ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Estimated fair value of assets acquired and liabilities assumed

The following presents the final, recorded fair values of the assets acquired and liabilities assumed in the transaction with Teton as of December 31, 2021, including all measurement period adjustments to the provisional estimates. The measurement period has closed, with no further adjustments expected (dollars in thousands):

Fair value of consideration transferred	Provisional Estimates		Measurement Period Adjustments		December 31, 2021
Cash consideration	$	11,501	$	—	$	11,501
Common stock issued	39,818		—		39,818
Total fair value of consideration transferred	51,319		—		51,319
Assets acquired
Cash and cash equivalents	132,498		—		132,498
Available-for-sale securities, at fair value	18,058		—		18,058
Correspondent bank stock, at cost	928		—		928
Mortgage loans held for sale	840		—		840
Loans, net	252,275		(857)		251,418
Premises and equipment	17,758		—		17,758
Accrued interest receivable	923		—		923
Accounts receivable	95		—		95
Other receivable	520		—		520
Core deposit intangible(1)	1,264		698		1,962
Other assets	226		242		468
Assets held for sale	115		5		120
Total assets acquired	425,500		88		425,588
Liabilities assumed
Deposits	379,227		(29)		379,198
Accrued interest payable	26		—		26
Other liabilities	1,283		—		1,283
Deferred tax liabilities, net	42		(71)		(29)
Total liabilities assumed	380,578		(100)		380,478
Net assets acquired	44,922		188		45,110
Goodwill recognized	$	6,397	$	(188)	$	6,209

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(1)The core deposit intangible was determined to have an estimated life of 10 years.

Schedule of composition of acquired loan portfolio

The composition of the contractual balance of acquired loans as of December 31, 2021 is detailed in the table below (dollars in thousands):

	Year Ended December 31,
	2021
Cash, Securities and Other (1)	$	20,080
Construction and Development	33,977
1-4 Family Residential	70,348
Non-Owner Occupied CRE	43,162
Owner Occupied CRE	33,000
Commercial and Industrial	55,690
Total loans	256,257
Acquisition fair value adjustments	(3,982)
Loans, net	$	252,275

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(1)Includes $6.7 million in PPP loans.

Schedule of acquisition expenses within Non-interest expense

The Company incurred $1.2 million and $4.1 million in expenses related to the acquisition during the years ended December 31, 2022 and December 31, 2021, respectively. The following presents the acquisition expenses within Non-interest expense of the Consolidated Statements of Income as of the dates noted (dollars in thousands):

	Year Ended December 31,		Year Ended December 31,
	2022		2021
Mergers and acquisitions expense:
Salaries and employee benefits	$	591	$	547
Professional services	563		1,118
Technology and information systems	7		—
Data processing	(73)		2,428
Marketing	81		—
Other	54		8
Total mergers and acquisitions expense	$	1,223	$	4,101

Schedule of business acquisition, pro forma information

Information for the year ended December 31, 2021 has been prepared for comparative purposes only, and is not indicative of the actual results that would have been attained had the acquisitions occurred as of the beginning of the period presented, nor is it indicative of future results (in thousands, except per share data):

	Pro Forma
	Twelve Months Ended December 31,
	2022		2021
Net interest income after provision for loan losses	$	79,522	$	68,019
Noninterest income	28,412		41,206
Net income	21,698		23,234
Pro forma earnings per share:
Basic	2.29		2.49
Diluted	2.23		2.43