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Business Combination (Tables) | 9 Months Ended
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Sep. 30, 2020
Business Combinations [Abstract] |
Schedule of fair value of identifiable assets and liabilities |
Fair value of assets acquired |  |  |
Cash and cash equivalents |  | $ | 31,756 |
Interest bearing time deposits |  |  | 11,542 |
Investment securities |  |  | 1,362 |
Federal Home Loan Bank stock |  |  | 117 |
Loans held for investment |  |  | 16,395 |
Premises and equipment |  |  | 446 |
Goodwill |  |  | 4,325 |
Core deposit intangible |  |  | 660 |
Other assets |  |  | 192 |
Total assets acquired |  | $ | 66,795 |
Fair value of liabilities assumed |  |  |  |
Deposits |  | $ | 51,053 |
Other liabilities |  |  | 223 |
Total liabilities assumed |  |  | 51,276 |
Total purchase price (cash) |  | $ | 15,519 |
Schedule of pro forma financial information |
|  | Three Months Ended |
Summary of Operations ($ in thousands) |  | Sep. 2020 |  |  | Sep. 2019 |
Net interest income |  | $ | 9,259 |  |  | $ | 9,424 |
Provision for loan losses |  |  | 1,800 |  |  |  | 306 |
Net interest income after provision |  | $ | 7,459 |  |  | $ | 9,118 |
Non interest income |  |  | 10,418 |  |  |  | 5,394 |
Non interest expense |  |  | 11,335 |  |  |  | 9,776 |
Income before income taxes |  | $ | 6,542 |  |  | $ | 4,736 |
Income tax expense* |  |  | 1,292 |  |  |  | 886 |
Net income |  | $ | 5,250 |  |  | $ | 3,850 |
Preferred share dividends |  |  | - |  |  |  | 233 |
Net income to common shareholders |  | $ | 5,250 |  |  | $ | 3,617 |
Basic earnings per share |  | $ | 0.69 |  |  | $ | 0.57 |
Diluted earnngs per share |  | $ | 0.69 |  |  | $ | 0.49 |
|  | Nine Months Ended |
Summary of Operations ($ in thousands) |  | Sep. 2020 |  |  | Sep. 2019 |
Net interest income |  | $ | 27,178 |  |  | $ | 27,340 |
Provision for loan losses |  |  | 3,700 |  |  |  | 506 |
Net interest income after provision |  | $ | 23,478 |  |  | $ | 26,834 |
Non interest income |  |  | 21,238 |  |  |  | 12,145 |
Non interest expense |  |  | 33,474 |  |  |  | 28,043 |
Income before income taxes |  | $ | 11,242 |  |  | $ | 10,936 |
Income tax expense* |  |  | 2,073 |  |  |  | 2,018 |
Net income |  | $ | 9,169 |  |  | $ | 8,918 |
Preferred share dividends |  |  | - |  |  |  | 487 |
Net income to common shareholders |  | $ | 9,169 |  |  | $ | 8,431 |
Basic earnings per share |  | $ | 1.19 |  |  | $ | 1.31 |
Diluted earnngs per share |  | $ | 1.19 |  |  | $ | 1.12 |
| * | Income tax expense for Edon calculated using a 21% statuatory rate

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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