Subsequent Events

6 Months Ended

Jun. 30, 2021

Note 16 – Subsequent Event

Sale of South Market, WV Branches

In July 2021, the Bank completed the previously announced sale of certain assets and liabilities of four branch locations in West Virginia. Pursuant to the terms of the Purchase and Assumption Agreement between the Bank and Summit Community Bank, Inc. (“Summit”), dated April 22, 2021 and as further amended, Summit assumed approximately $167 million in deposit liabilities, including accrued interest, and acquired approximately $55 million in loans, as well as accrued interest on those loans, cash, real property, personal property and other fixed assets associated with the branches, as of the July 10, 2021 closing date. The Bank expects to record a pre-tax gain of approximately $10.0 million on the sale in the third quarter of 2021.

The following table presents assets to be acquired and liabilities to be assumed as of the period indicated:


(Dollars in thousands)	June 30, 2021
Cash and due from banks	$	1,320
Loans receivable	54,547
Premises and equipment, net	3,469
Accrued interest receivable and other assets	152
Assets of branches held-for-sale	$	59,488

Deposits:
Noninterest-bearing	$	30,462
Interest-bearing	135,238
Total deposits	165,700
Accrued interest payable and other liabilities	50
Liabilities of branches held-for-sale	$	165,750