Note 2 - Bank Acquisition (Tables)

3 Months Ended

Mar. 31, 2023

Notes Tables

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

	As Recorded			Fair Value				Classification			Provisional Period		As Recorded
(in thousands)	By CB			Adjustments (1)				Adjustments (2)			Adjustments (1)		by Bancorp
Assets aquired:
Cash and due from banks	$	380,450		$	—			$	—		$	—	$	380,450
Mortgage loans held for sale		3,559			—				—			—		3,559
Available for sale debt securities		247,209			(416	)	a		(161,819	)		—		84,974
Held to maturity debt securities (2)		—			—		a		161,819			—		161,819
Federal Home Loan Bank stock, at cost		4,436			—				—			—		4,436
Loans		645,551			(13,147	)	b		—			—		632,404
Allowance for credits losses on loans		(16,102	)		6,152		c		—			—		(9,950	)
Net loans		629,449			(6,995	)			—			—		622,454
Premises and equipment, net		28,784			4,009		d		—			—		32,793
Accrued interest receivable		1,973			—				—			—		1,973
Goodwill		5,412			(5,412	)	e		—			—		—
Core deposit intangible		—			12,724		f		—			—		12,724
Customer list intangibles		—			14,360		g		—			—		14,360
Mortgage servicing rights		9,387			3,289		h		—			—		12,676
Deferred income taxes, net		—			(3,727	)	i		—			—		(3,727	)
Other assets		9,389			(1,065	)	j		—			—		8,324
Total assets acquired	$	1,320,048		$	16,767			$	-		$	-	$	1,336,815
Liabilities assumed:
Deposits:
Non-interest bearing	$	302,098		$	—			$	—		$	—	$	302,098
Interest bearing		818,334			371		k		—			—		818,705
Total deposits		1,120,432			371				—			—		1,120,803
SSUAR		66,220			—				—			—		66,220
Subordinated debentures		26,806			(794	)	l		—			—		26,012
Line of credit		3,200			—				—			—		3,200
Accrued interest payable		243			—				—			—		243
Other liabilities		17,822			1,296		m		—			—		19,118
Total liabilities assumed		1,234,723			873				—			—		1,235,596
Net assets acquired	$	85,325		$	15,894			$	-		$	-	$	101,219
Consideration for common stock													$	133,825
Cash consideration paid														30,994
Non-controlling interest of acquired entity														3,094
Total consideration													$	167,913
Goodwill													$	66,694

Schedule of Business Acquisitions by Acquisition, Loans Fair Value Adjustment [Table Text Block]

(in thousands)
Fair value adjustment - acquired non PCD loans	$	(9,216	)
Fair value adjustment - acquired PCD loans		(4,094	)
Eliminate unrecognized loan fees on acquired loans and fair value hedge		163
Net loan fair value adjustments	$	(13,147	)

Schedule of Business Acquisitions by Acquisition, Allowance for Credit Losses Adjustments [Table Text Block]

(in thousands)
Reversal of historical CB ACL for loans	$	(16,102	)
Estimate of lifetime credit losses for PCD loans		9,950
Net change in ACL for loans	$	(6,152	)

Business Acquisition, Pro Forma Information [Table Text Block]

(in thousands)	Three months ended March 31, 2022
Net interest income	$	53,793
Provision for credit losses (1)		(2,150	)
Non-interest income		22,143
Non-interest expense (2)		47,289
Income before income tax expense		30,797
Income tax expense		6,467
Net income		24,330
Less net income attributed to non-controlling interest		51
Net income available to stockholders	$	24,279
Earnings per share
Basic	$	0.84
Diluted		0.83
Basic weighted average shares outstanding		29,056
Diluted weighted average shares outstanding		29,364