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BUSINESS COMBINATIONS (Tables)

12 Months Ended

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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