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Note 2 - Sales/Mergers/Acquisitions (Tables)

12 Months Ended

Dec. 31, 2019


	As of
	October 1, 2017
	(dollars in thousands)
ASSETS
Cash and due from banks	$	4,435
Interest-bearing deposits at financial institutions		3,954
Securities		49,703
Loans/leases receivable, net		192,518
Premises and equipment		4,808
Restricted investment securities		477
Core deposit intangible		2,698
Other assets		998
Total assets acquired	$	259,591

LIABILITIES
Deposits	$	212,468
Short-term borrowings		13,102
FHLB advances		4,108
Junior subordinated debentures		3,857
Other liabilities		2,596
Total liabilities assumed	$	236,131
Net assets acquired	$	23,460

CONSIDERATION PAID:
Cash	$	7,803
Common stock		30,880
Total consideration paid	$	38,683
Goodwill	$	15,223


	PCI		Performing
	Loans		Loans		Total
	(dollars in thousands)

Contractually required principal payments	$	3,126	$	192,983	$	196,109
Nonaccretable discount		(1,147)		—		(1,147)
Principal cash flows expected to be collected	$	1,979	$	192,983	$	194,962
Accretable discount		(220)		(2,224)		(2,444)
Fair Value of acquired loans	$	1,759	$	190,759	$	192,518


	For the year ended December 31, 2019
	PCI		Performing
	Loans		Loans		Total
	(dollars in thousands)

Balance at the beginning of the period	$	(8)	$	(1,613)	$	(1,621)
Reclassification of nonaccretable discount to accretable		(5)		—		(5)
Accretion recognized		7		518		525
Balance at the end of the period	$	(6)	$	(1,095)	$	(1,101)

	For the year ended December 31, 2018
	PCI		Performing
	Loans		Loans		Total
	(dollars in thousands)

Balance at the beginning of the period	$	(166)	$	(2,197)	$	(2,363)
Accretion recognized		158		584		742
Balance at the end of the period	$	(8)	$	(1,613)	$	(1,621)

	For the year ended December 31, 2017
	PCI		Performing
	Loans		Loans		Total
	(dollars in thousands)

Balance at the beginning of the period	$	(220)	$	(2,224)	$	(2,444)
Accretion recognized		54		27		81
Balance at the end of the period	$	(166)	$	(2,197)	$	(2,363)


	Year Ended December 31,
	2017		2016
	(dollars in thousands, except per share data)

Net interest income	$	122,923	$	102,902
Noninterest income	$	32,703	$	34,238
Net income	$	38,728	$	27,103

Earnings per common share:
Basic	$	2.80	$	2.05
Diluted	$	2.73	$	2.02


	Year ended December 31, 2019
	PCI		Performing
	Loans		Loans		Total
	(dollars in thousands)

Balance at the beginning of the period	$	(659)	$	(5,849)	$	(6,508)
Reclassification of nonaccretable discount to accretable		(159)		—		(159)
Accretion recognized		767		2,325		3,092
Balance at the end of the period	$	(51)	$	(3,524)	$	(3,575)


	For the year ended December 31, 2018
	PCI		Performing
	Loans		Loans		Total
Balance at the beginning of the period	$	—	$	—	$	—
Discount added at acquisition		(293)		(7,800)		(8,093)
Reclassification of nonaccretable discount to accretable		(892)		—		(892)
Accretion recognized		526		1,951		2,477
Balance at the end of the period	$	(659)	$	(5,849)	$	(6,508)


	For the Year Ended December 31,
	2018		2017
	(dollars in thousands, except per share data)

Net interest income	$	153,229	$	136,190
Noninterest income	$	42,538	$	32,395
Net income	$	49,542	$	42,316

Earnings per common share:
Basic	$	3.17	$	2.82
Diluted	$	3.11	$	2.75


	As of
	July 1, 2018
	(dollars in thousands)
ASSETS
Cash and due from banks	$	4,586
Interest-bearing deposits at financial institutions		62,924
Securities		4,845
Loans/leases receivable, net		477,337
Bank-owned life insurance		7,092
Premises and equipment		6,092
Restricted investment securities		3,654
Intangibles		8,209
Other assets		1,471
Total assets acquired	$	576,210

LIABILITIES
Deposits	$	439,579
Short-term borrowings		1,143
FHLB advances		74,539
Other borrowings		9,544
Other liabilities		8,409
Total liabilities assumed	$	533,214
Net assets acquired	$	42,996

CONSIDERATION PAID:
Cash	$	8,334
Common stock		80,637
Total consideration paid	$	88,971
Goodwill	$	45,975


	PCI		Performing
	Loans		Loans		Total
	(dollars in thousands)

Contractually required principal payments	$	7,553	$	479,440	$	486,993
Nonaccretable discount		(1,563)		—		(1,563)
Principal cash flows expected to be collected	$	5,990	$	479,440	$	485,430
Accretable discount		(293)		(7,800)		(8,093)
Fair Value of acquired loans	$	5,697	$	471,640	$	477,337


	Year ended December 31, 2019
	PCI		Performing
	Loans		Loans		Total
	(dollars in thousands)

Balance at the beginning of the period	$	(659)	$	(5,849)	$	(6,508)
Reclassification of nonaccretable discount to accretable		(159)		—		(159)
Accretion recognized		767		2,325		3,092
Balance at the end of the period	$	(51)	$	(3,524)	$	(3,575)


	For the Year Ended December 31,
	2018		2017
	(dollars in thousands, except per share data)

Net interest income	$	142,368	$	116,029
Noninterest income	$	44,455	$	33,044
Net income	$	44,032	$	35,627

Earnings per common share:
Basic	$	2.98	$	2.67
Diluted	$	2.92	$	2.60


	As of
	November 30, 2019
	(dollars in thousands)

ASSETS
Cash and due from banks	$	3,973
Interest-bearing deposits at financial institutions		55,291
Securities held to maturity, at amortized cost		3,243
Securities available for sale, at fair value		21,874
Loans/leases receivable held for investment, net		357,931
Premises and equipment, net		5,612
Restricted investment securities		675
Other real estate owned, net		2,134
Other assets		3,228
Total assets sold	$	453,961

LIABILITIES
Noninterest-bearing deposits	$	69,802
Interest-bearing deposits		331,486
Short-term borrowings		1,158
Federal Home Loan Bank advances		15,000
Other liabilities		2,241
Total liabilities sold	$	419,687

Net assets sold	$	34,274

Cash consideration received	$	46,560
Gain on sale of assets and liabilities	$	12,286