ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2019

ACQUISITIONS

Summary of Estimated Fair Value of Acquired Assets and Liabilities Assumed

(Dollars in thousands)	January 4, 2018
Cash and cash equivalents	$	6,693
Interest bearing time deposits with other banks		100
Securities available for sale		75,909
Other bank stock		1,155
Loans		236,010
Foreclosed real estate		1,312
Premises and equipment, net		10,612
Accrued interest receivable		824
Goodwill (banking segment)		22,298
Intangibles assets		1,331
Bank-owned life insurance		7,963
Other assets		1,677
Total Assets	$	365,884
Deposits	$	(301,157)
Borrowings		(12,000)
Other liabilities		(844)
Total Liabilities	$	(314,001)
Net consideration paid - common shares issued	$	51,883

(Dollars in thousands)	December 21, 2018
Cash and cash equivalents, net of stock options paid in cash	$	9,153
Securities available for sale		2,193
Other bank stock		2,380
Loans		257,170
Foreclosed real estate		1,250
Premises and equipment, net		422
Accrued interest receivable		880
Goodwill (banking segment)		2,204
Intangibles assets		1,039
Other assets		3,064
Total Assets	$	279,755
Deposits	$	(197,321)
Borrowings		(47,106)
Other liabilities		(2,882)
Total Liabilities	$	(247,309)
Net consideration paid - common shares issued	$	32,446

Summary of Fair Value Adjustments to Amortized Cost Basis of Loans Acquired

(Dollars in thousands)
Gross amortized cost basis at January 4, 2018	$	242,471
Fair value adjustment on general pooled loans		(3,737)
Credit fair value adjustment on purchased credit impaired loans		(2,724)
Fair value of acquired loans at January 4, 2018	$	236,010

(Dollars in thousands)
Gross amortized cost basis at December 21, 2018	$	262,126
Fair value adjustment on general pooled loans		(4,956)
Fair value of acquired loans at December 21, 2018	$	257,170

Pro Forma Business Acquisition Information

	Acquired Credit
(Dollars in thousands)	Impaired Loans
Contractually required principal and interest at acquisition	$	6,289
Contractual cash flows not expected to be collected (non-accretable difference)		1,819
Expected cash flows at acquisition		4,470
Interest component of expected cash flows (accretable difference)		846
Fair value of acquired loans	$	3,624

	Year Ended		Year Ended
(Dollars in thousands)	December 31, 2018		December 31, 2017
Total revenues (net interest income plus non-interest income)	$	54,941	$	47,280
Net Income		9,935		6,257
Basic and diluted earnings per share applicable to common stockholders	$	1.25	$	0.79

	Year Ended		Year Ended
(Dollars in thousands)	December 31, 2018		December 31, 2017
Total revenues (net interest income plus non-interest income)	$	64,827	$	46,175
Net Income		12,496		7,283
Basic and diluted earnings per share applicable to common stockholders	$	1.80	$	0.84