BUSINESS COMBINATIONS	6 Months Ended
Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
BUSINESS COMBINATIONS	NOTE 11. BUSINESS COMBINATIONS On June 21, 2022, the Company entered into the Merger Agreement with First Bancorp, pursuant to which the Company will merge with and into First Bancorp and the Bank will merge with and into First Bank. As of June 21, 2022, the aggregate merger consideration had a total value of approximately $181.1 million, or $31.43 per share. As of June 30, 2022, the aggregate merger consideration had a total value of approximately $183.1 million, or $31.76 per share. Upon closing, outstanding and unexercised Company stock options will be converted into stock options to purchase the number of shares of First Bancorp common stock equal to the product of the number of shares of the Company’s common stock underlying the stock option immediately prior to closing and 0.910. The exercise price per share of the resulting First Bancorp stock option will be equal to the exercise price of the converted Company stock option divided by 0.910. Any converted stock option being less than a whole share of First Bancorp stock being cancelled for a cash payment. The Merger Agreement was unanimously approved by the boards of directors of each of the Company and First Bancorp. The closing of the Merger is subject to the approval of the Company’s shareholders, obtaining the requisite regulatory approvals and other customary closing conditions. The parties anticipate closing the Merger during the fourth quarter of 2022 or the first quarter of 2023. The foregoing description of the Merger Agreement and the transactions contemplated thereby does not purport to be complete and is qualified in its entirety be reference to the Merger Agreement, which is incorporated as Exhibit 2.1 to this Quarterly Report on Form 10-Q.

BUSINESS COMBINATIONS

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

NOTE 11. BUSINESS COMBINATIONS

On June 21, 2022, the Company entered into the Merger Agreement with First Bancorp, pursuant to which the Company will merge with and into First Bancorp and the Bank will merge with and into First Bank. As of June 21, 2022, the aggregate merger consideration had a total value of approximately $181.1 million, or $31.43 per share. As of June 30, 2022, the aggregate merger consideration had a total value of approximately $183.1 million, or $31.76 per share.

Upon closing, outstanding and unexercised Company stock options will be converted into stock options to purchase the number of shares of First Bancorp common stock equal to the product of the number of shares of the Company’s common stock underlying the stock option immediately prior to closing and 0.910. The exercise price per share of the resulting First Bancorp stock option will be equal to the exercise price of the converted Company stock option divided by 0.910. Any converted stock option being less than a whole share of First Bancorp stock being cancelled for a cash payment.

The Merger Agreement was unanimously approved by the boards of directors of each of the Company and First Bancorp. The closing of the Merger is subject to the approval of the Company’s shareholders, obtaining the requisite regulatory approvals and other customary closing conditions. The parties anticipate closing the Merger during the fourth quarter of 2022 or the first quarter of 2023.

The foregoing description of the Merger Agreement and the transactions contemplated thereby does not purport to be complete and is qualified in its entirety be reference to the Merger Agreement, which is incorporated as Exhibit 2.1 to this Quarterly Report on Form 10-Q.