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Business Combination (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of acquired loans


		December 31, 2020									December 31, 2019
		Acquired Loans -			Acquired Loans -						Acquired Loans -			Acquired Loans -
		Purchased			Purchased			Acquired Loans -			Purchased			Purchased			Acquired Loans -
(Dollars in thousands)		Credit Impaired			Performing			Total			Credit Impaired			Performing			Total
Outstanding principal balance		$	12,760		$	89,043		$	101,803		$	6,262		$	27,839		$	34,101
Carrying amount
Real estate – residential mortgage		$	1,473		$	15,117		$	16,590		$	107		$	7,035		$	7,142
Real estate – construction			—			1,077			1,077			—			—			—
Commercial, financial and agricultural¹			4,758			58,796			63,554			563			11,338			11,901
Equity lines			80			10,182			10,262			35			8,046			8,081
Consumer			48			1,924			1,972			—			3			3
Total acquired loans		$	6,359		$	87,096		$	93,455		$	705		$	26,422		$	27,127

1	Includes acquired loans classified by the Corporation as commercial real estate lending and commercial business lending.

Peoples Bankshares, Incorporated (Peoples)

Schedule of total consideration paid, the fair values of assets acquired and liabilities assumed, and the resulting goodwill


		Amounts
		Recognized as of
(Dollars in thousands)		January 1, 2020
Purchase price:
Cash paid		$	10,579
Common stock issued			11,612
Total purchase price		$	22,191

Identifiable assets acquired:
Cash and cash equivalents		$	29,680
Securities available for sale			17,169
Loans			124,195
Accrued interest receivable			430
Corporate premises and equipment			3,105
Other real estate owned			281
Core deposit intangible asset			1,711
Bank-owned life insurance			3,591
Investment in small business investment company			1,493
Other receivables			5,234
Other assets			3,658
Total identifiable assets acquired			190,547

Identifiable liabilities assumed:
Demand and savings deposits			94,798
Time deposits			77,018
Borrowings			4,245
Accrued interest payable			260
Salaries, benefits and deferred compensation			2,054
Other liabilities			747
Total identifiable liabilities assumed			179,122

Net identifiable assets acquired		$	11,425

Goodwill resulting from acquisition		$	10,766

Schedule of acquired loans


(Dollars in thousands)		January 1, 2020
Contractual principal and interest due		$	20,310
Nonaccretable difference			(7,679)
Expected cash flows			12,631
Accretable yield			(3,372)
Purchased credit impaired loans - estimated fair value		$	9,259

Schedule of unaudited pro forma amounts


		Unaudited Pro Forma
		Year Ended
(Dollars in thousands, except per share amounts)		December 31, 2019
Total revenues (net interest income plus nonintererest income)		$	120,173
Net income		$	18,261
Net income per share, basic and diluted		$	4.99