BUSINESS COMBINATIONS (Tables)

3 Months Ended

Mar. 31, 2023

Summary of Assets Acquired and Liabilities Assumed

The following table summarizes the consideration paid for the acquired branches and amounts of assets acquired and liabilities assumed that were recorded at the acquisition date (in thousands):

	Acquired Branches January 20, 2023
Fair value of consideration received:
Cash consideration	$	103,425
Total fair value of consideration received		103,425
Assets acquired:
Cash and cash equivalents		1,284
Loans		4,006
Premises and equipment		3,621
Core deposit intangible		4,970
Other assets		15
Total assets acquired		13,896
Liabilities assumed:
Deposits		115,914
Other liabilities		2
Total liabilities assumed		115,916
Total net liabilities assumed		102,020
Bargain purchase gain recognized	$	1,405

A summary of the estimated fair value adjustments resulting in the bargain purchase gain recorded in the branch acquisition are presented below:

	Acquired Branches January 20, 2023

Cash consideration received	$	103,425
Less:
Cost basis of net liabilities assumed		(107,097	)
Fair Value Adjustments:
Loans		(363	)
Premises and equipment		307
Core deposit intangible		4,970
Deposits		163
Bargain purchase gain recognized	$	1,405

Unaudited Pro Forma Information

The following unaudited pro forma summary presents consolidated information of the Company as if the business combination had occurred on January 1, 2022 (in thousands):

	Three months ended March 31, 2023		Three months ended March 31, 2022
Summarized proforma income statement data:
Net interest income	$	16,219	$	12,038
Provision for loan losses		—		300
Non-interest income		2,912		2,092
Non-interest expense		11,455		9,760
Income before taxes		7,676	$	4,070
Provision for income taxes		2,110		1,090
Net income	$	5,566	$	2,980
Basic earnings per share	$	0.39	$	0.21
Diluted earnings per share	$	0.38	$	0.20