Business Combinations (Tables)

12 Months Ended

Dec. 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 (in thousands):

	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):

	Year ended December 31, 2023		Year ended December 31, 2022
Summarized proforma income statement data:
Net interest income	$	66,777	$	56,319
Provision for credit losses		1,100		900
Non-interest income		7,884		7,629
Non-interest expense		43,809		41,697
Income before taxes		29,752		21,351
Provision for income taxes		8,121		5,698
Net income	$	21,631	$	15,653
Basic earnings per share	$	1.42	$	1.04
Diluted earnings per share	$	1.41	$	1.03