
Adjustments in fourth quarter 2020: | ​ | ​ | ​
Write-down purchased credit impaired loan | ​ | ​ | 556
Increase deferred tax asset, net | ​ | ​ | (410)
Decrease other liabilities | ​ | ​ | (167)
Goodwill balance, December 31, 2020 | ​ | $ | 24,117
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 | ​ |  | 464,236
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 | ​ |  | 1,879
Core deposit intangible | ​ |  | 3,144
Goodwill | ​ |  | 24,117
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 | ​ | ​ | (13,474)
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
Commercial construction and land | ​ | ​ | 63,740 | ​ | ​ | ​ | 0 | ​ | ​ | 63,740
Loans secured by farmland | ​ | ​ | 73 | ​ | ​ | ​ | 0 | ​ | ​ | 73
Multi-family (5 or more) residential | ​ | ​ | 23,065 | ​ | ​ | ​ | 1,615 | ​ | ​ | 24,680
Other commercial loans | ​ | ​ | 952 | ​ | ​ | ​ | 0 | ​ | ​ | 952
Total commercial | ​ | ​ | 367,380 | ​ | ​ | ​ | 6,573 | ​ | ​ | 373,953
Consumer | ​ | ​ | 379 | ​ | ​ | ​ | 0 | ​ | ​ | 379
Total | ​ | $ | 457,588 | ​ | ​ | $ | 6,648 | ​ | $ | 464,236
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 | ​ | ​ | (3,466)
Fair value at acquisition | ​ | $ | 464,236
Pro forma information as if the merger had been completed on January 1, 2019 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | Dec. 31, | ​ | Dec. 31,
(In Thousands Except Per Share Data) | ​ | 2020 | ​ | 2019
Interest income | ​ | $ | 88,379 | ​ | $ | 88,830
Interest expense | ​ | ​ | 13,407 | ​ | ​ | 15,156
Net interest income | ​ | ​ | 74,972 | ​ | ​ | 73,674
Provision for loan losses | ​ | ​ | 4,013 | ​ | ​ | 1,309
Net interest income after provision for loan losses | ​ | ​ | 70,959 | ​ | ​ | 72,365
Noninterest income | ​ | ​ | 24,657 | ​ | ​ | 20,550
Net gains on securities | ​ | ​ | 169 | ​ | ​ | 23
Loss on prepayment of borrowings | ​ | ​ | 1,636 | ​ | ​ | 0
Other noninterest expenses | ​ | ​ | 60,094 | ​ | ​ | 62,377
Income before income tax provision | ​ | ​ | 34,055 | ​ | ​ | 30,561
Income tax provision | ​ | ​ | 6,227 | ​ | ​ | 5,311
Net income | ​ | $ | 27,828 | ​ | $ | 25,250
Earnings per common share - basic | ​ | $ | 1.75 | ​ | $ | 1.64
Earnings per common share - diluted | ​ | $ | 1.75 | ​ | $ | 1.63

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