Business Combinations (Tables)

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Schedule of Allocation of Purchase Price to Fair Value of Net Assets Acquired

The purchased assets and assumed liabilities were recorded at their acquisition date fair values ⁽¹⁾ and are summarized in the table below (in thousands).

	As recorded		Fair value		As recorded
	by PFG		adjustments (1)		by the Company
Assets:
Cash & cash equivalents	$	55,971	$	—	$	55,971
Investment securities available-for-sale		27,054		203		27,257
Restricted investments		692		—		692
Loans		191,672		(3,691)		187,981
Allowance for loan losses		(2,832)		2,832		—
Premises and equipment, net		15,681		(2,919)		12,762
Bank owned life insurance		5,560		—		5,560
Deferred tax asset, net		—		1,173		1,173
Intangibles		—		1,370		1,370
Other real estate owned		3,695		(1,474)		2,221
Interest Receivable		1,061		(280)		781
Prepaids		375		(174)		201
Goodwill		231		(231)		—
Other assets		1,881		—		1,881
Total assets acquired	$	301,041	$	(3,191)	$	297,850
Liabilities:
Deposits	$	271,276	$	—	$	271,276
Time deposit premium		—		729		729
Payables and other liabilities		776		—		776
Total liabilities assumed		272,052		729		272,781
Excess of assets assumed over liabilities assumed	$	28,989
Aggregate fair value adjustments			$	(3,920)
Total identifiable net assets						25,069
Consideration transferred:
Cash						9,838
Common stock issued (1,292,578 shares)						24,547
Total fair value of consideration transferred						34,385
Goodwill					$	9,316

⁽¹⁾ Fair values are preliminary and are subject to refinement for a period of one year after the closing date of an acquisition as information relative to the closing date fair value becomes available.

Loans Acquired in Acquisition

The following table presents additional information related to the purchased credit impaired loans (ASC 310-30) of the acquired loan portfolio at the acquisition date (in thousands):

	March 1, 2020
Accounted for pursuant to ASC 310-30:
Contractually required principal and interest	$	21,107
Non-accretable differences		4,706
Cash flows expected to be collected		16,401
Accretable yield		2,515
Fair value	$	13,886

Business Acquisition, Pro Forma Information

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	Revenue		Net Income		Revenue		Net Income
2020:
Actual PFG results included in statement of income since acquisition date	$	3,029	$	1,228	$	7,189	$	2,707
Supplemental consolidation pro-forma as if PFG had been acquired January 1, 2019		30,163		6,609		87,852		17,887
2019:
Supplemental consolidation pro-forma as if PFG had been acquired January 1, 2019	$	27,409	$	8,989	$	87,464	$	20,868