ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2021

ACQUISITIONS

Estimated fair value of assets acquired and liabilities assumed

The following presents the estimated fair values of the assets acquired and liabilities assumed in the December 31, 2021 transaction with Teton, and reflects all adjustments made to the fair value of the opening balance sheet on December 31, 2021 (in thousands):

Fair value of consideration transferred	December 31, 2021
Cash consideration	$	11,501
Common stock issued		39,818
Total fair value of consideration transferred		51,319
Assets acquired
Cash and cash equivalents		132,498
Available-for-sale securities, at fair value		18,218
Correspondent bank stock, at cost		928
Mortgage loans held for sale		840
Loans, net		252,275
Premises and equipment		17,758
Accrued interest receivable		923
Accounts receivable		95
Other receivable		520
Core deposit intangible(1)		1,264
Other assets		66
Assets held for sale		115
Total assets acquired		425,500
Liabilities assumed
Deposits		379,227
Accrued interest payable		26
Other liabilities		1,283
Deferred tax liabilities, net		42
Total liabilities assumed		380,578
Net assets acquired		44,922
Goodwill recognized	$	6,397

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

The following presents 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 December 31, 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(1)		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 contractual balance of acquired loans as of December 31, 2021 is detailed in the table below (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.

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 (1)	$	13,457
Construction and Development		40,407
1-4 Family Residential		7,252
Non-Owner Occupied CRE		545
Owner Occupied CRE		321
Commercial and Industrial		58,660
Total loans	$	120,642

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⁽¹⁾ Includes $12.9 million in PPP loans.

Schedule of acquisition expenses within Non-interest expense

The Company incurred $4.1 million in expenses related to the acquisition during the year ended December 31, 2021. The following presents the acquisition expenses within Non-interest expense of the Consolidated Statements of Income (in thousands):

	Year Ended
	December 31,
	2021
Mergers and acquisitions expense:
Salaries and employee benefits	$	547
Professional services		1,118
Data processing		2,428
Other		8
Total mergers and acquisitions expense	$	4,101

Schedule of business acquisition, pro forma information

		Pro Forma
		Twelve Months Ended December 31,
		2021	2020
Net interest income after provision for loan losses	$	68,019	$	56,465
Noninterest income		41,206		52,926
Net income		23,234		23,689
Pro forma earnings per share:
Basic		2.49		2.55
Diluted		2.43		2.55