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Acquisition (Tables)

9 Months Ended

Sep. 30, 2021

Business Combinations [Abstract]

Schedule of Fair Value of Assets Acquired and Liabilities Assumed

The fair value of the assets acquired and liabilities assumed on January 10, 2020 was as follows:

	As recorded by			Fair Value			As recorded by
	ABB			Adjustments			CFBI
				(in thousands)
Cash, cash equivalents and securities available-for-sale	$	41,561		$	—		$	41,561
Loans		264,176			(2,327	)		261,849
Other real estate owned		790			—			790
Core deposit intangible		—			1,913			1,913
Fixed assets and other assets		11,629			—			11,629
Total assets acquired		318,156			(414	)		317,742
Deposits		249,049			265			249,314
Borrowings and other liabilities		37,764			1,654			39,418
Total liabilities acquired		286,813			1,919			288,732
Excess of assets acquired over liabilities acquired		31,343			(2,333	)		29,010
Purchase price								40,338
Net assets acquired								29,010
Less preferred stock redeemed								(5,891	)
Net assets acquired less preferred stock								23,119
Goodwill							$	17,219

Schedule of Unaudited Proforma Information Results of Operations

The following unaudited pro forma information presents the results of operations for nine months ended September 30, 2020, as if the acquisition had occurred January 1 of the period. The Company expects to achieve further operating cost savings and other business synergies as a result of the acquisition which are not reflected in the pro forma amounts. These unaudited pro forma results are presented for illustrative purposes and are not intended to represent or be indicative of the actual results of operations of the combined company that would have been achieved had the acquisition occurred at the beginning of each period presented, nor are they intended to represent or be indicative of future results of operations.

	Nine Months Ended September 30,
	2020
	(In thousands except per share data)
Total revenues, net of interest expense	$	20,083
Net income		591
Diluted earnings per share		0.08

X

- 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

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- References

No definition available.

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Data Type:	xbrli:stringItemType
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X

- 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=123413009&loc=d3e4845-128472

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