XML 37 R26.htm IDEA: XBRL DOCUMENT v3.20.2
ACQUISITIONS (Tables)
6 Months Ended
Jun. 30, 2020
ACQUISITIONS  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed in the May 15, 2020 transaction with Simmons, and reflects all adjustments made to the fair value of the opening balance sheet through June 30, 2020 (in thousands):

May 15,

Fair value of consideration transferred

2020

Cash consideration

$

61,599

Total fair value of consideration transferred

61,599

Assets acquired

Cash and due from banks

283

Loans, net

119,552

Core deposit intangible

53

Accrued income and other assets

382

Total assets acquired

120,270

Liabilities assumed

Deposits

63,080

Accrued expenses and other liabilities

 

96

Total liabilities assumed

63,176

Net assets acquired

57,094

Goodwill recognized

$

4,505

______________________________________

(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 acquired loan portfolio as of May 15, 2020 is detailed in the table below (in thousands):

May 15,

    

2020

Cash, Securities and Other

$

13,457

Construction and Development

 

40,407

1-4 Family Residential

 

7,252

Non-Owner Occupied Commercial Real Estate ("CRE")

 

545

Owner Occupied CRE

321

Commercial and Industrial

58,660

Total gross loans

$

120,642