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Business Combination (Tables) | 9 Months Ended
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Sep. 30, 2021
Schedule of acquired loans | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2021 |  | December 31, 2020 |
​ |  | 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 | ​ | $ | 10,517 | ​ | $ | 62,063 | ​ | $ | 72,580 | ​ | $ | 12,760 | ​ | $ | 89,043 | ​ | $ | 101,803 | ​
Carrying amount | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate – residential mortgage | ​ | $ | 854 | ​ | $ | 11,125 | ​ | $ | 11,979 | ​ | $ | 1,473 | ​ | $ | 15,117 | ​ | $ | 16,590 | ​
Real estate – construction | ​ | ​ | — | ​ | ​ | 1,246 | ​ | ​ | 1,246 | ​ | ​ | — | ​ | ​ | 1,077 | ​ | ​ | 1,077 | ​
Commercial, financial and agricultural1 | ​ |  | 4,510 | ​ |  | 39,739 | ​ |  | 44,249 | ​ |  | 4,758 | ​ |  | 58,796 | ​ |  | 63,554 | ​
Equity lines | ​ |  | 35 | ​ |  | 7,482 | ​ |  | 7,517 | ​ |  | 80 | ​ |  | 10,182 | ​ |  | 10,262 | ​
Consumer | ​ |  | 41 | ​ |  | 1,319 | ​ |  | 1,360 | ​ |  | 48 | ​ |  | 1,924 | ​ |  | 1,972 | ​
Total acquired loans | ​ | $ | 5,440 | ​ | $ | 60,911 | ​ | $ | 66,351 | ​ | $ | 6,359 | ​ | $ | 87,096 | ​ | $ | 93,455 | ​
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 | ​

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121647850&loc=d3e4845-128472 + Details
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