XML 79 R56.htm IDEA: XBRL DOCUMENT v3.20.1
MERGERS AND ACQUISITIONS (Details) - USD ($)
$ / shares in Units, $ in Thousands
Oct. 20, 2017
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Assets        
Loans   $ 737,028 $ 718,462 $ 646,805
Premises and equipment   35,008 34,987  
Intangible assets   1,483 2,006  
Bank owned life insurance   28,041 25,754  
Total assets   1,170,279 1,091,595  
Deposits:        
Non-interest bearing demand   289,828 244,686  
Interest bearing   698,372 680,837  
Total deposits   988,201 925,523  
Securities sold under agreements to repurchase   33,296 28,022  
Other liabilities   10,147 10,358  
Total liabilities   1,050,085 979,098  
Goodwill   $ 14,637 $ 14,637  
As Recorded by Cornerstone [Member]        
Assets        
Cash and cash equivalents $ 30,060      
Investment securities 44,018      
Loans 60,835      
Premises and equipment 4,164      
Intangible assets      
Bank owned life insurance 2,384      
Other assets 3,082      
Total assets 144,543      
Deposits:        
Non-interest bearing demand 27,296      
Interest bearing 99,152      
Total deposits 126,448      
Securities sold under agreements to repurchase 849      
Other liabilities 320      
Total liabilities 127,617      
Net identifiable assets acquired over liabilities assumed 16,926      
Goodwill      
Net assets acquired over liabilities assumed $ 16,926      
Consideration:        
First Community Corporation common shares issued 877,364      
Purchase price per share of the Company's common stock $ 22.05      
Equity Interests Issued or Issuable $ 19,346      
Cash exchanged for stock and fractional shares 7,731      
Fair value of total consideration transferred 27,077      
Fair Value Adjustments [Member]        
Assets        
Cash and cash equivalents      
Investment securities [1] (358)      
Loans [2] (734)      
Premises and equipment [3] 573      
Intangible assets [4] 1,810      
Bank owned life insurance      
Other assets [5] (452)      
Total assets 839      
Deposits:        
Non-interest bearing demand      
Interest bearing [6] 150      
Total deposits 150      
Securities sold under agreements to repurchase      
Other liabilities 96      
Total liabilities 246      
Net identifiable assets acquired over liabilities assumed 593      
Goodwill 9,558      
Net assets acquired over liabilities assumed 10,151      
As Recorded by the Company [Member]        
Assets        
Cash and cash equivalents 30,060      
Investment securities 43,660      
Loans 60,101      
Premises and equipment 4,737      
Intangible assets 1,810      
Bank owned life insurance 2,384      
Other assets 2,609      
Total assets 145,361      
Deposits:        
Non-interest bearing demand 27,296      
Interest bearing 99,302      
Total deposits 126,598      
Securities sold under agreements to repurchase 849      
Other liabilities 416      
Total liabilities 127,863      
Net identifiable assets acquired over liabilities assumed 17,519      
Goodwill 9,558      
Net assets acquired over liabilities assumed $ 27,077      
[1] Adjustment reflects marking the securities portfolio to fair value as of the acquisition date.
[2] Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired loan portfolio and excludes the allowance for loan losses recorded by Cornerstone.
[3] Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired premises and equipment.
[4] Adjustment reflects the recording of the core deposit intangible on the acquired deposit accounts.
[5] Adjustment reflects the deferred tax adjustment related to fair value adjustments at 34%.
[6] Adjustment reflects the fair value adjustment on interest-bearing deposits.