ACQUISITIONS (Tables)

3 Months Ended

Mar. 31, 2022

ACQUISITIONS

Estimated fair value of assets acquired and liabilities assumed

During the three months ended March 31, 2022, the Company finalized its application of purchase accounting. The following presents the final valuation of the assets acquired and liabilities assumed in the transaction with Teton as of December 31, 2021, including the measurement period adjustments to the provisional estimates (dollars in thousands):

	As of December 31, 2021
	Provisional		Measurement Period		Acquired
Fair value of consideration transferred	Estimates		Adjustments		Balances
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		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/(assets), 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 acquisition expenses within Non-interest expense

The following presents the acquisition expenses within Non-interest expense of the Condensed Consolidated Statements of Income as of the date noted (dollars in thousands):

	Three Months Ended
	March 31,
	2022
Mergers and acquisitions expense:
Salaries and employee benefits	$	229
Professional services		112
Marketing		70
Data processing		115
Other		1
Total mergers and acquisitions expense	$	527

Schedule of business acquisition, pro forma information

The following table presents pro forma information for the three months ended March 31, 2022 and 2021, as if the Teton Acquisition had occurred on January 1, 2021. This table 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 periods presented, nor is it indicative of future results (in thousands, except per share data):

		Pro Forma
		Three Months Ended March 31,
		2022	2021
Net interest income after provision for loan losses	$	18,074	$	16,456
Noninterest income		8,633		11,320
Net income		5,524		3,656
Pro forma earnings per share:
Basic		0.59		0.39
Diluted		0.57		0.39