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

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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 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