BUSINESS COMBINATIONS (Tables)

12 Months Ended

Dec. 31, 2019

BUSINESS COMBINATIONS

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table provides the carrying value of acquired assets and assumed liabilities, as recorded by the Company, the fair value adjustments calculated at the time of the merger and the resulting fair value recorded by the Company.

	December 15, 2017
	As recorded by		Fair Value		As recorded by
	Premara		adjustments		the Company
(Dollars in thousands)
Assets
Cash and cash equivalents	$	28,513	$	—	$	28,513
Investment securities		32,939		(106)		32,833
Loans		203,780		(5,340)		198,440
Less: allowance for loan losses		(2,341)		2,341		—
Premises and equipment		928		(233)		695
Accrued interest receivable		853		(56)		797
Bank owned life insurance		5,673		—		5,673
Goodwill		325		(325)		—
Core deposit intangible		223		2,477		2,700
Other assets		8,701		790		9,491
Total assets acquired	$	279,594	$	(452)	$	279,142
Liabilities
Deposits:
Noninterest-bearing	$	55,617	$	—	$	55,617
Interest-bearing		170,873		171		171,044
Total deposits		226,490		171		226,661
Borrowings		29,000		14		29,014
Other liabilities		747		—		747
Total liabilities assumed	$	256,237	$	185	$	256,422
Fair value of net assets assumed						22,720
Value of common shares of Premara shareholders						40,693
Goodwill recorded for Premara					$	17,973

Business Acquisition, Pro Forma Information

PCI loans acquired totaled $8.6 million at estimated fair value and acquired performing loans totaling $189.6 million at estimated fair value. For PCI loans acquired from Premara, the contractually required payments including principal and interest, cash flows expected to be collected and fair values as of the closing date of the merger were:

	December 15, 2017
(Dollars in thousands)
Contractually required payments	$	11,752
Nonaccretable difference		1,768
Cash flows expected to be collected		9,984
Accretable yield		1,392
Fair value at acquisition date	$	8,592